Markets jittery

Nifty50: 17,888 ▼-40 (-0.2%)
Sensex: 60,029 ▼-109 (-0.1%)

• After a gap-up opening, the markets witnessed volatility and ended in the red. 
• The market breadth was negative. Of the Nifty50 pack, 30 stocks posted losses. 

For more updates on F&O, click here.

Here are the top stories of the day.

Sun Pharma’s Q2 profit soars 

India's biggest pharma company’s net profit rose by 13% year-on-year to ₹2,047 crore in the September quarter. In the same period, the company’s revenue also rose by 13% to ₹9,556 crore, driven by broad-based growth across multiple geographies. It’s India business, particularly, rose by 26% year-on-year. 

The management has said that it is focusing on strengthening its global speciality portfolio, which grew 43% in Q2FY22. It added that the recent launch of Winlevi in the US and Ilumya in Canada is a step forward in this direction. 

Allcargo jumps on bumper profits

Shares of multi-modal logistics player were locked at a 20% upper circuit today as it reported a 355% year on year rise in its September quarter net profit to ₹264 crore. The rise in profit was aided by a 113% jump in revenues to ₹4,978 crore. 

As per the management, the logistics industry went through the pain of operating at low rates for several years. However, the situation has changed post consolidation. The company expects rates to remain firm in the near future. The stock has been on a roll this fiscal and has risen over 165%. 

Investors remain hooked to the IPOs

Investors continue to show positive interest in the IPOs. On the last day, Fino Payments bank's IPO was oversubscribed more than 2 times.

Following a similar trend, on the second day, PB Fintech's IPO witnessed oversubscription by 1.5 times whereas SJS Enterprises IPO touched the halfway mark. On the other hand, Sigachi is already oversubscribed by 22 times. These three IPOs close tomorrow. You can apply for these public issues on Upstox by clicking here.

Closing bell

Although the markets started with a gap-up opening, the mood was not upbeat. The markets continued to skid for most part of the day. Performance of the international markets was a mixed bag and didn’t lend many cues. The US Fed’s interest rate decision and key announcements related to stimulus tapering as expected on Wednesday. Most traders would prefer to lighten their commitments ahead of the festive holidays. 

Good to know

What is earnings per share? 

Earnings per share reveals how much money a company makes in relation to each share. It is calculated as a company’s net profit divided by the outstanding shares. It is a popularly used metric to ascertain the value of a company. It is generally used in conjunction with the stock price in the Price Earnings ratio or the P/E ratio. A P/E ratio is one of the important valuation ratios used by investors to pick stocks.    

Yay 👍 or Nay 👎?

We'd love your thoughts on this market recap.

Haven't tried out Upstox yet? Click here to open your account now!

To catch our latest educational videos, join our Telegram channel here.

Disclosures and Disclaimer

Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.