At 11:26 IST, the barometer index, the S&P BSE Sensex, jumped 525.91 points or 0.91% at 58,210.41. The Nifty 50 index added 153.9 points or 0.9% at 17,320.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.3% while the S&P BSE Small-Cap index added 0.67%.

The market breadth was strong. On the BSE, 2019 shares rose and 1016 shares fell. A total of 139 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Tega Industries received bids for over 6.01 crore shares as against 95.68 lakh shares on offer, according to stock exchange data at 11:08 IST on Thursday (2 December 2021). The issue was subscribed 6.28 times.

The issue opened for bidding on 1 December 2021 and it will close on 3 December 2021. The price band of the IPO is fixed at Rs 443-453. The offer comprises an offer for sale by selling shareholders of up to 13,66,978 equity shares. The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders.

Tega Industries is a manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry.

The initial public offer (IPO) of Star Health and Allied Insurance Company received bids for over 99.86 lakh shares as against 4.49 crore shares on offer, according to stock exchange data at 11:08 IST on Thursday (2 December 2021). The issue was subscribed 13%.

The issue opened for bidding on 30 November 2021 and it will close today, 2 December 2021. The price band of the IPO is fixed at Rs 870-900. The IPO consists of a fresh issue to raise Rs 2,000 crore and an offer of sale (OFS) comprises issuing 5.83 crore equity share.

Star Health and Allied Insurance Company is the largest private health insurer with 15.8% market share in the overall healthy industry. The company has strong retail health insurance market share at 31.3% in FY2021.

Buzzing Index:

The Nifty Realty index declined 0.4% to 492.65, snapping its two day winning run. The realty index gained 2% in two days.

Macrotech Developers (down 3%), Sobha (down 1.07%), Indiabulls Real Estate (down 0.87%), Brigade Enterprises (down 0.47%) and DLF (down 0.42%) were top losers in realty space.

Stocks in Spotlight:

Maruti Suzuki India fell 0.14%, The company's total production (passenger vehicles + light commercial vehicles) fell 3.1% to 1,45,560 units in November 2021 over 1,50,221 units in November 2020.

Lupin gained 1.11%. The company's wholly-owned subsidiary, Lupin Inc., entered into an agreement with UK-based TTP PLC to buy exclusive worldwide rights to develop, manufacture & commercialize Inhalation products using TTP's soft-mist inhalation technology platform. Lupin and TTP PLC (The Technology Partnership PLC UK) will jointly develop the device.

Global Markets:

Asian stocks were mixed on Thursday as concerns over the economic impact of the omicron Covid variant continue to weigh on investor sentiment. The number of COVID-19 cases in South Africa almost doubled, while the UK, Switzerland and Brazil reported cases of the omicron variant.

US stocks witnessed a sharp reversal overnight after the Centers for Disease Control and Prevention confirmed the first case of omicron in the US.

The Dow Jones Industrial Average dropped 461.68 points to 34,022.04 while the S&P 500 declined 1.18% to 4,513.04. The Nasdaq Composite fell 1.83% to 15,254.05.

Meanwhile, US Fed Chairman Jerome Powell said that he expects policymakers to discuss the possibility of a faster taper schedule at the meeting this month.

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