Markets fell more than half a per cent; Sensex slips 314 points & Nifty ends below 17,900

Domestic equity barometers ended near the day's low on Wednesday, November 17, 2021, as significant selling in the last hour of trade pushed the benchmarks lower. The S&P BSE Sensex lost 314.04 points or 0.52 per cent to 60,008.33. The Nifty 50 index fell 100.55 points or 0.56 per cent to 17,898.65.

Both equity indices ended down amid negative cues from other Asian stocks. The Sensex closed near 60,000 and the Nifty ended below 17,900 level.

In the sectorial indices at the NSE, the Nifty Bank index dropped 265.55 points or 0.69 per cent to 38,041.55.

In the broader market at the BSE, the S&P BSE MidCap fell 0.21 per cent and S&P BSE SmallCap gained 0.05 per cent.

The market breadth was negative. On the BSE, 1,492 shares rose and 1,856 shares fell. On the Nifty 50 index at the NSE, 15 shares advanced and 35 shares dropped. The top five gainers on Nifty were Asian Paints (up 2.36 per cent), Maruti (up 2.36 per cent), SBI Life (up 2.35 per cent), Tata Motors (up 1.80 per cent) and NTPC (up 1.68 per cent). The top five losers were UPL (down 3.18 per cent), Reliance (down 2.19 per cent), Cipla (down 2.09 per cent), Britannia (down 2.04 per cent) and Axis Bank (down 1.95 per cent).

IPO Updates:

Tarsons Products Ltd IPO: The Rs 1,024 crore initial public offering (IPO) of the labware and life science products company Tarsons Products Limited was subscribed 77.49 times by day end on the third and the last day of bidding. The Qualified Institutional Buyers (QIBs) portion was subscribed 115.77 times while Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) portions were subscribed 184.58 times and 10.56 times, respectively. The portion reserved for the employees was subscribed 1.83 times. The initial share sale will close on Wednesday, November 17, 2021. The company has fixed the price band for the offer at Rs 635-662 per equity share for its initial share sale. The initial public offering comprises of fresh issue of upto Rs 150 crore and an offer for sale of up to 1.32 crore equity shares worth Rs 874 crore by the promoters and an investor.

Go Fashion (India) Limited IPO: The Rs 1,013.6 crore initial public offering (IPO) of the company that runs one of India's largest women's bottom-wear brands today was subscribed 2.46 times at the end of the first day of bidding. The Qualified Institutional Buyers (QIBs) portion was subscribed 0.25 times, while the Non Institutional Investors (NIIs) and Retail Individual Investors (RIIs) were subscribed 0.44 times and 12.14 times. The issue will close on Monday, November 22, 2021, and the closing date has been extended because the market will remain closed on Friday for Gurunanak Jayanti. The price band for the initial public offering (IPO) is fixed at Rs 655-690 per share. Retail investors can bid for a lot of 21 equity shares and in multiples thereof. As a result, retail investors can make a minimum investment of Rs 14,490 per lot and the maximum investment would be Rs 1,88,370 for 13 lots. The public issue comprises a fresh issue of shares worth up to Rs 125 crore, and an offer for sale (OFS) of more than 1.28 crore equity shares by promoters and investors.

Economy

Finance Minister Nirmala Sitharaman today highlighted that resilience of the Indian economy is known for the fact that it has recovered sharply after the COVID-19 pandemic. She stressed that despite the COVID-19 pandemic India is still one of the fastest-growing economies in the world.

Addressing the inaugural ceremony of the CII Global Economic Policy Summit 2021, the finance minister said auto sales in India would have also been good if it had not been for the semiconductor shortage and shipping container shortage.

Saying Labour markets have realized their importance due to the COVID-19 pandemic, Finance Minister also emphasized that the value of skill has gone up and workers are in a different bargaining position and industries have recognised this. She said that government departments are moving fast on undertaking infrastructure spending.

Japan's exports gained at the slowest pace in eight months in October as car shipments continued to slump, adding to signs that global supply constraints are still weighing on the economy after it contracted by more than expected last quarter. The value of Japan's overseas shipments increased 9.4 per cent from a year earlier, according to the Ministry of Finance on Wednesday. Economists had expected a gain of 10.3 per cent. While exports of steel and semiconductor manufacturing equipment continued to show sharp gains, exports of cars plunged by more than a third as major automakers scaled back production due to parts shortages. The figures come just a couple of days before Prime Minister Fumio Kishida is expected to unveil a package of measures to get the economy back on track, including some steps to shore up Japan's supplies of chips.