Stock Markets posts modest losses; Sensex declines 166 points & Nifty end at 17,325

The benchmark indices suffered modest cuts at the fag end of market hours on Tuesday, December 14, 2021. Both stocks fell amid negative cues from the global equity markets. The Sensex closed near 58,100.

The S&P BSE Sensex declined 166.33 points, or 0.29 per cent, to settle at 58,117.09. The Nifty 50 index fell 43.35 points, or 0.25 per cent, to close at 17,324.90. The Nifty Bank lost 31.30 points, or 0.08 per cent, to end at 36,893.95.

In the broader market at the BSE, the S&P BSE MidCap dropped 0.37 per cent while BSE SmallCap rose 0.05 per cent.

The market breadth was positive. On the BSE, 1,806 shares rose and 1,503 shares fell. On the Nifty 50 index at the NSE, 27 shares advanced and 23 shares declined. The top five gainers on Nifty were Power Grid (up 3.86 per cent), Divi's Laboratories (up 2.53 per cent), Axis Bank (up 1.42 per cent), Nestle India (up 1.14 per cent) and Dr Reddy's Laboratories (up 0.96 per cent). The top five losers were ITC (down 2.73 per cent), Bajaj Finance (down 2.02 per cent), Tata Consumer (down 1.87 per cent), Kotak Bank (down 1.78 per cent) and Bharti Airtel (down 1.61 per cent).

Anand Rathi Listing: Anand Rathi Wealth shares made a decent debut on the bourses, NSE & BSE, today. The scrip was listed at Rs 602.05 per share on the BSE, over a 9.46% premium against its issue price of Rs 550 per share. On the National Stock Exchange (NSE), the company was listed at Rs 600, a premium of 9.09% over the given issue price.

The shares of Anand Rathi Wealth closed at 583.50 per share at the BSE, at a premium of 6.09 per cent over the issue price of Rs 550. At the NSE, it closed at Rs 585 per share, at a premium of 6.36 per cent against the issue price.

The issue of Anand Rathi Wealth was open for subscription between December 2-4, 2021. The company sold its shares in the range of Rs 530-550 apiece during the three-day bidding process, raising Rs 660 crore. The initial public offering (IPO) of the wealth management arm of Anand Rathi Financial Services was subscribed 9.78 times. The Qualified Institutional Buyers (QIBs) portion was subscribed 2.50 times while the Non-Institutional Investors and Retail Individual Investors (RIIs) portions were subscribed 25.42 times and 7.76 times, respectively. The portion reserved for employees was subscribed 1.32 times. The initial share sale is entirely an offer for sale (OFS) of 1.2 crore equity shares (including Anchor portion of 35,25,000 equity shares) by promoters and existing shareholders.

IPO Update: Metro Brands IPO + Data Patterns IPO + MedPlus Health IPO

Metro Brands IPO: The initial public offering (IPO) of ace investor Rakesh Jhunjhunwala-backed Metro Brands Ltd, closed with 3.64 times subscription today, the third and last day for bidding for the issue. The Qualified Institutional Buyers (QIBs) portion was subscribed 8.49 times, while the Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) portions were subscribed 3.02 times and 1.13 times, respectively. The company had fixed a price band of Rs 485-500 per equity share as it has plans to raise up to Rs 1,367.5 crore through the public issue. The issue comprises a fresh issue of shares worth Rs 295 crore and an offer for sale (OFS) of up to 2,75,32,574 equity shares worth Rs 1,073 crore by promoters and other shareholders. Retail-individual investors were allowed to apply for a minimum of 30 equity shares and in multiples of 30 shares thereafter.

Data Patterns IPO: The initial public offering (IPO) of Data Patterns (India) Limited, a vertically integrated defence and aerospace electronics solutions provider, which opened today for bidding was subscribed 3.30 times by day end. Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) portions were subscribed 1.46 times and 5.89 times, respectively. The three-day issue will close on Thursday, December 16, 2021. The company has fixed a price range of Rs 555-585 per equity share for an issue worth Rs 588 crore. The maiden issue comprises a fresh issue component up to Rs 240 crore and an offer for sale (OFS) 59.52 lakh equity shares worth Rs 348 crore. A retail investor can bid for a minimum of 25 equity shares and in multiples thereafter. At the upper end of the price band, one lot is worth Rs 14,625.

MedPlus Health IPO: The initial public offering (IPO) of MedPlus Health Services Limited, a pharmacy retailer, was subscribed 1.46 times on Tuesday, the second day for bidding. The Qualified Institutional Buyers (QIBs) was subscribed 0.09 times while the Non-Institutional Investors (NII) and Retail Individual Investors (RIIs) portions were subscribed 0.50 times and 2.64 times, respectively. The portion reserved for employees was subscribed 1.73 times. The three-day initial share sale will close on Wednesday, December 15, 2021. The company has fixed a price range of Rs 780-796 per equity share as it has plans to raise up to Rs 1,398 crore from the primary market. A retail investor can bid for a minimum of 18 equity shares and in multiples thereafter. The pubic issue of the pharmacy retailer consists of the issuance of fresh equity shares worth Rs 600 crore while and an offer for sale (OFS) of equity shares aggregating up to Rs 798 crore by the promoter and existing shareholders.

Economy

India's inflation based on the wholesale price index (WPI) surged to 14.2 per cent on the back of higher food prices. It had jumped to a five-month high of 12.54 per cent in October. India's retail inflation based on Consumer Price Index (CPI) has risen to a three-month high of 4.91 per cent in November this year. As per the Ministry of Statistics and Programme Implementation data released today, this is the fifth month that the retail inflation has remained within the RBI's target band of 2-6 per cent.

The CPI inflation in rural India was at 4.29 per cent and 5.54 per cent in urban areas in the review period of last month. The retail inflation had risen to 4.48 per cent in October from 4.35 per cent in September.

The Asian Development Bank on Tuesday trimmed its growth forecasts for developing Asia for this year and next to reflect risks and uncertainty brought on by the new Omicron coronavirus variant. The lender now sees 2021 gross domestic product (GDP) growth of 7 per cent for developing Asia, down from 7.1 per cent, and 2022 growth of 5.3 per cent, down from 5.4 per cent in September.