Sensex jumps 612 pts; Nifty tops 16,950; Bajaj Finance rise 3%

Key equity benchmarks ended with robust gains on Wednesday amid recovering global stock markets. All the sectoral indices on the NSE ended in green. Realty, pharma and metal shares were in demand.

The barometer index, the S&P BSE Sensex, jumped 611.55 points or 1.09% to 56,930.56. The Nifty 50 index added 184.60 points or 1.10% to 16,955.45.

Bajaj Finance (up 2.94%), Reliance Industries (up 2.42%) and ICICI Bank (up 1.74%) boosted the indices.

Broader indices outperformed the benchmarks. The BSE Mid-Cap index rose 1.47% and the BSE Small-Cap index gained 1.66%.

The market breadth was strong. On the BSE, 2,434 shares rose and 908 shares fell. A total of 104 shares were unchanged.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.465% as compared with 6.468% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.54, compared with its close of 75.5950 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement fell 0.05% to Rs 48,044.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.09% to 96.41.

In the commodities market, Brent crude for February 2022 settlement fell 22 cents at $74.20 a barrel. The contract rose $2.46, or 3.44% to settle at $73.98 a barrel in the previous trading session.

Foreign Markets:

Most shares in Europe and Asia advanced on Wednesday. Investors continue to assess the impact of the omicron COVID variant.

Investors are juggling the rapid spread of the omicron variant, and the introduction of containment measures by governments around the world, with new scientific analysis of its severity and pharmaceutical developments on booster shots and treatments.

In US, President Joe Biden said in a Tuesday address that people with booster shots are "highly protected," urging Americans to get their extra doses. The president reiterated that the U.S. is not going back to March 2020 at the height of the initial outbreak where the country went into a forced lockdown.

Buzzing Segment:

The Nifty Realty index rose 2.95% to 473.50. The index has risen 4.61% in two sessions.

Brigade Enterprises (up 8.26%), Macrotech Developers (up 6.26%), Prestige Estates Projects (up 5.38%), Oberoi Realty (up 3.77%), Sobha (up 3.75%), Sunteck Realty (up 3.01%), Indiabulls Real Estate (up 2.15%), Godrej Properties (up 1.55%) and DLF (up 1.1%) surged.

Stocks in Spotlight:

IDFC spurted 7.87% after the company`s board approved the appointment of Anil Singhvi as the chairman of the board of directors with immediate effect. Anil Singhvi is chairman of Ican Investments Advisors, a business consultancy firm.

The board at its meeting today also approved to the proposal to seek shareholders` approval, by means of a postal ballot, for appointment of Anita Belani as an additional director in category of independent director of the company with effect from 9 November 2021 for a period of three years.

Further, the company will also seek shareholders` nod for the scheme of amalgamation of IDFC Alternatives, IDFC Trustee Company and IDFC Projects (wholly-owned subsidiary companies) into IDFC, subject to regulatory approvals from various authorities, as applicable.

Deepak Nitrite rose 2.50%. The company`s board approved raising upto Rs 2,000 crore through issuance of equity shares or any other equity linked securities of the company or other securities convertible into or exchangeable for equity shares via qualified institutions placements (QIP), in one or more of the tranches.

Larsen & Toubro (L&T) rose 2.14%. The company`s construction arm secured a `significant` order for its buildings and factories business from a reputed developer. According L&T`s classification, the value of `significant` contracts lies between Rs 1000 crore to Rs 2,500 crore.

Zee Entertainment Enterprises (ZEEL) shed 0.09%. Sony Pictures Networks India (SPNI) and ZEEL announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries.

Yes Bank jumped 4.83%. The bank said its board has approved raising upto Rs 10,000 crore through issue of equity shares/depository receipts/convertible bonds/debentures/warrants/any other equity linked securities, through permissible modes.

Vascon Engineers jumped 10.28%. The company has received letter of award amounting to approximately Rs 199 crore from Vedanta for construction of Cairn Oil & Gas Residential Complex at Barmer, Rajasthan.

IndiaMART InterMESH rose 1.04%. The company has indirectly through its wholly owned subsidiary, Tradezeal Online, agreed to acquire 4,784 compulsorily convertible series A preference shares and 100 equity shares aggregating to 26.01% of Edgewise Technologies, on fully diluted basis.

PNC Infratech surged 3.88% after the company received letter of acceptance (LOA) for a user fee collection mandate in NCR from National Highways Authority of India (NHAI). The contract value of the same is Rs 369 crore.

New Listing:

Shares of Metro Brands ended at Rs 493.55 on the BSE, at a discount of 1.29% as against the issue price of Rs 500. The scrip was listed at Rs 436, representing a discount of 12.80% to the initial public offer (IPO) price.

The scrip has hit a high of Rs 507.70 and a low of Rs 426.10 during the day. Over 7.76 lakh shares of the company have changed hands in the counter.

The IPO of Metro Brands was subscribed 3.64 times. The issue opened for bidding on 10 December 2021 and it closed on 14 December 2021. The price band of the IPO was fixed at Rs 485-500.

Primary Market:

The initial public offer (IPO) of CMS Info Systems received bids for over 2.46 crore shares as against 3.75 crore shares on offer, according to stock exchange data at 16:51 IST on Wednesday, (22 December 2021). The issue was subscribed 66%.

The issue opened for bidding on 21 December 2021 and it will close on 23 December 2021. The price band of the IPO is fixed at Rs 205-216. An investor can bid for a minimum of 69 equity shares and in multiples thereof.

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