Sensex drops 368 pts; breadth turns negative

The domestic equities extended losses and hit fresh intraday low in morning trade. Autos, banks and financial stocks tumbled. The Nifty slipped below the 17,300 mark. Pharma, healthcare and metal stocks bucked weak market trend.

At 10:30 IST, the barometer index, the S&P BSE Sensex, dropped 368.08 points or 0.63% at 57,915.34. The Nifty 50 index lost 106.30 points or 0.61% at 17,261.95.

In the broader market, the S&P BSE Mid-Cap index fell 0.90% while the S&P BSE Small-Cap index slipped 0.18%.

The market breadth was negative. On the BSE, 1,514 shares rose and 1,520 shares fell. A total of 115 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,743.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,351.03 crore in the Indian equity market on 13 December 2021, provisional data showed.

Economy:

India's retail inflation rate, which is measured by the Consumer Price Index (CPI), rose to 4.91% during the month of November 2021, as per the data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. The inflation has increased sequentially, as it was recorded at 4.48% in October 2021. Year-on-year, however, a dip has been registered as the rate of inflation in November 2020 stood at 6.93%.

New Listing:

Shares of Anand Rathi Wealth were currently trading at Rs 570.90 at 10:16 IST on BSE, at a premium of 3.79% as compared to the issue price of Rs 550. The scrip was listed at Rs 602.05, at a premium of 9.46% to the issue price. So far, the scrip has hit a high of 614.95 and a low of 566.45 in the trading session. Over 3.77 lakh shares of the company changed hands in the counter on the BSE.

The initial public offer (IPO) of Anand Rathi Wealth received bids for 8,29,21,509 shares as against 84,75,000 shares on offer. The issue was subscribed 9.78 times. The non-institutional investors category was subscribed 25.42 times. The retail investors category was subscribed 7.76 times. The qualified institutional buyers category was subscribed 2.50 times. The issue opened for bidding on 2 December 2021 and it closed on 6 December 2021. The price band of the IPO was fixed at Rs 530-550 per share.

Buzzing Index:

The Nifty Auto index fell 1.10% to 10,925.60. The index added 4.62% in the past four trading sessions.

Tube Investments of India (down 3.37%), Ashok Leyland (down 2.26%), Tata Motors (down 2.05%), TVS Motor Company (down 1.82%) and Eicher Motors (down 1.64%) declined.

Stocks in Spotlight:

Adani Green Energy rose 1.72% after the company signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 MW of green power. So far, Adani Green Energy has signed power purchase agreement with SECI for a total generation capacity of close to 6,000 MW of the 8,000 MW awarded in 2020. The company expects to close the balance 2,000 MW PPA in the next two to three months.

Lupin jumped 5.96% after the drug maker received the Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for its Goa manufacturing facility. The inspection was conducted in September 2021. The USFDA determined that the inspection classification of the facility is Voluntary Action Indicated (VAI).

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