The domestic equity benchmarks traded in a narrow range in mid morning trade. The Nifty continued to trade above the 17,950 mark. IT shares were in demand.
At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 245.74 points or 0.41% to 60,274.80. The Nifty 50 index rose 80.75 points or 0.45% to 17,969.70.
In the broader market, the S&P BSE Mid-Cap index gained 0.17% while the S&P BSE Small-Cap index rose 0.28%.
The market breadth was strong. On the BSE, 1838 shares rose and 1182 shares fell. A total of 155 shares were unchanged.
Primary Market:
The initial public offer (IPO) of PB Fintech (Policybazaar) received bids for over 6.99 crore shares as against 3.45 crore shares on offer on Wednesday (3 November 2021), according to stock exchange data at 11:12 IST. The issue was subscribed 2.03 times.
PB Fintech, owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products leveraging the power of technology, data, and innovation.
The IPO of SJS Enterprises received bids for 63.07 lakh shares as against 1.05 crore shares on offer on Wednesday (3 November 2021), according to stock exchange data at 11:12 IST. The issue was subscribed 0.60 times.
SJS enterprises is a "design-to-delivery" aesthetics solutions provider with the ability to design, develop and manufacture a diverse product portfolio for a wide range of customers primarily in the automotive and consumer appliance industries.
The IPO of Sigachi Industries received bids for over 15.82 crore shares as against 53.86 lakh shares on offer on Wednesday (3 November 2021), according to stock exchange data at 11:12 IST. The issue was subscribed 29.38 times.
Sigachi Industries is engaged in the manufacturing of Microcrystalline Cellulose (MCC), which is widely used as an excipient in the pharmaceutical, food, nutraceuticals, and cosmetic industries.
All the three IPOs opened for subscription Monday (1 November 2021) and will close on Wednesday (3 November 2021).
Buzzing Index:
The Nifty IT index rose 0.81% to 35,463.45. The index had declined 0.32% to end at 35,177.35 yesterday.
Tech Mahindra (up 2.01%), Infosys (up 1.13%), TCS (up 0.99%), HCL Tech (up 0.96%), Wipro (up 0.54%) and L&T Technology Services (up 0.18%) advanced.
Concurrently, MindTree (down 1.22%), Mphasis (down 0.41%) and Larsen & Toubro Infotech (down 0.36%) declined.
Stocks in Spotlight:
Angel Broking was down 0.01% to Rs 1231.35. The stock broker said its client base jumped 145% year-on-year to 6.93 million in October 2021 over October 2020. On a sequential basis, the firm's client base grew 6.3% from 6.52 million clients in October 2021. The company's retail turnover market share in overall equity segment rose to 20.7% in October 2021 compared with 14.7% in October 2020.
Gillette India rose 0.37% to Rs 5831.80. The company's net profit declined 14.02% to Rs 81.93 crore on 11.02% rise in net sales to Rs 573.31 crore in Q1 September 2021 over Q1 September 2020.
Laxmi Organic Industries was locked in a lower circuit of 5% at Rs 434.40 after the company posted a 39.6% fall in consolidated net profit to Rs 14.57 crore in Q2 FY22 from Rs 24.13 crore in Q2 FY21. Revenue from operations surged 48.4% to Rs 608 crore in Q2 FY22 from Rs 409.79 crore posted in Q2 FY21.
Global Markets:
Most Asian stocks advanced on Wednesday as investors look ahead to the end of the U.S. Federal Reserve's two-day meeting for clues on tapering. Markets in Japan are closed on Wednesday for a holiday.
A private survey released Wednesday showed growing Chinese services activity in October, with the Caixin/Markit services Purchasing Managers' Index coming in at 53.8, rising from September's reading of 53.4.
Wall Street's main indexes rose on Tuesday to record highs as a strong earnings season continued to lift sentiment for equities.
The Fed at the conclusion of its two-day meeting on Wednesday is reportedly likely to announce it will begin unwinding its $120 billion in monthly bond purchases implemented during the pandemic.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
