Equity indices snapped their three-day losing streak; Sensex surges 767 points & Nifty settles at 18,103

Snapping three days of a losing streak, domestic markets rose on Friday, November 12, 2021, on positive global cues. The S&P BSE Sensex surged 767 points or 0.1.28 per cent to 60,686.69. The Nifty 50 index gained 229.15 points or 1.28 per cent to close above the 18,000 level at 18,102.75. The Nifty Bank added, 173.15 points, or 0.45 per cent, to settle at 38,733.35.

In the broader market at BSE, the S&P BSE MidCap index rose 0.57 per cent and the BSE SmallCap index added 0.25 per cent.

The market breadth was almost even. On the BSE, 1666 shares rose and 1647 shares fell. On the Nifty 50 index at the NSE, 43 shares advanced and seven shares declined. The top five shares that rose on Nifty were Tech Mahindra (up 4.06 per cent), Hindalco (up 3.12 per cent), Wipro (up 2.99 per cent), HDFC (up 2.69 per cent) and Infosys (up 2.67 per cent). The top five losers were Bajaj Auto (down 2.93 per cent), Tata Steel (down 0.99 per cent), Hero MotoCorp (down 0.59 per cent), Axis Bank (down 0.41 per cent) and NTPC (down 0.15 per cent).

Fino Payment Listing

The shares of Fino Payment Bank made a weak debut on the stock markets today. The stocks of the fintech company were listed at a discount of 5% at Rs 544.35 per share on the NSE as compared to its IPO issue price of Rs 577 per share. It closed at Rs 535.45 per share at NSE. On the BSE, Fino Payments Bank shares were listed at Rs 548 apiece. It closed at Rs 545.25 per share at BSE.

The initial public offering (IPO) was subscribed 2.03 times. The Qualified Institutional Buyers (QIBs) portion was subscribed 1.65 times, while the Non-Institutional Investors (NIIs) portion and Retail Individual Investors (RIIs) portions were subscribed 0.21 times and 5.92 times, respectively. The employee portion was subscribed 0.93 times. The fintech company has fixed a price band of Rs 560-577 per share as the company seeks to raise upto Rs 1,200 crore from the public offering. Retail investors were allowed to place for a minimum of 25 Equity Shares and in multiples of 25 shares thereafter.

Latent View Analytics Limited IPO: The initial public offering (IPO) of the data analytics company Latent View was subscribed 326.49 times on Friday, the third and the last day for bidding. The Qualified Institutional Buyers (QIBs) portion was subscribed 145.48 times, while the Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) were subscribed 850.66 times and 119.44 times, respectively. The portion reserved for employees was subscribed 3.87 times.

The company has fixed the price band at Rs 190-197 per share as it seeks to raise Rs 600 crore from the initial share sale. The issue will come to a close on Friday, November 12, 2021. The bid lot size for the retail investors is 76 equity shares and in multiples thereafter, maximum up to 2 lakhs. The company is offering a discount of Rs 19 per equity share for the eligible employees and the maximum subscription amount for eligible employees is Rs 5 lakhs. The public issue comprises a fresh issue of up to Rs 474 crore and an Offer for Sale of up to Rs 126 crore.

Economy

Prime Minister Narendra Modi today launched two innovative customer-centric initiatives of the Reserve Bank of India. The two initiatives are the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman.

Prime Minister Narendra Modi has said, this scheme will expand the scope for investment in the country and it will be easier and secure to access capital markets for the investors. He said, through Retail Direct Scheme, small investors have found an easy and secure medium to invest in government securities. Similarly, through the Integrated Ombudsman Scheme-- One Nation, One Ombudsman has taken a shape in the true sense. He said, with this, each and every complaint of bank customers will be resolved in time and without any kind of trouble. He said the biggest strength of democracy is how strong, sensitive, proactive a country is in the grievance redressal system.

Inflation is soaring across the euro area, but it is also diverging by the most in years in a further complication for the European Central Bank's ongoing pandemic stimulus. How quickly consumer prices are rising depends on where you are inside the 19-member currency bloc. In Estonia, where energy costs are surging, the 2021 rate is forecast to be 4 per cent; in Greece, where they are regulated, it is seen at just 0.1 per cent. While differences between euro-area countries are nothing new, that is the widest gap since the region's sovereign-debt crisis -- underlining the shortcomings of a one-size-fits-all approach to monetary policy. Some of the loudest grumblings is coming from inflation-averse Germany, where prices are advancing at the quickest pace in three decades as supply-chain hiccups disrupt its manufacturing industry. It's likely next finance minister is sounding the alarm. "The pressure on the ECB is rising," said an economist in Frankfurt. The problem with the current spike in prices is that "one doesn't know if it's short-term or long-lasting." ECB President Christine Lagarde is "confident" the current bout of elevated inflation won't require higher interest rates next year and will ease once the supply-chain snarls are resolved. But it is already proving more persistent than earlier thought.