Shares turn rangebound; Asian markets edge lower

The domestic equity benchmarks continued to trade in a narrow range with moderate losses in mid morning trade. The Nifty was trading above the 17,450 mark. Metal stocks extended gains for fourth consecutive session. Asian stocks edged lower.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 225.15 points or 0.38% to 58,581.98. The Nifty 50 index lost 50.25 points or 0.29% to 17,466.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index added 0.72%.

The market breadth was strong. On the BSE, 2076 shares rose and 1021 shares fell. A total of 131 shares were unchanged.

Meanwhile, a foreign brokerage firm reportedly expects Indian economy to continue to show positive surprises and record up to 9% growth in the next fiscal. For the current financial year too, the brokerage anticipates growth to be higher than the consensus forecast of 8.4-9.5%, and printing in at around 10.5%, media reports said.

New Listing:

Shares of Star Health and Allied Insurance Company were currently trading at Rs 900.90 on the BSE, at a premium of 0.10% as compared to the issue price of Rs 900.

The scrip was listed at Rs 848.80, representing a discount of 5.69% to the initial public offer (IPO) price.

So far, the scrip has hit a high of 940 and a low of 827.50. Over 4.30 lakh shares of the company have changed hands in the counter till now.

The IPO of Star Health and Allied Insurance Company was subscribed 79%. The issue opened for bidding on 30 November 2021 and it closed 2 December 2021. The price band of the IPO was fixed at Rs 870-900.

Star Health and Allied Insurance Company is the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market in FY2021 in terms of Gross Written Premium (GWP).

Buzzing Index:

The Nifty Metal index rose 0.60% to 5,663.55, advancing for fourth day. The index has added 6.30% in four sessions.

APL Apollo Tubes (up 4.48%), Welspun Corp (up 3.51%), Adani Enterprises (up 2.91%), Ratnamani Metals Tubes (up 1.13%), Vedanta (up 0.75%), NMDC (up 0.48%) and Jindal Steel & Power (up 0.46%) advanced while SAIL (down 0.89%) and Hindustan Zinc (down 0.82%) declined.

Global markets:

Asian stocks continued to trade lower on Friday as investors assessed the risks associated with the new omicron Covid variant and looked ahead to key inflation data in the U.S.

Wall Street closed lower on Thursday as investors banked some profits after three straight days of gains and turned their focus toward upcoming inflation data and how it might influence the Federal Reserve's meeting next week.

On Friday, the Labor Department will release the consumer price index for November. As per reports, the reading could mark its highest year-over-year level since 1982.

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