Sensex drops 500 pts; NSE VIX jumps over 17 mark

The benchmark indices traded near the day's low in early afternoon trade. The Nifty index hovered a tad above 17,850 mark.

At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 502.05 points or 0.83% at 59,850.77. The Nifty 50 index fell 160.60 points or 0.89% at 17,856.60.

In the broader market, the S&P BSE Mid-Cap index slipped 0.74% while the S&P BSE Small-Cap index skid 0.40%.

The market breadth was negative. On the BSE, 1,397 shares rose and 1,764 shares fell. A total of 160 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Sapphire Foods India received bids for over 1.68 crore shares as against 96.63 lakh shares on offer, according to stock exchange data at 12:18 IST today. The issue was subscribed 1.75 times.

Sapphire foods is one of YUM's franchisee operators in the Indian subcontinent. The company is also 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 Thursday, 11 November 2021. The price is set at Rs 1,120 to Rs 1,180.

The initial public offer (IPO) of Latent View Analytics received bids for 17.59 crore shares as against 1.75 crore shares on offer, according to stock exchange data at 12:21 IST today, 11 November 2021. The issue was subscribed 10.04 times.

The issue opened for bidding on Wednesday, 10 November 2021 and it will close on Friday, 12 November 2021. The price band of the IPO is fixed at Rs 190-197. An investor can bid for a minimum of 76 equity shares and in multiples thereof. Ahead of the IPO, Latent View Analytics on 9 November 2021 finalized allocation of 1,35,53,898 equity shares to anchor investors at Rs 197 per share, aggregating to Rs 267.01 crore.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 4.63% to 17.06. The Nifty 25 November 2021 futures were trading at 17,858, at a premium of 1.40 points as compared with the spot at 17,856.60.

The Nifty option chain for 25 November 2021 expiry showed maximum Call OI of 27.2 lakh contracts at the 18,000 strike price. Maximum Put OI of 26.8 lakh contracts was seen at 17,500 strike price.

Buzzing Index:

The Nifty Bank index fell 1.10% to 38,592.65. The index lost 2.47% in the four trading sessions.

RBL Bank (down 1.94%), State Bank of India (SBI) (down 1.89%), IDFC First Bank (down 1.73%), Axis Bank (down 1.32%) and ICICI Bank (down 1.27%) were the top losers in the Bank segment.

Stocks in Spotlight:

Affle (India) jumped 5.99% after the company's consolidated net profit jumped 77.2% to Rs 47.82 crore on a 103.6% surge in net sales to Rs 274.70 crore in Q2 September 2021 over Q2 September 2020. On a consolidated basis, EBITDA grew 51.1% to Rs 52.10 crore in Q2 FY22 from Rs 34.50 crore in Q2 FY21. EBITDA margin stood at 19% in Q2 FY22 as against 25.5% in Q2 FY21. Profit margin was at 16.4% in Q2 FY22 as compared to 19.7% in Q2 FY21.

Metropolis Healthcare lost 2.69% after the company's consolidated net profit fell 3.5% to Rs 58.40 crore on a 4.9% increase in net sales to Rs 302.62 crore in Q2 September 2021 over Q2 September 2020. EBITDA (before CSR and ESOP) fell 1.79% to Rs 93.20 crore (with a margin of 30.8%) in Q2 September 2021 as against Rs 94.90 crore in Q2 September 2020. Reported PAT margin was at 19.3% in Q2 FY22 over 21% in Q2 FY21.

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