Sensex, Nifty hit day's high; breadth strong

Benchmark indices surged in mid morning trade with the Nifty hovering near the 17,200 mark. Strength was wide spread. However, pharma and healthcare stocks were under pressure.

At 11:26 IST, the barometer index, the S&P BSE Sensex, jumped 735.37 points or 1.29% at 57,800.79. The Nifty 50 index added 205.15 points or 1.21% at 17,188.75.

The broader market lagged the main stock indices. The S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index rose 0.18%.

The market breadth was strong. On the BSE, 1886 shares rose and 1,172 shares fell. A total of 148 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Tega Industries received bids for over 1.07 crore shares as against 95.68 lakh shares on offer, according to stock exchange data at 11:09 IST on Wednesday (1 December 2021). The issue was subscribed 1.12 times.

The issue opened for bidding today, 1 December 2021 and it will close on 3 December 2021. The price band of the IPO is fixed at Rs 443-453. The offer comprises an offer for sale by selling shareholders of up to 13,66,978 equity shares. The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders.

Tega Industries is a manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry.

The initial public offer (IPO) of Star Health and Allied Insurance Company received bids for over 60.27 lakh shares as against 4.49 crore shares on offer, according to stock exchange data at 11:14 IST on Wednesday (1 December 2021). The issue was subscribed 13%.

The issue opened for bidding on 30 November 2021 and it will close on 2 December 2021. The price band of the IPO is fixed at Rs 870-900. The IPO consists of a fresh issue to raise Rs 2,000 crore and an offer of sale (OFS) comprises issuing 5.83 crore equity share.

Star Health and Allied Insurance Company is the largest private health insurer with 15.8% market share in the overall healthy industry. The company has strong retail health insurance market share at 31.3% in FY2021.

Buzzing Index:

The Nifty Bank index jumped 601 points or 1.68% to 36,300. The index lost 4.66% in the past four sessions.

IndusInd Bank (up 5.72%), Axis Bank (up 3.34%), RBL Bank (up 3.07%), SBI (up 2.1%), ICICI Bank (up 2.05%) and Federal Bank (up 1.9%) were top gainers in banking space.

November Auto Sales:

Escorts rose 0.64%. The company's total tractor sales skid 30% Y-o-Y (year-on-year) to 7,116 units in November 2021 from 10,165 units sold in November 2020. On a sequential basis, Escorts recorded a 47.34% drop in total sales in November 2021 from 13,514 units sold in October 2021. Domestic tractor sales in November 2021 was at 6,492 tractors as against 9,662 tractors in November 2020, registering a decline of 32.8% Y-o-Y (year-on-year). The delayed harvest of Kharif crops owing to the late monsoon rains this year affected the rural cash flows and hence, the retail demand. This is expected to be a temporary phenomenon and cash flows should start improving soon as Kharif harvest gets fully monetized, the company highlighted in its press statement.

Bajaj Auto rose 0.21%. The company's total auto sales in November 2021 stood at 3,79,276 units, down by 10% from 4,22,240 units sold in November 2020. On a sequential basis, the total auto sales skid 13.72% as compared with 4,39,615 units sold in October 2021. The company's total domestic sales dropped 20% to 1,58,755 units while export sales fell 1% to 2,20,521 units in November 2021 as compared with the same period last year.

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