Stock Market LIVE: Indices turn flat; Dr Reddy’s shine; Divi’s Labs drags

Policybazaar shares marginally lower; CLSA initiates coverage

Shares of PB Fintech, popularly known as Policybazaar, traded marginally lower a day after its pre-IPO investor lock-in ended. Foreign brokerage CLSA has, meanwhile, initiated coverage on the stock.

The stock traded at ₹387.35, down 0.2% on the National Stock Exchange. The benchmark indices were also flat in early trade on Wednesday.

“PB Fintech, which operates online insurance and credit comparison portals Policybazaar and Paisabazaar, is one of India’s leading direct-to-consumer insurance aggregators,” CLSA said in its coverage note. (Read More)

Dr Reddy’s shines in the early session; gains 1%

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Shares of Global Health (Medanta) list at premium. Buy, sell or hold?

Shares of Medanta hospital chain operator Global Health made a decent debut on stock exchanges with shares rising to ₹401 as compared to issue price of ₹336. Global Health IPO was subscribed 9.58 times. The retail portion of this public issue was subscribed 0.88 times whereas its QIB portion got subscribed 28.64 times. The portion for non-institutional investors was subscribed 4.02 times.

The IPO comprised fresh issuance of shares worth up to ₹500 crore and an offer-for-sale of up to 5,07,61,000 equity shares. Ahead of the IPO, Global Health had mobilised ₹662 crore from anchor investors. Proceeds from the fresh issue will be used to pay debt and for general corporate purposes. (Read More)

Bikaji Foods share price lists at 7% premium. Buy, sell or hold? 

Bikaji Foods shares have hit Dalal Street giving ‘fair return’ to its allottees. Bikaji Foods shares today opened on BSE at ₹321, delivering 7 per cent listing premium to the lucky allottees. After opening at ₹321, Bikaji shares surged further and made intraday high of ₹335 apiece.

Bikaji Foods IPO was subscribed whopping 26.67 times whereas its retail portion was subscribed 4.38 times. Its QIB portion got subscribed 80.63 times. (Read More)

Divi’s Lab comes under pressure in early trading, sheds 1.5%

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Rupee falls 66 paise to 81.57 against US dollar in early trade

The rupee depreciated 66 paise to 81.57 against the US dollar in early trade on Wednesday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.41 against the dollar, then lost ground to quote at 81.57, registering a loss of 66 paise over its previous close.

On Tuesday, the rupee appreciated 37 paise to close at 80.91 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.17 per cent to 106.58. (PTI)

Ashika Stock Broking on today’s market: Chances remain high of price consolidation

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a bullish candle on the daily charts with lower shadow, reflecting the emergence of buying interest amidst the past few days of range-bound movement. The sequence of higher high formation remains unabated without any signs of price exhaustion or topping out situation. Though chances remain high of price consolidation after a sharp rally of almost 1700 points in last one month. Nifty since the past few days of trading session has led the Index to breach past the falling trend line which confirms that the primary trend is up and is well placed to accelerate the upward momentum hereon, aptly supported by global cues with lower-than-expected US inflation numbers and multi-sector participation in our domestic market. India VIX, which gauges market volatility, has also recorded five months’ range breakdown and is trading below 16, indicating low-risk perception among market participants, followed by sequential lower high-low formation in USINR to favour inflows in Indian equities. Now the elevated support level for the market now stands at 17950 followed by 17500 as it happens to be the 50 days EMA and the breakout point from the 12 months falling trend line. The momentum indicator RSI (relative strength index) is presently at 68 slightly closer to overbought situation however present setup indicates that Nifty is on the path to challenge the all-time high of 18600 in coming sessions followed by 18900 in near term. During the day Nifty is likely to open on a flat note and lower levels of 18300 need to be utilized for initiating long position for an upside target of 18600.

Multibagger SME IPO declares preferential issue after rising 700% in one year

Shares of Knowledge Marine & Engineering Works Ltd are one of the multibagger IPOs (Initial Public Offerings) that Indian stock market has produced in recent years. The public issue was launched in March 2021 at a fixed price band of ₹37 per equity share. The public issue had a par listing but the stock has given stellar return to the allottees in around one and half years as Knowledge Marine & Engineering Works share price today is ₹918, ₹881 per equity share higher from its price band. (Read More)

PSU Bank index makes some gains at the start of the day; most stocks in green

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FTX Latest: Fears of Contagion Darken the Crypto Sector Outlook

The crypto industry braced for more contagion from the fall of Sam Bankman-Fried’s FTX empire. The US and The Bahamas are talking about bringing him to America for questioning, people familiar with the matter said.

Bankman-Fried took to Twitter on Wednesday, telling his followers that “there was too much leverage — more than I realized” in his business. That came a few hours after he posted that FTX US had enough money to repay customers.

The fallout from the crisis is threatening the future of crypto lenders like BlockFi Inc. and Voyager Digital Ltd. Digital-asset markets were steady in a break from recent turmoil, with Bitcoin hovering around $17,000. (Bloomberg)

Indices opened flat with Sensex and Nifty marginally in red at open on Wednesday

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Multibagger stock to consider bonus share after giving 150% YTD return

Shares of Rama Steel Tubes Ltd are one of the multibagger stocks of Indian stock market. After stock split in 1:5 ratio in August 2022, the small-cap stock is soon going to consider issuance of bonus shares and reward its loyal long term positional investors. In its exchange communication, the steel tube company said that its board of directors are going to consider bonus share issue in its next meeting scheduled on 18th November 2022 i.e. on Friday this week. (Read More)

Sensex preopens in red on Wednesday; Bikaji Foods and Global Health will debut at the bourses today 

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Buy or sell: Vaishali Parekh of Prabhudas Lilladher recommends 2 stocks to buy today

Vaishali Parekh of Prabhudas Lilladher has recommended two day trading stocks to buy today. Here we list out full details in regard to those shares:

1] IGL: Buy at ₹433, target ₹450, stop loss ₹425; and

2] Apollo Hospitals: Buy at ₹4611, target ₹4720, stop loss ₹4540. (Read More)

Reliance Securities Stock in Focus for today: KEC

STOCK IN FOCUS

KEC (CMP 430)

We have our BUY rating on the stock, with a Target Price of Rs521.

Intraday Picks

DELTACORP (PREVIOUS CLOSE: 228) BUY

For today’s trade, long position can be initiated in the range of Rs227- 225 for the target of Rs234 with a strict stop loss of Rs222.

GLENMARK (PREVIOUS CLOSE: 435) BUY

For today’s trade, long position can be initiated in the range of Rs428- 425 for the target of Rs443 with a strict stop loss of Rs417.

CUMMINSIND (PREVIOUS CLOSE: 1,373) BUY

For today’s trade, long position can be initiated in the range of Rs1,356- 1,348 for the target of Rs1,410 with a strict stop loss of Rs1,318.

ECB Will Increase Interest Rates Further, Holzmann Says

The European Central Bank will continue to increase borrowing costs, according to Governing Council member Robert Holzmann.

“We’ve recently raised interest rates strongly,” he said in Vienna on Tuesday. “We will raise interest rates further.”

Still, the Austrian central bank chief — among the ECB’s most hawkish officials — said the Governing Council must be mindful of too strong moves that could lead “not just to stagnation, but to a recession.”

The ECB has already raised rates by 200 basis points this year and is expected to hike again at its December meeting. (Bloomberg)

Oil prices steady as China COVID worries outweigh supply concerns

Oil prices were little changed on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply.

Brent crude futures dropped by 6 cents, or 0.1%, to $93.80 a barrel by 0148 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 4 cents, or 0.1%, to $86.88 a barrel.

Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia.

This disruption came concurrent with an explosion in a village in eastern Poland near the Ukrainian border that killed two people, raising concerns that the Ukraine conflict could spill over its borders. (Reuters)

RBI Governor-headed committee reviews global, domestic economic situation

Reserve Bank of India Governor Shaktikanta Das chaired a meeting of the sub-committee of the Financial Stability and Development Council, in which major developments in the global and domestic economy as well as in various segments of the financial system were reviewed

The routine exercise was held on Tuesday at the Reserve Bank of India, the apex bank said in a statement.

Certain inter-regulatory issues were also discussed at the meeting.

Further, the sub-committee reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various States and Union territories. (ANI)

Five Star Business Finance IPO allotment date today. GMP, how to check status

After the closure of the subscription, bidders are eagerly waiting for the finalisation of the share allotment of Five Star Business Finance Limited IPO (initial public offer). As per the tentative Five Star Business Finance IPO schedule, the likely Five Star Business Finance IPO allotment date is 16th November 2022 i.e. today. So, those who have applied for the public issue worth ₹1,960.01 crore, can check Five Star Business Finance IPO allotment status online after the announcement of share allocation. They can check their status online by logging in at the BSE website — bseindia.com or at the official registrar’s website. The official registrar of the IPO is KFin Technologies Limited and its official website is karisma.kfintech.com. (Read More)

Stocks to Watch: Bikaji Food, Global Health, HDFC, Vedanta, SBI, ONGC, IIFL Wealth, M&M, and Indigo 

NSE has put Bhel, Delta Corp, GNFC, Punjab National Bank, and Sun TV stocks on the list of banned securities under the F&O segment for Wednesday trading as they have crossed 95% of the market-wide position limit. (Read More)

Govt may mandate blended aviation fuel to reduce carbon emissions

The government is thinking of making it compulsory for airlines to blend sustainable fuel with the aviation fuel they use, pointing to the need to achieve lower carbon emissions, a senior official said.

“We, the ministry of civil aviation, along with the ministry of petroleum are working to mandate a certain percentage of blending as we go forward. That is still a work in progress,” Civil Aviation secretary Rajiv Bansal said on Tuesday. (Read More)

Inox Green IPO subscribed 1.55 times on last day

The initial share sale of Inox Green Energy Services, a subsidiary of Inox Wind, received 1.55 times the subscription on the last day of the offer on Tuesday.

The Initial Public Offering (IPO) received bids for 10.37 crore shares against 6.67 crore shares on offer, according to an update available with the NSE.

The Retail Individual Investors (RIIs) portion was subscribed 4.70 times, Qualified Institutional Buyers (QIBs) quota received 1.05 times subscription and non-institutional investors 47 per cent.

The IPO had a fresh issue of up to ₹370 crore and an offer for sale of up to ₹370 crore.

The price range for the IPO was at ₹61-65 a share.

Inox Green Energy Services collected ₹333 crore from anchor investors. (PTI)

Rupee gains 37 paise to close at 80.91 against US dollar

The rupee appreciated by 37 paise to close at 80.91 against the US dollar on Tuesday, on encouraging inflation data and weak American currency.

Forex traders said a firm trend in domestic equities and easing crude oil prices also supported the local unit.

At the interbank foreign exchange market, the local unit opened at 81.18 and touched an intra-day high of 80.91 and a low of 81.45 against the greenback.

The local unit finally settled at 80.91, registering a rise of 37 paise over its previous close.

On Monday, the rupee depreciated by 50 paise to close at 81.28 against the US currency.

“The Indian Rupee settled stronger against the dollar on Tuesday as large dollar outflows offset gains from a softer greenback and a stronger Chinese yuan,” said Sriram Iyer, Senior Research Analyst at Reliance Securities. (PTI)

Archean Chemical IPO: Share allotment likely today. GMP, how to check status

After the closure of the subscription, bidders are eagerly waiting for the finalisation of the share allotment of Archean Chemical Industries Limited IPO (initial public offer). As per the tentative Archean Chemical IPO schedule, the likely Archean Chemical IPO allotment date is 16th November 2022 i.e. today. So, those who have applied for the public issue worth ₹1,462.31 crore, can check Archean Chemical IPO allotment status online after the announcement of share allocation. They can check their status online by logging in at the BSE website or at the official registrar’s website. The official registrar of the IPO is Link Intime Private Ltd. (Read More)

Tata to open 20 ‘beauty tech’ stores, in talks with foreign brands

India’s Tata Group is planning to open at least 20 “beauty tech” stores where it will use virtual makeup kiosks and digital skin tests to get young, affluent shoppers to buy premium cosmetic products, according to a company document and a person familiar with its strategy.

The move pits Tata, whose interests range from cars to jewellery, against LVMH’s Sephora and domestic rival Nykaa for a share of the fast-growing $16 billion beauty and personal care market in the world’s second-most populous country. (Read More)

Tickets refund delay: US directs Air India to pay $121.5 mln to passengers; slaps $1.4 mln fine

The US has ordered Tata-group owned Air India to pay refunds worth USD 121.5 million and imposed a fine of USD 1.4 million for extreme delays in providing refunds to passengers due to the cancellation or change in flights, mostly during the pandemic, officials said.

Air India is among the six airlines that have agreed to cough up a total of over USD 600 million as refunds, the US Department of Transportation said on Monday.

Air India’s policy of “refund on request” is contrary to the Department of Transportation policy, which mandates air carriers to legally refund tickets in the case of cancellation or change in flight, the officials said.

The cases in which Air India was asked to pay the refund and agreed to pay the penalty were before the national carrier was acquired by the Tatas. (PTI)

India-UK talks for free trade agreement may conclude by March 2023: Sources

The ongoing negotiations for the proposed free trade agreement between India and the UK is likely to be concluded by March 2023, according to government sources.

India and Britain launched negotiations for the free-trade agreement (FTA) in January with an aim to conclude talks by Diwali (October 24), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.

Sources said that the commerce ministry has fixed an internal deadline to close the FTA by March next year. (PTI)

Google adds UPI’s auto payment feature on Play Store in India for app subscriptions

Google has added UPI’s auto payment system to the Play Store in India to enable users to make recurring payment for apps subscription with one-time permission, the company said in a blog on Tuesday.

“Today we’re pleased to extend this convenience to subscription-based purchases by introducing UPI Autopay on Google Play in India. Introduced under UPI 2.0 by NPCI, UPI Autopay helps people make recurring payments using any UPI (Unified Payments Interface) application that supports the feature,” Head of Google Play Retail & Payments Activation – India, Vietnam, Australia & New Zealand, Saurabh Agarwal, said in a blog. (PTI)

Medanta operator Global Health IPO shares may have a positive debut, say experts

Shares of Medanta operator Global Health Ltd is going to hit Dalal Street today as the Global Health IPO listing date has been fixed on 16th November 2022. As per the information available on the BSE website, the Medanta share listing date has been finalised on Wednesday, 16th November 2022 and equity shares of Global Health Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ group of securities in Special Pre-open Session (SPOS).

Meanwhile, the grey market is signalling a positive debut of Global Health shares. As per the market observers, Global Health IPO GMP (grey market premium) today is ₹30, which means the grey market is expecting that Medanta operator Global Health share price would open around ₹366. (Read More)

Direct tax collection to exceed budget target by sizable margin: CBDT chairman

Centre’s direct tax collection is set to exceed budget estimates by a sizable margin this year, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said on Tuesday.

Speaking to reporters at the taxpayers’ lounge set up by the Income Tax department at the ongoing India International Trade Fare in the capital, Gupta said that receipts from direct taxes, comprising personal and corporate tax receipts, after refunds, is expected to go up by over 25% compared to union budget estimates for this fiscal. (Read More)

Meta saw two top exits on Tuesday, with WhatsApp India chief Abhijit Bose and Meta India director for public policy Rajiv Aggarwal stepping down

Shivnath Thukral, WhatsApp’s director for public policy in India, will take charge as director of public policy for Facebook, Instagram and WhatsApp in India.

The company did not name a replacement for Bose.

In a LinkedIn post on Tuesday, he said he is “really excited” about his next role: “After a small break, I plan to rejoin the entrepreneurial world.”

According to Bose, the decision to leave after four years “has not been an easy one”. He added, though, that the move was planned for a while, but the announcement was held back due to last week’s layoffs at Meta. “We wanted to hold this back so we could focus on supporting those impacted last week,” he added. (Read More)

Bikaji Foods IPO share listing today. Experts predict ‘fair reward’ for allottees

Bikaji Foods share price is going to make its debut on Dalal Street today as Bikaji Foods IPO listing date has been fixed on 16th November 2022. As per the information available on BSE website, effective from Wednesday, November 16, 2022, the equity shares of Bikaji Foods International Limited shall be listed and admitted to dealings on the BSE and NSE in the list of ‘B’ group of securities. Bikaji Foods IPO listing will take place in Special Pre-open Session (SPOS) on Wednesday.

Meanwhile, on the Bikaji Foods IPO listing date, the grey market is signalling a positive listing of Bikaji Foods shares. According to market experts, Bikaji Foods IPO GMP (grey market premium) today is ₹28, which means shares of Bikaji Foods are available at a premium of ₹28 per share in the grey market today. (Read More)

US STOCKS-Wall Street gains on inflation data, but rocky on geopolitics

Wall Street’s main indexes gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the U.S. Federal Reserve.

Equities were boosted by Tuesday’s inflation report that showed producer prices rising 8% in the 12 months through October against an estimated 8.3% rise.

The Dow Jones Industrial Average rose 56.22 points, or 0.17%, to 33,592.92, the S&P 500 gained 34.48 points, or 0.87%, to 3,991.73 and the Nasdaq Composite added 162.19 points, or 1.45%, to 11,358.41.

Two people were killed in an explosion in Przewodow, a village in eastern Poland near the border with Ukraine, firefighters said as NATO allies investigated reports that the blast resulted from Russian missiles.