Sensex, Nifty end flat; Star Health settles at issue price; PSBs shine

The broader markets outperformed, the BSE Midcap and Smallcap indices were up 0.3 per cent and 0.8 per cent, respectively

Closing Bell

The key benchmark indices languished in the negative zone, exhibiting lacklustre movement for the major part of the trading, before recouping losses at close led by fresh buying in auto and financial shares.

The BSE benchmark index, the Sensex, opened 110-odd points lower at 58,697, and after briefing sneaking into the positive zone, fell to a low of 58,415 - down nearly 400 points. However, the Sensex eventually ended the day with a minor loss of 20 points at 58,787. In the process, it did snap its three-day winning streak. For the week, the BSE index was up 1.9 per cent (1,091 points).
 
The NSE Nifty declined to a low of 17,405, before settling six points lower at 17,511.

Asian Paints was the major gainer among the Sensex 30 stock, it surged 3 per cent to Rs 3,277. SBI, Mahindra & Mahindra and TCS were the other notable gainers. On the flip side, Titan, HDFC, Axis Bank and Kotak Bank were the notable losers in trade on Friday.

Market Dashboard: Snapshot of key movers and shakers in trade today

Debutant Star Health and Allied Insurance made a weak stock market debut at Rs 845, a 6 per cent discount to its issue price of Rs 900. The IPO had received poor response due to expensive valuations. Ace investor Rakesh Jhunjhunwala is a promoter of Star Health, which is India's first and largest private standalone health insurance company. The stock touched a low of Rs 827.50 on the BSE, but eventually ended on a flat note at Rs 900. READ MORE

The broader markets outperformed the benchmark indices by a wide margin. The BSE Midcap index advanced 0.3 per cent, and the Smallcap index jumped 0.8 per cent. The breadth too was fairly positive, with 2,068 advancing shares versus 1,198 declining stocks on the BSE.

Indian Energy Exchange soared 9.5 per cent to 295 amid heavy volume in trade on Friday. The company on December 8, informed the exchanges that it had allotted 599 million equity shares of Re 1 each as fully-paid up bonus equity shares, in the proportion of 2:1 to the eligible members. READ MORE

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Primary Market Update

Metro Brands IPO was off to a slow start, with just 22 per cent as of 03:20 PM so far on the first day of the public offer. None of the segments were fully subscribed.

C. E. Info Systems (MapmyIndia) was subscribed 4.15 times. The retail quota was subscribed 6.2 times and NIIs (wealthy investors) 2.92 times.

Today is the final day for subscribing to the Shriram Properties IPO. So far the issue was subscribed up to 3.39 times, with strong retail demand - subscription up to 12.14 times.
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Markets at 02:30 PM

LIVE market updates: The key benchmark indices have recovered from the lows of the day led by a smart recovery in select index heavyweights namely - ITC and TCS.

The BSE Sensex had touched a low of 58,415, and was now down 198 points at 58,609. The NSE Nifty was down 57 points at 17,455.

ITC and TCS were up 0.7 per cent each at Rs 237 and Rs 3,630, having recovered from a lows of Rs 234, and Rs 3,575, respectively.

Meanwhile, European markets have started trade on a negative note. The FTSE 100 was down 0.2 per cent. The DAX 30 and CAC 40 were down 0.3 per cent and 0.4 per cent, respectively.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices drifted lower on the back of weakness in financial and IT shares.

The BSE Sensex was down 241 points at 58,566, and the NSE Nifty had declined 62 points to 17,455.

Titan, HDFC, Axis Bank and Bajaj Finserv were the major losers, while Asian Paints and Mahindra & Mahindra continued to trade on a firm note.

In the broader markets, Network18 Media & Entertainment hit an over 11-year high of Rs 102.75 amid heavy volumes in an otherwise subdued market. The stock was up for the fourth straight day, having gained 42 per cent during the period. READ MORE

Among sectoral indices, the BSE Consumer Durables was down nearly a per cent. The IT and Bankex were down over 0.5 per cent each. The Power and Realty indices, however, were up over 0.5 per cent each.

Elsehwere in Asia, major markets displayed a sea of red. Nikkei and Hang Seng were down over a per cent each. Kospi and Taiwan declined over 0.5 per cent each. Shanghai Composite and Straits Times were down 0.2 per cent each.
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Markets at 12 Noon

LIVE market updates: The key benchmark indices continued to consolidate in a narrow band, while select stocks hogged the limelight.

The BSE Sensex was down 241 points at 58,566, and the NSE Nifty had declined 62 points to 17,455.

Titan has shed 3 per cent at Rs 2,304. Nestle India, HDFC, Bajaj Finserv, Axis Bank and Tech Mahindra were the other notable losers. On the other hand, Asian Paints had surged 3 per cent to Rs 3,276. Mahindra & Mahindra and Sun Pharma were the other prominent gainers.

The broader indices were outperforming the benchmarks, the BSE Midcap and Smallcap indices were up 0.3 per cent and 0.8 per cent, respectively. The overall breadth too was extremely positive, with nearly two advancing shares for every declining stocks on the BSE.

In the broader markets, Bajaj Electricals surged to a high of Rs 1,160, and was trading 7.5 per cent higher at Rs 1,125 as the company's board approved a porposal to consider corporate structuring. READ MORE

Siemens hit a record high of Rs 2,465, and was up 7.7 per cent at Rs 2,445 on the back of robust order book and future growth plans. READ MORE

Primary Market Update

Metro Brands IPO was subscribed 13 per cent so far on the first day of its IPO.

C. E. Info Systems was subscribed 2.64 times. The retail quota received bids up to 4.39 times, and NIIs (wealthy investors) up to 1.47 times.

Shriram Properties was subscribed 1.88 times, with strong retail demand with subscription of 9.7 times.
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Markets at 10 AM

LIVE market updates: The benchmark indices were volatile but continued to trade in the negative territory in morning deals. The S&P BSE Sensex was down 220 points at 58,587 levels while the Nifty50 held 17,450-mark.

The broader markets, however, were trading positively, supporting the overall market breadth.

Sectorally, The Nifty IT and Financial Servives indices wwre down 0.6 per cent and 0.45 per cent, respectively. The Metal and Pharma indices, meanwhile, were up 0.5 per cent each. 

New listing: Shares of Star Health and Allied Insurance debuted at a 6 per cent discount, at Rs 848 per share, on the BSE on Friday. The issue price of the stock was Rs 900. The firm's initial public offering fell short of target as investors questioned whether the top price of 900 rupees ($12) was justified after Star Health swung to a loss in the year ended March 2021. 

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Opening Bell

LIVE market updates: Domestic equities began on a quiet note on Friday as investor await inflation data in India and the US. The S&P BSE Sensex opened 197 points, or 0.33 per cent, lower at 58,610 levels. The Nifty50, meanwhile, was at 17,480, down 36 points .

ITC, up 1.5 per cent, extended Thursday's gains and was the top performer on the Sensex. Asian Paints, M&M, IndusInd Bank, Bajaj Auto and Sun Pharma were also among the outperforming counters on the 30-pack index.

On the downside, Titan, Axis Bank, HCL Tech, Tech M, and Bajaj Finance, and RIL were limiting the upside.

The broader MidCap and SmallCap indices on the BSE, on the contrary, gained 0.11 per cent and 0.27 per cent, respectively.

Among the lot, Go Fashion was up 3.6 per cent after SBI Mutual Fund acquired 1.5 million equity shares in the company via bulk deal.

Sectorally, pharma and realty stocks were supporting the markets while financials and IT were capping the gains. 

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Pre-open session

LIVE market updates: Frontline indices were trading lower in the pre-market session. The S&P BSE Sensex dipped 96 points at 58,711 levels. The Nifty50, too, was down 100 points at 17,414.

IndusInd Bank, Power Grid, and Dr Reddy's Labs were the top Nifty gainers in pre-open.

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LIVE market updates: Domestic equities could open on a flat note on Friday amid feeble global cues. At 8:20 AM, SGX Nifty was at 17,524 compared with Nifty's spot close of 17,517 on Thursday.

Asia-Pacific markets declined on Friday as investors assess risks associated with the new omicron Covid variant and look ahead to key inflation data in the US.

Japan's Nikkei 225 extended losses from the previous session and was down 0.51 per cent. The Topix index traded 0.33 per cent lower. In South Korea, the Kospi fell 0.5 per cent while the Kosdaq was down 0.52 per cent.

Overnight, the Dow Jones ended flat with a negative bias in the US. The S&P 500 and the Nasdaq Composite, meanwhile, slipped 0.72 per cent and 1.7 per cent, respectively, in the US. 

Primary market data
The three-day issue of MapmyIndia has been subscribed 2 times so far, while that of Shriram Properties has been subscribed 1.6 times.

The IPO of Rakesh Jhunjhunwala-backed Metro Brands will also open for subscription today.

That apart, Star Health Insurance will debut on the bourses later in the day.