Market closes lower, Go Fashion gets bid over 59X its available shares on offer

Trendlyne Analysis

Gloom in markets in today's trading. Nifty 50 closed at 17,416.55 (-348.3, -2.0%) , BSE Sensex closed at 58,465.89 (-1,170.1, -2.0%) while the broader Nifty 500 closed at 14976.70 (-325.9, -2.1%)

Market breadth is overwhelmingly negative. Of the 1,836 stocks traded today, 253 were in the positive territory and 1,551 were negative.

Sundaram Finance, IIFL Wealth Management, Johnson Controls, and Bayer Cropscience are trading with lower delivery volumes as compared to Thursday.
HDFC Securities initiates coverage on Tanla Platforms with a 'BUY' rating. The initiation was on account of robust revenue growth posted by Karix Mobile and the Turbloq platform on TTM basis. The brokerage expects a target price upside of 15%.
Rajeev Jain, in a call with CLSA, shows optimism on Bajaj Finance’s growth. In the absence of the third wave of Covid, metrics for growth, risk, and debt management will return to normal, he said. The value momentum is much stronger especially in terms of rural growth, B2B, B2C businesses, and mortgage.
Go Fashion India’s (owner of Go Colors brand) Rs 1,014-crore IPO gets bids for over 59 times its available 80.8 lakh shares on offer. Retail investors bid for over 44X of their quota of 14.7 lakh shares on the final day of bidding. The offer comprises of a fresh issue of Rs 125 crore and an offer for sale of Rs 888.6 crore by selling shareholders.
Geojit BNP Paribas reduces target price for Bank of India by 13% as it contemplates asset quality to remain constant, owing to credit risks arising from MSME segment. The bank’s NII took a dip of 7.9% QoQ because of negative profits from investments and exchange transactions.
Vodafone Idea is rising in the intra-day market on speculation of a hike on tariffs and fundraising to improve capital spends. Brokerages are optimistic with a ‘Buy’ rating and a target price upside of 5%.
Sundram Fasteners is trading with less than seven times its weekly average trading volume. Bharti Airtel, Engineers India, and Indus Towers, are trading at more than three times their weekly average trading volumes.
Plutus Wealth Management picks up 8 lakh shares in Religare Enterprises and increases its stake from 5.72% to 5.97%.
Hindustan Zinc slips in trade as the Supreme Court allows the government to divest its 29.54% stake in the company. SC also calls for a CBI inquiry into the 2002 government disinvestment in the zinc producer.
Bharti Airtel surges in trade on the back of a 20-25% tariff hike in prepaid plans and 20-21% tariff hike in data top-up plans effective November 26
Reliance Industries slips in trade as the $15 billion deal which involved a 20% stake acquisition by Saudi Aramco in its O2C business is now off the table
HDFC securities maintains a ‘Buy’ rating on Fine Organic Industries with a target price upside of 18% as it expects its leadership in oleo-chemicals in domestic and global markets to generate revenues above 22% in Q3FY22.
Indian markets slumped today. Nifty 50 was trading at 17,632.65 (-132.2, -0.7%) , BSE Sensex was trading at 59,180.72 (-455.3, -0.8%) while the broader Nifty 500 was trading at 15,175.65 (-126.9, -0.8%)
Market breadth is highly negative. Of the 1,759 stocks traded today, 470 showed gains, and 1,232 showed losses.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (10.60, 6.53%), Vedanta Ltd. (328.35, 6.07%) and Bharti Airtel Ltd. (742.10, 3.88%).

Downers:

Largecap and midcap losers today include Oil India Ltd. (195.45, -8.24%), IDBI Bank Ltd. (47.80, -7.45%) and Tata Motors Limited (DVR) (268.80, -6.67%).

Volume Rockets

12 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Bharti Airtel Ltd. (742.10, 3.88%), Indus Towers Ltd. (291.95, 2.64%) and Engineers India Ltd. (71.15, 2.01%).

Top high volume losers on BSE were Brigade Enterprises Ltd. (465.70, -5.83%), Bajaj Finance Ltd. (7,058.30, -5.70%) and Relaxo Footwears Ltd. (1,292.60, -2.96%).

Sundram Fasteners Ltd. (791.75, -0.91%) was trading at 6.9 times of weekly average. Cholamandalam Financial Holdings Ltd. (705.15, 0.71%) and Bajaj Holdings & Investment Ltd. (4,872.10, -0.37%) were trading with volumes 4.8 and 3.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks made 52 week highs, while 15 stocks hit their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (742.10, 3.88%), Escorts Ltd. (1,802.75, -0.01%) and Finolex Cables Ltd. (586.35, 0.08%).

Stocks making new 52 weeks lows included - Aegis Logistics Ltd. (194.45, -1.62%) and Amara Raja Batteries Ltd. (629.50, -2.92%).

4 stocks climbed above their 200 day SMA including Emami Ltd. (530.70, 2.83%) and Kansai Nerolac Paints Ltd. (589.95, -0.16%). 59 stocks slipped below their 200 SMA including Jai Corp Ltd. (110.25, -8.09%) and Navin Fluorine International Ltd. (3,287.45, -7.43%).