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Benchmarks slide lower; Sensex drops over 600 pts

The key equity indices further extended losses and hit fresh intraday low in morning trade. The Nifty slipped below 17,600 mark. Oil & gas stocks declined sharply tracking weakness in crude oil prices.

At 10:30 IST, the barometer index, the S&P BSE Sensex, skid 620.55 points or 1.04% at 59,015.46. The Nifty 50 index lost 177.60 points or 1% at 17,587.20.

In the broader market, the S&P BSE Mid-Cap index declined 1.36% while the S&P BSE Small-Cap index slipped 1.46%.

The market breadth was weak. On the BSE, 1,077 shares rose and 2,011 shares fell. A total of 183 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Go Fashion (India) received bids for over 6.35 crore shares as against 80.79 lakh shares on offer, according to stock exchange data at 10:15 IST on Monday (22 November 2021). The issue was subscribed 7.87 times.

The issue opened for bidding on 17 November 2021 and it will close on 22 November 2021. The price band of the IPO is fixed at Rs 655-690.

Buzzing Index:

The Nifty Oil & Gas index declined 1.84% to 7,610.95. The index lost 5.26% in the past four trading sessions.

Gujarat State Petronet (GSPL) (down 3.98%), Oil India (down 3.54%), Reliance Industries (RIL) (down 3.50%), Castrol India (down 2.08%) and Indian Oil Corporation (IOCL) (down 1.51%) were the top losers in the Oil & Gas segment.

Stocks in Spotlight:

Sastasundar Ventures was locked in 5% upper circuit at Rs 511.65 after the company said that the Flipkart Group has signed definitive agreements to acquire a majority share in Sastasundar Marketplace, which owns and operates SastaSundar.com, an online pharmacy and digital healthcare platform. The website focuses on providing consumers access to affordable and convenient healthcare and is supported by a network of more than 490 pharmacies. It aims to address the issues of access to affordable and quality healthcare in India by providing original products from authorized sources and delivering them across the country.

Kitex Garments fell 0.73%. The company incorporated a new subsidiary, Kitex Apparel Parks (KAPL), on Thursday, 18 November 2021, by investing a cash consideration of Rs 70 crore. Kitex Garments has subscribed shares worth of Rs 70 crore in Kitex Apparel Parks (KAPL) divided into 7 crores shares of Rs 10 each.

Parsvnath Developers gained 1.19% after the firm was granted the concession rights by Delhi Metro Rail Corporation (DMRC) for the construction, development, management, operation and maintenance of a high-end shopping mall. The shopping mall will be built on land admeasuring 28,400 sq. mtrs., having a potential of 4,00,000 sq. ft. (approx.) leasable area, on BOT (build-operate-transfer) basis, situated at Netaji Subhash Place, Near Netaji Subhash Place Metro Station, Opposite Wazirpur District Center, Pitampura, New Delhi - 110034.

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