Sensex falls 81 points to close at 60,353, Nifty settles at 18,017

Benchmark indices ended a volatile trading session with tiny losses on Wednesday, November 10, 2021. The S&P BSE Sensex fell 80.63 points, or 0.13 per cent, to 60,352.82. The Nifty 50 index dropped 27.05 points, or 0.15 per cent, to 18,017.20. The Nifty Bank lost 345.55 points, or 0.88 per cent, to 39,023.25.

In the broader market, the BSE Midcap index fell 0.50 per cent and the Smallcap index ended marginally lower.

Buyers outnumbered sellers. On the BSE, 1,720 shares rose and 1,587 shares fell. On the Nifty 50 index at the NSE 22 shares advanced and 27 shares declined while one remains unchanged. The top five gainers on Nifty were UPL (3.37 per cent), Bharti Airtel (up 3.28 per cent), Mahindra & Mahindra (up 2.96 per cent), Britannia (up 2.03 per cent) and Reliance (up 0.98 per cent). The top five losers were Hindalco (down 3.35 per cent), IndusInd Bank (down 3.26 per cent), Tata Steel (down 2.88 per cent), JSW Steel (down 2.23 per cent) and Coal India (down 2.23 per cent).

Nykaa Listing

The shares of FSN E-Commerce Ventures Ltd, the parent company of the online beauty e-commerce platform Nykaa, made a strong debut on bourses today. Nykaa shares were listed at a premium of 79 per cent at Rs 2,018 per share on NSE as against the issue price of Rs 1,125 per share.

The stock closed with a gain of Rs 190 per share, or 9.42 per cent, at Rs 2,208 per share over the listing price of Rs 2,018 per share at NSE.

Earlier, Nykaa initial public offering (IPO) was subscribed 82 times on the last of the subscription on November 1, 2021. Of 2,64,85,479 shares on sale, bidding for whooping 2,16,58,63,836 shares or 81.78 times were made on the final day of the subscription.

IPO Update

Paytm IPO: The initial public offering (IPO) of One 97 Communications Limited, the parent company of India's leading digital financial services company, Paytm, was subscribed 1.89 times by 5 pm at BSE, on the last day of subscription.

The Qualified Institutional Buyers (QIBs) portion of the public issue was subscribed 2.79 times, while the Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) portions were subscribed 0.24 times and 1.66 times, respectively. The company had fixed the price band at Rs 2,080-2,150 per share for the offer as it seeks to raise around Rs 18,300 crore from the issue. The bid lot size was 6 Equity Shares and in multiples thereof.

Sapphire Foods IPO: The initial public offering (IPO) of Sapphire Foods India Limited, a franchise operator of KFC and Pizza Hut restaurants, was subscribed 1.07 times by 5 pm at the BSE on Wednesday, the second day of subscription.

The Qualified Institutional Buyers (QIBs) portion was subscribed 0.03 times, while the Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) were subscribed 0.29 times and 5.38 times, respectively. Sapphire Foods has fixed the price band of the issue at Rs 1,120-1,180 per share as it seeks to raise up to Rs 2,073.25 crore through the issue. The issue will close on Thursday, November 11, 2021. Investors can bid for a minimum of 12 equity shares and in multiples of 12 shares thereafter.

Latent View Analytics Limited IPO: The initial public offering (IPO) of the data analytics company Latent View that opened for subscription was subscribed 6.39 times by 5 pm at BSE. The Qualified Institutional Buyers (QIBs) portion was subscribed 0.15 times, while the Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) were subscribed 2.42 times and 31.62 times, respectively. The portion reserved for employees was subscribed 1.24 times by the end of the first day of the opening of the issue.

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 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.

International Markets

Key indices at other Asian stock markets ended mostly lower. So, Japan's Nikkei-225 index fell 0.6 per cent; China's Shanghai Composite index shed 0.4 per cent; South Korea's Kospi index declined 1.1 per cent and Singapore's Straits Times index dropped 0.4 per cent. But Hong Kong's Hang Seng index rose 0.7 per cent.

In Europe, key indices London's FTSE-100 had gained 0.5 per cent but France's CAC-40 had shed 0.2 per cent and Germany's DAX had fallen 0.1 per cent, in intra-day trade.

Back home, on the Multi-commodity Exchange, gold futures for December shed Rs 57, to trade at Rs 48,248 per ten grams. But silver futures for December rose Rs 215, to trade at Rs 64,700 per kilo.

Economy

Oil companies of India will set up 22 thousand Electric Vehicle (EV) charging stations on a mission mode in prominent cities and along national highways across the country. In a series of tweets, Petroleum and Natural Gas Minister Hardeep Puri said of these, Indian Oil Corporation will set up ten thousand stations. It has already installed 439 EV charging stations and plans to install 2000 charging stations in its retail outlet network over the next one year.

Another 1000 EV Charging Stations will be set up by Bharat Petroleum within the next one year and 7000 overall. It has already set up 52 stations. HPCL which has already installed 382 EV stations so far will set up 1000 stations in the next one year and 5000 overall.

This is in line with Prime Minister Narendra Modi's announcement in Glasgow to reduce the carbon intensity of the economy by 45 per cent by 2030.

China's inflation risks are building as producers pass on higher costs to consumers, reigniting a debate over whether the central bank has the scope to ease monetary policy to support a weakening economy. The producer price index climbed 13.5 per cent from a year earlier, hitting the fastest pace in 26 years and beating the median forecast for a 12.3 per cent gain, data from the National Bureau of Statistics showed on Wednesday. The consumer price index rose 1.5 per cent, the fastest pace since September 2020 and above the projected 1.4 per cent gain. Producer prices in China have been rising rapidly in the past few months, first due to the global commodity price rally and then output curbs caused by a power crunch.

Consumer inflation is also starting to pick up as weather-related supply problems push up food prices and manufacturers pass on higher costs to retailers. The data "implies broad-based inflation pressure on both the production side and the consumer side," said the head of macro and strategy research at a brokerage in Hong Kong.

"Inflationary pressure and the more hawkish stance of monetary policy in other major economies will likely limit China's room to manoeuvre for monetary easing." The jump in PPI growth was due to imported inflation and tight domestic supply of major energy and raw materials, a senior statistician at the NBS said.