FIIs continue to sell huge. Bears overpowering the market?
Good Evening, Everyone, Nifty was on a consolidation phase yesterday with huge selling by FIIs continuing for so many days now. The market looks bearish for now and volatility is at its peak every day and might continue to be volatile for this week.
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On the daily chart, Nifty has formed an indecisive candle.
Sector Watch:
The auto sector supported the day when all the sectors were weak yesterday. no other sector was up more than 1% yesterday and the temporary bearishness continues.
Top Gainers:
Mahindra was the top gainer after it released good Q2 results that beat the street estimates.
Tata Motors and Hero motors too were among the top gainers, lifting up the Auto sector.
Top Losers:
Britannia came under huge selling pressure after its results were not exciting to the investors and did not meet expectations.
HDFC Bank and HDFC saw huge selling by FIIs and were down for the day bringing down Nifty.
Global Markets:
Stocks closed broadly lower on Wall Street Tuesday ending the longest winning streak in two years. The tech-heavy Nasdaq and S&P 500 declined 0.6 and 0.4 percent, respectively. DJIA fell over 0.3 percent, ahead of the inflation data coming out in the US today.
Oil prices rose to a two-week high Tuesday after the United States lifted travel restrictions even as supply remained tight. At 7:20 am, the US oil benchmark rose 0.6 percent to $84.69 and Brent crude futures rose 0.8 percent to $85.45.
Asian shares were mixed this morning as investors await US and China inflation numbers. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent. Japan's Nikkei index lost 0.03 percent. Chinese blue chips were down 0.4 percent. And South Korea’s Kospi declined 0.6 percent. Elsewhere, Australian shares rose over 0.14 percent.
China launched on Wednesday a three-tranche euro-denominated bond issue in its second major foreign currency transaction in a month, according to a term sheet reviewed by Reuters.
The country’s Ministry of Finance said on October 29 the deal would raise up to 4 billion euros ($4.6 billion) and the debt would be issued in three, seven, and 12-year tranches.
Indian Market:
With such huge FII selling in the Indian market, the SGX Nifty also indicates a negative opening to Nifty today.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 2,445.25 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,417.63 crore in the Indian equity market on November 9
Results today
Bank of Baroda, Zomato, Affle India, Berger Paints, Glenmark Life Sciences, India Cements, Krishna Institute of Medical Sciences, Mazagon Dock Shipbuilders, Metropolis Healthcare, Nuvoco Vistas Corporation, Oil India, Pidilite Industries, and Tata Teleservices are among 268 companies that will release September quarter earnings on November 10.
Stock Specific News:
Nykaa | Equity shares of Nykaa will list on bourses today. The issue price has been fixed at Rs 1,125 per share. The issue was subscribed 82 times on the final day of bidding. Nykaa's public issue comprised of a fresh issue of shares worth Rs 630 crore and an offer for sale worth Rs 4,721 crore. Ahead of its IPO, the company had raised over Rs 2,300 from anchor investors.
Aban Offshore | The company through its step-down subsidiary sold a Jack-Up Rig for $1.55 crore.
Vodafone Idea | The company has held talks with lenders, including consortium lead State Bank of India, for a possible recast of loans through a potential standstill on interest payments, longer repayment tenures, or lower rates, a report said.
JSW Energy | The company plans to raise about $500 million through a strategic stake sale in its green energy business, as per a report.
SH Kelkar and Company | Blackstone has reportedly made a complete exit from SH Kelkar and Company. Blackstone has sold its existing 10.4 percent stake in the firm through a block deal and clocked an overall return of 4.5 times, as per the report.
Pharmaceutical companies | A lobby group has reportedly urged the government to allow drugmakers to increase prices of all non-scheduled drugs by 20 percent considering rising input costs.
Petronet LNG | The company reported a consolidated net profit of Rs 817.6 crore in Q2 FY22 against Rs 919.5 crore in Q2 FY21, while revenue jumped to Rs 10,813 crore from Rs 6,235.8 crore Year-on-Year (YoY).
Power Grid Corporation Of India | The company reported a consolidated profit of Rs 3,376.4 crore in Q2 FY22 as compared to Rs 3,094.1 crore in the year-ago period, and revenue increased to Rs 10,266.98 crore from Rs 9,529.68 crore YoY.
Indraprastha Gas | The gas company's profit came in at Rs 400.5 crore in Q2 FY22 as against Rs 307.94 crore in Q2 FY21. Revenue jumped to Rs 2,015.99 crore from Rs 1,440.74 crore YoY.