The benchmark indices were trading near the day's low in mid-morning trade. The Nifty managed to hold above the 17,250 mark. Autos, banks and financial stocks tumbled while IT, media and pharma shares were trading firm.
At 11:15 IST, the barometer index, the S&P BSE Sensex, dropped 358.52 points or 0.62% at 57,924.90. The Nifty 50 index lost 104.65 points or 0.60% at 17,263.60.
In the broader market, the S&P BSE Mid-Cap index fell 1.07% while the S&P BSE Small-Cap index shed 0.33%.
The market breadth was negative. On the BSE, 1,481 shares rose and 1,630 shares fell. A total of 111 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 retail inflation rate, which is measured by the Consumer Price Index (CPI), rose to 4.91% during the month of November 2021, as per the data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. The inflation has increased sequentially, as it was recorded at 4.48% in October 2021. Year-on-year, however, a dip has been registered as the rate of inflation in November 2020 stood at 6.93%.
Primary Market:
The initial public offer (IPO) of MedPlus Health Services received bids for over 1.04 crore shares as against 1.25 crore shares on offer, according to stock exchange data at 10:48 IST on Tuesday (14 December 2021). The issue was subscribed 0.83 times.
The issue opened for bidding on 13 December 2021 and it will close on 15 December 2021. The price band of the IPO is fixed at Rs 780-796. An investor can bid for a minimum of 18 equity shares and in multiples thereof. The IPO of equity shares comprises of a fresh issue upto Rs 600 crore and an offer for sale of up to Rs 798.29 crore (including anchor portion of 52,51,111 equity shares).
The IPO of Metro Brands received bids for over 1.03 crore shares as against 1.91 crore shares on offer, according to stock exchange data at 10:48 IST on Tuesday (14 December 2021). The issue was subscribed 0.54 times.
The issue opened for bidding on Friday, 10 December 2021 and it will close on 14 December 2021. The price band of the IPO is fixed at Rs 485-500. An investor can bid for a minimum of 30 equity shares and in multiples thereof. The Initial Public Offer of (IPO) equity shares comprising of fresh issue of Rs 295 crore and an offer for sale of upto 2,14,50,100 equity shares (including anchor portion of 82,05,030 equity shares).
The IPO of Data Patterns (India) received bids for over 61.32 lakh shares as against 70.97 lakh shares on offer, according to stock exchange data at 10:51 IST on Tuesday (14 December 2021). The issue was subscribed 0.86 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).
Buzzing Index:
The Nifty Financial Services index lost 1.25% to 17,782.70. The index has declined 2.74% in three trading sessions.
Shriram Transport Finance Company (down 6.38%), Piramal Enterprises (down 6.09%), M&M Financial Services (down 2.68%), Cholamandalam Investment and Finance Company (down 2.66%) and Bajaj Finserv (down 2.42%) declined.
Stocks in Spotlight:
Shalby fell 0.88%. The company said that Prahlad Rai Inani has resigned as chief financial officer and key managerial personnel of the company. Mr Inani will be relieved from the services of the company with effect from 13 December 2021 after the close of business hours, the company said.
Larsen & Toubro (L&T) shed 0.37%. L&T's construction arm secured a 'large' order for its Buildings & Factories business from the Odisha Government. According L&T's classification, the value of 'large' contracts lies between Rs 2,500 crore to Rs 5,000 crore.
Global Markets:
Asian stocks declined on Tuesday, 14 December 2021 as the Omicron variant returned to focus. The Asian Development Bank on Tuesday trimmed its growth forecasts for developing Asia for this year and next to reflect risks and uncertainty brought on by the new Omicron coronavirus variant. The lender now sees 2021 gross domestic product (GDP) growth of 7% for developing Asia, down from 7.1%, and 2022 growth of 5.3%, down from 5.4% in September.
"COVID-19 has receded in developing Asia, but rising infections worldwide and the emergence of a fast-spreading variant suggest that the pandemic will take time to play out," the ADB said in a supplement to its Asian Development Outlook report.
US stocks declined on Monday, with shares of Carnival Corp and several airlines tumbling as investors worried about the Omicron coronavirus variant ahead of a Federal Reserve meeting later this week.
Investor focus will be on the Fed's latest two-day policy meeting, which kicks off on Tuesday. After the meeting wraps up on Wednesday, the Fed is expected to announce that it will speed up the pace of tapering its asset purchasing program.
Caution on the new omicron variant prevailed again as the U.K. confirmed Monday that at least one patient infected with the new omicron variant of COVID-19 has died in the country. China also reported its first omicron case, as per reports.
The University of Oxford published results on Monday showing two doses of the Oxford-AstraZeneca or Pfizer-BioNTech COVID-19 vaccines are substantially less effective at warding off omicron compared to previous variants of the coronavirus.
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