The benchmark indices traded in a narrow range with minor cuts in mid-morning trade. The Nifty hovered below the 18,400 mark after hitting the day's high of 18,473.35 in early trade. PSU bank, healthcare and pharma stocks were in demand while FMCG, oil & gas and private bank shares declined.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 101.67 points or 0.16% to 61,600.62. The Nifty 50 index declined 24.30 points or 0.13% to 18,361.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index added 0.35%.
The market breadth was positive. On the BSE, 1,745 shares rose and 1,567 shares fell. A total of 171 shares were unchanged.
Sebi tweaks buyback rules:
On Tuesday, market regulator Sebi said it will allow listed companies to utilise 75% of their surplus funds for share buybacks instead of 50% earlier. Sebi has said that these buybacks will be slowly phased out from the secondary market exchange platforms and conducted on a separate window. This is to ensure transparency in the tender process. SEBI said it will also cut the time for share buyback to 66 days from the present 90-day period.
IPO Updates:
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The initial public offer (IPO) of KFin Technologies received bids for 1,76,00,560 shares as against 2,37,75,215 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (21 December 2022). The issue was subscribed 74%.
The issue opened for bidding on Monday (19 December 2022) and it will close on Wednesday (21 December 2022). The price band of the IPO is fixed at Rs 347-366 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.
The IPO of Elin Electronics received bids for 75,27,660 shares as against 1,42,09,386 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (21 December 2022). The issue was subscribed 53%.
The issue opened for bidding on Tuesday (20 December 2022) and it will close on Thursday (22 December 2022). The price band of the IPO is fixed at Rs 234-247 per share. An investor can bid for a minimum of 60 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Pharma index rose 1.32% to 12,784.75. The index declined 0.22% in the past trading session.
Glenmark Pharmaceuticals (up 4.15%), Granules India (up 3.42%), Biocon (up 3.26%), Aurobindo Pharma (up 2.79%), Zydus Lifesciences (up 2.69%), Lupin (up 2.52%), Laurus Labs (up 2.17%), Abbott India (up 2.16%), Divis Laboratories (up 2.01%) and Dr Reddys Laboratories (up 0.78%) advanced.
Glenmark Pharmaceuticals rallied 4.15% after the pharmaceutical company announced the launch of first triple fixed-dose combination Teneligliptin with Pioglitazone and Metformin in India. Teneligliptin is a widely used DPP4 inhibitor (dipeptidyl peptidase 4 inhibitor). This FDC has been launched under the brand name Zita-PioMet, and contains Teneligliptin (20 mg) + Pioglitazone (15 mg) + Metformin (500mg/1000mg) in a sustained release (SR) formulation.
Rajnish Wellness advanced 3.63% after the company received an in-principle approval from Eastern Railway (ER) for setting up of business centres at more than 500 stations across Tier I, II and III cities.
Global Markets:
Asian stocks were trading mixed on Wednesday after Wall Street ended its four-day losing streak as global bonds rose after the Bank of Japan adjusted its yield curve control tolerance. Meanwhile, Hong Kong's Chief Executive John Lee is reportedly scheduled to travel to Beijing as part of his annual visit until Saturday to brief state leaders on the city's economic, social and political situation.
US stocks closed slightly higher on Tuesday after four sessions of declines, but investors fretted about weak holiday shopping and rising bond yields added pressure after the Bank of Japan's (BoJ) surprise tweak of monetary policy.
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