Market At Close: Gainers, Losers

Sensex chart - Heatmap

Nifty50 chart- Heatmap

Company Update: JK Cement Jumps Over 1%

JK Cement paint arm JK Paints to invest Rs 153 cr in 1st tranche for the acquisition of 60 per cent stake in Acro Paints.

The remaining 40 per cent stake of Acro Paints shall be acquired over a period of 12 months.

Shares of JK Cement surged over 1 per cent to Rs 3040 per share on the BSE on Thursday.

Volatility Index India Was Up By 4% In Early Trade

The India VIX index, which measures the market’s volatility, was at the day’s high level, gaining more than 4 per cent to 16.225 in the early morning trade on Thursday. Eventually, the index is in the red with a minor cut at 15.50 level. Read More

Ace Investor Ashish Kacholia Offload Stakes In This Company 

Ace investor Ashish Kacholia dumped over 2 lakh shares in D-Link (India) Limited through open market transactions on Wednesday. The share price of the computer hardware and equipment company cracked more than 6 per cent to trade at Rs 215 per share on the BSE during Thursday’s trading session.

YES Securities On Markets

India’s resilience to global turbulence is amply manifested in its outperformance. The moderated retail participation in the market (owing to decreased demat accounts) suggests that the market is not in an overheated zone. In such a scenario, heavyweight stocks like Banks, and IT Services look attractive.

Market Update: Sensex, Nifty Slip Further

Domestic markets slip further as Sensex declined over 300 points and Nifty50 trades below 18100 – each down more than 0.5 per cent. While the broader markets continue to underperform as Midcap Index falls more than 1 per cent on Thursday.

Tata Power Slips Over 6%

Tata Power shares slumped over 6 per cent to Rs 215.35 per share on the BSE intraday during Thursday's trading session. The stock opened at Rs 214.90. At 12:15 PM, the stock quoted Rs 207.30, declining by 3.04 per cent from the previous day's close of Rs 213.80 apiece.

The stock has been trading under pressure. It slumped around 7 per cent in the past 5 sessions. Zee Business panelist and Global Capital Market's Himanshu Gupta recommended a 'Sell' rating on the counter.

Stock To Buy: Prestige Estate

Hemang Jani of Motilal Oswal Financial Services on Thursday, December 22, recommended shares of Prestige Estate to Zee Business viewers as 2023 pick. Jani, who is the group senior VP at the financial company, said that the outlook of the real estate sector is positive. Read More

What Market Analyst Says On Covid Concerns

"Investors need to be careful of the sharp intra-day volatility seen in the last few sessions due to growing uncertainty over rising COVID cases in China and recessionary fears in key economies," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.

Bandhan Bank Shares Down 6%

Shares of Bandhan Bank slumped on Friday, December 22, on the back of the private lender receiving a binding bid of Rs 801 crore from an Asset Reconstruction Company (ARC) for its written-off portfolio.

The stock opened at Rs 247.95 on NSE. At 10:57 AM the counter quoted Rs 227.60, declining 6.40 per cent.

The bank received the offer on a security receipts consideration basis, for the written-off portfolio with an outstanding of Rs 8,897 crore.
 

YES Securities On Markets

Foreign Institutional Investors (FII) inflows are returning to the Indian market and the best of FII flows are yet to come, with their positive shift for Indian equities in the fag-end of 2022,

Similarly, Nifty will tend to move to a new high over the next 12 months. India holds a concrete advantage over other markets and India’s manufacturing will gain from production-linked incentives and global re-shoring.

Rupee Vs Dollar Update

The rupee strengthened against the US dollar in opening trade on Thursday due to a weak greenback in the overseas markets and early gains in domestic equity markets.

Firm crude oil prices and forex outflows from capital markets, however, restricted the rupee's gains, according to forex dealers.

At the interbank foreign exchange market, the rupee opened higher at 82.78 to a dollar against the previous close of 82.84.

With PTI Inputs

Sectoral Update: Only Pharma Index In Green

Except for the Pharma index on NSE, all other sectors are in the red. Nifty Metal and Realty along with Auto continue to drag the market today on Thursday as each slipped around 1 per cent. Similarly, other sectors such as Nifty Bank, Financials, and FMCG were down marginally.

On the contrary, Nifty Pharma was up around 0.3 per cent on the NSE, led by stocks like Sun Pharma, Alkem Labs, Gland Pharma, and Lupin today.

Sula Vineyard IPO Makes Tepid Listing

India’s largest wine producer, Sula Vineyards made a tepid stock market debut on NSE and BSE. The shares were listed at a premium of 1.12 per cent to Rs 361 per share on the NSE and 0.28 per cent to Rs Rs 358 on the BSE on Thursday.

Goldman Sachs Bullish On KPIT Technologies

The global brokerage firm maintained a Buy rating on the stock with a target price of Rs 930 per share. The counter on Thursday was trading over 1.5 per cent higher to Rs 714.5 per share on the BSE intraday. 

In management meet takeaways, Goldman Sachs said that the lateral hiring efforts focused largely around on the senior architect level, similarly, the ability to win entire vehicle platform projects versus single programs earlier supporting deeper client relationships. It added that longer duration of demand visibility against general IT services pointing to sustainable period of high organic growth

Market Open In Green: Top Gainers, Losers

Sensex Chart - Heatmap

Nifty50 Chart - Heatmap

Jefferies on Bandhan Bank

The global brokerage firm maintains a Buy rating on the private lender with a target price of Rs 340 per share. It said that this is the second positive non-performing loan NPL-recovery event after Rs 9.2 billion was received from CGFMU.

Jefferies added that another Rs15-20 bn can be expected in 1HFY24, this improves asset quality outlook and valuation, which are attractive at 1.8x FY24 adj PB
 

What Analyst Says

We reiterate our view to maintain negative tone in Nifty until it reclaims 18,500. However, the downside also seems capped, thanks to support around 18,000-18,100 zone. Considering the scenario, it's prudent to limit aggressive trades and prefer hedged approach.

Mr. Ajit Mishra, VP - Technical Research, Religare Broking Ltd.

Crude Oil & Gold Update

Oil prices rose by nearly 3 per cent on Wednesday after data suggested a larger-than-expected draw in US crude stockpiles, but gains were capped by growing concerns over demand in China and a snowstorm that is expected to hit US travel.

Gold prices were little changed on Wednesday, holding above the key $1,800 level, as expectations of slower US rate hikes lent support, but the rise in the dollar capped further gains.

Asian Market Update

Asian indices in the early morning trade on Thursday were trading in the green following strong US markets as Japan’s Nikkei was up almost 0.4 per cent, Hong Kong’s Hang Seng was up nearly 3 per cent, China’s Shanghai was up over 0.5 per cent and South Korea’s Kospi was up around 1 per cent.