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

Radiant Cash IPO to open on Friday; sets price band at Rs 94-99 per share

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	The IPO comprises fresh issue of shares worth up to Rs 60 crore and an offer for sale (OFS) of 33,125,000 shares by promoter David Devasahayam and private equity firm Ascent Capital Advisors India. <a href="https://www.business-standard.com/article/markets/radiant-cash-ipo-to-open-on-friday-sets-price-band-at-rs-94-99-per-share-122122000442_1.html" target="_blank"><strong>Read more</strong><br />
	<img alt="IPO" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-11/26/full/1637868359-4364.jpg?im=Resize,width=640" /></a></div>

Vinay Rajani recommends to hold longs on Nifty with a stop at 18,200

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	Among individual stocks, the technical &amp; derivative analyst from HDFC Securities is bullish on NLC India and Mazagon Dock. <a href="https://www.business-standard.com/article/markets/vinay-rajani-recommends-to-hold-longs-on-nifty-with-a-stop-at-18-200-122122100134_1.html" target="_blank"><strong>Read more</strong><br />
	<img alt="NSE, national stock exchange, nifty50" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-02/25/full/1614199664-3584.jpg?im=Resize,width=640" /></a></div>

Stocks to Watch: IRFC, Airtel, Jubilant Food, Delhivery, CBI, KP Energy

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	IRFC: As part of its disinvestment drive, the government plans to sell 11 per cent stake in Indian Railway Finance Corporation (IRFC) over the current and the next financial year.&nbsp;</div>
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	Bharti Airtel: With an aim to build the world&#39;s largest customer data platform (CDP), Bharti Airtel has acquired a strategic stake in Lemnisk (Immensitas Private Limited) under its &#39;Start Up Accelerator Programme for an undisclosed sum. <a href="https://www.business-standard.com/article/markets/stocks-to-watch-today-irfc-airtel-jubilant-food-dabur-india-ntpc-kp-energy-cbi-122122100112_1.html" target="_blank"><strong>Read here</strong><br />
	<img alt="stock, stock market, trading, investment, investor, tax, job, corporate jobs, worker, employment, entrepreneurs, tax, returns" src="https://bsmedia.business-standard.com/_media/bs/img/article/2019-12/18/full/1576690153-8756.jpg?im=Resize,width=640" /></a></div>

Rupee closes 5 paise weaker at 82.75/$ on Tuesday

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DIIs aid foreign inflows: Buy Rs 495 crore of shares Tuesday

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Equities record Rs 456 crore of FPI selling on Tuesday

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ALERT: Govt imposes import duty on stainless steel tubes & pipes

Finance Ministry has notified anti-dumping duty on imports of stainless steel tubes &amp; pipes for 5 years from China.

SGX Nifty indicates positive start; Nifty may test 18,500

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US equity futures trade with tepid gains in post mkt deals

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Brent Crude trades with marginal uptick at $80 per barrel

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Asian indices rise; Nikkei falls for 2nd day

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US markets eke out minor gains on Tuesday

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