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Indices pare losses; breadth turns positive

Published on Dec 27, 2021 10:35

The benchmark indices sharply pared losses in morning trade. IT and pharma shares were in demand. Oil & gas, metal and FMCG stocks were under pressure. The Nifty was trading near 17,000 mark.

At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 31.87 points or 0.06% at 57,092.44. The Nifty 50 index slipped 12.80 points or 0.08% at 16,990.95.

In the broader market, the S&P BSE Mid-Cap index shed 0.25% while the S&P BSE Small-Cap index rose 0.22%.

The market breadth turned positive. On the BSE, 1,817 shares rose and 1,350 shares fell. A total of 175 shares were unchanged.

Economy:

India looks set to overtake France next year and then Britain in 2023 to regain its place as the world`s sixth biggest economy.

In a report, the British consultancy CEBR said the world`s economic output will exceed 100 trillion dollar for the first time next year and it will take China a little longer than previously thought to overtake the United States as the No.1 economy. CEBR predicted China will become the world`s top economy in dollar terms in 2030, two years later than forecast in last year`s World Economic League Table report.

CEBR deputy chairman Douglas McWilliams said, the important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8 per cent in the U.S.

The report showed Germany was on track to overtake Japan in terms of economic output in 2033. Russia could become a Top 10 economy by 2036 and Indonesia looks on track for ninth place in 2034.

New Listing:

Shares of HP Adhesives were currently trading at Rs 334.95 on BSE, at a premium of 22.24% as against the issue price of Rs 274. The scrip was listed at Rs 319, representing a premium of 16.42% to the initial public offer (IPO) price. So far, the scrip has hit a high of 334.95 and a low of 319. Over 1.76 lakh shares of the company have changed hands in the counter till now.

The IPO of HP Adhesives received bids for 5,29,89,650 shares as against 25,28,500 shares on offer. The issue was subscribed 20.96 times. The retail investors category was subscribed 81.24 times. The non institutional investors category was subscribed 19.04 times. The qualified institutional buyers category was subscribed 1.82 times.

The issue opened for bidding on 15 December 2021 and it closed on 17 December 2021. The price band of the IPO was fixed at Rs 262-274. The offer comprised fresh issue of 41,40,000 equity shares and an offer for sale by selling shareholders of up to 4,57,200 equity shares.

Buzzing Index:

The Nifty Realty index fell 1.02% to 472.45. The index lost 2.47% in two trading sessions.

Macrotech Developers (down 4.12%), Sobha (down 1.35%), IndiaBulls Real Estate (down 1.27%), Brigade Enterprises (down 1.22%) and DLF (down 1.16%) were major losers.

Stocks in Spotlight:

RBL Bank crashed 19.48%. The bank`s board on 25 December 2021 accepted the request of Vishwavir Ahuja to proceed on medical leave and appointed Rajeev Ahuja (existing executive director of the bank) as the interim managing director & CEO of the bank subject to regulatory and other approvals. Further, the Reserve Bank of India (RBI) has appointed Yogesh Dayal as an additional director on the board of RBL Bank for a period of two years till 23 December 2023 or till further orders, whichever is earlier.

Lupin gained 1.53%. The company said that it has received approval from the United States Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA) Sevelamer Carbonate for oral suspension. The drug is a generic equivalent of Renvela for oral suspension of Genzyme Corporation. Sevelamer is used to control high blood levels of phosphorus in people with chronic kidney disease who are on dialysis.

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