Sensex, Nifty at day's high; pharma stocks rally

Key indices extended recovery and hit the day's high in mid afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, added 373.09 points or 0.82% at 45,927.85. The Nifty 50 index rose 108.95 points or 0.82% at 13,437.30.

The broader market lagged the benchmarks. The S&P BSE Mid-Cap index rose 0.43%. The S&P BSE Small-Cap index gained 0.51%.

The market breadth was negative. On the BSE, 1297 shares rose and 1,528 shares fell. A total of 171 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 323.55 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 486.12 crore in the Indian equity market on 21 December 2020, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 7,73,64,959 with 17,02,600 deaths. India reported 2,92,518 active cases of COVID-19 infection and 1,46,111 deaths while 96,36,487 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

In the backdrop of a new strain of the coronavirus emerging in the United Kingdom, the Maharashtra government decided to impose a night curfew from 22 December in all the municipal areas of the state. The curfew will be in place from 11 pm to 6 am till 5 January 2020.

Buzzing Segment:

The Nifty Pharma gained 1.41% to 12,450, reversing yesterday's 3.79% decline.

Cadila Healthcare (up 2.63%), Sun Pharmaceutical Inds (up 1.95%), Torrent Pharmaceuticals (up 1.77%), Lupin (up 1.74%), Divi's Laboratories (up 1.59%), Biocon (up 1.47%) and Dr. Reddy's Lab (up 1.21%) advanced.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged lower to 73.88 as compared to its previous closing of 73.7975.

The yield on 10-year benchmark federal paper fell to 5.951% compared with its closing of 5.957% in the previous trading session.

MCX Gold futures for 5 February 2021 settlement lost 0.36% to Rs 50,233.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, added 0.25% to 90.170.

In the commodities market, Brent crude for February 2020 settlement lost 81 cents to $50.1 a barrel. The contract fell 2.58% to settle at $50.91 in the previous trading session.

Primary Market:

The initial public offer (IPO) of Antony Waste Handling Cell received bids for 1.86 crore shares as against 66.66 lakh shares on offer as on 22 December 2020, according to the National Stock Exchange (NSE) data at 14:00 IST. The issue was subscribed 2.80 times.

The issue opened for subscription yesterday (21 December 2020) and closes on Wednesday (23 December 2020). The price band for the IPO is set at Rs 313-315 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.

The issue comprises of a fresh issue worth Rs 85 crore and an offer for sale (OFS) of 6,824,933 equity shares by existing shareholders. Shares will list on 1 January 2021 on bourses.

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