The benchmark indices ended with deep losses on Friday with the Nifty slipping below its crucial 17,000 mark. Barring the Nifty IT index, all the sectoral indices on the NSE ended in the red.
As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 889.40 points or 1.54% at 57,011.74. The Nifty 50 index lost 263.20 points or 1.53% at 16,985.20.
In the broader market, the S&P BSE Mid-Cap index shed 2.42% while the S&P BSE Small-Cap index declined 2.07%.
The market breadth was weak. On the BSE, 1,057 shares rose and 2,283 shares fell. A total of 99 shares were unchanged.
Primary Market:
The initial public offer (IPO) of Supriya Lifescience received bids for over 6.52 crore shares as against 1.45 crore shares on offer, according to stock exchange data at 15:21 IST on Friday, (17 December 2021). The issue was subscribed 4.49 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. An investor can bid for a minimum of 54 equity shares and in multiples thereof. The IPO comprises a fresh issue of upto Rs 200 crore and an Offer for Sale (OFS) of upto Rs 500 crore (including an anchor portions of 1,14,96,351 equity shares).
The IPO of HP Adhesives received bids for over 4.52 crore shares as against 25.28 lakh shares on offer, according to stock exchange data at 15:24 IST on Friday (17 December 2021). The issue was subscribed 17.90 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. An investor can bid for a minimum of 50 equity shares and in multiples thereof. The Initial Public Offer (IPO) comprises up to 45,97,200 equity shares (including anchor portion of 20,68,700 equity shares).
New Listing:
Shares of Rategain Travel Technologies were currently trading at Rs 337 on the BSE, at a discount of 20.70% as against the issue price of Rs 425. The scrip was listed at Rs 364.80, representing a discount of 14.16% to the initial public offer (IPO) price. So far, the scrip has hit a high of 382 and a low of 334.10. Over 7.57 lakh shares of the company have changed hands in the counter till now.
The IPO of Rategain Travel Technologies was subscribed 17.41 times. The issue opened for bidding on 7 December 2021 and it closed on 9 December 2021. The price band of the IPO was fixed at Rs 405-425. The offer comprised of a fresh issue up to Rs 375 crore and an offer for sale of up to 2,26,05,530 equity shares.
Buzzing Index:
The Nifty Realty index dropped 3.81% to 476.55. The index has lost 8.24% in the five trading sessions.
IndiaBulls Real Estate (down 6.63%), Macrotech Developers (down 6.17%), Godrej Properties (down 5.48%), Sunteck Realty (down 3.52%) and DLF (down 3.49%) were the top losers in the Realty segment.
Stocks in Spotlight:
KEC International rose 1.21% after the company secured new orders worth Rs 1,041 crore across its various businesses. The EPC company secured orders for Transmission & Distribution projects in India, Middle East and Americas. The company's civil business also secured an order for building a data centre in Western India. The company also bagged orders for various types of cables in India and overseas.
Bharti Airtel declined 2.25%. The telecom operator said that it has paid Rs 15,519 crore to the Department of Telecom (Government of India) towards prepayment of the entire deferred liabilities pertaining to spectrum acquired in auction of year 2014. The company had acquired 128.4 MHz spectrum (including Telenor spectrum) for a consideration of Rs 19,051 crore in the 2014 auction. The liabilities were due in annual instalments from FY 2026-2027 to 2031-2032 and carried an interest rate of 10% (the highest rate amongst the deferred liabilities and borrowings) and an average residual life of seven plus years.
Persistent Systems advanced 3.57% after ATOSS, a Germany-based software provider for workforce management, selected the IT company to transform its customer relationship management with the help of Salesforce integrations. ATOSS will use the company's Salesforce platform to automate sales, integrate with existing back-end systems and introduce customer service and event management. Persistent will first implement Sales Cloud to replace and redefine the current sales and service processes at ATOSS.
Greenlam Industries rose 1.11% after the company said that it had received permission from the appropriate authority yesterday (16 December 2021) to resume manufacturing activity at its plant located in Behror, Rajasthan. The company further said that as per the applicable section of the Commission for Air Quality Management in National Capital Region and Adjoining Areas Act, 2021, it has been allowed to run its manufacturing activity for 5 days per week (without any restrictions on number of hours per day).
Global Markets:
European shares fell across the board while Asian shares ended on a mixed note on Friday, 17 December 2021, as concerns persisted about the spread of the omicron COVID-19 variant and the inflation outlook. The U.K. reported nearly 90,000 COVID-19 cases in a single day on Thursday, but daily deaths remain relatively stable.
The Bank of England hiked its interest rates on Thursday for the first time since the pandemic started. It raised its main interest rate from a historic low of 0.1% to 0.25% amid mounting inflation pressure. The Bank of England is the first major central bank to tighten monetary policy post the onset of the coronavirus pandemic.
The European Central Bank further cut its bond purchases overnight but vowed to continue its unprecedented monetary policy support for the euro zone economy into 2022. It left the benchmark refinancing rate unchanged at 0%, while the rate on its marginal lending facility remained at 0.25%.
In Asia, the Bank of Japan maintained its short-term interest rate target at (-) 0.1%.
Meanwhile, U.S. President Joe Biden signed a debt ceiling increase into law on Thursday, ensuring the U.S. will not default on its debt for the first time ever. The measure lifts the government's borrowing limit by $2.5 trillion, which is expected to allow the U.S. to cover its obligations into 2023.
Meanwhile, the number of Americans applying for unemployment benefits rose last week despite signs that the U.S. labor market is rebounding from last year's coronavirus recession. Jobless claims rose by 18,000 to a 2,06,000, still low by historical standards. The four-week average, which smooths out week-to-week volatility, fell by 16,000 to less than 2,04,000, the lowest level since mid-November 1969, according Department of Labor figures released Thursday.
Altogether, 1.8 million Americans were receiving traditional jobless benefits the week that ended 4 December 2021, down by 1,54,000 from the previous week.
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