Markets remain edgy

Nifty50: 16,983▼-70.7 (-0.4%)
Sensex: 57,064▼-195.7 (-0.3%)

• The markets remained volatile for the second consecutive day and closed in the red
• 28 stocks from the Nifty50 pack declined. 
• Among the Nifty sectoral indices, Realty (+0.6%) and IT (+0.5%) were top gainers. 
• Whereas, Metal (-1.9%) and Auto (-0.9%) were the top losers.

For more updates on F&O, click here.

Here are the top stories of the day.

Go Fashion’s stellar debut in weak market

The women's bottom-wear maker listed on NSE at a premium of 90% against the issue price of ₹690 per share. Investors had shown strong interest in this public issue with the IPO being oversubscribed around 135 times. 

Meanwhile, this year’s IPO rush continues this week. On day 1, Star Health’s IPO was subscribed around 12%. Mining equipment component maker Tega Industries will launch its ₹619 crore public issue tomorrow.  Following these IPOs, wealth solutions provider  Anand Rathi Wealth will launch its ₹659 crore public issue on 2 December 2021. You can apply for IPOs on Upstox.

Macrotech eyes new market

As per reports, the Mumbai-based realty firm is looking to foray into the Bengaluru market to tap the high property demand. Its management believes Bengaluru could be a big beneficiary of the booming IT sector.

Meanwhile, Lodha had raised ₹4,000 crore. Of that, around ₹3,000 crore will be invested in Mumbai and Pune and the remaining ₹1,000 crore would be utilised to cut debt. The company is reportedly targeting a three-fold increase in its annual sales to ₹20,000 crore by fiscal ‘26.

TeamLease rises as hiring intent picks up

Leading staffing company TeamLease has reportedly said that hiring intent of companies has risen to 41% this quarter, from about 38% in the previous quarter. This means that companies are more confident about adding manpower.   

Teamlease’s core-staffing business, which accounts for 90% of its revenue, could see growth on the back of hiring activity in  ecommerce, telecom and BFSI sectors. Its shares rose sharply coupled with high volumes, indicating strong buying interest.

Closing bell

Despite the initial gains, markets succumbed to selling pressure toward the end of the day. The decline was mainly led by fall in Reliance Industries and major banks. The cues from the Asian and European indices were also negative. Meanwhile, India’s GDP expanded 8.4% - a fourth consecutive quarter of rise. While this data suggests a bounce back from the pandemic shock, the country now stares at a new virus variant-related uncertainty. Traders will continue to tread with caution as the buzz around the new variant is expected to keep the market volatility high.

Good to know

What is demerger?

A demerger is when a company splits off one or more divisions to operate independently or be sold off. A de-merger may take place for several reasons, including focusing on a company's core operations and spinning off less relevant business units, to raise capital, or to discourage a hostile takeover. De-mergers are a valuable strategy for companies that want to refocus on their most profitable units, reduce risk, and create greater shareholder value.

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.