The key equity indices bounced back in afternoon trade with the Nifty hovering around the 17,250 mark. Pharma shares witnessed selling pressure for the second day.
At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 131.59 points or 0.23% to 57,919.62. The Nifty 50 index added 28.35 points or 0.16% to 17,249.75.
Among the Nifty 50 constituents, Bajaj Finance (up 2.74%), Infosys (up 1.89%), BPCL (up 1.44%), ONGC (up 1.25%) and Mahindra & Mahindra (up 1.25%) advanced.
Cipla (down 1.74%), Eicher Motors (down 1.71%), Hindalco (down 1.69%), Maruti Suzuki (down 1.56%) and Hero MotoCorp (down 1.47%) declined.
The broader market declined. The S&P BSE Mid-Cap index fell 0.73% while the S&P BSE Small-Cap index shed 0.65%.
The market breadth was negative. On the BSE, 1,419 shares rose and 1,871 shares fell. A total of 100 shares were unchanged.
Global cues were mildly positive after the US central bank on Wednesday announced that it would put an end to its pandemic-era bond purchases in March and would raise the interest rates thrice in the upcoming year to battle growing inflation.
The Dow Jones futures were trading 163 points higher, indicating a positive start in US markets today.
Attention now turns to policy announcements later Thursday from the European Central Bank and the Bank of England, which are also aiming to control the heated inflation.
Economy:
India has attracted highest ever annual Foreign Direct Investment, FDI inflow of 81.97 billion US dollars in the current fiscal year despite the challenges posed by Covid-19 pandemic. This was stated by Minister of State for Commerce and Industry Som Parkash in a written reply in the Lok Sabha on 15 December 2021.
The Minister said, India has received FDI inflow worth 440.27 billion US dollars in the last seven years. He said, this is nearly 58% of the FDI reported in the last 21 years. He said, India is becoming a preferred investment destination amongst global investors.
Meanwhile, the Reserve Bank of India (RBI) on 15 December 2021, said that the global economy remained hostage to heightened uncertainty, with the Omicron strain of the coronavirus, sparking fresh containment measures. The Indian economy bounced back strongly in the second quarter of 2021-22, with the gross domestic product (GDP) surpassing its pre-pandemic levels and inflation broadly aligning with the target.
Buzzing Index:
The Nifty Pharma index fell 1.14% to 13,357.80, extending decline for second day. The index has lost 1.61% in two sessions.
Biocon (down 3.32%), Alembic Pharmaceuticals (down 2.66%), Granules India (down 2.53%), Strides Pharma (down 2.38%), Lupin (down 2.02%), Aurobindo Pharma (down 1.90%), Laurus Labs (down 1.77%), Glenmark Pharma (down 1.68%), Cipla (down 1.56%), Natco Pharma (down 1.49%) and Ipca Laboratories (down 1.48%) declined.
Syngene International added 0.50% to Rs 609.60. The company announced extension of its long-standing multi-discipline research collaboration with Amgen Inc, a US-based biotechnology firm till 2026.
Sun Pharmaceutical Industries fell 1.52% to Rs 763.80. The company said that one of its wholly-owned subsidiaries has received final approval from US FDA for its abbreviated new drug application (ANDA) for generic Amphotericin B Liposome for injection.
SeQuent Scientific slumped 4.27% to Rs 167.20. The company has signed definitive agreement to acquire 100% stake in Nourrie Sae e Nutrio Animal in Brazil. SeQuent operates in animal health sector through its principal operating company, Alivira Animal Health. The acquisition marks Alivira's foray into Brazil's pet market, fastest growing segment in Brazil, and 4th largest pet market in the world.
Primary Market:
The initial public offer (IPO) of Supriya Lifescience received bids for over 2.10 crore shares as against 1.45 crore shares on offer, according to stock exchange data at 13:15 IST on Thursday (16 December 2021). The issue was subscribed 1.45 times.
The issue opened for bidding on 16 December 2021 and it will close on 20 December 2021. The price band of the IPO is fixed at Rs 265-274.
The IPO of Data Patterns (India) received bids for over 12.18 crore shares as against 70.97 lakh shares on offer, according to stock exchange data at 13:15 IST on Thursday (16 December 2021). The issue was subscribed 17.17 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.
The IPO of HP Adhesives received bids for over 1.46 crore shares as against 25.28 lakh shares on offer, according to stock exchange data at 13:18 IST on Thursday (16 December 2021). The issue was subscribed 5.80 times.
The issue opened for bidding on 15 December 2021 and it will close on 17 December 2021. The price band of the IPO is fixed at Rs 262-274.
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