Sensex, Nifty trade flat

Equity indices were trading near the flat line in afternoon trade. At 13:32 IST, the barometer index, the S&P BSE Sensex, rose 34.8 points or 0.06% at 60,721.28. The Nifty 50 index gained 7.9 points or 0.04% at 18,110.60.

The broader market saw divergence. The S&P BSE Mid-Cap index added 0.3% while the S&P BSE Small-Cap index slipped 0.23%.

The market breadth was weak. On the BSE, 1,290 shares rose and 2,062 shares fell. A total of 154 shares were unchanged.

Gainers & Losers:

PowerGrid Corporation of India (up 2.61%), UPL (up 2.11%), Cipla (up 1.91%) and Asian Paints (up 1.64%) were top gainers in Nifty 50 index.

Tata Steel (down 1.93%), Hindalco (down 1.61%), Bajaj Auto (down 1.39%), Mahindra & Mahindra (down 1.36%) and Eicher Motors (down 1.02%) were top losers in Nifty 50 index.

Primary Market:

The initial public offer (IPO) of Tarsons Products received bids for over 66.57 lakh shares as against 1.08 crore shares on offer on Monday (15 November 2021), according to stock exchange data at 13:09 IST. The issue was subscribed 61%.

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. An investor can bid for a minimum of 22 equity shares and in multiples thereof. Ahead of the IPO, the company raised Rs 306 crore from anchor investors. The IPO comprises fresh issue of equity shares worth up to Rs 150 crore and an offer for sale of Rs 873.84 crore by existing shareholders and investors

Stocks in Spotlight:

ONGC rose 1.78%. On a standalone basis, the state-run oil major recorded 565.3% surge in net profit to Rs 18,348 crore in Q2 FY22, higher than net profit of Rs 2,758 crore in Q1 FY21. Net sales rose 44% YoY to Rs 24,353 crore during the period under review. The sharp jump in the bottom line of the company was due to a net tax writeback of Rs 7,195.37 crore in the quarter. During the quarter under review, the net realisation per barrel of crude oil produced by ONGC from nominated fields rose to $69.36 a barrel, up 67.6% from $41.38 a barrel in Q2FY21. Realisation from joint venture fields increased 70% to $71.11. Gas price realised by ONGC dropped a quarter to $1.79 per mmBtu during July-September. Total crude oil production during the quarter fell by 3.8% to 5.471 million tonnes. Gas production declined 7% to 5.467 billion cubic metres during the quarter under review.

Computer Age Management Services (CAMS) rose 0.37%. The company reported 48% rise in consolidated net profit to Rs 72.56 crore on a 33% increase in revenue to Rs 227.60 crore in Q2 FY22 over Q2 FY21. Profit before tax in the second quarter was Rs 96.47 crore, registering a growth of 46% on a year-on-year basis. The company's transaction volume was 102.5 million in the second quarter as compared to 87.5 million in previous quarter. It recorded 44 lakh new SIP registration in the current quarter.

Glenmark Pharmaceuticals gained 2.91% after the drug company posted a 10.1% increase in consolidated net profit to Rs 257.66 crore on a 7.5% rise in net sales to Rs 3,125.43 crore in Q2 FY22 over Q2 FY21. Profit before tax rose 13.4% to Rs 385 crore in Q2 FY22 over Q2 FY21. Consolidated EBITDA grew by 6.8% to Rs 590.2 crore in Q2 FY22 from Rs 552.8 crore reported in Q2 FY21. EBITDA margin slightly improved to 18.8% in Q2 FY22 from 18.7% in Q2 FY21.

Economy:

India's inflation based on wholesale price index (WPI) stood at 12.54% in October 2021 compared with 1.31% in October 2020.

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.

Further, India's 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.

Global Markets:

Asian stocks were trading mixed on Monday as investors reacted to a slew of Chinese economic data releases.

Data released Monday showed retail sales in China rose 4.9% year-on-year in October. China's Industrial output for the month also grew 3.5% compared to a year ago.

The Japanese economy contracted at an annualised rate of 3% in July-September from the previous quarter, government data showed on Monday, posting the first decline in two quarters as resurgent coronavirus infections hurt consumer spending.

Wall Street stocks closed higher on Friday, with market-leading growth shares kick-starting indexes' climb as investors looked past disappointing U.S. economic data.

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