SGX Nifty Up 110 Points | Why Healthcare Stocks are Rising | the Latest on Bigbasket IPO | Top Buzzing Stocks Today

Thu, 22 Dec Pre-Open

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On Wednesday, Indian share markets succumbed to losses as the session progressed and ended deep in the red.

Benchmark indices tanked sharply on Wednesday amidst concerns of an impending recession and a worsening Covid-19 situation in China.

At the closing bell on Wednesday, the BSE Sensex stood lower by 635 points (down 1%).

Meanwhile, the NSE Nifty closed lower by 186 points (down 1%).

Divis Lab, Apollo Hospitals, and Cipla were among the top gainers.

Adani Enterprises, Adani Ports, and Bajaj Finserv, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE MidCap inched 1.4% lower while the BSE SmallCap index dived 2.2%.

Sectoral indices ended on a mixed note with stocks in the energy sector, telecom sector, finance sector and power sector witnessing most of the selling.

Meanwhile, stocks in healthcare sector, and IT sector witnessed buying.

Shares of Abbott India and Axis Bank hit their 52-week highs.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 82.8 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 55,000 per 10 grams, at the time of Indian market closing hours on Wednesday.

At 7:00 A M today, the SGX Nifty was trading up by 110 points or 0.6% higher at 18,360 levels.

Indian share markets are headed for a firm opening today following the trend on SGX Nifty.

Speaking of the stock market, Co-head of Research at Equitymaster Tanushree Banerjee talks about?smallcap stocks for 2023, in her latest video.

In the video, she chalks out a few high-quality smallcap stocks that could be wealth-creating juggernauts over the next decade.

She also discusses why you should consider the cyclicality of smallcap valuation.

To know more, tune in to the video below:

Top Buzzing Stocks Today

Glenmark Pharma will be among the top buzzing stocks today.

Glenmark Pharma on Wednesday announced the launch of its triple fixed-dose combination Teneligliptin with Pioglitazone and Metformin in India for diabetic patients.

This fixed-dose combination offers patients with Type 2 diabetes the convenience of once-daily dosing to improve their glycemic control.

GAIL share price will also be in focus today.

GAIL and Japanese transport firm Mitsui OSK Lines (MOL) signed a time charter contract for a new building Liquefied Natural Gas (LNG) carrier, and joint ownership of an existing LNG carrier.

IIFL Fintech picks stake in insurance technology startup

The IIFL Group's early-stage investment vehicle, IIFL Fintech Fund, has invested US$2 m (around Rs 165 m) in insurance technology startup Insurance Samadhan for a 16% stake, valuing the platform at around US$ 13 m (around Rs 1.1 bn).

Samadhan is an online platform that deals with resolving insurance-related complaints such as misspelling, lapsed policies, fraud or claim rejection in life, health and general insurance.

The startup also received another US$1 m from other investors in the series-A round.

This is IIFL fintech fund's 10th investment, and first, in the insuretech space, the company said, adding it has already invested 50% of the Rs 2.1 bn corpus of the fund.

The IIFL group launched the fintech fund in August 2021 with a corpus of Rs 2.1 bn with sponsorships from two group companies IIFL Finance and IIFL Securities.

Tata's Bigbasket eyes IPO by 2025

Tata Group's Bigbasket may list its shares within three years after the latest capital raising valued India's largest online grocer at US$3.2 bn.

The US$200 m Bigbasket announced this week it had raised will bolster its quick commerce arm and expand its countrywide footprint as it looks to cement its dominance over the sector giants, including Amazon and Reliance Industries.

The company is all set to increase the number of dark stores supplying BB Now its quick commerce format which promises deliveries of household staples within 30 minutes from about 200 to 300 outlets by March 2023.

At present, Bigbasket is operating in 55 cities. The firm wants to expand to 75 cities in the same period.

Why healthcare stocks are rising

Shares of healthcare service providers were in focus, rallying up to 8% in Wednesday's intra-day trade in an otherwise subdued market.

Shares of Glenmark Pharma, Thyrocare Technologies, Dr Lal Pathlabs and Metropolis Healthcare rose to 5%.

This rise was on the back of the health ministry's urge to all states and union territories to ramp up the whole genome sequencing of positive samples to keep track of newer variants.

Directions have been issued to states and Union territories to send samples of all Covid-positive cases to Insacog labs, a consortium of 52 laboratories across the country to track new possible variants.

This will enable the timely detection of newer variants, if any, circulating in the country and help in taking public health measures.

However, in the past year, most of these stocks have underperformed the market by recording negative returns.

The contribution of covid and allied business to the total revenue of these companies has declined substantially in the September 2022 quarter, as compared to the previous year's quarter.

KFin Technologies IPO

The maiden public offer of KFin Technologies continued to receive tepid response from investors, though it managed to get a full subscription on 21 December 2022, the final day of bidding.

The offer has garnered bids for 614 m shares against an IPO size of 237 m shares, getting subscribed 2.58 times.

Retail investors bought all their reserved shares by subscribing to IPO 1.4 times.

Qualified Institutional Buyers bought 4.2 times the shares reserved for them.

However, the response from high net-worth individuals (non-institutional investors) remained poor, with their quota subscribed to just 23%.

The technology-driven financial services platform intends to mobilise Rs 15 bn via the public issue, of which Rs 6.8 bn was raised from anchor investors on 16 December 2022, a day before the issue opened on 19 December 2022.

It is entirely an offer for sale by the promoter.

To know more about IPOs, check out the upcoming IPO section on our website

And to know what's moving the Indian stock markets, 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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