Market at day's low, broader mkt rallies

The key equity barometers declined further and hit a fresh intraday low in mid-morning trade. Negative global cues dented the investors sentiment. The Nifty traded below the 18,700 level. Media, PSU bank and realty stocks edged higher while auto, pharma and financial services stocks corrected.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 453.6 points or 0.72% to 62,830.59. The Nifty 50 index shed 133.10 points or 0.71% to 18,679.40.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index added 0.45%.

The market breadth was positive. On the BSE, 1,902 shares rose and 1,382 shares fell. A total of 154 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Uniparts India received bids for 2,88,84,850 shares as against 1,01,37,360 shares on offer, according to stock exchange data at 11:21 IST on Friday (2 December 2022). The issue was subscribed 2.85 times.

The issue opened for bidding on Wednesday (30 November 2022) and it will close on Friday (2 December 2022). The price band of the IPO is fixed at Rs 548-577 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index fell 0.69% to 13,029.60. The index shed 0.87% in two trading sessions.

Divis Laboratories (down 1.76%), Cipla (down 1.72%), Abbott India (down 1%), Gland Pharma (down 0.97%), Biocon (down 0.95%), Sun Pharmaceuticals Industries (down 0.9%), Laurus Labs (down 0.43%), Torrent Pharmaceuticals (down 0.42%), Sanofi India (down 0.17%) and Lupin (down 0.13%) declined.

On the other hand, Pfizer (up 1.55%) ,Natco Pharma (up 1.16%) and Zydus Lifesciences (up 0.51%) advanced.

Stocks in Spotlight:

Ashiana Housing rose 1.27% after the company entered into an agreement to develop a group housing project with approximate saleable area of 4.00 lakh sq. ft at Murlipura in Jaipur, Rajasthan.

SJVN added 1.40% after the company's wholly owned subsidiary, SJVN Green Energy has signed a memorandum of understanding with Grid Corporation of Odisha for developing 1000 MW Hydro Electric Projects and 2000 MW Solar Power Projects in Odisha.

MOIL rallied 4.24% after the company's production jumped 60% sequentially to 1.2 lakh tonne in November 2022. On the sales front, MOIL said that it has recorded a growth of 82% during the period over the previous month, in spite of challenging market conditions.

Global Markets:

Asian stocks tumbled on Friday as investors looked for clarity after China signaled slight easing of its stringent Covid restrictions.

South Korea's consumer prices rose 5% in November from a year earlier, government data showed on Friday. The November inflation rate compared with 5.7% in October. The country's inflation rate has been falling since hitting a 24-year high of 6.3% in July as global energy prices eased and the economy slowed.

US stocks ended mixed on Thursday as investors awaited jobs data coming Friday that could determine the pace of the Federal Reserve's future rate tightening.

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