MARKET: Sensex off highs, up 300 pts; Metal, Realty indices gain 3% each

Markets at 10 AM

LIVE market updates: After a firm start on the bourses, frontline indices have turned volatile but are staying in the positive territory. From the opening peak of 59,830, the BSE Sensex slipped to a low of 59,419 before gaining ground yet again. At 10:10 AM, the BSE barometer was at 59,569, up 262 points, or 044 per cent.

The NSE Nifty, meanwhile, fell to a low of 17,697 before recovering to 17,759, up 88 points.

The BSE SmallCap index was outeperforming the benchmarks with a gain of 1 per cent while the BSE MidCap index was trading in-line with them.

Sectorally, shares of telecom service providers gained up to 7 per cent on the BSE in Monday’s intra-day trade after RJio launched the much awaited JioPhone Next. Jio Platforms, a majority-owned subsidiary of Reliance Industries (RIL). Following the announcement, the stock of RIL was down 1 per cent at Rs 2,515 on the BSE in today’s intra-day trade, after hitting a high of Rs 2,555 in opening trade today. Among the other telecom stocks, Bharti Airtel gained 5 per cent at Rs 722.60 on the BSE. READ MORE

==========================================================









Opening Bell

LIVE market updates: Supportive global cues, marginal ease in crude oil prices, and the on-going earnings season led to a positive start on Dalal Street on Monday. Besides, low level buying after last week’s profit-booking resulted in a bounce-back rally.

In early deals, the BSE Sensex was at 59,821 levels, up 514 points or 0.87 per cent, led by Bharti Airtel (up 3 per cent), Axis Bank, Titan, Tech M, and Tata Steel. The Nifty50, on the other hand, was at 17,815 levels, up 144 points.

In the broader markets, meanwhile, the BSE MidCap and SmallCap indices were up 0.89 per cent and 0.92 per cent, respectively.

Sectorally, the Nifty Realty index was up 3 per cent, followed by the Nifty Metal index (up 1.4 per cent). On the downside, the Nifty Auto index was down 0.5 per cent.

Among individual stocks, shares of SAIL surged 10 per cent after Q2FY22 net jumped multi-fold to Rs 5,795 crore as against Rs 660.20 crore in Q2FY21. Revenue also soared 58.5 per cent to Rs 26,828 crore from Rs 16,925 crore.

Vedanta, on the other hand, rose nearly 3 per cent as the company posted 5-fold YoY jump in consolidated net profit at Rs 4,615 crore for the July-September quarter, as against Rs 838 crore on a low-base effect.

On the contrary, shares of Bandhan Bank fell over 4 per cent after the lender reported a loss of Rs 3,008.6 crore in Q2FY22 on huge provisions of over Rs 4,600 crore for the bad loans and restructured advances.

October Auto Sales: Bajaj Auto reported a 14 per cent YoY decline in monthly auto sales, dragged by weakness in domestic sales. READ HERE

Escorts, on the other hand, posted just 1 per cent YoY dip in October sales. READ HERE

==========================================================

Markets were trading on a firm footing in the pre-open session on Monday. The BSE Sensex was up 247 points at 59,554 levels at 9:07 AM while the Nifty50 was at 17,779 level, up 107 points.

===========================================================

LIVE market updates: The benchmark indices may look to bounce back as indicated by the SGX Nifty. At 08:00 AM, the November futures quoted at 17,784 as against a close of 17,715 on the NSE on Friday.

Earnings today

IRCTC, HDFC, Tata Motors, Aditya Birla Capital, Bajaj Consumer Care, Chambal Fertilisers, SCI and Sun Pharma Advanced Research are some of the major companies scheduled to announce September quarter numbers today.

Primary Market action

Policybazaar’s (PB Fintech Ltd) Rs 5,709.72-crore IPO will open for subscription today in the price band of Rs 940 to Rs 980 per share.

The other two IPOs to open for subscription today are – Sigachi IPO and SJS Enterprises IPO. The former is priced in the range of Rs 161 to Rs 163, while the latter is priced in the range of Rs 531 to R s542.

Meanwhile, Nykaa IPO, which closes for subscription today, was subscribed 4.82x at the end of Day 2. Fino Payments Bank IPO was subscribed 51 per cent at the end of Day 1, with retail quota the highest at 2.73x.

Global cues

The US markets ended modestly higher on Friday. Dow Jones advanced 0.7 per cent. The S&P 500 index was up 0.2 per cent, while the Dow Jones and Nasdaq advanced 0.3 per cent each. T

This morning in Asia, Nikkei had rallied 2 per cent, and Shanghai Composite was up 0.8 per cent. The S&P/ASX200 Kospi, Straits Times and Taiwan Weighted indices were also up 0.6 per cent each. The Hang Seng, however, was down 0.4 per cent.