Sensex down 251 pts; Nifty hovers below 18,000

The benchmark indices continued trading with modest losses in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, lost 250.57 points or 0.41% at 60,182.88. The Nifty 50 index fell 74.45 points or 0.41% at 17,969.80.

In the broader market, the S&P BSE Mid-Cap index slipped 0.47% while the S&P BSE Small-Cap index rose 0.24%.

The market breadth was positive. On the BSE, 1,711 shares rose and 1,472 shares fell. A total of 157 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 3.14% to 16.5050. The Nifty 25 November 2021 futures were trading at 17,990.05, at a premium of 20.25 points as compared with the spot at 17,969.80.

The Nifty option chain for 25 November 2021 expiry showed maximum Call OI of 22.7 lakh contracts at the 19,000 strike price. Maximum Put OI of 23.5 lakh contracts was seen at 17,500 strike price.

Buzzing Index:

The Nifty Realty index fell 1.68% to 546.80. The index added 12.01% in the past seven trading sessions.

Prestige Estates Projects (down 2.78%), Oberoi Realty (down 2.63%), Godrej Properties (down 2.59%), Indiabulls Real Estate (down 2.46%) and Sunteck Realty (down 1.77%) declined.

Stocks in Spotlight:

Mishra Dhatu Nigam (MIDHANI) fell 1.51%. The company's consolidated net profit rose 4.4% to Rs 33.94 crore on a 13.7% increase in net sales to Rs 185.27 crore in Q2 FY22 over Q2 FY21. MIDHANI has achieved a turnover of Rs 187.92 crore, registering a growth of 14.75% during the Q2 FY22 as against a turnover of Rs 163.77 crore recorded in the corresponding period of the previous year. The order book position of the company as on 1 October 2021 stood at Rs 1,369.89 crore.

Tube Investments of India advanced 3.05% after the company signed an agreement for acquiring 4,151 equity shares of Aerostrovilos Energy for a cash consideration of about Rs 3.46 crore. The Murugappa Group company has signed a shares' subscription agreement with Aerostrovilos Energy (AEPL) and its promoters. It has also signed a shareholders agreement with AEPL, its promoters and existing shareholders. The agreements have been signed in connection with the making of a strategic investment by the Tube Investments, by way of subscription, to 4,151 equity shares of AEPL to be issued to the company at a price of Rs 8,335.48 per share, for an aggregate sum not exceeding Rs 3.46 crore, constituting 25% of the equity share capital of AEPL.

Primary Market:

The initial public offer (IPO) of One97 Communications (Paytm) received bids for over 2.74 crore shares as against 4.83 crore shares on offer on Wednesday (10 November 2021), according to stock exchange data on 12:18 IST today. The issue was subscribed 57%.

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 2,080 to Rs 2,150. 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.

The initial public offer (IPO) of Sapphire Foods India received bids for over 67.53 lakh shares as against 96.63 lakh shares on offer on Wednesday (10 November 2021), according to stock exchange data on 12:18 IST today. The issue was subscribed 70%.

Sapphire foods is one of YUM's franchisee operators in the Indian subcontinent. The company is Sri Lanka's largest international QSR chain in terms of revenue for the financial year 2021 as also number of restaurants operated as of 31 March 2021. The IPO opened for bidding on Tuesday, 9 November 2021 and it will close on 11 November 2021. The price is set at Rs 1,120 to Rs 1,180. Ahead of the IPO, Sapphire Foods finalized allocation of allocation of 79,06,473 equity shares to anchor investors, at a price of Rs 1,180 per equity share to anchor investors, aggregating to Rs 932.96 crore.

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