Indices trades in range; breadth turns negative

The main indices traded in a narrow range in afternoon trade. At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 5.58 points at 60,316.85. The Nifty 50 index lost 12.3 points or 0.07% at 17,986.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index gained 0.42%.

The market breadth was negative. On the BSE, 1,595 shares rose and 1,622 shares fell. A total of 147 shares were unchanged.

Gainers & Losers:

Maruti Suzuki India (up 3.44%), SBI Life Insurance Company (up 3.21%), ITC (up 3%), Tata Motors (up 2.88%), PowerGrid Corporation of India (up 2.61%) and Asian Paints (up 2.6%) were top gainers in Nifty 50 index.

UPL (down 2.04%), Axis Bank (down 1.68%), Cipla (down 1.61%), Indian Oil Corporation (down 1.56%) and Divis Laboratories (down 1.53%) were top losers in Nifty 50 index.

Primary Market:

The initial public offer (IPO) of Tarsons Products received bids for over 10.67 crore shares as against 1.08 crore shares on offer, according to stock exchange data at 13:09 IST on Wednesday (17 November 2021). The issue was subscribed 9.85 times. The issue opened for bidding on 15 November 2021 and it will close on 17 November 2021. The price band of the IPO is fixed at Rs 635-662.

The IPO of Go Fashion (India) received bids for over 1.03 crore shares as against 80.79 lakh shares on offer, according to stock exchange data at 13:09 IST on Wednesday (17 November 2021). The issue was subscribed 1.28 times. The issue opened for bidding on 17 November 2021 and it will close on 22 November 2021. The price band of the IPO is fixed at Rs 655-690.

Stocks in Spotlight:

Alembic Pharmaceuticals rose 0.67%. The drug company said that its joint venture (JV) Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its ANDA for Mupirocin Cream USP, 2%. The approved abbreviated new drug application (ANDA) is therapeutically equivalent to the reference listed drug product (RLD), Bactroban Cream, 2%, of SmithKline Beecham (Cork), Ireland..

Ugro Capital hit an upper circuit of 10% at Rs 197.05 after State Bank of India inducted the company as the first co-lending partner for its Sanjeevani program to finance micro, small and medium enterprises (MSME). Through this collaboration, SBI and Ugro Capital aim to disburse upto Rs 500 crore by March 2022. The arrangement will extend credit products under Ugro's Sanjeevani program, offering loans upto Rs 3 crore, at competitive rate of interest.

Global markets:

Asian stocks were trading mixed on Wednesday. Japan's exports snapped seven months of double-digit growth and hit an eight-month low in October due to slowing car shipments, as global supply constraints hit the country's major manufacturers. Exports rose 9.4% year-on-year in October, Ministry of Finance data showed on Wednesday. It followed 13% growth in the prior month and was the weakest expansion since a decline in February. Car shipments fell 36.7%.

U.S. stocks gained on Tuesday after a strong October retail sales report and better-than-expected third-quarter results from Home Depot and Walmart signaled the U.S. consumer is still ramping up spending even in the face of rising prices.

The latest retail sales figures for October showed consumers were increasing their spending, with sales jumping 1.7%. That compares to a 0.8% increase in the prior month. The report showed broad strength in a number of categories from autos to sporting goods. Online sales were up 10.2% from a year ago. The gains came even as consumer prices surged 6.2% year-over-year last month, inflation not seen since the 1990s.

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