Market Wrap Podcast, Nov 9: Here's all that happened in the markets today

The benchmark indices consolidated in trades on Tuesday after two days of decent gains amid tepid global cues. The BSE Sensex touched a high of 60,670 in early deals, but ended 112 points lower at 60,433.

Similarly, the NSE Nifty settled with a marginal loss of 25 points at 18,044 after touching an intra-day high of 18,113.

Among the Sensex pack, HDFC twins were the major draggers, accounting for a loss of 175 points on the 30-share index. Both these stocks were down around 1.5 per cent each. Bajaj Finance, NTPC, Maruti, Kotak Bank, PowerGrid Corporation, Bajaj Finserv and Titan were the notable losers.

On the positive front, Mahindra & Mahindra zoomed over 5 per cent to Rs 904 after it reported better-than-expected September quarter results. It's standalone profit after tax surged over eight-fold at Rs 1,432 crore for the second quarter ended September 30, 2021, riding on the back of robust sales. Revenue, too, rose by 15 per cent to Rs 13,305 crore.

M&M also said it expects revenue growth of 15-20 per cent at 3-year CAGR by 2025 and eyes tractor market share at over 40 per cent by 2025. Tractor business revenue growth is also seen 10x by 2027.

Apart from M&M, SBI, Reliance Industries and ICICI Bank were up a per cent each.

The broader indices, however, finished in the positive zone. The BSE Midcap index advanced 0.8 per cent to 26,520, and the Smallcap index added 0.7 per cent to 29,321.

Among sectors, the BSE Auto index jumped 1.3 per cent. The Capital Goods, Energy and Oil & Gas indices were also up around a per cent each. The Metal index, however, was down 0.8 per cent.

In the broader markets, Tata Motors DVR rallied to a four-year high and has gained nearly 53 per cent in the last one month after the Tata Group Company said it will raise Rs 7,500 crore ($1 billion) in its passenger electric vehicle (EV) business from TPG Rise Climate at a valuation of up to $9.1 billion.

Meanwhile, in the primary market, India's biggest initial public offer by Paytm has been subscribed 47 per cent so far on Day 2. The retail investors' quota has been subscribed the most at 1.19 times while subscriptions by NII and QIB stand at 4 per cent and 45 per cent, respectively.

Analysts, however, believe investing in Indian fintech company Paytm could prove to be a "very high-risk bet" and might not see a sizable jump when it lists on stock exchanges.

Separately, Sapphire Foods kicked off its initial share sale with robust investor interest. The Rs 2,000 crore IPO has been subscribed 44 per cent so far on day 1.