Market closing: Indian benchmark indices fell on Monday, amid broad-based selling. The Sensex touched a low of 58,011.92, while Nifty fell to 17,280.45 intraday. All sectoral indices closed lower, with PSU banks and realty worst hit
Listen to this article
All sectoral indices traded in the red with realty, auto, PSU bank down over 2%. BSE Midcap and Smallcap indices also fell.
22 Nov 2021, 04:00:09 PM IST
Sensex ends down 1170 pts, Nifty below 17,500
India's benchmark equity indices tanked on Monday, dragged lower by index heavyweights Reliance Industries, Bajaj Finance and Kotak Bank.
The Sensex settled at 58,465.89, down 1170.12 points, or 1.86%, at the end of trade on Monday. Nifty was at 17,416.55, down 348.25 points, or 1.96%. Nifty hit a low of 17,280.45 intraday, while Sensex hit a low of 58,011.92 during the session.
Only three stocks on the Sensex ended higher on Monday, with Bharti Airtel rising the most - 3%. Asian Paints and Power Grid were the only other gainers, while Bajaj Financial Services was worst hit. Consumer durables, metals and utilities were the only sectors in the green, although marginally.
On the Nifty, Bajaj Finance, Tata Motors, Reliance and NTPC were the among the worst hit, while Airtel JSW Steel, Asian Paints, Powergrid and Hindalco gained.
22 Nov 2021, 03:43:04 PM IST
Fitch affirms SBI, PNB, BoB ratings at ‘BBB-’ with negative outlook
Fitch Ratings has affirmed ratings for various public sector banks including Bank of Baroda (BoB), State Bank of India (SBI) and Punjab National Bank (PNB) at 'BBB-' with the outlook being negative.
22 Nov 2021, 03:34:35 PM IST
The short term trend has definitely been disrupted: Manish Hathiramani
"The markets broke 17600 and as expected saw a sharp move southward! 17200 is a support for the market and we came close to it and bounced thereafter. The short term trend has definitely been disrupted. If we continue this momentum, we can slide further to 16850. The upside is now capped at 18150-18200 and until that is not crossed, we will be in a negative trend."
-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
22 Nov 2021, 03:24:21 PM IST
Nifty sectoral indices
22 Nov 2021, 03:10:42 PM IST
Crude oil futures gain on spot demand
Crude oil prices on Monday rose by ₹26 to ₹5,695 per barrel as participants widened their positions on a firm spot demand.
On the Multi Commodity Exchange, crude oil for November delivery traded higher by ₹26, or 0.46 per cent, to ₹5,695 per barrel in 6,707 lots.
Analysts said the raising of bets by participants kept crude oil prices higher in futures trade.
22 Nov 2021, 02:58:10 PM IST
Markets have entered into consolidation phase: ICICI Securities
"With the recent correction, markets have entered into consolidation phase where stock specific volatility can be utilized to form the equity portfolios. The stretched valuation segments are witnessing profit booking and money is flowing into value segments where earnings have started to grow after several earnings of stagnation.
Commodity prices in the international markets have started to cool off with HR Steel prices in China having corrected by 18%, Aluminum by 17% and Iron ore prices by 64% due to sluggish real estate demand in China, and thus lower Chinese imports. This should help to recover the margin pressure in some commodity user companies in India like Consumer stocks, etc."
-Amit Gupta, Fund Manager – PMS, ICICI Securities
22 Nov 2021, 02:53:23 PM IST
Rising demand lifts refined soya oil futures
Refined soya oil prices on Monday rose by ₹5.1 to ₹1,240 per 10 kg in futures trade as speculators raised their bets. On the National Commodity and Derivatives Exchange, refined soya oil for December delivery moved up by ₹5.1, or 0.41 per cent, to ₹1,240 per 10 kg in 46,730 lots. Analysts said widening of positions by traders mainly helped refined soya oil prices to trade higher in futures market.
22 Nov 2021, 02:48:46 PM IST
BEL gets biggest export order ever on contract with Airbus
Airbus has singed a deal with Bharat Electronics Ltd (BEL) under the C295 aircraft programme of Indian Government for the manufacture and supply of Radar Warning Receiver (RWR) and Missile Approach Warning System (MAWS).
The contract is in line with 'Make in India' policy and is the biggest export order received till date by BEL.
Today, BEL shares were trading down 3.26% at 202.05 apiece in noon deals on NSE.
Saudi Aramco seeks new investments in India after Reliance Industries scraps deal
Saudi Aramco said it will continue to look for investment opportunities in India, days after Reliance Industries Ltd. scrapped a plan to sell a stake in its oil-to-chemicals unit to the Middle Eastern company. “India offers tremendous growth opportunities over the long term," Aramco said in a statement on Sunday. It will “continue to evaluate new and existing business opportunities with our potential partners."
Jesons Industries files draft IPO papers with Sebi; aims to raise ₹900 crore
Jesons Industries, a manufacturer of speciality coating emulsions, has filed preliminary papers with capital markets regulator Sebi to raise an estimated ₹800-900 crore through an initial share sale.
The initial public offering (IPO) comprises a fresh issue of equity shares aggregating up to ₹120 crore and an offer for sale of up to 12,157,000 equity shares by promoter Dhiresh Shashikant Gosalia, according to the draft red herring prospectus (DRHP).
22 Nov 2021, 02:09:18 PM IST
KPI Global Infrastructure wins a repeat order from Devika Fibres
KPI Global Infrastructure secured a repeat order for executing solar power project of 5.20 MWdc capacity from existing client Devika Fibres, Surat (Gujarat) under the Captive Power Producer (CPP) segment of the company. On 17 November, the company had bagged a deal for executing a solar power project of 1.80 MWdc capacity from Shabnam Petrofils in Surat (Gujarat) under CPP segment.
22 Nov 2021, 02:01:35 PM IST
Average daily fliers go beyond 90% of pre-covid levels: ICICI Securities
The number of weekly average daily fliers stood at 364k (91% of the pre-covid average seen between April ’19-February ’20) in the week ended 20 November ’21 vs 352k in the week ended 13 November ’21. For the week ended 20 November ’21, the average number of daily departures increased to 2,712 vs 2,678 in the previous week. The number of fliers per departure rose to 134 vs 131 in the prior week.
22 Nov 2021, 01:56:23 PM IST
Realty Nifty worst hit
22 Nov 2021, 01:45:03 PM IST
Nykaa, Zomato, Policybazaar shares slump
Following Paytm shares heavy selloff, recently listed shares like Policybazaar (PB Fintech shares), Nykaa and Zomato are also witnessing huge slump. At a time when Paytm shares have plunged around 40 per cent from its upper price band of ₹2150, Zomato share price has dipped near 7 per cent, PB Fintech shares have dipped to the tune of 8 per cent whereas Nykaa share price went off around 1 per cent in intraday trade session.
22 Nov 2021, 01:31:09 PM IST
Kotak Mahindra Bank, PNB, SBI, RBL Bank and Axis Bank drag Nifty Bank Index
22 Nov 2021, 01:19:23 PM IST
Volatility up 14.47% as India VIX touches 17. 01
22 Nov 2021, 01:10:40 PM IST
Top gainers/losers on Nifty at this hour
22 Nov 2021, 01:00:00 PM IST
BUY Federal Bank: Angel One
Federal bank is one of India’s largest old generation private sector banks with total assets of ₹1.9 lakh crore with deposits of ₹1.56 lakh crore and a loan book of ₹1.2 lakh crore in F21. NPA’s have remained steady for the bank over the past few years with GNPA for Q3FY21 at 3.38% while NNPA ratio stood at 1.14%. PCR at the end of Q3FY21 stood at ~67% which we believe is adequate. Restructuring book is expected to be at ₹1,500-1,600 crore out of which ₹1,067 crore has already been restructured. This is against earlier expectations of total restructuring of ₹3,000-3,500 crore.
Shares of Reliance Industries or RIL fell 4%, after the company said last week it had decided with Saudi Aramco to reevaluate a proposed $15 billion stake sale in its oil-to-chemicals arm to the Saudi oil producer.
Ashok Leyland Ltd (ALL) is one of the leading players in the Indian CV industry with a 32% market share in the MHCV segment. The company also has a strong presence in the fast-growing LCV segment. Demand for MHCV was adversely impacted post peaking out due to multiple factors including changes in axel norms, increase in prices due to implementation of BS 6 norms followed by a sharp drop in demand due to the ongoing Covid-19 crisis. While demand for the LCV segment has been growing smartly post the pandemic, demand for the MHCV segment has also started to recover over the past few months before the 2nd lockdown. We believe that the company is ideally placed to capture the growth revival in the CV segment and will be the biggest beneficiary of the Government’s voluntary scrappage policy and hence rate the stock a BUY.
Paytm's Vijay Shekhar Sharma's wealth erodes by $781 mn
Vijay Shekhar Sharma's wealth eroded over $781 million in two sessions after One97 Communications Ltd, the parent company which owns and operates brand Paytm, stock continued its downtrend. Paytm's market capitalisation has now slipped below ₹1 trillion.
Before the opening of the IPO, Sharma's stake in the firm was valued at $2.3 billion at its issue price of ₹2150. Sharma, who founded the company in 2000, holds 9.1% stake or close to 6 crore equity shares in Paytm. He also holds 2.1 crore options in the firm.
22 Nov 2021, 11:48:26 AM IST
All sectors bleed
22 Nov 2021, 11:41:43 AM IST
Nifty Auto falls over 2%
22 Nov 2021, 11:35:30 AM IST
Nifty broad market indices
22 Nov 2021, 11:28:25 AM IST
Nifty tumbles below 17,600
22 Nov 2021, 11:15:02 AM IST
Sensex slips below 59,000
22 Nov 2021, 11:01:12 AM IST
Paytm shares fall over 10%
After plunging around 27 per cent after listing on Thursday, Paytm shares today further crashed nearly 10% in early deals. Shares of the digital payments startup today opened with a downside gap of ₹51.80 per share, and went on to lose around 10% from its listing date close of ₹1560.80 per share on NSE.
22 Nov 2021, 10:56:08 AM IST
BUY ISGEC Heavy Engineering: ICICI Securities
ISGEC Heavy Engineering (ISGEC) reported standalone revenue growth of 11% YoY to ₹11.5 billion in Q2FY22. Standalone EBIDTA margin shrunk by a significant 550bps YoY to 3.1% due to higher cost overheads. Management guided margins are likely to remain subdued till Q4FY22 as cost challenges persist. Due to increased commodity prices, management has been judicious in bidding for orders, and this led to a weak consolidated order intake of ₹8.5 billion during the quarter. However, the current consolidated order book is strong at ₹75 billion (1.7x TTM sales). Factoring-in near term margin stress, we marginally cut standalone earnings by 27% and 15% for FY22E and FY23E respectively. Given the healthy order book and a strong pipeline of orders, we maintain our BUY rating on the stock with a revised SoTP-based target price of ₹756 (earlier: ₹869).
Home decor companies saw robust performance in the September quarter. Pent-up demand, aided by revival in the real estate sector, translated into double-digit volumes growth across product categories. However, this time around, wood panel makers and tile companies showcased better performance than pipe manufacturers, thus overtaking the latter on revenue growth and operating metrics.
"In Q2FY22, wood panel companies outperformed with revenue/Ebitda/profit after tax growth of 54%/60%/77% YoY led by strong volume growth across categories— plywood, laminates, MDF and particle board. Tiles too witnessed 35%/29%/38% YoY growth and healthy margins," analysts at Edelweiss Securities Ltd said in a report. Ebitda is short for earnings before interest, tax, depreciation and amortization.
22 Nov 2021, 10:39:42 AM IST
BUY Nuvoco: ICICI Securities
Nuvoco Vistas Corporation (NUVOCO), led by Dr. Karsanbhai Patel Nirma group, has emerged as the fifth largest cement group in India and is amongst top-3 in East region with 23.8mnte capacity (as of September), post 8.3mnte acquisition of NU Vista (earlier Emami Cement) in July 2020. We believe cost synergies from the said acquisition, improved cost efficiencies, higher premiumisation coupled with scale benefits and operating leverage may drive ~30% ( ₹265/te) blended EBITDA/te rise to ₹1,180/te over FY21-FY24E. Valuation at 8.6xFY24E EV/E or $125/te adequately factors concerns around higher East region concentration, higher leverage and lower profitability vs peers, in our view. As NUVOCO narrows its EBITDA/te gap vs peers, the valuation gap may shrink. We initiate coverage on the stock with a BUY rating and target price of ₹645/share (11x Sep’23E EV/E). Key risks: lower demand/prices, and high concentration (~70%) in the East region.
22 Nov 2021, 10:23:17 AM IST
Indian shares decline as Reliance drags energy stocks lower
Indian shares slipped on Monday as market heavyweight Reliance Industries led energy stocks lower and the return of Covid19 restrictions in Europe weighed on investor sentiment. The blue-chip NSE Nifty 50 index dropped 0.61% to 17,656.20, while the benchmark S&P BSE Sensex fell 0.65% to 59,250.74
Shares of Mukesh Ambani-led Reliance Industries fell 3.71% after the oil giant said last week it had decided with Saudi Aramco to reevaluate a proposed $15 billion stake sale in its oil-to-chemicals arm to Saudi Aramco. The Nifty Energy Index fell 1.75%, led by losses in Reliance. Other laggards on the sub-index were state-run Oil and Natural Gas Corp, down 2.85%, and Tata Power Company, down 2.07%.
22 Nov 2021, 10:16:43 AM IST
Nifty could slide down to 17200: Manish Hathiramani
"Markets are in a precarious position. We are threatening the 17600 level and if we break this level on a closing basis, the Nifty could slide down to 17200. The index has a resistance at 18100-18200 and unless we do not get past that, the trend of the markets will remain sideways to negative."
-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
22 Nov 2021, 10:09:17 AM IST
Top gainers/losers on Nifty at this hour
22 Nov 2021, 10:01:05 AM IST
Latent View shares available at ₹360 in grey market
Shares of Latent View Analytics is going to list at Indian bourses on 23rd November 2021 and lucky bidders are busy guessing about the listing gain they would get on tomorrow. For such bidders, there is a piece of good news from the grey market. Latent View Analytics share price in the grey market has shot up today. As per the market observers, shares of Latent View are available at a premium of ₹360 in the grey market today.
22 Nov 2021, 09:52:19 AM IST
Reliance, Kotak Mahindra Bank drag Sensex lower
22 Nov 2021, 09:42:12 AM IST
Sensex stocks in opening deals
22 Nov 2021, 09:37:16 AM IST
RIL, Saudi Aramco decide to re-evaluate proposed investment in O2C business
Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) and Saudi Aramco on Friday decided to re-evaluate the proposed investment by Aramco in the oil-to-chemical (O2C) business in light of the Indian firm's new energy forays.
Bharti Airtel top gainer on Sensex; company revises mobile tariffs
22 Nov 2021, 09:26:55 AM IST
Nifty slips below 17,700 in opening deals
22 Nov 2021, 09:25:47 AM IST
Sensex slumps over 450 points in opening deals
22 Nov 2021, 09:09:54 AM IST
Nifty near 17,700 in pre-open
22 Nov 2021, 09:06:01 AM IST
Sensex below 60,000 in pre-open
22 Nov 2021, 09:00:25 AM IST
RenewBuy plans to come up with IPO in 2 years: CEO
Insurtech company RenewBuy is planning to come up with its initial public offering (IPO) in about two years from now, banking on the healthy growth of business and a strong pedigree, its CEO and co-founder Balachander Sekhar said.
The agent-led digital-driven insurtech company was founded in 2015 by Sekhar and Indraneel Chatterjee to bridge the demand-supply gap of insurance in the semi-urban and rural areas in India.
22 Nov 2021, 08:54:03 AM IST
17700 becomes a trend deciding level for Nifty: Angel One
We had an excellent start to the week on Monday (15 November) owing to favourable global cues. However, markets failed to sustain at higher as the early morning gains just disappeared in the first half. During the remaining part of the day, Nifty kept flirting around the equilibrium point. Eventually, in the absence of any momentum, Nifty ended the session tad above the 18100 mark. As the week progressed, markets started becoming a bit nervous and hence, we could see it grinding lower gradually by breaking minor supports on the way through. The selling aggravated on Thursday and in the process we first breached 17800 and then went on to even slide below the crucial support of 17700. Due to the modest recovery in the latter half, the bulls managed to defend this level on a closing basis.
During the week, Nifty did correct by nearly a couple of percent; which certainly cannot be considered as a major damage. Also it did close above the key support on a weekly basis but the way overall things are positioned, we will not be surprised to see it surrendering (17700) in the first half of the forthcoming week itself. Since last few days, we have been mentioning the ‘Head and Shoulder’ pattern on the daily chart of Nifty which was in process. After today’s close, the final (right) shoulder of this pattern is completed and prices are placed exactly at the ‘Neckline’ point of the same. A sustainable move below 17700 (which seems likely) would activate the pattern and as a result of this, we could see a fresh leg of correction in coming days. After this, next levels to watch out for would be 17450 and 17200, where one needs to reassess the situation. On the flipside, if Nifty manages to hold 17700 and move higher first, then 18000 – 18200 are to be considered as strong hurdles, which as of now we do not expect to get surpassed in the near future.
22 Nov 2021, 08:47:31 AM IST
SBI yet to refund ₹164 crore undue fee charged from Jan Dhan a/c holders
State Bank of India (SBI) is yet to return ₹164 crore of undue fee charged from the account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) towards digital payments during April 2017 and December 2019, a report said.
"On directions from the government, SBI has returned just about ₹90 crore, thereby withholding the bigger chunk of at least ₹164 crore with itself," said the report prepared by IIT-Mumbai
22 Nov 2021, 08:39:06 AM IST
Investors bet big on SIPs; inflows at ₹67,000 crore in April-October
Inflows in the mutual fund industry through systematic investment plans or SIPs reached close to ₹67,000 crore in the first seven months of the ongoing fiscal, suggesting growing popularity of the route for investment among retail investors.
This comes following an inflow of ₹96,080 crore through the route in 2020-21, data with the Association of Mutual Funds in India (Amfi) showed. Moreover, mutual fund SIP contribution has seen more than two-fold rise during the last five years. It was at ₹43,921 crore during 2016-17.
Also, the monthly collection through SIP surged to an all-time high of ₹10,519 crore in October, higher than ₹10,351 crore in September.
22 Nov 2021, 08:31:28 AM IST
India consortium explores areas in Rosneft project
Three state-run oil companies from India are seeking to invest jointly in the massive Vostok project of Russia’s Rosneft, two people aware of the development said, as the world’s third-largest crude oil consumer continues efforts to attain energy security.
The consortium of state-run ONGC Videsh Ltd (OVL), Indian Oil Corp Ltd (IOCL) and Oil India Ltd (OIL) has completed the technical evaluation of 30 out of 52 licence areas of the project, the people said, requesting anonymity.
22 Nov 2021, 08:26:43 AM IST
Airtel could scrap plans to rejig business
Bharti Airtel is rethinking its plan to separate its digital and infrastructure businesses from telecom, as the government's redefinition of adjusted gross revenue (AGR) to exclude non-telecom revenues has made the corporate restructuring announced by the Sunil Mittal-led carrier less appealing, The Economic Times said.
22 Nov 2021, 08:19:01 AM IST
Oil hits 7-week lows
Crude oil fell to seven-week lows on Monday, extending declines after the previous session's slide, on concerns about excess supply after Japan said it was weighing releasing oil reserves and over demand from a worsening Covid-19 situation in Europe.
Brent lost 57 cents, or 0.72%, to $78.32 a barrel as of 0206 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.51%, at $75.55 a barrel.
WTI and Brent prices hit their lowest since 1 October earlier in the session. They slumped around 3% on Friday.
Japanese Prime Minister Fumio Kishida signalled on Saturday he was ready to help counter soaring oil prices following a request from the United States to release oil from its emergency stockpile.
Meanwhile, concerns are growing that renewed Covid-19 curbs could hit demand.
22 Nov 2021, 08:11:26 AM IST
Airtel announces revised mobile tariffs
Telecom service provider Bharti Airtel today said it has decided to revise its prepaid tariffs with effect from November 26, 2021.
The market is expected to react to the news of the scrapping of contentious farm laws and the decision of Reliance Industries and Saudi Aramco to re-evaluate the proposed investment in the oil-to-chemicals business.
22 Nov 2021, 07:55:37 AM IST
Embedded value of LIC likely at $150 billion
An actuarial valuation exercise has arrived at a $150 billion embedded value for Life Insurance Corp. of India, the first such valuation done by India’s largest insurer, which is set to start roadshows for its initial share sale next month, two people aware of the development said.
India’s largest insurer has also initiated talks with several foreign investors, including pension funds, to join as anchor investors in its initial public offering, the people said, requesting anonymity.
22 Nov 2021, 07:49:25 AM IST
SGX Nifty hints at flat start for Indian indices
SGX Nifty futures traded at 17,832.20 in early deals on Monday, down 0.01%, indicating a flat start for Indian benchmarks.
22 Nov 2021, 07:41:32 AM IST
Asian stocks fall amid concerns over Covid curbs
Most Asian stocks fell Monday amid concerns about European Covid-19 curbs and the risk of the US Federal Reserve speeding up stimulus withdrawal. The Treasury yield curve was near the flattest since the pandemic’s onset.
Shares declined in Japan and Australia, while South Korea climbed amid data showing export growth. U.S. futures edged up after sectors sensitive to the economic outlook led the S&P 500 lower Friday, while the technology-heavy Nasdaq 100 outperformed in an echo of the stay-at-home trade.
Treasuries trimmed a rally and the gap between yields on five-year and 30-year maturities was around the lowest since March last year. Bonds rallied Friday, reflecting risk aversion as surging European infections push Austria into a lockdown and spur Germany to tighten curbs. The curve flattened in part on signs the Fed may consider a more rapid drawdown of its bond-buying program.
A gauge of the dollar was steady. Oil extended declines on the prospect of key consumers adding emergency supplies as well as the flareup in Covid-19 cases in Europe. Japan and the U.S. may make a joint announcement on the release of crude reserves as soon as this week, according to a report.
On Friday, the S&P 500 fell 6.58 points to 4,697.96, while Dow had slid 268.97 points to 35,601.98, its third straight drop. The Nasdaq added 63.73 points to 16,057.44, for its sixth straight gain.
Never miss a story! Stay connected and informed with Mint.
our App Now!!