Markets losses around 1%; Sensex tanks 678 points & Nifty ends at 17,672

Equity indices extended their losing run to the third trading session amid negative global cues. Sensex declined below 59,300 while the Nifty ended below 17,700 level. The S&P BSE Sensex fell 677.77 points or 1.13 per cent to 59,306.93. The Nifty 50 index was down 185.60 points or 1.04 per cent to 17,671.65. Nifty Bank fell 393.35 points or 1 per cent to 39,115.60.

At the broader markets on the BSE, S&P BSE MidCap rose 0.16 per cent while S&P MidCap fell 0.38 per cent.

The market breadth was negative. On the BSE, 1452 shares rose and 1796 shares fell. On the Nifty 50 index at the NSE, 18 shares advanced and 32 shares declined. The top five gainers on Nifty were UltraTech Cement (up 2.69 per cent), UPL (up 2.14 per cent), Cipla (up 2.05 per cent), Shree Cement (up 1.44 per cent), Dr Reddy's Laboratories (up 1.44 per cent). The top five losers were Tech Mahindra (down 3.48 per cent), NTPC (down 3.09 per cent), IndusInd Bank (down 2.87 per cent), Kotak Mahindra Bank (down 2.69 per cent) and Reliance (down 2.26 per cent).

IPO Updates

Nykaa IPO: FSN E-Commerce Ventures Ltd's, the parent company of online beauty e-commerce platform Nykaa, initial public offering (IPO) was subscribed 4.82 times by 5 pm at the BSE. On the subscription front, the Qualified Institutional Buyers (QIBs) portion was subscribed 4.72 times, while the Non-Institutional Investors and Retail Individual Investors (RIIs) portions were subscribed 4.17 times and 6.32 times, respectively. The reserved portion for the employees was subscribed 1.18 times. The public issue was launched for subscription on Thursday, October 28, 2021, will close on Monday, November 1, 2021.

The company has fixed a price band of Rs 1,085-1,125 per share as the company seeks to raise more than Rs 5,352 crore through the public offering. The company is offering a discount of Rs 100 per Equity Share to Eligible Employee Category. The offer includes a reservation of up to 250,000 equity shares for purchase by eligible employees.

Bids can be made for a minimum of 12 equity shares and in multiples of 12 equity shares thereafter, a maximum of up to Rs 2 lakhs.

Fino Payments Bank IPO: Fino Payments Bank Limited's initial public offering (IPO) which opened today for subscription by investors was subscribed 0.51 times by 5 pm at the BSE. On the subscription front, the Non-Institutional Investors portion was subscribed 0.05 times, while the Retail Individual Investors (RIIs) portion was subscribed 2.73 times. The portion reserved for the employees was subscribed 0.25 times. However, there was no data on BSE to show the subscription for Qualified Institutional Buyers (QIBs). The public issue will close on Tuesday, November 2, 2021.

The fintech company has fixed a price band of Rs 560 to 577 per share as the company seeks to raise up to Rs 1,200 crore from the public offering. Bids can be made for a minimum of 25 Equity Shares and in multiples of 25 shares thereafter. The maximum subscription amount for the retail investors is fixed at Rs 2 lakh. Maximum Subscription Amount for Employee is fixed at Rs 5 lakh.

Economy

The Government on Friday reappointed Shaktikanta Das as the Governor of Reserve Bank of India for three years beyond December 10, 2021. In an official statement, the government said, "The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as RBI Governor for a period of three years beyond December 10, 2021, or until further orders, whichever is earlier. He had assumed charge as the governor of RBI effective December 12, 2018.

NITI Aayog has released a comprehensive report titled Health Insurance for India's Missing Middle, which brings out the gaps in the health insurance coverage across the Indian population and offers solutions to address the situation. The report was launched in the presence of NITI Aayog CEO Amitabh Kant and Additional Secretary Dr Rakesh Sarwal.

The European Central Bank on Thursday decided to keep interest rates and its monetary policy stance unchanged, despite ongoing inflationary pressures. Japan's factory output shrank for a third straight month in September as production in the auto sector was hit by a global supply shortage. Factory production slumped 5.4 per cent in September from the previous month, official data showed on Friday.

France's economy grew a faster-than-expected 3 per cent in the third quarter, preliminary data showed on Friday, propelled by a pick-up in consumer spending and exports as the French economy rebounds from the COVID-19 pandemic. Finance Minister Bruno Le Maire said the figure was an "exceptional result" that showed the economy was heading in the right direction. A poll of 24 analysts had forecast a 2.1 per cent expansion for the July-September period.