The benchmark indices traded in a narrow range in mid-morning trade. The Nifty held above the 17,250 mark. IT and oil & gas stocks witnessed buying while pharma and auto declined.
At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 104.91 points or 0.18% at 57,892.94. The Nifty 50 index gained 31.30 points or 0.18% at 17,252.70.
In the broader market, the S&P BSE Mid-Cap index fell 0.55% while the S&P BSE Small-Cap index shed 0.30%.
The market breadth was negative. On the BSE, 1,542 shares rose and 1,642 shares fell. A total of 122 shares were unchanged.
Global cues were mildly positive after the US central bank on Wednesday announced that it would put an end to its pandemic-era bond purchases in March and would raise the interest rates thrice in the upcoming year to battle growing inflation.
Attention now turns to policy announcements later Thursday from the European Central Bank and the Bank of England, which are also aiming to control the heated inflation.
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Back home, foreign portfolio investors (FPIs) sold shares worth Rs 3,407.04 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,553.01 crore in the Indian equity market on 15 December 2021, provisional data showed.
Economy:
India has attracted highest ever annual Foreign Direct Investment, FDI inflow of 81.97 billion US dollars in the current fiscal year despite the challenges posed by Covid-19 pandemic. This was stated by Minister of State for Commerce and Industry Som Parkash in a written reply in the Lok Sabha on 15 December 2021.
The Minister said, India has received FDI inflow worth 440.27 billion US dollars in the last seven years. He said, this is nearly 58% of the FDI reported in the last 21 years. He said, India is becoming a preferred investment destination amongst global investors.
Meanwhile, the Reserve Bank of India (RBI) on 15 December 2021, said that the global economy remained hostage to heightened uncertainty, with the Omicron strain of the coronavirus, sparking fresh containment measures. The Indian economy bounced back strongly in the second quarter of 2021-22, with the gross domestic product (GDP) surpassing its pre-pandemic levels and inflation broadly aligning with the target.
Primary Market:
The initial public offer (IPO) of Supriya Lifescience received bids for over 1.24 crore shares as against 1.45 crore shares on offer, according to stock exchange data at 11:03 IST on Thursday (16 December 2021). The issue was subscribed 0.86 times.
The issue opened for bidding on 16 December 2021 and it will close on 20 December 2021. The price band of the IPO is fixed at Rs 265-274. An investor can bid for a minimum of 54 equity shares and in multiples thereof. The IPO comprises a fresh issue of upto Rs 200 crore and an Offer for Sale (OFS) of upto Rs 500 crore (including an anchor portions of 1,14,96,351 equity shares).
The IPO of Data Patterns (India) received bids for over 6.66 crore shares as against 70.97 lakh shares on offer, according to stock exchange data at 11:06 IST on Thursday (16 December 2021). The issue was subscribed 9.39 times.
The issue opened for bidding on 14 December 2021 and it will close on 16 December 2021. The price band of the IPO is fixed at Rs 555-585. An investor can bid for a minimum of 25 equity shares and in multiples thereof. The initial public offer comprises of fresh issue component of up to Rs 240 crore and an offer for sale up to 59,52,550 equity shares (including anchor portion of 30,16,533 equity shares).
The IPO of HP Adhesives received bids for over 1.19 crore shares as against 25.28 lakh shares on offer, according to stock exchange data at 11:06 IST on Thursday (16 December 2021). The issue was subscribed 4.73 times.
The issue opened for bidding on 15 December 2021 and it will close on 17 December 2021. The price band of the IPO is fixed at Rs 262-274. An investor can bid for a minimum of 50 equity shares and in multiples thereof. The Initial Public Offer (IPO) comprises up to 45,97,200 equity shares (including anchor portion of 20,68,700 equity shares).
Stocks in Spotlight:
Cadila Healthcare fell 0.58%. On Thursday, the pharma major announced that its antimalarial compound ZY19489 (MMV253), has received Orphan Drug Designation from the USFDA. Orphan drug designation provides eligibility for certain development incentives, including tax credits for qualified clinical testing, prescription drug user fee exemptions and seven-year marketing exclusivity upon FDA approval.
Subros rallied 4.28% after the company bagged an order from Indian Railways for supply of coach air-conditioners in a recently concluded tender. The company is already a supplier of rail driver cabin air-conditioning system and with this business, the complete scope of air conditioning for rail driver cabin and coaches is complete.
Global Markets:
Most Asian indices advanced on Thursday, 16 December 2021, as investors digested the U.S. Federal Reserve's indications that its run of ultra-easy monetary policy since the start of the pandemic is ending.
Japan's exports growth sped up in November, government data showed on Thursday. Exports rose 20.5% in November from a year earlier, the ninth straight month of increase. It followed a 9.4% gain in the previous month.
Wall Street ended sharply higher on Wednesday after the US Fed policy outcome. The Fed announced on Wednesday that it would wind down its asset purchases, a process known as tapering, at a faster pace amid a continued rise in inflation. The Fed will be buying $60 billion per month of bonds starting in January, down from December's rate of $90 million, and said that it will likely continue that trajectory in the months ahead. This sets the stage for a dramatic policy shift that will clear the way for a first interest rate hike next year. The central bank signaled on Wednesday that its members see three hikes in 2022.
Fed Chairman Jerome Powell said at a conference on Wednesday said that the labor market is not fully recovered, pointed to a sluggish rebound in labor force participation, but said it was still appropriate to roll back some of the Fed's pandemic-era policies.
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