Equity indices snapped two day rising streak and ended with steep losses on Friday. Barring the Nifty Media index, all the sectoral indices on the NSE ended in the red. The Nifty ended below the 17,200 mark. 
As per the provisional closing data, the barometer index, the S&P BSE Sensex, dropped 764.83 points or 1.31% at 57,696.83. The Nifty 50 index tumbled 204.95 points or 1.18% at 17,196.70. 

Reliance Industries (RIL) down 2.81%, Kotak Mahindra Bank down 2.25%,Asian Paints down 2% and HDFC Life down 2% put pressure on the main indices. 

The broader indices bucked the trend. The S&P BSE Mid-Cap index ended flat while the S&P BSE Small-Cap index gained 0.33%. 

Buyers outpaced sellers. On the BSE, 1,778 shares rose and 1,423 shares fell. A total of 147 shares were unchanged. 

The Health Ministry on Thursday, 2 December 2021 reported two COVID-19 cases of the Omicron variant in Karnataka. On 26 November 2021, World Health Organization designated the variant B.1.1.529 a variant of concern, named Omicron. WHO said that it is not yet clear whether Omicron is more transmissible (e.g., more easily spread from person to person) compared to other variants, including Delta. The number of people testing positive has risen in areas of South Africa affected by this variant, but epidemiologic studies are underway to understand if it is because of Omicron or other factors. 

In last 24 hours, India reported 9,216 new COVID-19 cases and 391 deaths. India's active caseload now stands at 99,976 cases. 

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. 

The initial public offer (IPO) of Anand Rathi Wealth received bids for over 2.19 crore shares as against 84.75 lakh shares on offer, according to stock exchange data at 15:18 IST on Friday (3 December 2021). The issue was subscribed 2.59 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 195.82 crore shares as against 95.68 lakh shares on offer, according to stock exchange data at 15:18 IST on Friday (3 December 2021). The issue was subscribed 204.65 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. 

Stocks in Spotlight: 

Larsen & Toubro (L&T) rose 0.76%. The company said that it has entered into a distribution agreement with Kemroc that will facilitate Kemroc products to be distributed and promoted in the Indian market by L&T. Kemroc is a global manufacturer of attachments for excavators and backhoe loaders. 

Oil and Natural Gas Corporation (ONGC) added 1.22%. The PSU company announced the signing of a memorandum of understanding (MoU) with Solar Energy Corporation of India (SECI) for undertaking renewable energy projects including solar, wind, solar parks, EV value chain, green hydrogen, storage, etc. 

Biocon rose 0.04%. The company said that its subsidiary Biocon Pharma has received approval of its ANDA for mycophenolic acid from the United States Food and Drug Administration (US FDA). The product is indicated for the prophylaxis of organ rejection in adult patients receiving a kidney transplant. 

Adani Ports and Special Economic Zone was down 0.18. In 8 months of FY22 ending as on 30 November 2021, Adani Ports & Special Economic Zone (APSEZ)'s portfolio of ports handled a cargo volume of 209.45 MMT (million metric tonnes), registering a growth of 43% on a y-o-y (year-on-year) basis. The Mundra port in Gujarat crossed 100 MMT during the eight months period. Container volumes reached 5.5 million TEUs (TEU is 20-ft. equivalent unit of container in shipping parlance), of which Mundra Port achieved 4.4 million TEUs. Dry cargo volume surpassed 100 MMT. Cargo volume for November 2021 stood at 24.74 MMT as compared to 23.77 MMT for the same period last year, recording a 4.08% rise on a y-o-y basis. 

Sun Pharma Advanced Research Company (SPARC) gained 2.54% to Rs 254.80 after the company said that it has entered into a licensing agreement with Biomodifying to acquire exclusive rights for antibody against unique oncology target. 

Morepen Laboratories gained 2.84% after the drug company received USFDA approval for its anti-allergy drug fexofinadine hydrochloride that is market in India under the popular brand name 'Allegra'. Fexofinadine is most widely used, second generation antihistamine drug for the treatment of allergy symptoms and hay fever. 

Sona BLW Precision Forgings rose 0.78% after the company said that India Ratings and Research has upgraded its long-term issuer rating to 'IND AA' from 'IND AA-' with stable' outlook. India Ratings said that the upgrade reflects the company's improved business profile with a more diversified revenue base and increasing contribution from the powertrain agnostic segment, along with a significant increase in its revenues as well as absolute EBITDA over FY21-1HFY22. 

European shares were trading higher while Asian stocks ended mixed on Friday. Investors continue to monitor the situation surrounding the omicron COVID-19 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 was down 5 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.