Markets

Sensex, Nifty slip amidst weak global cues

Our Bureau Mumbai | Updated on November 10, 2021

A man looks at a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai (file photo)   -  REUTERS

Metals lose shine, financials drag; Nykaa almost doubles on listing day

Benchmark indices were trading in the red during the afternoon on Wednesday, dragged by metals and financials, influenced by weak global markets.

At 1 pm, the BSE Sensex was trading at 60,161.37, down 272.08 points or 0.45 per cent. It recorded an intraday high of 60,295.26 and a low of 59,967.45. The Nifty 50 was trading at 17,959.60, down 84.65 points or 0.47 per cent. It recorded an intraday high of 17,989.95 and a low of 17,915.00.

Mahindra & Mahindra, UPL, Britannia, Bharti Airtel and Sun Pharma were the top gainers on the Nifty 50 while Tata Steel, Hindalco, IndusInd Bank, JSW Steel and Coal India were the top laggards.

Auto, Oil & Gas in focus

On the sectoral front, a majority of indices were in the red. As financials, metals and realty dragged, auto, oil & gas and pharma stocks managed to retain gains.

Nifty Metal was down 1.60 per cent. Nifty Bank and Nifty Financial Services were down 1.02 per cent and 0.83 per cent, respectively. Nifty PSU Bank and Nifty Private Bank were down 1.72 per cent and 1.04 per cent, respectively. Nifty Realty was down 1.75 per cent.

Meanwhile, Nifty Auto was up 0.30 per cent and Nifty Oil & Gas was up 0.64 per cent. Nifty Pharma and Nifty Healthcare Index were trading 0.12 per cent and 0.18 per cent higher, respectively.

Broader indices

As for broader indices, small-caps managed gains but mid-caps remained under pressure.

Nifty Midcap 50 was down 0.69 per cent while Nifty Smallcap 50 was up 0.39 per cent. The S&P BSE Midcap was down 0.52 per cent while the S&P BSE Smallcap was up 0.16 per cent.

The volatility index rose 3.15 per cent to 16.51.

Nykaa trades at 97% premium

One of the highlights of today’s trading activity was the listing and trading of FSN E-commerce Ventures, owners of Nykaa.

Nykaa made a stellar debut on the bourses, listing at 78 per cent premium

At 1 pm, Nykaa was trading at 97.36 per cent premium at ₹2220.35 on the BSE.

It was trading at ₹2,215.20 on the NSE.

Rahul Sharma, Co-Founder, Equity99 said, “It is among the rare lucrative new edge businesses furthermore it is a high-growth company and into the right business where it may remain to grow in double digits for many years. We are bullish on this counter and see it as a good bet for the long term.”

Santosh Meena, Head of Research, Swastika Investmart Ltd said, Nykaa is debuting the secondary market on a strong note on the back of stellar response by the investors and strong fundamentals. It is among the few profitable new edge businesses furthermore it is a high-growth company and into the right business where it may continue to grow in double digits for many years.”

“We are expecting upside momentum may continue for at least 1-2 days then it may be stabilised for some time because valuation could be a concern after a big listing gain however 2000 level could act as a support level in the near term,” added Meena.

Published on November 10, 2021

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