Stock Market HIGHLIGHTS: Bears rule the roost as Sensex, Nifty bleed on profit-booking on weekly expiry day
Stock Market HIGHLIGHTS: Singapore-based SGX Nifty futures an early indicator of movement in NIfty50 was trading at 18,459.5, down 290 points 1.55 per cent while Dow Futures were trading at 33,716.50, down 250 points 0.74 per cent
Stock Market HIGHLIGHTS: It was a virtual walkover for bears on Dalal Street as frontline indices S&P BSE Sensex and NSE Nifty50 ended Thursday's session in deep red. Sensex closed at 61,799.03, down 878 points 1.40 per cent while Nifty50 finished at 18,414.90, 245 points or 0.59 per cent lower from Wednesday's closing. Banking gauge Nifty Bank settled at 43,498.20, dropping 551 points or 1.25 per cent.
Here are top highlights from the day's action:
1) Both Sensex and Nifty50 opened with gap down and widened the losses as the session progressed. The negative closing comes on the heels of Federal Reserve's 50 bps interest rate hike and forward guidance on inflation and GDP. The Fed Chair lowered GDP growth estimates for FY23 while highlighting inflation situation outlook.
2) All 15 Nifty sectoral indices ended in the red but the culprit for today's fall were Nifty Bank (-1.25 per cent, Nifty IT (-2.11 per cent) and Nifty Metal (-1.43 per cent). Infosys and HDFC Bank accounted for the lion share of fall in frontline indices.
3) In the 50-stock Nifty50, 5 advanced against 45 declines. The top gainers were NTPC, Hero Moto Corp, Britannia Industries, SBI Life and Sun Pharmaceuticals while the top losers were Tech Mahindra, Titan, Infosys, Grasim Industries and Eicher Motors.
4) India VIX, a gauge of volatility in Nifty was up 6.57 per cent to 13.73.
5) Profit booking was visible even in the broader markets. Nifty Mid Cap 100 was trading at 32,530.75, down 1.01 per cent. In the 100 stock index, 19 stocks advanced, 80 declined while 1 remained unchanged. The top gainers were Linde India, Gujarat Gas and Hindustan Petroleum while the top losers were Bank of India, Union Bank and Tube Investments. The Nifty Small Cap 100 index ended at 10,080.95, down 0.57 per cent. 26 stocks gained while 74 stocks declined in the 100-stock index. The top gainers were Sterlite Technologies, JB Chemicals and Indiabulls Housing Finance while the top losers were Medplus Health Services, Campus and Metropolis Health.
6) Out of 3,680 stocks that traded on BSE, 1,405 advanced, 2,152 declined while 123 remained unchanged. Number of stocks that hit their 52-week lows were 26 while 154 hit their 52-week highs.
7) Singapore-based SGX Nifty futures an early indicator of movement in NIfty50 was trading at 18,459.5, down 290 points 1.55 per cent while Dow Futures were trading at 33,716.50, down 250 points 0.74 per cent.
8) Asian benchmark traded with negative bias today as Nikkei 225 ended at 28,051.70, down over 100 points pr 0,37 per cent while China's Shanghai Composite finished at 3,168.65, down 8 points or0.25 per cent. Hang Seng was down 1.55 per cent or nearly 300 points at 19,368.59.
9) The rupee declined by 27 paise to close at 82.76 (provisional) against the US dollar on Thursday after the US Federal Reserve's interest rate hike and its hawkish stance dented investor sentiments.
A massive sell-off in domestic equities and a strong greenback overseas also weighed on the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened sharply lower at 82.63 against the greenback and witnessed a high of 82.41 and a low of 82.77. It finally settled at 82.76, down 27 paise over its previous close of 82.49. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.56 per cent to 104.35. PTI
10) Brent crude futures, the global oil benchmark, dropped 0.76 per cent to USD 76.54 per barrel. February gold futures fell by Rs 615 or 1.12 per cent on MCX and were trading at Rs 54059 while March Silver futures were trading at Rs 67730, down Rs 1572 or 2.27 per cent.
11) IRCTC shares fell over 6 per cent on NSE and ended at Rs 687.15.
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Latest Updates
This is all that we have from the stock markets. I will be back with all the LIVE action from markets when they resume trading on Friday, 16 December 2022.
This is all that we have from the stock markets. I will be back with all the LIVE action from markets when they resume trading on Friday, 16 December 2022.
Stock to Buy - Poonawalla Fincorp
Fertiliser stocks in action
Fertiliser companies’ shares were firing on all cylinders as they spurted up to 20 per cent on the BSE during Thursday’s trading session in otherwise weak market. Madras Fertilizers (MFL) shares have hit an upper circuit of 20 per cent to Rs 73.80 apiece, followed by Fertilisers & Chemicals Travancore (FACT) which has rallied 20 per cent to Rs 223.6 per share. National Fertilizers (NFL) jumped over 13 per cent to Rs 70.4 per share and Rashtriya Chemicals & Fertilizers (RCF) shares grew almost 10 per cent at Rs 144.8 apiece on the BSE intraday.
All the above-mentioned fertiliser stocks – MFL, FACT, NFL and RCF – have touched their respective 52-week highs on Thursday by buzzing in the trade.
Among other fertiliser stocks such as Khaitan Chemicals & Fertilisers, Mangalore Chemicals & Fertilisers have also jumped around 10 per cent, while Deepak Fertiliser and Chambal Fertiliser each surged between 2-3 per cent on the BSE intraday today.
Markets Live - Sensex fell nearly 900 points minutes before the end of today's trading session and the catalyst n this fall is Infosys in terms of Index Contributor.
Source: BSE Markets LIVE - Broader market action
Profit booking was visible even in the broader markets. Nifty Mid Cap 100 was trading at 32,574.75, down 288.45 poisnts or 0.88 per cent. In the 100 stock index, 27 stocks advaced, 71 declined while 2 remained unchanged. The top gainers were Linde India, Prestige Estates Projects and Hindustan Petroleum while the top losers were Bank of India, Union Bank and Poonawalla Fincorp.
In the Nifty Small Cap Index, 28 stocks gained while 72 stocks declined in the 100-stock index. The top gainers were Sterlite Technologies, Indiabulls Housing Finance and Sapphire Foods India while the top losers were Medplus Health Services, Campus and Metropolis Health.
Currency Market Outlook - What expert says
"As the FED remained hawkish in its view on US interest rates to tackle inflation without being afraid of impending recession, risky assets got sold off though European currencies were still up but down from their recent highs," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.
The dollar index rose from 103.50 to 104.25 as market awaited for the interest rate meetings of BOE and ECB this evening, Bhansali said.
"Indian rupee rose to 82.42 after opening at 82.65 due to flows of a commercial Bank's stake buy today also. But then oil companies were ready to buy this dollar weakness and at the time of writing the rupee had weakened to 82.75. Most Asian currencies fell against the $ strength and Asian and European equities were all down with Asian equities bearing the major brunt fown by 1-2 per cent. Exporters need to sell in the RBIs domain that too for the near term only around 82.90. Importers have to keep buying $ to make payments of their imports payable at all possible dips and major dips. This hawkishness of FED is going to be harsh on risky assets" he further said.
Brent Oil was stable at $ 82.25 per barrel while US 10 year was at 3.50%.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Markets LIVE - Sensex top losers and gainers
Markets LIVE - Nifty Sectoral Indices Snapshot - performers and duds
IPO Watch - Abans Holding Limited IPO Subscription Status
Today is the last day of subscription of this issue. The issue closes at 5 pm.
Source: NSE IPO Watch - Landmark Cars IPO Subscription status
Stock to Sell - India Cements
Commodity LIVE - MCX Gold, Silver prices tumble
Not just the equity markets, pressure was seen even in the commodity markets. February Gold futures fell by over Rs 700 per 10 gram on the MCX and were trading at Rs 53951, down by 1.32 per cent. Meanwhile, March Silver futures were trading at Rs 67615 per kg, down 1687 or 2.43 per cent.
Source: MCX Markets Live - Nifty PSU Bank
In the 12-stock Nifty PSU BAnk index, 7 stocks gained with Indian Overseas Bank as the biggest gainer. The stock was up nearly 3 per cent on the NSE and was followed by Uco Bank. The losers were Bank of Baroda, Union Bank and State Bank of India. In the Nifty Bank Index, Federal Bank and PNB were top gainers. The pressure in Nifty Bank was because of heavyweights like HDFC BAnk, ICICI Bank and Indusind Bank.
Markets Live - Nifty PSU Bank
In the 12-stock Nifty PSU BAnk index, 7 stocks gained with Indian Overseas Bank as the biggest gainer. The stock was up nearly 3 per cent on the NSE and was followed by Uco Bank. The losers were Bank of Baroda, Union Bank and State Bank of India. In the Nifty Bank Index, Federal Bank and PNB were top gainers. The pressure in Nifty Bank was because of heavyweights like HDFC BAnk, ICICI Bank and Indusind Bank.
Markets Live - Nifty PSU Bank
In the 12-stock Nifty PSU BAnk index, 7 stocks gained with Indian Overseas Bank as the biggest gainer. The stock was up nearly 3 per cent on the NSE and was followed by Uco Bank. The losers were Bank of Baroda, Union Bank and State Bank of India. In the Nifty Bank Index, Federal Bank and PNB were top gainers. The pressure in Nifty Bank was because of heavyweights like HDFC BAnk, ICICI Bank and Indusind Bank.
Markets LIVE - Banks private and public witness profit booking
Nifty PSU Bank
Source: NSE Stocks in News - Poonawalla Fincorp
Shares of Poonawalla Fincorp declines around 3% after the board approves sale of its housing subsidiary
Poonawalla Fincorp share price: Shares of Non-Banking Financial Company, Poonawalla Fincorp dipped around 3 per cent as investors’ sentiment turned negative after the NBFC announced to sell its housing subsidiary to private equity company, TPG.
The stock opened flat at Rs 305 apiece but declined 2.73 per cent at Rs 293.80 apiece on NSE. On BSE, the stock traded at Rs 294 per share.
Stocks in Focus - What top brokerages recommend
- CLSA on LTIMindtree (CMP: 4443)
Initiate Outperform, Target 4920
New $10 Bn+ Mkt Cap play with a superior growth outlook
Balance sheet is healthy and institutional ownership is Low vs Peers
It’s an attractive structural play
Full valuation & Integration risks could limit upside
- CLSA on Insurance
Risk-reward getting favorable, Fundamentals turning
Expect sector to outperform in CY23 Valuations Undemanding
- CLSA on SBI Life Insurance Co (CMP: 1270)
Maintain Buy, Target raised to 1650 from 1600
- CLSA on HDFC Life Insurance Co (CMP: 580)
Maintain Buy, Target raised to 710 from 690
- CLSA on ICICI Prudential Life Insurance Co (CMP: 454)
Maintain Buy, Target cut to 600 from 620
- CLSA on Max Financial Services (CMP: 705)
Maintain Buy, Target cut to 970 from 1050
- Citi on SRF (CMP: 2400)
Maintain Buy, Target 3125
(Management Meet)
Continue to expand its chemicals business offerings
Commentary on increasing customer enquiries encouraging
Packaging films will likely remain a drag on overall performance
Chemicals prospects robust & should support stock performance
- Jefferies on SRF (CMP: 2400)
Maintain Hold, Target 2200
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Stocks in Focus - IRCTC
IRCTC Share Price NSE: Indian Railway Catering and Tourism Corporation Ltd or IRCTC stocks cracked 5 per cent on NSE today, December 15, as the government sales its stake in the company via Offer for Sale (OFS). The divestment in the state-run company via OFS for non-retail investors began today.
The government will sell 5 per cent shares in IRCTC at a floor price of Rs 680. It currently holds 67.4 per cent stake in the company.
Government will sell its 2.5 per cent stake on Thursday (T day). On 16 December (T+1 day) it will sell 2.5 per cent stake. The government will sell its share via OFS where 2.5 per cent shares will be sold through green shoe option.
Also Read: IRCTC share price cracks 5% as govt announces stake sale via OFS: Should you buy?
Indian and GLobal Market outlook by Vaibhav Sanghavi Co-CEO, Avendus Alternate Strategies LLP
In chat with Zee Business Managing Editor Anil Singhvi, Sanghavi gives his take on the outlook of Indian and global stock markets and tells which sectors are likley to do well and which ones could be duds
Indian Market Outlook
Markets may enter some amount of consolidation mode after the rally. This has been seen in the first 15 days of December.
Few reasons are:-
During the December end you see relatively lesser FPI participation
From Fed perspective the policy is more or less on the expected lines
Possible in Q1FY24 is the street forecast for GDP growth will be adjusted globally. Subsequently, earnings from corporate a well. This alignment will keep the market in a bit of consolidation mode before it tries to move up.
Global Market Outlook
Indian Markets have outperformed the US market in the last year and so. The emerging market growth is likely to look now because China is kind of opening up. Interest will be come back to emerging markets
India holds a basket of around 60% in emerging markets perspective. So, our markets will be a natural beneficiary and it will be good from global perspective. US markets are likely to consolidate from here.
The terminal rate forecast is around 5.1% as well and a 75-basis points hike is expected from Fed in the next year.
Bullish and Bearish on which sector
Bullish on Banking, Industrials,
Consumer staples – interest likely to come back
Renewable
Bearish on NBFCs, Commodities
IT – global growth is weakening so we may see the nature of spend shifting from discretionary spend to maintenance or cost cutting. The pressure in margins will continue in IT
Indian and GLobal Market outlook by Vaibhav Sanghavi Co-CEO, Avendus Alternate Strategies LLP
In chat with Zee Business Managing Editor Anil Singhvi, Sanghavi gives his take on the outlook of Indian and global stock markets and tells which sectors are likley to do well and which ones could be duds
Indian Market Outlook
Markets may enter some amount of consolidation mode after the rally. This has been seen in the first 15 days of December.
Few reasons are:-
During the December end you see relatively lesser FPI participation
From Fed perspective the policy is more or less on the expected lines
Possible in Q1FY24 is the street forecast for GDP growth will be adjusted globally. Subsequently, earnings from corporate a well. This alignment will keep the market in a bit of consolidation mode before it tries to move up.
Global Market Outlook
Indian Markets have outperformed the US market in the last year and so. The emerging market growth is likely to look now because China is kind of opening up. Interest will be come back to emerging markets
India holds a basket of around 60% in emerging markets perspective. So, our markets will be a natural beneficiary and it will be good from global perspective. US markets are likely to consolidate from here.
The terminal rate forecast is around 5.1% as well and a 75-basis points hike is expected from Fed in the next year.
Bullish and Bearish on which sector
Bullish on Banking, Industrials,
Consumer staples – interest likely to come back
Renewable
Bearish on NBFCs, Commodities
IT – global growth is weakening so we may see the nature of spend shifting from discretionary spend to maintenance or cost cutting. The pressure in margins will continue in IT
Stocks in News - NTPC
NTPC is planning to sell its 20 per cent stake in green energy business by the end of this financial year via private placement route. It is expected to raise USD 36.4 Crore (around Rs 2985 Crore). Canada Investment Board, Petronas and Brookefield have shown interest according to a Reuters report. Quoting sources, NTPC Green Energy Limited will likely bring its IPO in next financial year.
The stock was trading at Rs 172.80 on the NSE and were up 0.70 per cent from the Wednesday closing price.
Market LIVE: Nifty gainers and losers
Source: NSE Stock in News - IRCTC, RCF
IRCTC shares fell nearly 5 per cent intraday on news of 5 per cent stake sale by government in this counter.
Shares of Rashtriya Chemicals and Fertilizers Ltd, NSE: RCF traded ex-date on Thursday, December 15. The company announced a dividend of 16 per cent to its shareholders.
The company in an exchange filing said, "The Board of Directors of the Company has approved payment of Interim Dividend for the financial year 2022-23 @ 16.00% (i.e.Rs.1.60 per Equity Share) on the paid up equity share capital of the Company."
Markets Live - Strategy on 20 Stocks
In today's edition of Traders Diary, Zee Business research team brings its exclusive research on 20 stocks that investors and traders can refer to while making their strategies in them. The research team of Research Analyst Ashish Chaturvedi and Kushal Gupta recommends a buy, sell or hold strategy in cash stocks, futures and give their best picks for today.
Markets LIVE - Trading Strategy by Anuj Gupta of IIFL Securities
BUY MCX GOLD FEB AT 54300 STOP LOSS 54100 TARGET 54800
Buy MCX Silver Mar AT 68000 STOP LOSS 67300 TARGET 69400
BUY MCX CRUDEOIL DEC AT 6300 STOP LOSS 6150 TARGET 6500
BUY MCX COPPER DEC AT 707 STOP LOSS 701 TARGET 716
BUY NSE NIFTY AT 18600 STOP LOSS 18480 TARGET 18760
BUY BANKNIFTY AT 43900 STOP LOSS 43600 TARGET 44400
ELL NSE USDINR AT 82.70 STOP LOSS 82.95 TARFET 82.20
BUY NCDEX GUARSEED JAN AT 5800 STOP LOSS 5700 TARGET 6100
On Fed's announcement Gupta said hike was on expected lines The Central Bank has its eye fixed on inflation and slowdown in US growth, he added. It will continue to hike interest rate in future, he opined.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Stocks In News
WIPRO LTD has launched 'Capco' in Middle East. Capco is a Wipro subsidiary which caters to services in the financial sector. Capco is a global management consultancy with a focus in financial services including banking and payments, capital markets, and wealth and asset management, plus a dedicated energy division.
Indian Railway Catering and Tourism Corporation Ltd: Government will sell its stake in IRCTC. It will sell its 2.5 per cent stake on Thursday (T day). On 16 December (T+1 day) it will sell 2.5 per cent stake. The government will sell its stake through OFS. Green shoe option for 2.5 per cent stake sale. Total stake sale will be 5 per cent. Governmet holds 67.4 per cent stake in IRCTC.Floor price of OFS is Rs 680 per share.
Poonawalla Fincorp Ltd will sell its entire stake in subsidiary Poonawala Housing to PERSEUS SG at Rs 152.84 per share. The stake sale is worth RS 3900 crore. The deal is expected to complete by 30 June 2023.
POWER GRID CORPORATION OF INDIA LTD: The company in its regulatory filing to exchanges has informed that a committee of directors at Power Grid Corporation of India has cleared an investment of Rs 330.61 crore in a transmission system for evacuating power from REZ in Rajasthan. The approval was given on 13 December.
NTPC is planning to sell its 20 per cent stake in green energy business by the end of this financial year via private placement route. It is expected to raise USD 36.4 Crore (around Rs 2985 Crore). Canada Investment Board, Petronas and Brookefield have shown interest according to a Reuters report. Quoting sources, NTPC Green Energy Limited will likely bring its IPO in next financial year.
Reactions on FOMC Decemeber Meeting 2020
"With FED striking a hawkish tone on more interest hikes in US to tame inflation to 2% Dow Jones fell overnight and Asian markets were lower with SGX nifty down by 23 points. The dollar index was however lower at 103.79 due to policy statements from BOE and ECB today evening. Brent Oil was up to $ 82.6 per barrel with expectation of demand in first quarter of 2023. The US 10 year was steady at 3.50%.
Indian Rupee may open steady at 82.55 as Asian currencies were tad bit lower after FED warning of rate hikes to keep inflation lower. The range is expected to be 82.40 to 82.90 with risk to the upside for the dollar after the FED event is out of the way.
Exporters may wait for 82.90 for hedging their only near term recievables while importers to keep hedging their payables on all good dips. As the interest rate differential will narrow dollar will be well bid," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Global Markets at a Glance post Fed rate hike and commentary
Source: Comex Good Morning, this is Shivendra Kumar and I am back with all the Live action from the stock markets. Watch this space to remain updated!
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