Equity

The broader market tumbled. The S&P BSE Mid-Cap index lost 1.42% while the S&P BSE Small-Cap index slumped 1.56%.

The market breadth was weak. On the BSE, 957 shares rose and 2204 shares fell. A total of 176 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 243,657,129 with 4,947,967 deaths. India reported 167,695 active cases of COVID-19 infection and 454,712 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India reported 14,306 new cases. Active cases account for less than 1% of total cases, currently at 0.49%; lowest since March 2020.

Broader Market Losers:

IRCTC (down 10.79%), Oberoi Realty (down 5.3%), Mindtree (down 4.51%), Nippon Life India Asset Management (down 3.7%) and Dixon Technologies (down 3.66%) were top losers in Mid Cap segment.

Rail Vikas Nigam (down 10%), Zensar Technologies (down 7.6%), Indian Energy Exchange (down 6.49%), Sunteck Realty (down 5.45%) and Happiest Minds Technologies (down 5%) were top losers in Small Cap space.

Stocks in Spotlight:

Asian Paints declined 1.92%. The company issued clarification in response to a news item published in a leading newspaper, concerning the corporate governance of the company. The company said it had entered into a technical consultancy agreement with one Jayram Nadkarni (ex - employee of the Company) and Paladin Paints and Chemicals during the financial year 2005 - 2006. Pursuant to this agreement, an upfront consultancy charge of Rs 1.20crore and a monthly consultancy of Rs 12 lakh for a period of 21 months amounting to Rs 2.52 crore was paid to him for providing necessary technical consultancy, technology knowledge package and process for manufacturing of resins to the company with respect to the products governed by the agreement. As he was an ex-employee, he provided this technical service exclusively to the company. There was no related party relationship existing at this point of time.

Bayer CropScience rose 1.47% to Rs 5103.05 after the company said its board will consider a special dividend on 1 November 2021. The board will also consider the unaudited financial results of the company for the quarter and half year ended on 30 September 2021.

Global Markets:

Asian stocks were trading mixed on Monday as investors look ahead to the release of quarterly earnings by HSBC. Meanwhile, the Covid-19 situation in China could weigh on investor sentiment after an official warned that the outbreak could spread further, as per reports.

In US, the Dow Jones Industrial Average closed at a record high Friday on optimism surrounding third-quarter earnings, even as shares of technology companies fell under pressure. The U.S. equity market on Friday faced pressure from selling in large-capitalization technology stocks, which weighed on the tech-heavy Nasdaq and the broad-market S&P 500.

Stocks came under pressure after Federal Reserve Chair Jerome Powell said the U.S. central bank was on track to begin reducing its purchases of assets.

In economic reports, IHS Markit's survey of senior business executives in service-oriented companies rebounded to a three-month high of 58.2 from 54.9 in September. A similar survey of manufacturers slipped to 59.2 from 60.7. Any reading over 50 signals improving conditions.

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