The domestic equity benchmarks tumbled on Tuesday with the Nifty closing below the 18,000 mark. Selling in banks and oil & gas stocks put pressure on the indices. On the other hand, strength in IT and auto shares supported the barometers.
The barometer index, the S&P BSE Sensex, dropped 396.34 points or 0.65% to 60,322.37. The Nifty 50 index lost 110.25 points or 0.61% to 17,999.20.
Reliance Industries (down 2.58%), State Bank of India (down 2.31%), ICICI Bank (down 1.14%) and HDFC (down 0.85%) dragged the indices.
The broader market displayed mixed trend. The BSE Mid-Cap index fell 0.22% and the BSE Small-Cap index rose 0.18%.
The market breadth was negative. On the BSE, 1,602 shares rose and 1,729 shares fell. A total of 143 shares were unchanged.
The NSE's VIX index, a gauge of market's expectation of volatility over the near term, declined 1.74% to 15.20.
Economy:
India's merchandise exports in October 2021 were $35.65 billion, as compared to $24.92 billion in October 2020, exhibiting a positive growth of 43.05%. Exports rose 5.5% on a month-on-month basis.
Imports in October 2021 were $55.37 billion, which is an increase of 62.51% in Dollar terms over the preceding year. Imports have fallen 1.8% sequentially.
India trade deficit fell marginally in October as exports rose and imports eased. Trade deficit stood at $19.73 billion, compared to $22.59 billion in September. In September, the monthly deficit was at an all-time high.
Numbers to Watch:
The yield on 10-year benchmark federal paper rose to 6.364% as compared with 6.342% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.37, compared with its close of 74.46 during the previous trading session.
MCX Gold futures for 3 December 2021 settlement rose 0.45% to Rs 49,520.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.19% to 95.59.
In the commodities market, Brent crude for January 2022 settlement rose 34 cents at $82.39 a barrel. The contract fell 12 cents, or 0.15% to settle at $82.05 a barrel in the previous trading session.
Foreign Markets:
European shares rose across the board while most Asian shares advanced on Tuesday. In the US, President Joe Biden and Chinese President Xi Jinping kicked off a virtual meeting on Tuesday with a positive tone and cordial remarks. The video call is the closest communication between the countries' two leaders since Biden took office in January.
Buzzing Index:
The Nifty Auto index rose 2.48% to 11,977.30. The index declined 0.16% in the previous session.
Maruti Suzuki India (up 7.28%), M&M (up 2.87%), Tata Motors (up 2.47%), Hero Motocorp (up 1.92%), Eicher Motors (up 1.03%), TVS Motor Company (up 0.35%) and Bajaj Auto (up 0.19%) jumped.
Stocks in Spotlight:
Coforge rose 4.33% after the company filed papers with the US SEC (Securities Exchange Commission) for an initial public offer via the ADR (American Depository Receipts) route.
SBI Cards and Payment Services shed 0.79%. The company has approved the allotment of 5,000 Fixed Rate, Unsecured, Rated, Taxable, Redeemable, Senior, Listed Non-Convertible Debentures (NCDs) of the face value of Rs. 10,00,000 each, at par, aggregating to Rs. 500 crores on private placement basis.
Macrotech Developers jumped 10.30% to Rs 1415.60. The company has launched its qualified institutional placement on Monday. The floor price is set at Rs 1,184.70 per share.
Jindal Steel & Power shed 0.68%. The company's steel production rose by 7% (Y-o-Y) to 6.24 lakh tonnes in October 2021 compared to 5.85 lakh tonnes during the same period in the previous year. However, JSPL's steel sales fell 1% (Y-o-Y) to 5.93 lakh tonnes in October 2021 over October 2020.
Escorts lost 0.79%. The company said that its division Escorts Agri Machinery (EAM) shall be increasing the prices of its tractors effective 21st November 2021. The increase in prices would vary across models and variants. There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the continuing inflation.
Ruchi Soya Industries jumped 3.46%. The company posted a 29.6% increase in standalone net profit to Rs 164.27 crore on a 50.9% jump in net sales to Rs 5,995 crore in Q2 FY22 over Q2 FY21.
Tinplate Company of India jumped 1.39% after the company's net profit surged 365.98% to Rs 74.93 crore on 80.38% rise in net sales to Rs 885.66 crore in Q2 September 2021 over Q2 September 2020.
Primary Market:
The initial public offer (IPO) of Tarsons Products received bids for over 3.67 crore shares as against 1.08 crore shares on offer, according to stock exchange data at 16:27 IST on Tuesday (16 November 2021). The issue was subscribed 3.39 times.
The issue opened for bidding on 15 November 2021 and it will close on 17 November 2021. The price band of the IPO is fixed at Rs 635-662.
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