The Nikkei fell more than 1% before recovering, while the Shanghai Composite fell 0.8%. Hang Seng dropped 0.9%.
In US stock markets, Wall Street indexes ended mixed as the four-day rally lost steam in thin trading and investors weighed in on Omicron-driven travel disruptions and store closures.
The Dow Jones Industrial Average rose 0.3% while the Nasdaq Composite fell 0.6%.
Back home, Indian stock markets opened on a flat note following the trend on SGX Nifty.
Benchmark indices are currently trading on a cautious note, reflecting the weak sentiment of their global counterparts.
BSE Sensex is trading up 181 points. Meanwhile, NSE Nifty is trading with a gain of 52 points.
IndusInd Bank and ICICI Bank are among the top gainers today. On the other hand, the power grid is the worst hit today.
The BSE Mid Cap Index has gained 0.5%. The BSE Smallcap index is trading with a gain of 0.8 percent.
Sectoral indices are trading mixed with stocks in pharma sector, banking sector and energy sector witnessing mostly buying.
Metal shares, on the other hand, are trading in the red.
Banking and finance sector stocks are in focus as the RBI has warned that the asset quality of banks may deteriorate and it has specifically warned that the asset quality of NBFCs may see further deterioration.
Shares of Minda Industries and ESAB India today hit a 52-week high.
M&M is in focus today as the company’s wholly owned subsidiary, Mahindra Engineering & Chemical Products, has agreed to sell its entire stake held in Mahindra Tsubaki Conveyor Systems for 49% of the paid-up equity share capital.
Rupee is trading at 74.75 against US Dollar.
Gold prices are trading with a fall of 0.1% 47,985 per 10 grams.
Meanwhile, silver prices are trading with a fall of 0.1%. 62,466 per kg.
Crude oil prices rose for the sixth consecutive session on the back of strength in stocks.
in the latest developments from ipo space, Clinical research organization Vida Clinical Research has received capital markets regulator’s nod to raise approx. 8.3 billion
In this issue new equity shares will be issued up to 3.3 billion and an offer for sale (OFS) 5 billion by promoters and existing shareholders.
Investors participating in the OFS include CX Alternative Investment Fund, Arabel Financial Services, Bondway Investments Inc., Stevie International Corporation and Basil Pvt.
The Company intends to use the net proceeds from the new issue for debt repayment, capital expenditure financing, investment and financing of further acquisitions of subsidiary Bioneeds, working capital requirements and for general corporate purpose.
VIDA is one of the largest independent full service clinical research organization (CRO) in India. It specializes in the focused section of Bioavailability/Bioequivalence (BA/BE) studies.
After acquiring a substantial minority stake in the company during March and July 2021, to support its capabilities and offer top-notch clinical service for novel drugs, Veida acquired a 50.1% stake in Bangalore-based Bionids India. acquired.
When and how this IPO will come, it remains to be seen.
In other news from the IPO sector, the regulator on Tuesday tightened some rules regarding IPOs. These include new guidelines for setting quota for high net worth individuals and longer lock-in period for anchor investors.
The regulator said that from April 2022, 33% of the shares allotted to non-institutional investors will be reserved for investors whose applications range in size from less than 2 lakhs 10 lakhs. The remaining, two-thirds, will be earmarked for applicants whose application size exceeds 10 lakhs.
Meanwhile, for anchor investors, there will be a change in the lock-in period of the shares purchased by them in the anchor issue of the IPO.
The current lock-in period of 30 days after the allotment of shares will continue for anchor investors for half of the shares allotted to them. For the remaining part, the lock-in period has been increased to 90 days from the day of allotment.
Note that the above move by the watchdog comes at a time when there is a strong line-up of IPOs. With these new rules, the regulator is looking to protect retail investors after a record year of IPOs.
We will keep you informed about the latest developments in this field. stay tuned.
Coming to the current stock market scenario, amidst the ongoing volatility, take a look at the two charts below, in the order they are placed:
Near term volatility in Sensex which is offset by long term gains
The year-on-year change in the Sensex was not predictable, but one who kept investing, increased every lakh by almost 14 times.
Market timing can be suicidal as valuations and volatility put the markets in see-saw mode.
As an individual investor, you need to stick to high conviction stocks and invest consistently to see the magic of compounding.
Because 2022 can be extremely profitable over time, provided you reset your portfolio with the right kind of safe assets and safe stock,
Stocks are moving up on specific news…
Sun Pharma is one of the top trending stocks today.
Sun Pharma on Tuesday said its subsidiary has received an emergency use authorization (EUA) from the Drug Controller General of India (DCGI) for manufacturing and marketing MSD and the generic version of Ridgeback’s antiviral drug mollupiravir under the brand name Moloxvir in India. Is.
DCGI has approved Molnupiravir for the treatment of adult patients with Covid-19 and who are at high risk of disease progression including hospitalization or death.
Sun Pharma shares are currently trading with a gain of 1.7 percent.
Note that in addition to Sun Pharma, several other pharma companies including Cipla, Hetero and Torrent Pharma also announced plans to market their own versions of the antiviral drug mollupiravir.
All these companies have got approval from DCGI to manufacture and market their versions.
Earlier this year, these companies signed non-exclusive voluntary licensing agreements with MSD to manufacture and supply the generic version of Molnupiravir in over 100 low and middle income countries (LMICs), including India.
DCGI approved Molnupiravir for the treatment of adult patients with Covid-19 based on a review of clinical data.
Pharma shares are trading with a mixed trend today with the gains of Sun Pharma and Strides Pharma.
This article is syndicated from Equitymaster.com
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