Markets indecisive

Nifty50: 17,072▲+117 (+0.6%) 
Sensex: 57,315 ▲+384 (+0.6%)

• Markets have risen for the third day in a row. However, given its intraday movement, traders may not be fully convinced of an uptrend yet. 
• The Nifty50 opened and closed nearly at the same level indicating indecision. 
• Meanwhile, major foreign indices were trading in green and provided positive cues. 
• As we discussed yesterday, any positive flow from foreign investors could provide sentimental support.
• Among the Nifty sectoral indices Realty (+2.3%) and PSU Bank (+1.5%) were top gainers. Whereas, Media (-1.1%) was the top loser.

For more updates on F&O, click here.

Here are the top stories of the day.

Macrotech to build warehousing project

Mumbai-based realty major, known as Lodha, has partnered Morgan Stanley’s real estate investment arm to develop a ₹600 crore warehousing project near Palava near Mumbai, as per reports.  

The 1.9 million warehousing project will be built across 72acres of land parcel, which is close proximity to JNPT port, upcoming airport and Taloja industrial hub. Lodha’s stock was amongst the top gainers in the real estate pack. 

Strong outlook for pharma industry 

Experts believe that the Indian pharma industry could grow at 11 percent in the coming two years on the back of highly skilled workforce and technological developments. Meanwhile the Nifty Pharma index has gained over 3% so far this week. 

Interestingly, Indian pharma companies have, reportedly, supplied 60 percent of the global COVID-19 vaccine requirements. The industry stands third globally in volumes with a market size of around ₹3.15 lakh crore. 

Virus variant could impact PV supplies

As per auto dealers; body, FADA, passenger vehicle (PV) supplies may get impacted in 2022 if chip makers are affected by any lockdown due to the new virus variant. The dealers’ body expects the chip shortage situation to normalise by the second half of next year.

Meanwhile, Maruti Suzuki’s India Chairman sounded optimistic and said that they expect the situation in 2022 to be much better than that in the current year.

IPO corner

On day 3, India’s largest cash management company CMS Info Systems’ IPO was oversubscribed around 1.9 times. Its retail as well as qualified institutional buyers portions were each oversubscribed around 2 times.

Meanwhile, shares of Medplus, which is the second largest pharmacy retailer in India, listed at a premium of 30% against their issue price. This company’s IPO was oversubscribed more than 50 times last week. To apply for IPOs on Upstox, click here.

Good to know

What is private equity?

Private equity is an alternative investment where investors directly invest in private companies (i.e. companies that are not listed on exchanges) or engage in buying out a public listed company resulting in delisting of the public company. The capital could be used to fund new technology, expand working capital and strengthen the balance sheet. The pricing of shares for a company in private equity is determined through negotiations between buyers and sellers and not by market forces, as is generally the case for publicly-listed companies.

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