Equity indices traded sideways with tiny losses in mid morning trade. The Nifty near 17,400 mark. Media and banks stocks advanced while pharma and FMCG shares declined. 
At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 46.75 points or 0.08% at 58,414.79. The Nifty 50 index fell 2.25 points or 0.01% at 17,399.75. 

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.73% while the S&P BSE Small-Cap index surged 1.01%. 

The market breadth was strong. On the BSE, 2,058 shares rose and 990 shares fell. A total of 144 shares were unchanged. 

Economy: 

The seasonally adjusted India Services Business Activity Index stood at 58.1 in November, down only fractionally from 58.4 in October, pointing to the second-fastest rise in output since July 2011. According to monitored companies, the upturn reflected sustained increases in new work and ongoing improvements in market conditions. 

Commenting on the latest survey results, Pollyanna De Lima, Economics Associate Director at IHS Markit said, "The recovery of the Indian service sector was extended to November, with a robust improvement in sales enabling the second-fastest rise in business activity in nearly ten-and-a-half years. Companies were somewhat convinced that output levels would continue to increase in the year ahead, but worries regarding inflationary pressures weighed on confidence again. 

"Not only did services firms see their expenses increase further in November, but also to one of the greatest extents in a decade. Some of the additional cost burden was shared with customers in November via upward revisions to selling prices. The rate of charge inflation eased from October, however, and was only moderate. 

"Looking at the manufacturing and service sectors combined, the results are even more encouraging and bode well for economic performance in the third quarter of fiscal year 2021/22 so far. With production growth quickening considerably in November, private sector output expanded at the fastest pace since January 2012." 

Primary Market: 

The initial public offer (IPO) of Anand Rathi Wealth received bids for over 1.64 crore shares as against 84.75 lakh shares on offer, according to stock exchange data at 11:09 IST on Friday (3 December 2021). The issue was subscribed 1.94 times. 

The issue opened for bidding on 2 December 2021 and it will close on 6 December 2021. The price band of the IPO is fixed at Rs 530-550. The offer comprises an offer for sale by selling shareholders of up to 1.2 crore equity shares. The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders. 

Anand Rathi Wealth offers a wide product portfolio of wealth solutions, financial product distribution, and technology solutions to its clients primarily through its flagship Private Wealth (PW) vertical where it managed Rs 29,472 crore in AuM as on August 31, 2021. 

The initial public offer (IPO) of Tega Industries received bids for over 16.79 crore shares as against 95.68 lakh shares on offer, according to stock exchange data at 11:09 IST on Friday (3 December 2021). The issue was subscribed 17.55 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 Nifty Bank index jumped 178 points or 0.49% to 36,685.75. The index has added 2.77% in three days. 

IDFC First Bank up 1.7%, Au Small Finance Bank up 1.35%, RBL Bank up 1.02%, Punjab National Bank up 0.91%, Bandhan Bank up 0.81% and Kotak Mahindra Bank up 0.8% were top gainers in banking space. 

Hero MotoCorp rose 0.71%. The two-wheeler maker along with Gilera Motors Argentina expanded operations and inaugurated a flagship dealership in Argentina. Gilera Motors Argentina will make new investments to rapidly expand all business operations for Hero MotoCorp's products. This is expected to generate nearly 500 new jobs in the region. Gilera Motors Argentina has also expanded its plant in Carlos Spegazzini Province of Buenos Aires to completely renovate its infrastructure and adapt the automotive technologies that are incorporated in Hero MotoCorp products. 

Ashoka Buildcon added 3.58% to Rs 99.95 after the company emerged as the lowest (L-1) bidder for a Ministry of Road Transport & Highways project. The company had submitted a bid to the Ministry of Road Transport & Highways in respect of the project viz. 'Request for proposal for construction of six lane link road (NH-1665) with paved shoulder configuration to Mopa Airport in the State of Goa on EPC mode'. 

Asian markets were mixed on Friday, as investors continue to monitor the situation surrounding the omicron Covid variant. 

In Japan, the final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 53.0 from the prior month's 50.7 and a 52.1 flash reading. 

In US, futures on the Dow Jones Industrial Average shed about 56 points. The November jobs report is set for release Friday. 

The three major US stock indices rebounded in Thursday's session. The Dow gained 617 points. The S&P 500 rose 1.4% and the Nasdaq Composite gained 0.8%. 

On the data front, initial jobless claims climbed by 28,000 to 222,000 for the week ended 27 November, the Labor Department reported Thursday.