The key equity barometers traded with limited losses in morning trade. The Nifty traded a tad below the 18,380 mark. PSU bank and FMCG stocks edged higher while metal, consumer durables and IT shares witnessed a bit of a selling pressure. Trading was volatile due to the expiry of weekly index options on the NSE today.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 68.69 points or 0.11% to 61,912.03. The Nifty 50 index lost 33.95points or 0.18% to 18,375.70.
In the broader market, the S&P BSE Mid-Cap index declined 0.30% while the S&P BSE Small-Cap index shed 0.20%.
The market breadth was negative. On the BSE, 1,462 shares rose and 1,686 shares fell. A total of 150 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 386.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,437.40 crore in the Indian equity market on 16 November, provisional data showed.
Buzzing Index:
The Nifty Metal index declined 1.26% to 6,380.15. The index slipped 3.18% in two trading sessions.
Hindustan Copper (down 4.75%), National Aluminium Company (down 1.9%), Hindalco Industries (down 1.83%), Vedanta (down 1.63%), Tata Steel (down 1.45%), Steel Authority of India (down 1.39%), JSW Steel (down 0.81%), Adani Enterprises (down 0.71%), MOIL (down 0.64%) and Jindal Steel & Power (down 0.54%) edged lower
Stocks in Spotlight:
Tata Motors fell 1.91% after Jaguar Land Rover (JLR) chief executive officer (CEO) Thierry Bollorresigned due to personal reasons, with effect from 31 December 2022. Taking over from today as Interim CEO will be Adrian Mardell. Adrian has been part of JLR for 32 years and a member of the executive board for three years.
One 97 Communications (Paytm) dropped 8.86% on high volumes after the counter reported multiple block deals in initial trade today, 17 November 2022. The media reported that Japanese conglomerate SoftBank Group plans to sell 2.9 crore shares, or 4.5%, of Paytm through a block deal on Thursday (17 November 2022). The price range for the sale has been set at Rs 555-601. The sale will likely fetch SoftBank at least Rs 1,628.9 crore ($200 million). As of 30 September 2022, SoftBank held a 17.45% stake in Paytm through SVF India Holdings (Cayman).
Tata Power Company declined 1.20%. Tata Power Solar Systems (TPSSL), a wholly owned subsidiary of Tata Power Company has tied up with Union Bank of India (UBI) to help MSME (micro, small and medium enterprises) sector switch to solar solutions. The objective of this collaboration is to improve access to green energy and save on the cost of electricity, thus making MSMEs more profitable. It will be implemented under UBI's solar scheme called 'Union Solar', which was launched on a pan-India level to relieve the MSME's from the stress of higher power costs and grid exigencies.
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