SENSEX TUMBLES 471 PTS; MTAR MAKES BUMPER LISTING

Published on Mar 15, 2021 10:27

The equity barometers trimmed losses after hitting fresh intraday low in morning trade. The Nifty slipped below the crucial 14,900 mark. All sectoral indices on the NSE traded in the red.

At 10:26 IST, the barometer index, the S&P BSE Sensex, tumbled 471.73 points or 0.93% at 50,320.23. The Nifty 50 index was down 144.75 points or 0.96% at 14,886.20. The Nifty dropped below the psychological 15,000 mark in early trade.

Investors reacted negatively to India`s industrial output and retail (CPI) inflation data released on Friday. Rising COVID-19 cases also weighed on the sentiment.

In broader market, the S&P BSE Mid-Cap index was down 0.95% while the S&P BSE Small-Cap index declined 0.6%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 954 shares rose and 1660 shares fell. A total of 153 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 119,847,912 with 2,653,483 deaths. India reported 219,262 active cases of COVID-19 infection and 158,725 deaths while 110,07,352 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The government will unveil data on inflation based on the wholesale price index (WPI) for February today.

India`s retail inflation (CPI) inched up to 5.03% in February, mainly due to rise in food and fuel prices. Food inflation rose to 3.87% in February, compared to 1.89% in the previous month. Inflation in `fuel and light` category fell marginally to 3.53% in February compared to 3.87% in January but remained high compared to the corresponding period of the previous year.

The consumer price index (CPI) based retail inflation was at 4.06% in January which was lowest since October 2019.

Meanwhile, the country`s factory output (IIP) for the month of January contracted by 1.6% after registering a 1% growth in December 2020. Electricity sector output grew 5.5% in January, while manufacturing contracted by 2% and mining output contracted by 3.7%.

Hit by COVID-19 spread and lockdowns, IIP contracted for five months in row from April to August in last fiscal before making a comeback to positive territory.

Further, Bank credit has risen by 6.63% to Rs 107.75 lakh crore and deposits grew by 12.06% to Rs 149.34 lakh crore in the fortnight ended 26 February, according to RBI data. In the fortnight ended 28 February last year, bank credit stood at Rs 101.05 lakh crore and deposits at Rs 133.26 lakh crore.

Bank credit increased by 6.58% to Rs 107.04 lakh crore and deposits rose by 11.75% to Rs 147.81 lakh crore in the previous fortnight ended 12 February 2021.

Primary Market:

The initial public offer (IPO) of Anupam Rasayan received bids for 1.28 crore shares as against 97.01 lakh shares on offer, according to the stock exchange data at 10:10 IST on Monday (15 March 2021). The issue was subscribed 0.94 times. The issue opened for bidding on Friday, 12 March 2021, and it will close on Tuesday, 16 March 2021. The price band for the IPO is set at Rs 553-555 per share. The offer comprises a fresh issue aggregating up to Rs 760 crore by the company. An investor can bid for a minimum of 27 equity shares and in multiples thereof.

New Listing:

Shares of MTAR Technologies were trading at Rs 1,115 at 10:04 IST on the BSE, at a premium of 93.91% as compared to the issue of Rs 575 apiece. The stock was listed at Rs 1063.90, a premium of 85.03% to the initial public offer (IPO) price. So far, the stock hit a high of Rs 1125 and low of 1050.10. On the BSE, 7.99 lakh shares were traded on the counter so far. The IPO of MTAR Technologies was subscribed 200.79 times. The issue opened for bidding on 3 March 2021, and closed on 5 March 2021. The price band for the IPO was set at Rs 574-575 per share.

Buzzing Index:

The Nifty Bank index tumbled 544 points or 1.53% to 34,952.05, slipping for second trading session. The Bank Nifty dropped 2.74% in two days.

Federal Bank (down 3.2%), Bandhan Bank (down 2.73%), RBL Bank (down 2.37%), IDFC First Bank (down 2.17%), SBI (down 1.84%), Axis Bank (down 1.83%), Kotak Mahindra Bank (down 1.68%), ICICI Bank (down 1.44%) and HDFC Bank (down 1.2%) declined.