Market wrap: Sensex snaps 4-day losing run, ends over 100 pts higher

Top headlines
 
·       Sensex snaps 4-day losing run, ends over 100 pts higher after US Fed outcome
·       Bajaj twins can slide another 10% from current levels
·       Supriya Lifescience IPO fully subscribed within hours of opening
 
The benchmark equities snapped their 4-day losing run and ended higher on Thursday as investors assessed the US Fed's decision on taper and rates.
 
While the markets slipped in the negative territory during the day, they bounced back in the last hour of the session on the back of a solid buying in IT stocks and select index heavyweights like Bajaj Finance, Reliance Industries, and Titan.
 
By close, the frontline S&P BSE Sensex stood at 57,901, up 113 points or 0.2 per cent. The index had hit a high of 58,337 and a low of 57,683 during the day.
 
On the NSE, the Nifty50 closed at 17,248 levels, up 27 points. The index had slipped below the 17,200 mark in intra-day deals.
 
The broader markets, however, settled in the red with the BSE MidCap and SmallCap indices closing half a per cent lower each.
 
Among individual stocks, the shares of Bajaj Finance settled 2.8 per cent higher at Rs 7,043 per share on the BSE, after sinking 8 per cent in three days. According to tech charts, the stock faces a stiff resistance at Rs 7,500. As long as the stock trades below this crucial mark, it may head in the direction of Rs 6,400 levels.
 
Bajaj Finserv, too, faces a 10 per cent downside risk as the stock has been unable to conquer the 50-day moving average positioned at Rs 17,800. Further, the stock may fall towards the Rs 15,000 level if it breaches its support level of 16,800.
 
That apart, the shares of Tega Industries ended around 2 per cent higher on the BSE, breaking their 3-day losing streak. The stock of the industrial machinery company has slipped 21 per cent from its listing day high of Rs 767.10 but continues to command a 33 per cent premium over its issue price.
 
On the downside, the shares of TVS Motors settled over 5 per cent lower at Rs 636 on the BSE as the company's tie-up with global auto giant BMW Motorrad in the electric vehicle space failed to enthuse investors. Analysts at global brokerage Citi have a 'sell' call on the stock as it believes TVS Motors remains one of the most vulnerable auto players to the onslaught of EV models by competitors. The brokerage has a target price of Rs 540 on the stock.
 
Among sectors, barring the Nifty IT index, which settled 1.2 per cent higher, all other indices closed in the red. The Nifty Media index was the biggest loser, down 2 per cent, while all other indices ended up to 1 per cent down.
 
Now, a look at primary markets:
 
The initial public offering of Supriya Lifescience Ltd was fully subscribed within hours of opening for subscription on Thursday on the back of a strong response from retail investors. The offer was subscribed over 2 times till 4:00 PM with retail investors' portion seeing a subscription of over 10 times.
 
Meanwhile, the public offer of HP Adhesives has been subscribed 7 times so far, with the retail portion getting an oversubscription of 36 times. 
 
Data Patterns' IPO has seen a robust investor response too, with a total subscription of 119 times so far on the final day of the issue. As of 4:00 PM, the NII portion had a subscription of 253 times, QIB portion 191 times, and retail portion 22.5 times.
 
Separately, cash management company CMS Info Systems has fixed a price band of Rs 205-216 a share for its Rs 1,100-crore initial public offering. The initial share sale will be open for public subscription from December 21 to 23.