Gainers and losers on the BSE Sensex:
Market Opens: Indian indices opened on positive note on November 1 with Nifty above 17800.
At 09:16 IST, the Sensex was up 402.18 points or 0.68% at 59709.11, and the Nifty was up 149.50 points or 0.85% at 17821.20. About 1214 shares have advanced, 395 shares declined, and 94 shares are unchanged.
IOC, Bharti Airtel, Axis Bank, BPCL and Titan Company were among major gainers on the Nifty.
Escorts Agri Machinery sold 13,514 tractors in October 2021
Escorts limited Agri Machinery products segment (EAM) in October 2021 sold 13,514 tractors as against 13,664 tractors sold in October 2020, a drop of 1.1 percent year-on-year and growth of 53.3 percent on month-on-month basis.
Domestic tractor sales in October 2021 was at 12,749 tractors as against 13,180 tractors in October 2020.
Export tractor sales in October 2021 was at 764 tractors against 484 tractors sold in October 2020, registering a growth
of 58.1 percent.
ICICI Direct
Indian markets are likely to open higher tracking the fact that traders are digesting the outcome of Japan’s election along with fresh all-time highs for US shares.
US markets ended marginally higher after seeing early weakness amid negative reaction to quarterly results from tech giants Apple and Amazon.
Top 10 Things To Know Before The Market Opens
On October 29, the BSE Sensex corrected 677.77 points to 59,306.93, while the Nifty50 fell 185.60 points to 17,671.70 and formed a bearish candle on the daily charts. The index also saw bearish candle formation on weekly scale as it was down 2.5 percent during the week. According to pivot charts, the key support levels for the Nifty are placed at 17,551.27, followed by 17,430.83. If the index moves up, the key resistance levels to watch out for are 17,853.97 and 18,036.23.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session.
At 09:02 IST, the Sensex was up 200.36 points or 0.34% at 59507.29, and the Nifty was up 56.30 points or 0.32% at 17728.00.
SJS Enterprises IPO opens today for subscription
SJS Enterprises is floating a Rs 800-crore public issue on Monday and it closes on November 3.
The company has set the price band at Rs 531-542 per share for the offer which represents around 48.49 percent of its post-issue paid-up equity shares.
Since the issue is entirely offer-for-sale, the company will not receive any proceeds from the issue.
The promoter currently holds 98.86 percent stake in the company and it will come down to 50.37 percent after listing, while public holding will increase from 1.14 percent to 49.63 percent.
Mohit Nigam, Head – PMS, Hem Securities:
Benchmark Indices are expected to open on a positive note as suggested by trends on SGX Nifty. Asian markets were trading mixed in early Monday trade with Nikkei trading at +2%, Taiwan and Korean Indices trading with +0.5% gain while Hang Seng trading down -1% and Chine Index trading with -0.5% loss.
On the technical front, Nifty 50 is currently trading at a very good support zone near 17,500-17,700 and we believe markets may show some good recovery from these levels. The 18,000 level is an immediate hurdle on upside for Nifty 50.
Sigachi Industries IPO open for subscription today
The initial public offering of Sigachi Industries will open for subscription today, the third IPO to be available for bids on the day along with Policybazaar and SJS Enterprises.
The price band for the offer, which closes on November 3, has been fixed at Rs 161-163 a share. Sigachi Industries, which makes cellulose-based excipients, plans to raise Rs 125.43 crore at the upper price band by issuing 76.95 lakh shares.
The Hyderabad-based company plans to utilise the proceeds for capital expenditure, expansion of production capacity for microcrystalline cellulose (MCC) and manufacturing of croscarmellose sodium, a modified cellulose.
Promoters Rabindra Prasad Sinha, Chidambarnathan Shanmuganathan, Amit Raj Sinha, and RPS Projects and Developers hold 53.32 percent stake in the company
Gold slips as robust dollar saps appeal
Gold prices edged lower on Monday, extending the previous session’s losses, as the dollar strengthened after data showing another advance in inflation fuelled bets over the Federal Reserve tightening its policy sooner.
Spot gold fell 0.1% to $1,781.78 per ounce by 0044 GMT, after slipping to an over one-week trough on Friday. U.S. gold futures dropped 0.1% to $1,782.80.
The US dollar steadied close to its highest level since Oct. 13 hit on Friday, making gold less appealing to buyers holding other currencies.
Policybazaar IPO Opens: 10 Key Things To Know About The Issue, Company
Investors can start putting in bids for the public issue on November 1. The offer will close on November 3, 2021. The price band for the offer has been fixed at Rs 940-980 per equity share. The company is planning to raise Rs 5,700 crore through its IPO that comprises a fresh issue of Rs 3,750 crore and an offer for sale of Rs 1,960 crore by the shareholders that are selling their stake.
Dr Reddy’s Laboratories Q2 earnings
Pharma major Dr Reddy’s Laboratories on October 29 declared its financial results for the second quarter ended September 30, 2021. The company reported a consolidated profit after tax (PAT) of Rs 992 crore for the quarter, up 30% from Rs 762 crore reported in the corresponding period last year (adjusting for extra ordinaries of Rs 78 crore, the adjusted profit is Rs 840 crore).
Sequential growth in profit is 74% from Rs 571 crore in the quarter ended June 30, 2021.
The revenues came in higher by 18% at Rs 5,763 crore for the quarter, compared to Rs 4,897 crore in the same period last year. Sequentially, the consolidated revenue increased by 17% from Rs 4,919 crore reported in the previous quarter.
The revenues are higher due to growth in its generics business which grew 19% y-o-y across geographies and strong growth in its proprietary business which had a robust growth of 195% on an annualized basis albeit on a low base.
