Shares corrected across the globe on concerns that a fast-spreading new coronavirus strain found in Britain could disrupt a global economic recovery. Investors also locked profits ahead of year-end holidays.
In the broader market, the S&P BSE Mid-Cap index was down 0.81% while the S&P BSE Small-Cap index lost 1.22%.
The market breadth was weak. On the BSE, 703 shares rose and 1941 shares fell. A total of 124 shares were unchanged.
On Monday, 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, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 7,73,42,399 with 17,01,822 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.
Maharashtra Night Curfew:
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.
Primary Market:
The initial public offer (IPO) of Antony Waste Handling Cell received bids for 1.61 crore shares as against 66.66 lakh shares on offer as on 22 December 2020, according to the National Stock Exchange (NSE) data at 11:15 IST. The issue was subscribed 2.42 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.
Buzzing Index:
The Nifty IT index rose 0.76% to 23,018.40, bouncing back from yesterday's 1.77% decline.
Mindtree (up 3.23%), HCL Technologies (up 2.14%), Tech Mahindra (up 2.08%), Infosys (up 0.74%), Coforge (up 0.63%) and TCS (up 0.58%) advanced.
Stocks in Spotlight:
Thermax fell 2.14%. The company has acquired remaining 24% stake in First Energy (FEPL) effective 21 December 2020. Accordingly, the equity shareholding of the company in FEPL stands increased to 100% from 76% stake, making it a wholly owned subsidiary of the company. FEPL is an alternative energy solution company and is engaged in the business of manufacture & supply of biomass pellets, gasification technology and cooking stoves.
Engineers India gained 1.65%. The PSU Enterprise has set 1 January 2021 as the record date for share buyback.
Global Markets:
Asian markets declined on Tuesday, as investors worried a highly infectious new strain of COVID-19 that shut down much of Britain could lead to a slower economic recovery.
Developments surrounding the coronavirus pandemic likely continued to weigh on investor sentiment, following the discovery of a new Covid strain in the U.K. that has prompted tighter lockdowns and travel restrictions across Europe.
In US, the S&P 500 closed lower on Monday, having clawed its way back from steep losses early in the session as investors juggled the outbreak of an ominous new strain of COVID-19 with the passage of a long-anticipated stimulus package.
The Dow Jones Industrial Average rose 37.4 points, or 0.12%, to 30,216.45, the S&P 500 lost 14.49 points, or 0.39%, to 3,694.92 and the Nasdaq Composite dropped 13.12 points, or 0.1%, to 12,742.52.
The US House of Representatives passed a $892 billion coronavirus aid package aimed at throwing a lifeline to the nation's pandemic-battered economy. The relief bill, which will become law if passed by the Senate and signed by President Donald Trump, includes $600 payments to most Americans as well as additional payments to the millions of people thrown out of work during the pandemic.
The White House has said Trump will sign the bill. The legislation also expands a small-business lending program by about $284 billion and steers money to schools, airlines, transit systems and vaccine distribution. The small-business loan and grant program, known as the paycheck protection program, will exclude publicly traded companies from eligibility.
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