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Shares tank amid COVID-19 fears; Nifty below 17,200

Capital Market 

The domestic indices tanked in morning trade, tracking weak global cues amid renewed Covid fears over a new variant found in South Africa. The Nifty was trading below 17,200 level.

At 10:30 IST, the barometer index, the S&P BSE Sensex, tumbled 1207.13 points or 2.05% at 57,587.96. The Nifty 50 index lost 368.20 points or 2.10% at 17,168.05.

In the broader market, the S&P BSE Mid-Cap index declined 2.11% while the S&P BSE Small-Cap index shed 1.56%.

The market breadth was strong. On the BSE, 1,995 shares rose and 1,016 shares fell. A total of 130 shares were unchanged.

The US Dow Jones futures were down 425 points, indicating a weak opening in the US market today.

WHO officials on Thursday warned of a new Covid-19 variant that's been detected in South Africa. The new variant called the B.1.1529 is reported to have a significantly high number of mutations, thus leading to alarming public health implications. The United Kingdom temporarily suspended flights from six African countries due to the variant.

As per provisional data, foreign portfolio investors (FPIs) sold shares worth Rs 2,300.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,367.80 crore in the Indian equity market on 25 November 2021.

Sebi Guideline:

The Securities and Exchange Board of India (Sebi) on Wednesday, 24 November 2021 issued fresh operating norms for the introduction of silver exchange traded funds (ETFs) in the country, a move that will expand the options available for investing in commodities through exchanges. This comes after the market regulator earlier this month amended mutual funds regulations to have mechanism for silver ETFs.

New Listing:

Shares of Tarsons Products were currently trading at Rs 780.70 at 10:09 IST on BSE, at a premium of 17.93% as compared to the issue price of Rs 662.

The scrip was listed at Rs 700, at a premium of 5.74% to the issue price. So far, the scrip has hit a high of 808 and a low of 634 in the trading session. Over 7.63 lakh shares of the company changed hands in the counter on the BSE.

The initial public offer (IPO) of Tarsons Products received bids for 84,02,81,684 shares as against 1,08,44,104 shares on offer. The issue was subscribed 77.49 times. The issue opened for bidding on 15 November 2021 and it closed on 17 November 2021. The price band of the IPO was fixed at Rs 635-662.

Buzzing Index:

The Nifty Auto index declined 2.54% to 10,961.95. The index lost 4.31% in three trading sessions.

Tata Motors (down 4.09%), Bharat Forge (down 3.73%), Maruti Suzuki India (down 3.14%), Mahindra & Mahindra (M&M) (down 2.73%) and Ashok Leyland (down 2.73%) were the top losers in the Auto segment.

Stocks in Spotlight:

Godrej Properties dropped 4.64%. The company said that it has purchased a land measuring approximately 16 acres in Sarjapur (Bengaluru), for developing a mid-income project. The project is estimated to have a developable potential of approximately 1.5 million square feet saleable area comprising primarily of residential apartments of various configurations.

Sarjapur is one of the most preferred residential locations in Bengaluru and also has excellent connectivity to the IT/ITES belt at Bellandur on Outer Ring Road and several key hubs of the city. The site is strategically located close to the Sarjapur main road and offers an extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.

Greenlam Industries soared 13.09% after the company said its board will consider a 5-for-1 stock split on 13 December 2021. The company is planning to split each share with face value of Rs 5 into five shares of face value of Re 1 each.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 26 2021. 10:43 IST