Barometers trade flat; Nifty holds 17,900

The benchmark indices were trading almost flat in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 8.55 points or 0.01% at 60,129.91. The Nifty 50 index lost 8.85 points or 0.05% at 17,920.80.

The broader market was trading firm. The S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 1.08%.

The market breadth was strong. On the BSE, 1,959 shares rose and 1,136 shares fell. A total of 153 shares were unchanged.

Economy:

India's merchandise exports in October rose 42.3% on a year-over-year (Y-o-Y) basis to touch $35.47 billion, as per preliminary trade data revealed by the Ministry of Commerce and Industry on Monday. Total merchandise imports in October, however, rose 62.5% to $55.37 billion. The trade deficit in the month of October widened to $19.9 billion compared to $9.15 billion, recorded in October 2020.

Primary Market:

The initial public offer (IPO) of PB Fintech (Policybazaar) received bids for over 2.13 crore shares as against 3.45 crore shares on offer on Tuesday (2 November 2021), according to stock exchange data at 12:15 IST. The issue was subscribed 0.62 times. PB Fintech, owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products leveraging the power of technology, data, and innovation.

The initial public offer (IPO) of SJS Enterprises received bids for 42.02 lakh shares as against 1.05 crore shares on offer on Tuesday (2 November 2021), according to stock exchange data at 12:15 IST. The issue was subscribed 0.23 times. SJS enterprises is a "design-to-delivery" aesthetics solutions provider with the ability to design, develop and manufacture a diverse product portfolio for a wide range of customers primarily in the automotive and consumer appliance industries.

The initial public offer (IPO) of Sigachi Industries received bids for over 8.20 crore shares as against 53.86 lakh shares on offer on Tuesday (2 November 2021), according to stock exchange data at 12:15 IST. The issue was subscribed 15.23 times. Sigachi Industries is engaged in the manufacturing of Microcrystalline Cellulose (MCC), which is widely used as an excipient in the pharmaceutical, food, nutraceuticals, and cosmetic industries.

All the three IPOs opened for subscription Monday (1 November 2021) and will close on Wednesday (3 November 2021).

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.82% to 17.3775. The Nifty 25 November 2021 futures were trading at 17,967, at a premium of 46.20 points as compared with the spot at 17,920.80.

The Nifty option chain for 25 November 2021 expiry showed maximum Call OI of 22.5 lakh contracts at the 19,000 strike price. Maximum Put OI of 22.4 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty PSU Bank index gained 1.60% to 2,906. The index added 4.35% in three trading sessions.

Bank of India (up 3.56%), Jammu & Kashmir Bank (up 2.94%), Canara Bank (up 2.75%), Union Bank (up 2.57%) and Bank of Baroda (up 2.12%) advanced.

Stocks in Spotlight:

Sun Pharma Advanced Research Company (SPARC) rose 0.51%. On a standalone basis, Sun Pharma Advanced Research Company (SPARC)'s net loss during Q2 FY22 stood at Rs 55.14 crore as compared to a net loss of Rs 61.37 crore in Q2 FY21. Revenue from operations surged 57.99% to Rs 27.87 crore in Q2 September 2021 as against Rs 17.64 crore in Q2 September 2020.

Bajaj Consumer Care dropped 5.97% after the company's consolidated net profit fell 18.29% to Rs 46.51 crore on 4.54% decrease in net sales to Rs 213.23 crore in Q2 September 2021 over Q2 September 2020.

Godrej Properties declined 2.02%. The company's consolidated net profit stood at Rs 35.7 crore in Q2 FY22 steeply higher than Rs 7.10 crore posted in Q2 FY21. Revenue from operations grew by 44.4% to Rs 129.32 crore in Q2 FY22 over Q2 FY21. Total Income stood at Rs 290 crore in Q2 FY22, rising 21.8% year on year compared to Rs 238 crore in Q2 FY21.

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