Key benchmark indices came off the day's low and traded near the flat line in morning trade. The Nifty took a support near 13,200 mark and recovered. Selling continued in PSU banks.
At 10:31 IST, the barometer index, the S&P BSE Sensex, was down 31.70 points or 0.07% at 45,522.61. The Nifty 50 index was down 23.85 points or 0.18% at 13,304.45.
In broader market, the S&P BSE Mid-Cap index was down 0.38 while the S&P BSE Small-Cap index fell 0.79%.
The market breadth was weak. On the BSE, 722 shares rose and 1755 shares fell. A total of 108 shares were unchanged.
US Stimulus:
The US House of Representatives has passed an $892 billion coronavirus aid package aimed at throwing a lifeline to the nation's pandemic-battered economy. The relief bill, which will become law if passed by the Senate and signed by President Donald Trump, includes $600 payments to most Americans as well as additional payments to the millions of people thrown out of work during the pandemic.
The White House has said Trump will sign the bill. The legislation also expands a small-business lending program by about $284 billion and steers money to schools, airlines, transit systems and vaccine distribution. The small-business loan and grant program, known as the paycheck protection program, will exclude publicly traded companies from eligibility.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 7,73,42,399 with 17,01,822 deaths. India reported 2,92,518 active cases of COVID-19 infection and 1,46,111 deaths while 96,36,487 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Maharashtra Night Curfew:
In the backdrop of a new strain of the coronavirus emerging in the United Kingdom, the Maharashtra government decided to impose a night curfew from 22 December in all the municipal areas of the state. The curfew will be in place from 11 pm to 6 am till 5 January 2020.
Primary Market:
The initial public offer (IPO) of Antony Waste Handling Cell received bids for 1.45 crore shares as against 66.66 lakh shares on offer as on 22 December 2020, according to the National Stock Exchange (NSE) data at 10:15 IST. The issue was subscribed 2.18 times.
The issue opened for subscription yesterday (21 December 2020) and closes on Wednesday (23 December 2020). The price band for the IPO is set at Rs 313-315 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.
The issue comprises of a fresh issue worth Rs 85 crore and an offer for sale (OFS) of 6,824,933 equity shares by existing shareholders. Shares will list on 1 January 2021 on bourses.
Buzzing Index:
The Nifty PSU Bank index slumped 2.91% to 1,595.35. The index has lost 14.26% in six days.
J&K Bank (down 5.76%), Punjab National Bank (down 5.72%), Indian Overseas Bank (down 3.85%), Indian Bank (down 3.51%), Central Bank of India (down 3.5%), Bank of India (down 3.39%), Bank of Maharashtra (down 3.529%) and Bank of Baroda (down 3.15%) were top losers in PSU bank segment.
Stocks in Spotlight:
Tata Motors fell 2.58%. The automobile maker announced that there will be a price increase across its commercial vehicle range, effective 1 January 2021. The steady rise in material and other input costs, impact of forex and transition to BS6 norms, have cumulatively escalated the cost of manufacturing vehicles. The company had thus far been absorbing the addition in costs but with their steady rise in line with market trend, it has become imperative to pass at least some portion of the cost increase to customers via appropriate price revisions, Tata Motors said in a filing.
Lupin rose 0.5% after the drug major received approval for its Rufinamide Oral Suspension from USFDA to market a generic equivalent of Banzel Oral Suspension of Eisai Inc. Rufinamide Oral Suspension, 40 mg/ml, is indicated for adjunctive treatment of seizures associated with Lennox-Gastaut syndrome (LGS) in pediatric patients 1 year of age and older, and in adults.
Sadbhav Engineering fell 0.17%. The EPC's joint venture (JV) emerged as lowest bidder for a metro rail project in Surat, Gujarat. The project involves construction of 11.6 K.M. elevated viaduct from Kadarsha Ni Nal to Dream City dead end, including ramp for depot entry near Dream City and 10 Stations (excluding E&M, architectural finishing and roofing) for Surat Metro Rail Project Phase-1. The construction period for the same is 30 months.
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