Market HIGHLIGHTS: Sensex falls 433 pts, ends below 60000, Nifty below 17900 on F&O expiry; ICICI Bank drags

One97 Communications-owned Paytm, whose IPO received 1.89 times subscription, will finalise the share allotment next week on 15 November. The equity shares of Paytm are to be listed on both stock exchanges BSE and NSE likely on 18 November. Ant Group-backed Paytm closed India’s largest IPO of Rs 18,300 crore, including Rs 8,235 crore raised from institutional investors, together with the federal government of Singapore, BlackRock International Funds, Canada Pension Plan Funding Board and Abu Dhabi Funding Authority. In the primary market today, Paytm shares were quoting at a negligible premium of Rs 55 over the issue size, according to the people who deal in unlisted shares of companies.

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Affle reported a strong performance for Q2 FY2022 with a consolidated revenue from operations of Rs. 274.7 crores, an increase in revenue of 103.6% y-o-y from Rs. 135.0 crores in Q2 last year. EBITDA was at Rs. 52.1 crores, an increase of 51.1% y-o-y. PAT increased by 77.1% y-o-y to Rs. 47.6 crores from Rs. 26.9 crores in Q2 last year. This growth was broad-based coming from both CPCU business
and Non-CPCU business, across both India & International markets. 

Housing Development Finance Corporation (HDFC), ICICI Bank, Infosys were top Sensex draggers

Sensex tumbled 541 points or 0.90 per cent to 59800, while NSE Nifty was below 17,850

KFC and Pizza Hut operator Sapphire Foods India’s IPO has been subscribed 1.5 times so far with the final day bidding still on. Sapphire Foods India IPO has so far received bids for 1.18 crore equity shares, against an offer size of 96.63 lakh shares. The retail investor portion has been subscribed 6.16 times; the non-institutional investor portion is undersubscribed at 34 per cent; and the qualified institutional buyers’ portion has been subscribed only 3 per cent so far. Analysts say Sapphire Foods is very similar to Devyani International in terms of business and brands.

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Navin Fluorine is a mid-cap company operating in the chemicals sector. For the quarter ended 30/09/2021, the company has reported a total income of Rs. 349 crore, up 4.19% from last quarter. After this Rs 800 crore deal in key Agrochemicals products, Navin Flourine is expected to give a 10-15% return in near term. Ravi Singh, VP & Head of Research, Share India Securities 

Non-Banking Financial Company, Five Star Business Finance Limited (FSBFL) has filed preliminary papers with capital markets regulator Sebi to raise up to Rs 2,752 crore through an Initial Public Offering. The initial public offer (IPO) is a complete offer for sale of Rs 257.10 crore by SCI Investments V, Rs 568.92 crore by Matrix Partners India Investment Holdings II, LLC, Rs 9.56 crore by Matrix Partners India Investments II Extension, LLC, Rs 385.65 crore by Norwest Venture Partners X – Mauritius, Rs 1349.78 crore by TPG Asia VII SF Pte. Ltd., Rs 180.93 crore by a part of the Promoter Group, draft red herring prospectus (DRHP) filed with Sebi showed on Tuesday

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Thursday, even as yellow metal prices traded flat globally. On Multi Commodity Exchange, gold December futures were trading Rs 127 or 0.26 per cent up at Rs 48,981 per 10 gram, against the previous close of Rs 48,854. Silver December futures were ruling Rs 76 or 0.12 per cent up at Rs 65,954 per kg. In the last session, silver ended at Rs 65,878 per kg. Internationally, gold prices were flat after a surge in U.S. consumer prices drove the metal, seen as an inflation hedge, to a five-month peak in the previous session, according to Reuters.

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The markets are unable to decide the way forward. While the overall trend is positive, the short-term vision seems undecided. Above 18100 the outlook is positive while below 17700-17800 seems bearish. We are caught in a range and would require to break out or break down in order to witness a meaningful direction. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

U.S. consumer prices jumped 6.2% on an annual basis in October – the highest since 1990. On account of the data, gold jumped nearly $40 in Comex and touched the level of 49000 in MCX. Fed Officials already quoted that if inflation keeps rising at its current pace then a more aggressive policy response may be adopted. Taking cue from this, Gold prices have recovered it's losses and is expected to remain in same trend for few more days.

Buy Zone Around - 48800 for the target of 49300
Sell Zone Below - 48600 for the target of 48300 Ravi Singh, Vice President & Head of Research, Share India Securities

Expectations of earlier tightening were revived as Fed had mentioned for a potential increase in interest rates once inflation peaks beyond control and employment reaches the target. This could keep dollar stronger, thereby limiting gains in rupee. Also the rally for an appreciation in rupee faded beyond 73.80 as RBI finally intervened. Additionally, consistent selling by FIIs remains a major headwind. That apart, oil importers who have already taken a heavy beating in past month will definitely rush to cover their imports. Technically, for dollar-rupee pair 74.50-60 levels will act as an important resistance to watch for. If the pair breaks and consistently trades above 74.50-60 levels, then the rupee is most likely to move near 74.90-75.20 levels in the near term. Amit Pabari, managing director, CR Forex Advisors

Sectorally, Bank Nifty was down 0.6 per cent. Nifty Financial Services, Nifty IT, Nifty Private Bank indices were trading in the red

Tech Mahindra, Housing Development Finance Corporation (HDFC), Axis Bank, State Bank of India (SBI), Kotak Mahindra Bank, HCL Technologies were top index laggards

Tech Mahindra, Housing Development Finance Corporation (HDFC), Axis Bank, State Bank of India (SBI), Kotak Mahindra Bank, HCL Technologies were top index laggards

Tata Steel, Titan Company, Larsen & Toubro (L&T), M&M, Maruti Suzuki, Power Grid Corporation of India were among top Sensex gainers.

BSE Sensex fell 220 points or 0.4 per cent to 60,132, while Nifty 50 was ruling below 17950

BSE Sensex fell 60 points to 60291 in the pre-opening session on Thursday

Nifty finds support around 17800 while 18200 will act as resistance on the upside. Bank Nifty finds support around 38600 while 39300 will act as resistance. IIFL Securities

We expect index to prolong the ongoing consolidation amid weekly derivative expiry. Hence, use dip towards 17930-17965 for creating long position for target of 18045. Going ahead, we expect index to prolong the ongoing consolidation (18200-17700) amid stock specific action that would make market healthy. ICICIdirect Research

The short term trend of Nifty continues to be range bound with weak bias. As long as the lower support of 17900-17850 is protected, there is a possibility of another round of upside bounce towards 18150 in the short term. A decisive move below the support is likely to drag Nifty down to 17600 levels in the near term. Nagaraj Shetti, HDFC Securities

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Nifty futures were trading 50.50 points or 0.28 per cent down at 17,965 on Singaporean Exchange, suggesting a weak start for BSE Sensex and Nifty 50 on Thursday. Investors will closely track the ongoing IPOs, last leg of Q2 earnings, oil prices, rupee movement against US dollar, and other global cues. Moreover, markets may see volatility on account of weekly F&O expiry day.

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Nifty futures were trading 42.50 points or 0.24 per cent lower at 17,973 on Singaporean Exchange.

Stating that growth impulses and the fast-moving indicators are strong, Reserve Bank Governor Shaktikanta Das on Wednesday exuded confidence of the economy clipping at the projected 9.5 per cent this fiscal. Giving all the credit for the faster-than-expected recovery of the economy to the government, Das said the central bank has only been supporting the government in reviving the economy ravaged by the pandemic.

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