Market wrap: Sensex zooms 620 pts on firm economic data; Nifty holds 17,150

Top headlines
 

• Sensex zooms 620 points amid healthy economic data; Nifty holds 17,150

• IndusInd Bank rebounds after an 8-day fall, gains 5% on BSE

• Tega Industries' IPO gets 4 times subscription on first day

• GST collections hit Rs 1.3 trillion in November

• Manufacturing PMI hits 10-month high of 57.6 in October

• India defers resumption of commercial flights

Indian equities bounced back on Wednesday, in line with global peers, as investors attempted to regain their grounds amid fears around the new Omicron variant of coronavirus. Besides, healthy economic data for GST collections and manufacturing PMI further bolstered sentiment on the Street.

Overall, the BSE Sensex index ended today's range-bound session at 57,685, up 620 points or 1 per cent. During the day, the index hit a high of 57,846 and a low of 57,347.

On the NSE, the Nifty50 settled at 17,167, up 184 points.

IndusInd Bank was the top gainer on the benchmark indices today, rising 6 per cent intra-day. In the past eight trading days, the stock of the private sector lender had declined 15 per cent. According to a media report, the Hindujas are considering increasing their stake in IndusInd Bank after the Reserve Bank of India (RBI) eased ownership rules for the country’s private sector banks.

JSW Steel, Axis Bank, Adani Ports, Tata Motors, SBI, Tech M, and Reliance Industries were some of the other top gainers on the frontline indices.

Among top losers were Cipla, Divis Labs, UltraTech Cement, Dr Reddy's Labs, and Indian Oil Corporation.

Meanwhile, in the broader markets, the BSE MidCap ended 1 per cent higher and the BSE SmallCap index gained 0.3 per cent.

Individually, the shares of Go Fashion (India) moved higher by 5.6 per cent intra-day, bouncing back nearly 9 per cent from their intra-day low of Rs 1,211 on the National Stock Exchange (NSE), after foreign portfolio investors bought 1 million shares of the company in the open market. The shares of this recently listed company ended 3.8 per cent higher today.

All the key sectoral indices, barring the Nifty Pharma index, ended in the positive territory.

Moving on to the primary markets. The initial public offering of Tega Industries received an overwhelming investor response as the issue sailed through within an hour of opening. By 4:00 PM, the issue had been subscribed 4 times, with the retail investors' portion seeing a subscription of 7 times.

Star Health and Allied Insurance's public offer, meanwhile, has been subscribed 20 per cent so far.

That apart, the wealth management arm of Anand Rathi Financial Services, Anand Rathi Wealth, will launch its IPO on Thursday. The price band for the offer has been fixed at Rs 530-550 per share and the company aims to mobilise Rs 660 crore.

Here's a look at some of the other key developments of the day:

• Asian markets ended higher, with Japan's Nikkei adding 0.4 per cent and South Korea's Kospi gaining 2 per cent. In Europe, the pan-European Stoxx 600 added 0.6 per cent in early trade. S&P500 and Nasdaq Futures are also up over 1 per cent, indicating a firm start for Wall Street.

• Aviation regulator DGCA decided to postpone the resumption of scheduled international flights from December 15, citing "evolving global scenario" in the wake of the new Covid variant. It said the government would announce a new date based on the Omicron situation.