Asian stock markets are higher today with investors seeking bargains after a sharp fall in the previous session, shrugging off a rout on Wall Street.

The Nikkei rallied over 2% while the Hang Seng gained 0.6%. The Shanghai Composite is up 0.4%.

In US stock markets, Wall Street indices dropped more than 1% on Monday as investors worried about the Omicron Covid-19 variant potentially undercutting the economic rebound.

A critical setback to President Joe Biden's social-spending bill added to the pressure.

The Dow Jones tanked 1.2% while the Nasdaq Composite fell 1.3% to 14,981.

Back home, Indian share markets have opened on a strong note, following the trend on SGX Nifty.

After two days rout, benchmark indices nursed wounds today and opened higher tracking positive global cues.

Shares of the software as a service (SaaS) company - MapmyIndia listed on the bourses today. The Rs 10.4 bn IPO was open for subscription between 9-13 December in price band in the range of Rs 1,000-1,033 per share.

The BSE Sensex is trading up by 677 points. Meanwhile, the NSE Nifty is trading higher by 203 points.

Tata Steel and HCL Tech are among the top gainers today.

Axis Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index are trading higher by 1.2% and 1.5%, respectively.

All sectoral indices are trading in green with stocks in the metal sector and IT sector witnessing most of the buying.

Shares of Minda Industries and Apar Industries hit their 52-week highs today.

The rupee is trading at 75.72 against the US$.

Gold prices are trading down by 0.1% at Rs 48,176 per 10 grams.

Meanwhile, silver prices are trading at Rs 61,307 per kg.

Crude oil prices edged higher today though investors remained worried about the rapid spread of the Omicron coronavirus variant globally, prompting countries to consider more restrictions potentially denting fuel demand.

In news from the banking sector, Axis Bank is among the top buzzing stocks today.

Axis Bank has emerged as the frontrunner to buy Citi's consumer business in India, piping rival contenders Kotak Mahindra Bank and IndusInd Bank.

As per a leading financial daily, Axis Bank and Citi have signed an exclusivity agreement to hold bilateral negotiations as the Wall Street bank has already informed the others about their decision.

Citi has been expecting around US$2 bn from the sale as the US bank under CEO Jane Fraser has been looking to exit consumer banking in 13 countries, including India.

The final valuation will be linked to the number of variables including the quantum of deposits, customers, partners, quantum of assets and liabilities move from one franchise to another once all regulatory clearances come through and could range from US$500 m to US$2 bn.

The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs 4,000 people in the consumer banking business.

Overall, Citibank's India unit had a market share of advances and deposits of 0.6% and 1.1%, respectively.

Reportedly, even though Kotak Mahindra Bank was more aggressive in the beginning, their hard negotiations over transition services fee among others turned out to be a deal breaker.

According to market experts, Axis Bank has been looking to strengthen its high-end credit card and mortgage businesses through the acquisition.

The private lender has also been looking at inorganic opportunities like micro finance. It was in discussions with Kedaara Capital to acquire Spandana Spoorthy but the deal fell through.

How the above developments pan out remains to be seen.

Shares of Axis Bank are currently trading lower by 0.3%.

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order, they have been placed:

Near Term Volatility In Sensex Compensated By Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

As an individual investor, you need to sit tight over high conviction stocks and invest consistently to see the magic of compounding.

Because 2022 could be extremely profitable, over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.

Moving on, in the latest developments from the IPO space, the Rs 7 bn initial public offering (IPO) of pharmaceutical ingredients supplier Supriya Lifescience was subscribed 71.47 times on Monday, the final day of bidding.

The issue received bids for 1,038.3 m shares against the 14.5 m equity shares on offer.

The non-institutional investor category was subscribed 161.22 times, while the portion set aside for qualified institutional investors was subscribed 31.83 times. Retail investors bid for 56 times the shares reserved for them.

Supriya Lifescience's public issue consisted of a fresh issue of Rs 2 bn and an offer for sale (OFS) of Rs 5 bn. The fresh issue money will get utilized for working capital requirements and repaying of debt.

Last week, the company had raised Rs 3.2 bn from anchor investors by allotting 11.5 m shares at Rs 274 per share.

The anchor investors included Nippon Life, Kuber India Fund, Malabar India Fund, Abakkus, Reliance General Insurance, and BNP Paribas, among others.

Supriya Lifescience is a manufacturer and supplier of active pharmaceutical ingredients (APIs) used in medicines, with a strong focus on research and development (R&D).

At present, Supriya Lifescience is commanding a grey market premium of Rs 100 in the unlisted markets.

How this IPO performs on listing day remains to be seen.