Nifty50: 17,324 ▼−43 (0.2%)
Sensex: 58,117▼−166 (0.2%)
- Despite opening on a firm note, markets erased initial gains and closed in the red.
- 35 stocks from the Nifty50 pack declined.
- Among the Nifty sectoral indices, only Nifty IT (+0.3%) closed in green.
- Whereas, Media (-1.8%) and Oil & Gas (-1.3%) were the top losers.
| Top gainers | Today's change |
| Power Grid | ▲ 3.8% |
| Divis Lab | ▲ 2.5% |
| Axis Bank | ▲ 1.4% |
| Top losers | Today's change |
| ITC | ▼ 2.7% |
| Bajaj Finance | ▼ 2.0% |
| Tata Consumer | ▼ 1.8% |
For more updates on F&O, click here.
Here are the top stories of the day.
Adani green signs largest green power purchase agreement
The renewable energy arm of the Adani group has signed an agreement with Solar Energy Corporation of India (SECI) to supply 4,667 megawatt of green power.
The agreement is part of a larger 8,000 mw supply tender out of which 6,000 mw are already signed. The company expects to close the balance 2,000 mw in the next 2-3 months. Shares of Adani Green have risen nearly 11% so far this month.
Lupin Goa plant receives USFDA nod
Pharma major received Establishment Inspection Report (EIR) from the USFDA for its Goa manufacturing facility. EIR report is a factual report on all the activities conducted by FDA investigators during the time spent at the manufacturing establishment.
The inspection which took place in September 2021 at Goa manufacturing facility. According to Lupin’s management this is a positive development since the Goa site supplied a number of affordable and quality medicines to the US market. It expects to make new products at the site again.
Greenlam surges on capex plans
Laminate maker plans to invest ₹950 crore over the next 2-3 years to set up its third laminate plant and enter into plywood and particle board business.
The commercial production from the new plywood and laminate plant is expected to start by Q4FY23 and that from the particle board plant by Q4FY24. The stock rose nearly 18% intraday.
IPO corner
On day 3, footwear retailer Metro Brands’ IPO managed to receive healthy interest from investors. The public issue was oversubscribed over 3.5 times. Similarly, on day 2, the public issue of pharmacy retailer MedPlus was fully subscribed.
The defence and aerospace electronic solution provider Data Patterns’ IPO also got off to a strong start. Its IPO was oversubscribed more than 2.5 times on day 1. Besides this, HP Adhesive and Supriya Lifescience are set to launch their IPOs respectively this week. To apply and pre-apply for the IPOs on Upstox, click here.
Closing bell
While the Nifty50 index was range-bound, some sectoral indices showed signs of recovery. Amongst them the Media and Pharma sectors were upbeat and showed promise. The markets were able to hold the fort despite the wholesale inflation hitting 12-year high of 14.2% in November. Generally, wholesale inflation is regarded as a leading indicator for retail inflation. Meanwhile, the US Fed is expected to announce its interest rate decision on Wednesday. Market experts believe the US Fed could raise interest rates sooner than later.
Good to know
What is bootstrapping?
Bootstrapping is a situation where a company is built using personal finances and without relying on any external funding. This is contrary to starting a company by first raising capital through angel investors or venture capital firms. Bootstrapping allows the entrepreneur(s) to maintain more control but at the same time can increase the financial strain.
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