Indices continue trading lower; Nifty hovers below 18,100

The benchmark indices continued to trade with modest losses in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, skid 111.78 points or 0.18% at 60,606.93. The Nifty 50 index lost 27.60 points or 0.15% at 18,081.85.

In the broader market, the S&P BSE Mid-Cap index added 0.33% while the S&P BSE Small-Cap index rose 0.63%.

The market breadth was positive. On the BSE, 1,790 shares rose and 1,378 shares fell. A total of 169 shares were unchanged.

Economy:

India's merchandise exports in October 2021 were $35.65 billion, as compared to $24.92 Billion in October 2020, exhibiting a positive growth of 43.05%. Exports rose 5.5% on a month-on-month basis.

Imports in October 2021 were $55.37 billion, which is an increase of 62.51% in dollar terms over the preceding year. Imports have fallen 1.8% sequentially.

India trade deficit fell marginally in October as exports rose and imports eased. Trade deficit stood at $19.73 billion, compared to $22.59 billion in September. In September, the monthly deficit was at an all-time high.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 2.18% to 15.1275. The Nifty 25 November 2021 futures were trading at 18,109.50, at a premium of 27.65 points as compared with the spot at 18,081.85.

The Nifty option chain for 25 November 2021 expiry showed maximum Call OI of 24.6 lakh contracts at the 18,500 strike price. Maximum Put OI of 24.6 lakh contracts was seen at 17,500 strike price.

Buzzing Index:

The Nifty Media index rose 0.62% to 2,331.60. The index lost 2.32% in the past four trading sessions.

Hathway Cable & Datacom (up 1.43%), Zee Entertainment Enterprises (ZEEL) (up 1.20%), Inox Leisure (up 1.18%), PVR (up 0.79%) and TV18 Broadcast (up 0.78%) were the top gainers in the Media segment.

Stocks in Spotlight:

Ruchi Soya Industries jumped 5.23% after the company posted a 29.6% increase in standalone net profit to Rs 164.27 crore on a 50.9% jump in net sales to Rs 5,995 crore in Q2 FY22 over Q2 FY21. Standalone profit before tax grew by 74% to Rs 220.47 crore in Q2 FY22 from Rs 126.74 crore posted in Q2 FY21. EBITDA increased by 33.73% to Rs 345.67 crore in Q2 FY22 over Q2 FY21. EBITDA margin stood at 5.75% in Q2 FY22.

Meghmani Organics advanced 2.78% after the company announced that it will enter into new and lucrative variant of White Pigment Titanium Dioxide (TiO2). The company said it will set up 33,000 metric tons production facility at a total capex of Rs 400 crore at Dahej, the chemical hub of Gujarat. TiO2 is a naturally occurring white opaque mineral used a bright white pigment. Its industrial applications are in paint, coating, plastic, polymers, ink, dyes, paper and cosmetics, etc.

Primary Market:

The initial public offer (IPO) of Tarsons Products received bids for over 1.76 crore shares as against 1.08 crore shares on offer, according to stock exchange data at 12:15 IST on Tuesday (16 November 2021). The issue was subscribed 1.63 times.

The issue opened for bidding on Monday, 15 November 2021 and it will close on Wednesday, 17 November 2021. The price band of the IPO is fixed at Rs 635 - 662.

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