Bombay stock exchange in Dalal street. (File express photo by Nirmal Harindran)Share/Stock Highlights: The benchmark indices on the BSE and National Stock Exchange (NSE) ended the last day of of Samvat 2077 year on a negative note, slipping over a quarter per cent on Wednesday weighed by weakness in banking and automobile stocks amid a negative trend in global markets ahead of the policy outcome of the US Federal Reserve.
The S&P BSE Sensex fell 257.14 points (0.43 per cent) to end below the 60,000 level mark at 59,771.92, while the Nifty 50 was settled at 17,829.20, down 59.75 points (0.33 per cent).
HDFC Bank, ICICI Bank, Reliance Industries (RIL), Kotak Mahindra Bank, Bharti Airtel and Sun Pharmaceutical Industries were the biggest contributors to Sensex’s fall on Wednesday. On the other hand, Larsen & Toubro (L&T), Asian Paints, State Bank of India (SBI), Ultratech Cement and Infosys were among the top gainers.
Among the sectoral indices on NSE, the key Bank Nifty fell 1.34 per cent dragged by Bandhan Bank, IDFC First Bank and AU Small Finance Bank. The Nifty Auto index too slipped 1.04 per cent driven by Tube Investments of India and Balkrishna Industries.
(with inputs from agencies)
Sigachi Industries IPO: At the end of Day 3, the IPO of Sigachi Industries has been subscribed 101.91 times.
Details:
Qualified Institutional Buyers (QIBs) subscribed 86.51 times
Non Institutional Investors subscribed 172.43 times
Retail Individual Investors (RIIs) subscribed 80.49 times
Total subscribed 101.91 times
Source: BSE
SJS Enterprises IPO: At the end of Day 3, the IPO of SJS Enterprises has been subscribed 1.59 times.
Details:
Qualified Institutional Buyers (QIBs) subscribed 1.42 times
Non Institutional Investors subscribed 2.32 times
Retail Individual Investors (RIIs) subscribed 1.38 times
Total subscribed 1.59 times
Source: BSE
Policybazaar IPO: At the end of Day 3, the IPO of PB Fintech, the operator of online insurance aggregator Policybazaar and credit comparison portal Paisabazaar, has been subscribed 16.59 times.
Details:
Qualified Institutional Buyers (QIBs) subscribed 24.89 times
Non Institutional Investors subscribed 7.82 times
Retail Individual Investors (RIIs) subscribed 3.31 times
Total subscribed 16.59 times
Source: BSE
"After a sideways movement post its positive opening, the indices took a downturn as major global indices traded weak ahead of the Fed policy announcement. The Federal Reserve is widely expected to announce the tapering of its asset purchase program in the near-term while any hint on interest rate reversal is keeping investors on the edge. Any indications showing a faster rate of tapering will have a negative effect on the equity market. Or else, we can expect a reversal from this weak trend. On a positive note, despite the rise in input costs, India’s Services PMI jumped to 58.4 in October from 55.2 in September owing to ongoing improvements in demand boosting the growth of sales"
The S&P BSE Sensex ended at 59,771.92, down 257.14 points or 0.43 per cent, while the Nifty 50 settled at 17,829.20, down 59.75 points or 0.33 per cent.
The country’s largest lender State Bank of India (SBI) on Wednesday reported a 69 per cent jump in its consolidated net profit at Rs 8.889.84 crore for the second quarter ended September 30 on account of decline in bad loans.
The bank’s net profit was Rs 5,245.88 crore in the July-September quarter of previous fiscal, SBI said in a regulatory filing. Click here to read
The initial public offering (IPO) of FSN E-Commerce Ventures Ltd, which operates online beauty e-commerce platform Nykaa, was subscribed 81.78 times over the 2.64 crore shares that were on offer during the subscription period from October 28-November 1, 2021. The price band was fixed at Rs 1,085-1,125 per share.
Nykaa IPO received bids of over 216.59 crore (2,16,59,47,080) shares against the total issue size of over 2.64 crore (2,64,85,479) shares, data available with the National Stock Exchange (NSE) showed. Click here to read
India’s services sector activity expanded at the strongest pace in ten-and-a-half years in October, driven by a substantial upturn in business activity amid favourable demand conditions, a monthly survey said on Wednesday.
Companies indicated that a notable pick-up in new business led to the fastest expansion in output in over a decade and as a result more jobs were created, even though business confidence remained subdued due to growing inflationary concerns.
The seasonally adjusted India Services Business Activity Index rose from 55.2 in September to 58.4 in October, signalling the strongest rate of growth in ten-and-a-half years. Click here to read
After rallying for seven consecutive days, fuel prices were kept unchanged at their record highs on Wednesday, November 3, 2021. On Tuesday, petrol price was risen by 35 paise a litre in the national capital while diesel was kept unchanged.
The price of petrol in Delhi stands at Rs 110.04 per litre while that of diesel is at Rs 98.42. In Mumbai, petrol currently costs Rs 115.85, while diesel is retailing at Rs 106.62, data available on Indian Oil Corporation’s website showed. Click here to find out fuel prices in your city
The rupee surged 14 paise to 74.54 against the US dollar in opening trade on Wednesday as IPO-related inflows and a positive trend in domestic equities supported the local unit.
At the interbank foreign exchange, the rupee opened strong at 74.64 against the dollar and gained further ground to 74.54 in early deals, a rise of 14 paise over its previous close. On Tuesday, the rupee had settled at 74.68 against the US dollar.
(PTI)
"As we bid goodbye to Samvat 2077 and welcome Samvat 2078 we should expect only moderate returns for the coming year. But, as always, particular sectors and stocks will outperform and the challenge would be to identify those potential winners.
Banking, an underperformer during Samvat 2077, is a potential outperformer candidate. With economic growth picking up, credit growth also is improving smartly. This augurs well for the banking sector. Top private sector banking names, a few top PSU banks and the leading NBFCs are well placed to deliver market beating returns.
The reality and metal stories appear to be multi-year upcycle stories, and therefore, might remain resilient during Samvat 2078. Construction-related stocks are likely to do well gaining from the low-interest tailwind.
Segments in autos, particularly those linked to the EV space, are likely to do well.
Small-caps may outperform, but this is a minefield and, therefore,investors may, ideally, exploit the opportunities in this segment by systematically investing through mutual funds"
Global shares hovered at record highs while currency markets and U.S. Treasuries were steady on Wednesday, as investors looked to the expected winding down of pandemic-era monetary stimulus in the world's largest economy.
The Federal Reserve is expected to announce the tapering of its $120 billion-a-month asset purchase programme in its policy statement at 1800 GMT.
Ahead of the much anticipated meeting, Asian shares failed to follow a strong lead from Wall Street.
Markets are almost certain the Fed will taper but are looking to see if policymakers will give any hints about the possibility of interest rate hikes next year.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.33% in early trading on Thursday. Japanese markets were closed for a public holiday.
The Australian benchmark share index was the biggest gainer, rising 1.3%. But those gains were outweighed by falls in Hong Kong's Hang Seng off 1%, and South Korea's KOSPI down 1.2%, even as local fintech Kakao Pay Corp saw its shares double in value from their initial public offering price on their trading debut. Chinese shares were steady after data showed service sector activity expanded in October.
(Reuters)
Sensex jumps 282.15 pts to 60,311.21 in opening session; Nifty rises 84.20 pts to 17,973.15.
(PTI)