CLOSING BELL: The Pharma index advanced over 2 per cent today as diagnostics and healthcare firms climbed amid rising Covid-19 cases globally

MARKET LIVE: Sensex down 600 pts, Nifty tests 18,200; Financials weigh

<b>CLOSING BELL<br />
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Stock market highlights:&nbsp;</b>Weak global sentiment amid fresh Covid-19 scare continued to haunt domestic equities. Markets, largely, saw a broad-based sell-off on the bourses on Wednesday with the S&P BSE Sensex falling 635 points, or 1.03 per cent, to end at 61,067. The Nifty50, meanwhile, settled at 18,199, down 186 points or 1.01 per cent.&nbsp;<br />
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	Both the indices hit their respective intra-day low of 60,938 and 18,163. India VIX, the volatility gauge, jumped over 12 per cent.<br />
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	Stocks fell across-the-board dragged by Adani Enterprises, Adani Ports, Maruti Suzuki, Britannia, IndusInd Bank, BPCL, ICICI Bank, Bajaj Finaserv, Tata Motors, Ultratech Cement, and Axis Bank. Pharma and IT stocks were the only gainers on the bourses today led by Divis Labs, Apollo Hospitals, Cipla, Sun Pharma, HCL Tech, and Dr Reddy&#39;s Labs.<br />
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	Given this, the Pharma index advanced over 2 per cent today, followed by the IT index, up 0.7 per cent. On the downside, the PSU Bank and Metal indices fell over 2 per cent each.<br />
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	The pain was more pronounced in the broader markets as the BSE MidCap and SmallCap indices dropped 1.4 per cent and 2.18 per cent, respectively.&nbsp;<br />
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	<strong>Primary market update<br />
	KFin Tech:</strong> The three-day issue got 2.5 times&nbsp; subscription till 3:30 PM on the final day of the issue. Retail portion was subscribed 1.3x, NII was 23 per cent, and QIB 4 times.<br />
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	<strong>Elin Electronics:</strong> The issue was subscribed over 70 per cent on day 2 of the offer with retail portion at 1.09 times, NII portion at 90 per cent, and QIB at 1 per cent.<br />
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	<strong>BS BFSI Summit Insight</strong></div>
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	The two-day Business Standard BFSI Insight Summit kicked off earlier today with Reserve Bank of India (RBI) governor Shaktikanta Das sharing his views on the Indian economy. According to Das, the wide gap between credit and deposit growth is because of their respective bases and both reflect the fundamentals of the Indian economy.<br />
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	&ldquo;Just as credit growth looks very high because of the low base of the previous year, deposit growth also looks pretty low because of the base effect of the previous years. This is because in the Covid period, deposits were growing by around 10 or 11 per cent,&rdquo; Das said during a fireside chat. <a href="https://www.business-standard.com/article/specials/bfsi-summit-credit-deposit-gap-seems-divergent-due-to-base-rbi-governor-122122100542_1.html" target="_blank"><strong>READ MORE</strong></a></div>
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Covid-19, growth concerns push Sensex 635 pts down, Nifty below 18,200

Business Standard

Covid-19, growth concerns push Sensex 635 pts down, Nifty below 18,200 | News on Markets - Business Standard

BS BFSI Summit LIVE: Q&A on co-lending model

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	From rate, size and risk this is a phenomenal model, says Ramesh Iyer, Managing Director of M&amp;M Financial Services</div>
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	We are all evavulating with various PSU Banks, the opportunity is huge, says Rakesh Singh, CEO of Aditya Birla Finance</div>

MTAR Tech to develop Small Satellite Launch Vehicle project; stock falls 4%

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BS BFSI Summit LIVE: Discussion on financings Resolution Applications where banks are reluctant

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	We will need somesort of specilization in a particular industry, says Umesh Revankar, CEO of Shriram Transport Finance&nbsp;</div>
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	If the opportunity is not large, we will too resist it, says Ramesh Iyer, Managing Director of M&amp;M Financial Services</div>

BS BFSI Summit LIVE: Focusing on customer service and creation of digital bank, says Axis Bank MD & CEO

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	&gt;&gt; Indian customers will choose more indigenised banks once China+one theme plays at the forefront<br />
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	<img align="" alt="Amitabh Chaudhry, MD &amp; CEO, Axis Bank, BFSI Summit" class="imgCont" height="465" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-12/19/full/1671429193-0179.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="Amitabh Chaudhry, MD &amp; CEO, Axis Bank, BFSI Summit" width="620" /></div>
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SMALL-CAP HEATMAP: Orient Green, IFCI, MTNL slump 12-13%

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SECTORS: PSB index plunges 3%; Pharma rallies 2%

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BS BFSI Summit LIVE: Need to widen the stream from where we can borrow money, says Rajiv Sabharwal

Dont see anything wrong in NBFCs approaching banks.

BROADER MARKET: Losses spread across broader indices; Small-cap index slips over 2%

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BS BFSI Summit LIVE: Aim to unlock value for new investors and stakeholders: IDBI Bank CEO

NIFTY GAINERS: Healthcare stocks claim top winning spots

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BS BFSI Summit LIVE: Banks and NBFCs have a complimentary role to make credit available

Banks and NBFCs have a complimentary role to make credit available to all customers, says Rajiv Sabharwal, CEO and MD, Tata Capital<br />
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	<img align="" alt="Rajiv Sabharwal, MD &amp; CEO, Tata Capital, BFSI Summit" class="imgCont" height="465" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-12/19/full/1671443341-8833.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="Rajiv Sabharwal, MD &amp; CEO, Tata Capital, BFSI Summit" width="620" /></div>

NIFTY LOSERS: Adani Enterprises slumps 6%; Adani Ports 3%

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HEATMAP: 7 of 30 Sensex stocks manage to close higher

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BS BFSI Summit LIVE: Catering to affluent Indians with international aspirations, says HSBC India CEO

CLOSING BELL: Nifty sheds 200 pts to close at 18,200

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