Stock Market closes in red; Sensex declines 503 points, Nifty end at 17,368

Benchmark indices ended with deep losses on Monday, December 13, 2021, amid mixed cues from the global equity markets. The Sensex was closed below 58,300 while the Nifty settled below 17,400 level.

The S&P BSE Sensex tumbled 503.25 points or 0.86 per cent to settle at 58,283.42. The Nifty 50 index dropped 143.25 points or 0.82 per cent to end at 17,368.25. The Nifty Bank slipped 180.40 points or 0.49 per cent to 36,925.25.

In the broader markets at the BSE, the S&P BSE MidCap declined 0.53 per cent while BSE SmallCap closed with a gain of 0.24 per cent.

The market breadth was positive. On the BSE, 1,912 shares rose and 1,555 shares fell. On the Nifty 50 index at the NSE, 15 shares advanced and 35 shares declined. The top five gainers on Nifty 50 were Axis Bank (up 2.39 per cent), Tech Mahindra (up 2.24 per cent), SBI Life (up 1.54 per cent), Wipro (up 1.36 per cent) and Hindalco (up 1 per cent). The top five losers were Bajaj Finance (down 2.99 per cent), Bajaj Finserv (down 2.11 per cent) Reliance (down1.93 per cent), M&M (down 1.83 per cent) and Tata Consumer Products (down 1.78 per cent).

Listing + IPO Update: Tega Industries Listing + MapmyIndia IPO + Metro Brands IPO + MedPlus Health IPO

Tega Industries Listing: Tega Industries had made a strong debut on the bourses on Monday, December 13, 2021. Shares of Tega Industries were listed at Rs 753 per share on the BSE against the issue price of Rs 453 per share. This was a gain of Rs 300 per share or 66.23 per cent. On NSE, the stock debuted at a price of Rs 760 per share against the issue price of Rs 453, which was Rs 307 or 67.77 per cent higher.

The shares of Tega Industries closed at Rs 725.50 per share at the BSE, at a premium of 60.15 per cent as compared to the issue price of Rs 453 per share. It closed at Rs 718 per cent at the NSE, at a premium of 58.49 per cent against the issue price of Rs 453 per share.

The Rs 619 crore initial public offering (IPO) of Tega Industries closed on Friday, December 3, 2021, with 219 times subscription. The Qualified Institutional Buyers (QIBs) portion was subscribed 215 times (the Highest QIB subscription in the last decade). The Non Institutional Investors and Retail Individual Investors (RIIs) portion were subscribed 666 times and 29 times, respectively. The issue price for the shares is Rs 453 per equity share.

MapmyIndia IPO: The initial public offering (IPO) of C.E. Info Systems Limited, the operator of India's leading map and navigation services provider - MapmyIndia, closed with 154.71 times subscription on Monday, the third and last day for bidding for the issue. The Qualified Institutional Buyers (QIBs) portion was subscribed 196.36 times, while the Non-Institutional Investors (NII) and Retail Individual Investors (RIIs) portions were subscribed 424.69 times and 15.20 times, respectively. The price band for the public issue was fixed at Rs 1,000-1,033 per share. The company has plans to raise up to Rs 1,039.6 crore through an offer for the sale of existing shares. Investors can bid for a minimum of 14 equity shares and in multiples of 14 equity shares thereafter. The IPO is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders.

Metro Brands IPO: The initial public offering (IPO) of ace investor Rakesh Jhunjhunwala-backed Metro Brands Ltd, was subscribed 0.52 times on Monday, the second day for bidding for the issue. The Qualified Institutional Buyers (QIBs) portion was subscribed 0.16 times, while the Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) portions were subscribed 0.17 times and 0.87 times, respectively. The three-day initial share sale of the footwear retailer will close on Tuesday, December 14, 2021. The company has 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. A retail-individual investor can apply for a minimum of 30 equity shares and in multiples of 30 shares thereafter.

MedPlus Health IPO: The initial public offering (IPO) of MedPlus Health Services Limited, a pharmacy retailer, was subscribed 0.70 times by the day end on Monday, December 13, 2021, the first day for bidding. The Qualified Institutional Buyers (QIBs) was subscribed 0.06 times while the Non-Institutional Investors (NII) and Retail Individual Investors (RIIs) portions were subscribed 0.16 times and 1.29 times, respectively. The portion reserved for employees was subscribed 0.76 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 index of industrial production (IIP) grew 3.2 per cent in October 2021, according to data released by the Ministry of Statistics & Programme (MoSPI) on Friday. Industrial output leapt 4.5 per cent in October 2020 and surged 3.1 per cent in September. Meanwhile, mining output during October (2021) rose 11.4 per cent whereas manufacturing sector output jumped 2 per cent. Electricity generation in October grew 3.1 per cent.

As per the BRICS Economic Bulletin 2021 released by the RBI on December 10, 2021, India's recovery from the slowdown inflicted by the Covid-19 pandemic is projected to be higher than other member nations.

On Friday, data showed US consumer prices continued to surge in November, climbing 6.8 per cent compared to the same month in 2020, the biggest jump since June 1982. Economists predict China will start adding fiscal stimulus in early 2022 after the country's top officials said their key goals for the coming year include counteracting growth pressures and stabilising the economy. Curbs on the property industry are expected to remain while there could be fewer regulatory surprises compared with sudden moves in 2021 to rein in sectors from technology to education and entertainment, the economists said.