Nifty hovers above 17,300; breadth turns positive

Equity indices sharply losses in early afternoon trade. The Nifty hovered above 17,300 mark. Pharma and healthcare stocks were in demand while consumer durable and financial shares were under pressure.

At 12:31 IST, the barometer index, the S&P BSE Sensex, was down 171.69 points or 0.29% at 58,111.90. The Nifty 50 index lost 56.5 points or 0.33% at 17,311.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.72% while the S&P BSE Small-Cap index shed 0.07%.

The market breadth turned positive. On the BSE, 1,674 shares rose and 1,521 shares fell. A total of 131 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,743.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,351.03 crore in the Indian equity market on 13 December 2021, provisional data showed.

Economy:

India's inflation based on wholesale price index (WPI) surged to 14.2% on the back of higher food prices. It had jumped to a five-month high of 12.54% in October.

India's retail inflation based on Consumer Price Index (CPI) has risen to a three-month high of 4.91% in November this year. As per the Ministry of Statistics and Programme Implementation data released today, this is the fifth month that the retail inflation has remained within the RBI's target band of 2-6%.

The CPI inflation in rural India stood at 4.29% and 5.54% in urban areas in the review period of last month. The retail inflation had risen to 4.48% in October from 4.35% in September.

New Listing:

Shares of Anand Rathi Wealth were currently trading at Rs 595 at 12:27 IST on BSE, at a premium of 8.18% as compared to the issue price of Rs 550. The scrip was listed at Rs 602.05, at a premium of 9.46% to the issue price. So far, the scrip has hit a high of 614.95 and a low of 566.1 in the trading session. Over 6.72 lakh shares of the company changed hands in the counter on the BSE.

The initial public offer (IPO) of Anand Rathi Wealth received bids for 8,29,21,509 shares as against 84,75,000 shares on offer. The issue was subscribed 9.78 times. The non-institutional investors category was subscribed 25.42 times. The retail investors category was subscribed 7.76 times. The qualified institutional buyers category was subscribed 2.50 times. The issue opened for bidding on 2 December 2021 and it closed on 6 December 2021. The price band of the IPO was fixed at Rs 530-550 per share.

Buzzing Index:

The Nifty Pharma index gained 0.65% to 13,520.50, snapping its two day losing streak.

Gland Pharma (up 1.99%), Aurobindo Pharma (up 1.67%), Torrent Pharmaceutical (up 1.56%), Alembic Pharmaceutical (up 0.77%) and Laurus Labs (up 0.77%) were top gainers in pharmaceutical space.

Lupin jumped 5% after the drug maker received the Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for its Goa manufacturing facility. The inspection was conducted in September 2021.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.15% to 17.0925. The Nifty 30 December 2021 futures were trading at 17,357.65, at a premium of 26.85 points as compared with the spot at 17,330.80

The Nifty option chain for 30 December 2021 expiry showed maximum Call OI of 37.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 53.9 lakh contracts was seen at 17,000 strike price.

Powered by Capital Market - Live News