The benchmark indices were trading higher in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, gained 127.35 points or 0.21% at 60,194.97. The Nifty 50 index rose 43.80 points or 0.24% at 17,960.60.
In the broader market, the S&P BSE Mid-Cap index added 0.71% while the S&P BSE Small-Cap index rose 0.47%.
The market breadth was positive. On the BSE, 1,656 shares rose and 1,553 shares fell. A total of 208 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 3.55% to 16.3075. The Nifty 25 November 2021 futures were trading at 18,029.75, at a premium of 69.15 points as compared with the spot at 17,960.60.
The Nifty option chain for 25 November 2021 expiry showed maximum Call OI of 21.7 lakh contracts at the 19,000 strike price. Maximum Put OI of 25.6 lakh contracts was seen at 17,500 strike price.
Buzzing Index:
Shares of nine cement making companies were trading higher as cost pressure subsided on account of reduction in diesel prices.
J K Cement (up 7.2%), Ultratech Cement (up 4.57%), Dalmia Bharat (up 3.34%), Ambuja Cements (up 3.24%), ACC (up 2.96%), JK Lakshmi Cement (up 2.51%), Heidelbergcement India (up 1.84%), Shree Cement (Up 1.19%) and Ramco Cements (up 1.14%) were top gainers in cement space.
The Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 on the eve of Diwali. Following the footsteps of the Centre, at least 16 states and seven Union territories had slashed the Value Added Tax (VAT) on petrol and diesel prices in India.
Domestic diesel prices serve as an input cost for cement producing. A rise in prices of diesel thereby impacts margins of cement producers. Meanwhile, reports also suggested that Coal India delaying upward revision of prices is also benefiting cement stocks.
Stocks in Spotlight:
Uflex skid 3.25% after the company's consolidated net profit dropped 23% to Rs 171.05 crore on a 38.3% jump in net sales to Rs 2,983.90 crore in Q2 FY22 over Q2 FY21. Consolidated EBITDA skid 10.2% to Rs 424.50 crore in Q2 September 2021 from Q2 September 2020.
Hindalco Industries declined 2.30%. Its wholly owned subsidiary, Novelis Inc, reported a net income attributable to its common shareholder of $237 million during Q2 September 2021 as compared to a net loss of $37 million in the prior year period. Novelis Inc., a manufacturer of aluminum rolling and recycling, registered a net income from continuing operations of $239 million as against $144 million in the prior year. Excluding special items in both years, second quarter fiscal year 2022 net income from continuing operations jumped 54% to $244 million, driven mainly by higher EBITDA. Net sales soared 38% to $4.10 billion for the second quarter of fiscal year 2022 over $3 billion in the prior year period, primarily driven by a 5% increase in shipments and higher average aluminum prices.
Primary Market:
The initial public offer (IPO) of One97 Communications (Paytm) received bids for over 41.90 lakh shares as against 4.83 crore shares on offer on Monday (8 November 2021), according to stock exchange data at 12:18 IST. The issue was subscribed 9%.
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 today, 8 November 2021 and it will close on 10 November 2021. 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 8,300 crore and offer of sale (OFS) comprising Rs 10,000 crore.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
