Market Wrap Podcast, November 9: Here’s everything that happened in the markets today

The benchmarks consolidated in trade on Tuesday after two days of decent gains amid lukewarm global indices. BSE Sensex peaked at 60,670 in early trades, but finished down 112 points to 60,433.

Likewise, the NSE Nifty settled with a marginal loss of 25 points at 18,044 after hitting an intra-day high of 18,113.

Among the Sensex pack, the HDFC twins were the main drag, representing a loss of 175 points on the 30-stock index. These two stocks fell about 1.5% each. Bajaj Finance, NTPC, Maruti, Kotak Bank, PowerGrid Corporation, Bajaj Finserv and Titan were the big losers.

On the positive side, Mahindra & Mahindra zoomed over 5% to Rs 904 after posting better than expected September quarter results. Its stand-alone after-tax profit increased eightfold to Rs 1,432 crore for the second quarter ended September 30, 2021, on strong sales. Income also increased by 15% to 13,305 crore rupees.

M&M also said it expects revenue growth of 15-20% at CAGR over 3 years by 2025 and expects tractor market share to exceed 40% by 2025. Revenue from tractor operations will also increase tenfold by 2027.

Apart from M&M, SBI, Reliance Industries and ICICI Bank grew by 1% each.

The broader indices, however, ended in the positive zone. The BSE Midcap index rose 0.8 percent to 26,520, and the Smallcap index rose 0.7 percent to 29,321.

Among sectors, the BSE Auto index jumped 1.3 percent. The indices for capital goods, energy, and oil and gas also rose by around one percent each. The metals index, however, was down 0.8 percent.

In the wider markets, Tata Motors DVR hit a four-year high and gained nearly 53% in the past month after the Tata group company said it would raise Rs 7,500 crore ($ 1 billion ) in its TPG Rise Climate passenger electric vehicle (EV) for a valuation of up to $ 9.1 billion.

Meanwhile, in the primary market, India’s largest initial public offering by Paytm has been subscribed at 47% so far on Day 2. The retail investor quota has been subscribed the most at 1.19 times while subscriptions by NII and QIB amount to 4%. and 45 percent, respectively.

Analysts, however, believe that investing in Indian fintech firm Paytm could turn out to be a “very high risk bet” and may not see a big jump when it goes public.

Separately, Sapphire Foods launched its first stock sale with strong investor interest. The Rs 2,000 crore IPO has been underwritten at 44% so far on day one.

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