At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 187 points or 0.33% at 57,447.79. The Nifty 50 index added 55.7 points or 0.33% at 17,109.65.
In the broader market, the S&P BSE Mid-Cap index gained 1.01% while the S&P BSE Small-Cap index 1.11%.
The market breadth was strong. On the BSE, 2141 shares rose and 952 shares fell. A total of 126 shares were unchanged.
Primary Market:
The initial public offer (IPO) of Star Health And Allied Insurance Company received bids for over 29.16 lakh shares as against 4.49 crore shares on offer, according to stock exchange data at 11:21 IST on Tuesday (30 November 2021). The issue was subscribed 6%.
The issue opened for bidding on 30 November 2021 and it will close on 2 December 2021. The price band of the IPO is fixed at Rs 870-900. The IPO consists of a fresh issue to raise Rs 2,000 crore and an offer of sale (OFS) comprises issuing 5.83 crore equity share.
Star Health and Allied Insurance Company is the largest private health insurer with 15.8% market share in the overall healthy industry. The company has strong retail health insurance market share at 31.3% in FY2021.
Buzzing Index:
The Nifty Bank index added 349 points or 0.97% to 36,325.75, snapping its three day losing streak. The index declined nearly 4% in three days.
Bandhan Bank (up 3.66%), RBL Bank (up 3.66%), Axis Bank (up 2.2%), IndusInd Bank (up 1.78%), Federal Bank (up 1.67%), PNB (up 1.33%) and SBI (up 1.16%) were top gainers in banking space.
Stocks in Spotlight:
Earum Pharmaceuticals was locked in an upper-circuit of 5% at Rs 70.35 after the company fixed Saturday, 18 December 2021 as the record date for determining eligibility of members for the purpose of sub-division of the equity shares of the company.
ITI jumped 2.07%. The company installed a 100 KW (kilo-watt) capacity captive rooftop solar power plant in Lucknow, Uttar Pradesh on 16 November 2021. The installed rooftop solar power plant has been set up using solar panels which have been manufactured at ITI's state-of-the-art solar panel manufacturing facility at Naini (Prayagraj), Uttar Pradesh.
Global Markets:
Most Asian indices were trading higher on Tuesday as Japanese stocks led gains regionally, with investors reacting to the release of Chinese factory activity data for November.
China's factory activity unexpectedly picked up in November, growing for the first time in three months as raw material prices fell and power rationing abated. The official manufacturing Purchasing Manager's Index (PMI) was at 50.1 in November, up from 49.2 in October, data from the National Bureau of Statistics showed.
Investors in the region also continued to track any developments surrounding the omicron variant, which the World Health Organization said is likely to spread further and poses a very high global risk.
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