Nifty50: 17,929 ▲+258 (+1.4%)
Sensex: 60,138 ▲+831 (1.4%)
- After the sell-off last week, the markets inched upward today and ended in the green.
- The market breadth was positive with 46 stocks, out of the Nifty50 pack, posting gains
| Top gainers | Today's change |
| IndusInd Bank | ▲ 7.5% |
| Hindalco | ▲ 4.4% |
| Bharti Airtel | ▲ 4.2% |
| Top losers | Today's change |
| UPL | ▼ 2.6% |
| Bajaj Finserv | ▼ 1.6% |
| M&M | ▼ 1.4% |
For more updates on F&O, click here.
Here are the top stories of the day.
IPOs receive strong investor interest
The IPO party continues on D-street. On the final day, beauty and fashion retailer Nykaa’s IPO was oversubscribed by over 81 times. Similarly, Sigachi Industries also received strong interest with its public issue being oversubscribed over 8 times.
Meanwhile on day 2, Fino Payments Bank’s public issue was subscribed 80%. Also, the IPOs of PB Fintech and SJS Enterprises were subscribed 27% and 29%, respectively on day 1. You can apply for these public issues on Upstox by clicking here.
SAIL shines on strong Q2
Shares of the state-owned steel maker jumped by 13% intraday after it reported its best-ever quarterly consolidated net profit at ₹4,339 crore, up 11% quarter-on-quarter. The rise in the profit was aided by a 30% rise in the revenue to ₹26,828 crore.
The company also managed to cut its gross borrowing by over ₹12,800 crore and it now stands at ₹22,478 crore at the end of the September quarter. Meanwhile, shares of Steel Authority of India (SAIL) pared some of their gains and closed 8.8% higher.
Passenger vehicle sales growth mixed bag
Tata Motors witnessed a 44% year-on-year jump in domestic passenger vehicle (PV) sales in October ‘21. Interestingly, within its PV segment sales of electric vehicles (EV) rose sharply by 276%, albeit over a low base.
Meanwhile, India’s largest PV maker Maruti Suzuki saw a 33% fall in its sales volumes. The company had to undertake production cuts due to semi-conductor shortage. During October, its exports bounced back and grew 122% cushioning weak overall sales. Utility vehicle maker, M&M saw 8% rise in its PV sales volumes. Shares of Maruti Suzuki India (+1.6%), Tata Motors (+0.5%) and M&M (-1.4%) showed mixed bag reactions.
Closing bell
A bounce-back after sharp correction is how trends develop in the normal course of the market. All sectoral indices closed in green indicating all-round buying. Major international indices too lent positive cues. However, on the flip side, the US 10-year treasury bond yields and the US dollar index are showing signs of moving up, which doesn’t augur well for the equity markets in general. Experts traders will take rise in the equities with a pinch of salt till Nifty50 moves above 18350, its recent lower top, especially in this holiday truncated week.
Good to know
What is gross debt?
Gross debt or borrowing is the total value of a company’s debt. For example, if a company borrows ₹1 crore from a bank and raises ₹2 crore through issuance of bonds, then its total gross debt is ₹3 crore. It’s different from net debt, which is calculated by subtracting cash and liquid assets from the gross debt. It’s important to check the gross debt numbers of a company as it reflects how it is financing itself and growing its business.
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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.