Indices pare gains; metal stocks decline

The key equity barometers pared gains in morning trade. The Nifty was trading below the 18,150 mark. Metal stocks corrected after advancing in the past two sessions.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 144.2 points or 0.24% to 60,830.89. The Nifty 50 index added 22.10 points or 0.12% to 18,124.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index declined 0.38%.

The market breadth was negative. On the BSE, 1383 shares rose and 1743 shares fell. A total of 148 shares were unchanged.

On the macro front, India's retail inflation rose marginally to 4.48% in the month of October from 4.35% in September, data released by the government showed on Friday.

Meanwhile, industrial production for the month of September grew by 3.1% as compared to 1% in the same month last year, according to the data released by ministry of statistics and programme implementation (MoSPI). IIP surged 11.9% in the month of August.

Buzzing Index:

The Nifty Metal index fell 1.14% to 5,663.65, amid some bit of profit booking. The index had advanced 1.21% in the past two sessions.

Coal India (down 2.70%), Welspun Corp (down 2.50%), Tata Steel (down 1.69%), Jindal Steel & Power (down 1.51%), JSW Steel (down 1.39%), Hindalco Industries (down 1.31%), National Aluminum Co. (down 1.28%), Hindustan Zinc (down 1.20%) and Hindustan Copper (down 1.14%) declined.

Meanwhile, Ratnamani Metals Tubes (up 1.08%), Vedanta (up 0.32%) and Adani Enterprises (up 0.28%) bucked the trend.

New Listing:

Shares of PB Fintech (Policybazaar) were currently trading at Rs 1165.40 at 10:25 IST on the BSE, a premium of 18.92% compared with the issue price of Rs 980. The scrip was listed at Rs 1150, a premium of 17.35% to the issue price.

So far, the scrip has hit a high of 1205 and a low of 1145 in the trading session. Over 7.70 lakh shares of the company changed hands in the counter on the BSE.

The initial public offer (IPO) of PB Fintech received was subscribed 16.58 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.

Shares of SJS Enterprises were currently trading at Rs 531.45 at 10.09 IST on the BSE, a discount of 1.95% compared with the issue price of Rs 542. The scrip was listed at Rs 540, a discount of 0.37% to the issue price.

So far, the scrip has hit a high of 550.05 and a low of 515.10 in the trading session. Over 75,000 shares of the company changed hands in the counter on the BSE.

The IPO of SJS Enterprises was subscribed 1.59 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.

Shares of Sigachi Industries were currently trading at Rs 603.75 at 10.15 IST on the BSE, a premium of 270.40% compared with the issue price of Rs 163. The scrip was listed at Rs 575, a premium of 252.76% to the issue price.

The stock was currently frozen at the upper circuit of 5% at Rs 603.75. It hit the day's low of 570.45 in early trade. Over 3.98 lakh shares of the company changed hands in the counter on the BSE.

The IPO of Sigachi Industries was subscribed 101.91 times. Sigachi Industries manufactures microcrystalline cellulose (MCC) of various grades ranging from 15 microns to 250 microns. The MCC has varied applications in the pharmaceutical, food, nutraceuticals, and the cosmetic industries.

Stocks in Spotlight:

FSN E-Commerce Ventures (Nykaa) slumped 4.69% to Rs 2,247.70. Nykaa's consolidated net profit slumped 95.56% to Rs 1.2 crore on 46.62% increase in net sales to Rs 885.30 crore in Q2 September 2021 over Q2 September 2020. Revenue from operations grew 8% on sequential basis. Marketing support revenue grew by 68% YoY.

Shares of BSE jumped 6.33% to Rs 1,507.10. The exchange posted a 36.8% rise in consolidated net profit to Rs 63 crore in Q2 FY22 from Rs 46 crore posted in Q2 FY21. Revenue from operations increased by 50.4% to Rs 188.7 crore in Q2 FY22 from Rs 125.4 crore posted in Q2 FY21.

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