Benchmarks trade with minor cuts

The domestic equity barometers traded with minor losses in afternoon trade. The Nifty was trading a tad above 18,050 level. Oil & Gas stocks advanced for the third day in a row.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 103.7 points or 0.17% to 60,441.91. The Nifty 50 index fell 9.85 points or 0.05% to 18,058.70.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index gained 0.79% while the S&P BSE Small-Cap index added 0.76%.

The market breadth was strong. On the BSE, 1977 shares rose and 1260 shares fell. A total of 174 shares were unchanged.

Primary Market:

The initial public offer (IPO) of One97 Communications (Paytm) received bids for over 1.72 crore shares as against 4.83 crore shares on offer on Tuesday (9 November 2021), according to stock exchange data on 13:21 IST today. The issue was subscribed 36%.

One97 Communications (Paytm) is one the largest payments platform in India based on the number of consumers, number of merchants, number of transactions and revenue ended March 2021.

The IPO opened for bidding on Monday, 8 November and it will close on 10 November. The price is set at Rs 2080 to Rs 2150.

Ahead of the IPO, Paytm raised Rs 8,235 crore from anchor investors including Blackrock, CPPIB, Birla MF, GIC among other blue-chip investors. The IPO consists of a fresh issue to raise Rs 8300 crore and offer of sale (OFS) comprising Rs 10,000 crore.

Buzzing Index:

The Nifty Oil & Gas index rose 0.61% to 7,945.35. The index has added 3% in three sessions.

Gujarat Gas (up 3.75%), Adani Total Gas (up 3.72%), Mahanagar Gas (up 1.18%), Castrol India (up 1.12%) and ONGC (up 0.87%) advanced.

Gujarat State Petronet (down 1.30%), Gail (India) (down 0.76%), Oil India (down 0.34%), BPCL (down 0.24%) and Mangalore Refinery and Petrochemicals (down 0.20%) declined.

Stocks in Spotlight:

MRF fell 1.79% to Rs 78423.40 after the company's consolidated net profit fell 53.99% to Rs 189.06 crore on 15.63% increase in net sales to Rs 4,907.81 crore in Q2 September 2021 over Q2 September 2020.

J. Kumar Infraprojects advanced 2.91% to Rs 185.85. The company's net profit grew by 478% to Rs 411 crore as compared to Rs 7.1 crore in Q2 FY21. Revenue from Operations for Q2 FY22 grew by 62% YoY to Rs 772 crore. Its Total Order book as on 30 September 2021 stood at Rs 1,1209.2 crore. The order book includes metro projects (elevated and underground) contributing approximately 58%, while flyover, bridges & roads projects contributing approximately 42%.

Global Markets:

Most European stocks declined while most Asian stocks advanced on Tuesday. Investors are looking ahead to fresh inflation readings in the U.S. in the next few days with the latest producer price index due Tuesday and the consumer price index slated expected on Wednesday.

The U.S. House of Representatives late Friday passed a more than $1 trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. First passed by the Senate in August, the package would provide new funding for transportation, utilities and broadband, among other infrastructure projects.

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