Market Opening: Gland Pharma makes market debut, Tata Chemicals continues upward climb

Sensex, Nifty opened on a positive note today. Sensex climbed up by 250 points with Tata Steel and Bajaj Finserv at the forefront. Besides HUL, ICICI Bank and Bajaj Auto, all Sensex constituents placed in the green. On Nifty, 35 stocks progressed forward while 15 dropped down. UPL and Adani Ports were the top losers, while Tata Steel and Bajaj Finserv gained the most. Among Nifty sectoral indices, Bank has slipped down 100 points, while auto, metals and realty were the gainers, boosting up more than 1%.

The Indian rupee rose 12 paise to 74.15 against US dollar in early trade. Gland Pharma has made headlines today as it has made an impressive market debut. The stock was listed at ₹1710, a premium of 14% over its issue price of ₹1500 a piece. Reliance Industries has yet again grabbed eyeballs as it completed fundraising of Rs 47,265 crore for 10.09 percent stake in the company and the share price shall be watched closely today. Tata Chemicals rallied over 8 percent on November 19 and has reported addition of 0.98% as of 10:46 am.

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While announcing the July-September quarter (Q2FY21) results on October 29, the management of Tata Chemicals said the company is witnessing the revival of the chemical sector and customer demand. Life Insurance Corporation of India increased stake in the company to 7.09 percent from 5.03 percent earlier, in lieu of its speeding progress.

Pricol announced yesterday the decision to issue 27.1 million on rights shares and has fixed the record date as November 25 for determining the shareholders who will be eligible to apply in the rights issue. Vodafone sells its 11.15 percent stake in Indus Towers for Rs 3,760 crore.

Spicejet continues to benefit as Boeing 737 restrictions were lifted by the US further boosting the air travel industry, as it reports a jump of 4%. Bharti Infratel reported a jump of 6% as a merger with Indus Tower nears completion.  Autoline Industries is in the news as  Rakesh Jhunjhunwala and his wife reduced stake in the company to 5.65 percent on November 19, against 6.2 percent in September quarter.

Gold continues its fight as on MCX, gold edged up 0.11% to ₹50,029 per 10 gram after suffering losses in the previous four sessions. As of 11:05 am, the top losers are listed to be City Union Bank, Ashok Leyland, PVR and Tata Power.