Stock Market Live Updates: Sensex nears 58K, 1,500 points down, Nifty

On Nov 22, 2021

Benchmark indices continued their downward journey on Monday as traders stayed away from taking bullish bets amid rising inflation and risk of an immediate correction. The risk-off mood in global markets may gather strength on fresh Covid cases in Europe and lockdowns in countries like Austria. The dollar index rising above 96 is another concern while the decline in crude is a positive for India. After opening in the red, benchmark indices plunged further. At 12.15 am, BSE flagship Sensex was down over 1000 points or 1.73 per cent to 58,603. NSE benchmark Nifty declined 310 points to below 17,500.

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Sensex nearly 1,500 points down at 2.30 pm

Jesons Industries files IPO papers for Rs 900-crore issue

Jesons Industries, a manufacturer of specialty coating emulsions and pressure-sensitive adhesives, files its IPO papers with Sebi. The company plans to raise Rs 800-900 crore, sources said. The Mumbai-based company’s IPO comprises equity shares of the face value of Rs 5 each and a fresh issue aggregating up to Rs 120 crore, with a reservation of up to 77,000 equity shares for employees and an offer for sale of up to 12,157,000 equity shares, by Dhiresh Shashikant Gosalia, a promoter entity, with 86.53 per cent pre-offer equity share capital in the company, according to the draft red herring prospectus (DRHP).

BSE statistics at 2 pm

“High growth expectations have been built into the stock market valuations for quite some time now. And if these expectations don’t materialise soon enough, we may see further downward pressure on prices. From a valuations perspective, the broader market is already quite expensive. The only thing holding it up was hopes of quick recovery in corporate earnings. Any delay there or any bad news on that front and there could be more downside in the offing. If your time horizon is ten years, you don’t have to worry a great deal as long term India story is intact. But if it is 2-3 years, then it may be a good idea to either partially or fully exit your most profitable investments and take some money off the table.”

– Rahul Shah,Co-Head of Research, Equitymaster

Nifty IT is down 1.12% but TCS is in the green; Wipro, Infosys, HCL tech all trading in red

Price as on 22 Nov, 2021 01:40 PM, Click on company names for their live prices.

Paytm is continuing its southward journey after listing on the back of liquidation by retail investors who were betting for listing gain. However there is a lock-in period of 30 days for anchor investors. The future outlook is still erratic because the market is not clear about its core business and timing of profitability. Paytm disrupted the payment industry post demonetization but it got disrupted by UPI. The biggest strength for Paytm is its massive customer base and strong brand positioning. However, there is no clear moat. Only very aggressive investors should stay invested in the company while others should look at exit opportunities at any pullback.

– Santosh…