Sensex tumbles 302 pts; Nifty holds 17,400 mark

The key equity indices further extended losses and hit fresh intraday low in afternoon trade. The Nifty was trading below the 17,450 mark. Bajaj twins, HDFC twins and Reliance Industries dragged the benchmarks.

At 13:21 IST, the barometer index, the S&P BSE Sensex, was down 302.19 points or 0.51% to 58,484.48. The Nifty 50 index lost 84.75 points or 0.48% to 17,426.55.

Bajaj Finance (down 2.54%), Bajaj Finserv (down 2.11%), Reliance Industries (down 1.93%), HDFC (down 1.06%) and HDFC Bank (down 0.42%) dragged the benchmarks lower.

The broader indices were mixed. The S&P BSE Mid-Cap index shed 0.12% while the S&P BSE Small-Cap index rose 0.55%.

The market breadth was positive. On the BSE, 1965 shares rose and 1438 shares fell. A total of 168 shares were unchanged.

Economy:

India's index of industrial production (IIP) grew by 3.2% in October 2021, according to the data released by the Ministry of Statistics & Programme (MoSPI) on Friday. Industrial output, as measured by IIP, leapt 4.5% in October 2020 and surged 3.1% in September. Meanwhile, the mining output during October (2021) rose by 11.4%, whereas, manufacturing sector output jumped 2%. Electricity generation in October grew 3.1%.

As per the BRICS Economic Bulletin 2021 released by the Reserve Bank of India (RBI) on 10 December 2021, India's recovery from the slowdown inflicted by the COVID-19 pandemic is projected to be higher than other member nations.

New Listing:

Shares of Tega Industries were currently trading at Rs 729.55 on the BSE, at a premium of 61.05% as compared to the issue price of Rs 453.

The scrip was listed at Rs 753, at a premium of 66.22% to the issue price. So far, the scrip has hit a high of 767.10 and a low of 711.50 in the trading session. Over 8.91 lakh shares of the company changed hands in the counter on the BSE.

The initial public offer (IPO) of Tega Industries received bids for 2,09,58,69,600 shares as against 95,68,636 shares on offer. The issue was subscribed 219.04 times.

The issue opened for bidding on 1 December 2021 and it closed on 3 December 2021. The price band of the IPO was fixed at Rs 443-453.

Stocks in Spotlight:

Minda Industries jumped 5.39% to Rs 996.55 after the company announced that it has entered into a joint venture (JV) agreement with FRIWO AG Germany for manufacturing and supplying various electric vehicle (EV) components in Indian subcontinent. Separately, Minda Industries informed that its board had approved the expansion plans for its alloy wheel businesses considering increased demand for its alloy wheels from leading OEMs.

Venky's (India) rose 5.48% to Rs 2735.30 after the company said it is setting up a new project for manufacturing veterinary medicine products under its animal health product segment.

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