Nifty Pharma Index Rallies | Senores Pharma IPO | Top Buzzing Stocks Today

Fri, 20 Dec Pre-Open

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Benchmarks dragged further as the session progressed and ended the day on weak note.

Benchmark equity indices BSE Sensex and NSE Nifty50 witnessed a sharp correction, settling down by over 1% each, tracking the decline on Wall Street following US Fed Chairman Jerome Powell's hawkish commentary.

At the closing bell on Thursday, the BSE Sensex closed lower by 964 points (down 1.2%).

Meanwhile, the NSE Nifty closed lower by 247 points (down 1%).

Cipla, BPCL and Sun Pharma was the top gainers.

Asian paints, Grasim Industries and JSW Steel on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE Mid Cap ended flat and the BSE Small Cap index ended 0.6% lower.

Barring healthcare sector most sectoral indices are trading negative with stocks in banking sector, IT sector and capital goods sector witnessing selling pressure.

Speaking of stock markets, the global landscape appears skewed. The US leads the pack, while China, despite its size, remains on the sidelines.

In the following video, research analyst Rahul Shah highlights how India, positioned in the middle, needs to act swiftly to leverage this imbalance.

Top buzzing stocks today

SpiceJet share price will be in focus today.

Shares of SpiceJet were trading around 7% higher on 19 December, after the company reported in an exchange filing that it had reached an amicable settlement with Genesis, a commercial airline leasing company.

This announcement resolves a US$ 16 million dispute between both parties.

DOMS Industries will also be a top buzzing stock.

Shares of DOMS Industries, a stationery and art supply company, are lower by nearly 4% in early trade on 19 December as FILA said it is selling up to 4.6% stake in the company after the one-year lock-in for shareholders ended.

Italian stationery maker FILA initiated the sale of shares in its Indian unit DOMS, through an accelerated book building (ABB) process on Wednesday, reducing its holding from 30.6% to 26%.

Nifty Pharma Index Rallies

Shares of pharmaceutical companies were in high demand on Thursday, with the Nifty Pharma index rallying 2 % on the National Stock Exchange (NSE) intra-day in otherwise a weak market. The stocks rallied on a healthy growth outlook.

Ipca Laboratories, Dr Reddy's Laboratories, JB Chemicals and Pharmaceuticals, Abbott India, Mankind Pharma, Lupin, Torrent Pharmaceuticals, Cipla and Natco Pharma were up in the range of 2-6%.

In 2025, HSBC Global Research assumes Indian companies will start their journey in GLP-1 drugs with the launch of generic liraglutide (though generics for new-gen GLP-1 drugs are distant in the US).

Senores Pharma IPO

The unlisted shares of Senores Pharmaceuticals commanded a strong premium in the grey market ahead of the launch of their initial public offering (IPO) scheduled for Friday, 20 December 2024.

Sources tracking unofficial markets revealed that Senores Pharmaceuticals unlisted shares were trading at Rs 541 apiece, reflecting a grey market premium (GMP) of Rs 150, or 38.36 per cent, against the upper end of the IPO price of Rs 391.

The public offering of Senores Pharmaceuticals comprises a fresh issue of 1,27,87,723 equity shares and an offer for sale, with promoters and others divesting up to 21,00,000 shares with a face value of Rs 10 apiece.

From the promoters' group, Swapnil Jatinbhai Shah, Ashokkumar Vijaysinh Barot, and Sangeeta Mukur Barot will divest 2,50,000, 5,50,000, and 3,00,000 shares, respectively. Besides them, Prakash M Sanghvi will offload 10,00,000 shares, as per the Red Herring Prospectus (RHP) filed by the company.

Senores Pharmaceuticals IPO will be available at a price band of Rs 372-391 per share, with a lot size of 38 shares.

Accordingly, investors can bid for a minimum of 38 shares and in multiples thereof.

Link Intime India serves as the registrar of the public offering, while Equirus Capital, Ambit, and Nuvama Wealth Management are the book-running lead managers of the public offering.

Rupee Hits Record Low

The Indian rupee fell to a record low, slipping past 85 to the US dollar for the first time on Thursday after the Federal Reserve signalled fewer rate cuts next year.

The rupee fell 12 paise to hit a low of 85.0675 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.01% at 108.03, near Thursday's two-year top of 108.27.

The rupee's drop to 85 from 84 has taken place in about two months, while the decline to 84 from 83 took nearly 14 months. It took the currency 10 months to decline to 83 from 82.

The hawkish tilt of the US Federal Reserve also spooked equity markets globally. Wall Street's all three major indices declined up to 3% on Wednesday.

On the domestic front, the Indian stock market benchmark indices, Sensex and Nifty 50, crashed over 1% following the Fed's hawkish outlook.

Bharat Hexacom, Go Digital General to join FTSE

In its latest FTSE readjustment to take effect from 23 December, Bharti Hexacom and Go Digital General will be the latest additions to the index. The adjustment date will be 20 December.

Stocks including General Insurance Corporation of India, Prestige Estates, Nexus Select, Thermax Ltd, Network 18 Media, Techno Electric, Sansera Engineering, Metro Brands and PTC Industries will see an increase in weight on the index.

On the other hand, Pfizer Ltd, Torrent Power, Shriram Finance, Mahindra & Mahindra and Adani Green Energy will see a decrease in weight.

The largest outflows will be seen from Adani Green (US$ 48 m), Mahindra and Mahindra (US$ 38 m).

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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