Equity benchmarks ended with decent gain on Monday, rising for the third straight session. Gains were capped due to mixed global cues. The Nifty closed below the crucial 18,000 mark after hitting a record high of 18,041.95 in afternoon trade. Barring the IT index, all the sectoral indices on the NSE ended in the green. Banks, autos and realty shares were in demand.

After hitting a record high of 60,476.13, the S&P BSE Sensex pared gains to end higher by 0.13% at 60,135.78. The Nifty 50 index added 50.75 points or 0.28% at 17,945.95. Both the indices attained record closing high levels.

The NSE's VIX index, a gauge of market's expectation of volatility over the near term, rose 2.76% to 16.09.

Maruti Suzuki India (up 3.66%), ITC (up 2.74%), HDFC Bank (up 2.01%), ICICI Bank (up 1.46%) and HDFC (up 1.10%) supported the indices.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.60%.

The market breadth was positive. On the BSE, 1952 shares rose and 1481 shares fell. A total of 159 shares were unchanged.

The Sensex rose 1.6% and the Nifty rose 1.7% in three consecutive sessions.

New Listing:

Shares of Aditya Birla Sun Life AMC settled at Rs 699.65 on the BSE, at a discount of 1.73% compared with the issue price of Rs 712 per share. The scrip was listed at par with the initial public offer (IPO) price of Rs 712 per share. The stock hit a high of Rs 721 and a low of Rs 696 during the session. On the BSE, 6.80 lakh shares of the company changed hands in the counter.

The IPO of Aditya Birla Sun Life AMC received bids for 14.59 crore shares as against 2.77 crore shares on offer. The issue was subscribed 5.25 times. The issue opened for bidding on Wednesday (29 September 2021) and it closed on Friday (1 October 2021). The price band of the IPO was fixed at Rs 695-712 per share.

Numbers to Track:

MCX Gold futures for 3 December 2021 settlement rose 0.03% to Rs 47,051.

The yield on India's 10-year benchmark federal paper (06.10 GS 2031) was currently at 6.3407% as compared with its previous closing of 6.318%.

In the commodities market, Brent crude for December 2021 settlement advanced $1.87 or 2.27% to $84.26 a barrel.

In the foreign exchange market, the partially convertible rupee fell to 75.36 from its previous closing of 74.99.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.18% to 94.24.

The yield on the benchmark 10-year U.S. Treasury note stood at 1.61%, lifted by the prospects of tighter monetary policy.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 237,878,939 with 4,851,945 deaths. India reported 227,347 active cases of COVID-19 infection and 450,782 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In last 24 hours, India recorded 18,132 new cases. The recovery rate currently stands at 98%, highest since March 2020. There were 21,563 recoveries in the last 24 hours taking the total recoveries to 3,32,93,478

Global Markets:

Most European shares were in the red while Asian stocks ended mixed on Monday as investors monitored inflation expectations and rising U.S Treasury yields.

US stock indexes ended lower Friday with technology stocks under pressure as bond yields rose after a monthly report on the labor market came in much weaker than expected.

The Labor Department's nonfarm payrolls report showed the US economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The report said non-farm payroll employment rose by 194,000 jobs in September after climbing by an upwardly revised 366,000 jobs in August.

Despite the much weaker than expected job growth, the unemployment rate fell to 4.8% in September from 5.2% in August.

Stocks in Spotlight:

TCS slumped 6.32%. The IT major's consolidated net profit rose 6.84% to Rs 9,624 crore on 3.21% increase in net sales to Rs 46,867 crore in Q2 FY22 over Q1 FY22. Constant currency revenue grew 15.5% YoY. Operating margin fell 0.6% YoY and it rose 0.1% quarter-on-quarter (QoQ) to 25.6% in Q2 FY22. All verticals showed strong, double-digit YoY growth. Growth was led by the manufacturing vertical (+21.7%), followed by life sciences and healthcare (+19%), retail and CPG (+18.4%) and BFSI (+17%). Communications & media (+15.6%) and technology & services (+14.8%) witnessed accelerated growth.

Tata Motors surged 8.54% to Rs 415.65 after a foreign brokerage reportedly maintained its 'overweight' stance on the stock with a target price of Rs 448. The Tata Motors stock hit a 52-week high of Rs 420.40 in intraday today.

Reliance Industries (RIL) fell 0.74% to Rs 2651.15. Sterling & Wilson Solar (SWSL) jumped 5.72% to Rs 459.65.

Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of RIL, executed definitive agreements with Shapoorji Pallonji and Company, Khurshed Daruvala and SWSL to acquire 40% stake post-money in SWSL through a series of transactions. SWSL will make a preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post preferential share capital) at Rs 375 per share to RNESL.

In a separate announcement, RIL said that its wholly owned subsidiary, Reliance New Energy Solar (RNESL), has announced acquisition of 100% shareholding of Norway-based REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co, for an Enterprise Value of $771 million.

Solar Industries India jumped 3.81% after the company announced that it received orders worth Rs 1,471 crore from Coal India (CIL) to supply bulk explosives over a period of two years.

Power Mech Projects rose 6.30% after the company said it received two letter of intent worth Rs 448.60 crore. The first order worth Rs 391 crore is from Coastal Energen. The order calls for operation & maintenance of 2X660 MW Mutiara Thermal Power Plant in Tuticorin (Tamil Nadu). The second order worth Rs 57.60 crore is from NMDC. The order is for miscellaneous civil works for screening plant-III at Kirandul in Chattisgarh.

Saregama India hit an upper circuit limit of 5% to Rs 4216.80 after the company's consolidated net profit rose 16.87% to Rs 33.80 crore on 34.21% increase in net sales to Rs 145.09 crore in Q2 FY22 over Q2 FY21 The company's operating income before content charge, interest and depreciation (OIBCID) jumped 38% to Rs 53.50 crore in Q2 FY22 from Rs 38.70 crore in corresponding quarter last year. During the period under review, the company's revenues from music business jumped 21% to Rs 121.58 crore. Its revenues from TV & films division surged 238% to Rs 22.35 crore. The firm's revenues from publication division rose 9% to Rs 1.16 crore.

GOCL Corporation hit an upper circuit limit of 20% to Rs 328.50 after the company said that its wholly-owned subsidiary, IDL Explosives, has bagged an order worth Rs 592.45 crore from Coal India. The order is for supplying bulk explosives over a period of 2 years.

GMR Infrastructure jumped 9.13% on reports that GMR Group will invest Rs 6,300 crore in Hyderabad's Rajiv Gandhi International Airport to expand the aerodrome's capacity to 34 million passengers per annum by 2024. The media reported that funds for the expansion have been secured and most part of the finance is through bonds issuance.

JSW Steel rose 0.96% after the company reported group combined crude steel production at 5.07 million tonnes for Q2 FY22, up by 29% from 3.92 million tonnes recorded in Q2 FY21. On a sequential basis, the growth in crude steel production has, however, remained flat. The crude steel production includes the production at jointly controlled entities viz. Bhushan Power & Steel (BPSL) and JSW Ispat Special Products (JISPL). JSW Steel said that the capacity utilization at standalone level was at 91% in Q2 FY22.

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