Markets lost around a per cent; Sensex tanks 765 points & Nifty settles below 17,200

After relief of two days, the bears were back to the Dalal Street pushing the benchmarks indices lower by more than one per cent on Friday, December 3, 2021. Both stocks fell even as the cues from the global stocks were positive. Investors' sentiment took a hit after India reported two Omicron COVID cases in Southwest India.

The 30-share pack S&P BSE Sensex fell 764.83 points or 1.31 per cent to close at 57,696.46. The Nifty 50 index slumped 204.95 points or 1.18 per cent to 17,196.70. The Nifty Bank also lost 311.10 points or 0.85 per cent to end at 36,197.15.

In the broader markets at the BSE, the S&P BSE MidCap declined 0.01 per cent while S&P BSE SmallCap closed with a gain of 0.33 per cent.

The market breadth was weak. On the BSE, 1,802 shares rose and 1,454 shares fell. On the Nifty 50 index at the NSE, 12 shares advanced and 38 shares declined. The top five gainers on Nifty 50 were UPL (up 2.12 per cent), BPCL (up 1.89 per cent), IOC (up 1.45 per cent), ONGC (up 1.25 per cent) and IndusInd Bank (up 0.75 per cent). The top five losers were PowerGrid (down 4.06 per cent), Reliance (down 2.81 per cent), Kotak Bank (down 2.25 per cent), Asian Paints (down 2.06 per cent) and HDFC Life (down 2.03 per cent).

IPO Updates

Tega Industries IPO

The Rs 619.23 crore leading polymer-based mill liners producer Tega Industries Limited initial public offering (IPO) was subscribed 121.33 times by the day end on the third and the last day of subscription. The Qualified Institutional Buyers (QIBs) portion was subscribed 120.05 times while the Non Institutional Investors and Retail Individual Investors (RIIs) portion were subscribed 378.31 times and 11.93 times, respectively. The price band for the initial public offering worth Rs 619.23 crore was fixed at Rs 443-453 per equity share. Retail investors were able to place a bid for a lot of 33 equity shares and in multiples thereof for a maximum of 13 lots. Retail investors can invest a minimum of Rs 14,949 for a single lot, and their maximum investment would be Rs 1,94,337 for 13 lots.

Anand Rathi Wealth IPO

The Rs 660 crore initial public offering (IPO) of Anand Rathi Wealth Limited, the wealth management arm of Anand Rathi Financial Services, was subscribed 1.60 times on the second day for bidding. The Non Institutional Investors and Retail Individual Investors (RIIs) portions were subscribed 1.35 times and 2.68 times, respectively. The portion reserved for the employees was subscribed 0.58 times. The three-day initial share sale will conclude on Monday, December 6, 2021.

The price band of the issue has been fixed at Rs 530-550 per share. Retail investors can place a bid for a lot of 27 equity shares and in multiples thereof up to Rs 2 lakh. Retail investors can invest a minimum of Rs 14,850 for one lot and a maximum of Rs 1,93,050 for 13 lots. 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.

Economy

The seasonally adjusted India Services Business Activity Index stood at 58.1 in November, down only fractionally from 58.4 in October, pointing to the second-fastest rise in output since July 2011. According to monitored companies, the upturn reflected sustained increases in new work and ongoing improvements in market conditions.