Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmarks closed in red after a volatile session of trade amid weak global cues. While BSE Sensex closed over 200 points lower, at 62,626 while NSE Nifty settled 0.3% lower at18,642. Tata Steel, HCL Tech, Infosys, TCS, Nestle led losses on the Sensex, while Hindalco was the top Nifty loser of the day. On the flip side, Hindustan Unilever, Axis Bank, Powergrid, Bajaj Finance, HDFC, and L&T were the top outperformers across the two indices. In the broader markets, the NSE MidCap 100 was down 0.46%, and the SmallCap index ended flat.
Adani Enterprises, Hindustan Unilever, Nestle India, Bajaj Auto and Ultratech Cement were Nifty 50's top gainers of the day. BPCL, Hindalco, Tata Steel, Dr Reddy and UPL were the index's biggest laggards, with BPCL closing almost 3% down.
BSE Sensex closed over 200 points lower, at 62,626, while NSE Nifty settled 0.3% down at 18,642.
The Nifty IT index has fallen 1.7% intraday, with constituents LTIMindtree, Coforge and Persistent Systems leading the losses, down over 3% respectively.
"USDINR spot touched an intra-day high 82.34, highest levels since November 7th on the back of suspected Yuan-Rupee carry trade unwind and corporate dollar outflows. USDINR forward premium is trading at the lowest levels since 2011 and low forward premiums are hurting dollar supply. It is making carry trade unviable and also reducing exporter hedging. Indian Rupee has become one of the weakest currencies across a broad basket of currencies on a year to date basis."
- Anindya Banerjee, VP - Currency Derivatives & Interest Rate Derivatives, Kotak Securities
Angel One client base grew by 66.5% on-year as it reached the 12.19 million mark with 0.32 million gross client acquisition in November. Angel One also witnessed growth with 70.82 million orders, registering an increase of 23.8% on-year.
The company’s Average Daily Turnover rose to Rs. 12.97 trillion, depicting a 79.7% on-year growth. Its market share in overall retail equity turnover increased to 21.1% with a 4bps on-year expansion. Angel One’s average client funding book for November was at Rs. 12.92 billion.
In the Emerging Markets basket, India has a weight of around 14.5 to 15%. China is twice the weight and is dealing with geopolitical tensions and lockdowns. Taiwan, which is another economy with a large weight in the basket, is also dealing with geopolitical tensions. In such a situation, India stands out as a preferable investment destination. “External vulnerabilities are there and the last export data was quite scary. However, inflation is now coming off and RBI stabilising the currency has also helped, as volatile currency is always a sign for investors to walk away in the past,” Sharma added.
Uniparts India IPO received a healthy response from all categories of investors, and was subscribed 25.32 times from 30 Nov to 2 Dec. The issue price band was fixed at Rs 548-577 per share. The shares of the Indian global manufacturer of engineered systems and solutions are expected to list on BSE and NSE stock exchanges next week on Monday, 12 December. Meanwhile, the share allotment will be finalised by the company this week on Wednesday, 7 December 7. IPO investors can check their share allotment status online through either BSE website or the IPO registrar’s portal. Link Intime India Private Ltd is the registrar of the issue. Ahead of share allotment, Uniparts India IPO shares are commanding a grey market premium of Rs 60 today.
Read: Check status online, grey market premium; listing on 12 Dec
Life Insurance Corporation of India bought additional 2.14 lakh shares (0.012%) stake in HDFC via open market transactions on 2 December. With this, LIC's shareholding in the Corporation increased to 5.003%, from 4.991% earlier.
Housing Development Finance Corporation (HDFC) stock was quoting at Rs 2,663.10, down Rs 12.70, or 0.47% on the BSE.
Shares of sugar companies rose sharply intraday after Reuters reported that India’s output of the sweetener was likely to see a surprise 7% all for the marketing year beginning 1 October. Sugar output is likely to fall due to low cane yield in the country’s largest sugar-producing state Maharashtra, where on average farmers are facing a 15 percent decline in yield and in some areas as much as a 35 percent drop, the Reuters report said. The sharp drop will likely weigh on the country’s sugar exports and push up global prices. In an overall weak market, Dalmia Sugar stock jumped 2.4%, Dwarikesh Sugar, Dhampur Sugar (up 1%).
The ratio between Bank Nifty and Nifty is currently at 2.31, this ratio has support at 2.27 and resistance near 2.38. We expect outperformance by the Bank Nifty in this series. Every time the Bank stocks lead the rally, the trend has strength and we expect Nifty to touch 19000-19200 in this series. Bank Nifty is likely to rally till 44500 levels with strong support near 42800. Bank Nifty’s outperformance might trigger a stronger momentum and lead the Nifty towards 19000-19200 levels in the December series.
On the BSE Sensex, 115 stocks rose to hit fresh 52 week highs. Suzlon Energy, Punjab & Sind Bank, Punjab National Bank, Ion Exchange (India), Bank of Baroda, Bengal & Assam Company and many others were among those to hit these highs. On the flip side, 9 stocks fell to their 52 week lows.
The NSE Nifty PSU Bank index is up 2.34% intraday, with constituents Punjab & Sind Bank (up 10.6%), Bank of India (up 6.6%) and Union Bank of India (up 4.95%) leading the gains.
The Indian rupee extended its opening decline against the dollar, to slip to its lowest level in over a month and below a key level. The rupee was at 82.30 to the US dollar by 9.30 a.m. IST, down from 81.79 in the previous session.
Savita Oil Technologies Ltd.
LTP: Rs 324.6 | Buy in the Rs. 322-328 band & add more on dips to Rs 289-295 band
Base Case Fair Value: Rs 369 | Bull Case Fair Value: Rs 394 | Time Horizon: 2 quarters
Satin Creditcare Network Ltd.
LTP: Rs 146 | Buy in Rs 144-148 band & add more on dips in Rs 125-128 band
Base Case Fair Value: Rs 167 | Bull Case Fair Value: Rs 188 | Time Horizon: 2-3 quarters
MM Forgings Ltd.
LTP: Rs 859 | Buy in Rs 855-870 band & add on dips in Rs 765-780 band
Base Case Fair Value: Rs 945 | Bull Case Fair Value: Rs 1007| Time Horizon: 2-3 quarters
Indian benchmark indices trimmed losses but were still trading lower. The Sensex was down 247.24 points or 0.39% at 62587.36, and the Nifty was down 80.40 points or 0.43% at 18620.60.
"Crude oil prices fell after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path. We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at $76.80–75.70 and resistance at $79.20–80.50. In INR terms crude oil has support at Rs 6,310-6,220 while resistance is at Rs 6,510–6,640."
- Rahul Kalantri, VP Commodities, Mehta Equities
Globally, the yellow metal prices rose as a result of a slight pullback in the dollar, making the dollar-backed bullion less expensive for traders holding different currencies, according to Reuters. Spot gold was up 0.4% at $1,775.69 per ounce. US gold futures rose 0.3% to $1,787.10.
Gravita India announced that Gravita Togo SAU a step-down subsidiary of the company situated in Togo, West Africa has started commercial production of Aluminium CastAlloys from a new recycling plant having an annual capacity of around 4,000 MTP A in phase I. The company is expecting an additional revenue of approximately Rs 60 crore per annum with a gross margin of approximately 26% from the new capacity.
Nifty PSU Bank index bucked market trend and added 0.7%, led by the Bank of India, Punjab and Sind Bank, Bank of Baroda.
Rupee depreciated against US dollar amid risk aversion in equity markets, elevated crude prices. The local unit breached the 82 level and was trading at 82.30 against the greenback.
Bajaj Consumer Care shares jumped over 3 per cent on reports of the board considering a share buyback. The company said its board of directors will consider a proposal for buyback of equity shares of the company on December 9.
SBI Life Insurance, IndusInd Bank, HDFC Life, Adani Enterprises and Axis Bank were among major Nifty gainers, while Hindalco Industries, HCL Technologies, Tata Steel, Infosys and ONGC were the laggards.
Frontline indices open lower, down half a per cent amid weak global cues. While Sensex fell around 300 pts to 62,501.63, Nifty 50 was down around 100 pts at 18,604.8.
-Buy Mahindra & Mahindra Financial Services December Fut at Rs 242.35-243.35 Target 1: Rs 245.1 | Target 2: Rs 248.5 |Stop Loss: Rs 240.6
-Sell Aarti Industries December Fut at Rs 675.75-678.75
Target 1: Rs 666.7 | Target 2: Rs 650.8 | Stop Loss: Rs 687.8
-ICICIDiect
Nifty: The Nifty may witness a volatile move at higher levels considering aggressive writing at 18800 and 19000 Call strikes for the current weekly settlement. However, on the downside, support is placed between 18450 and 18500.
Bank Nifty: Outperformance in the Bank Nifty is likely to continue as aggressive Put writing was witnessed at ATM and OTM strikes. However, 43500 level remains an immediate hurdle on upsides. We expect PSU banks and midcap banks to outperform large cap banks.
-ICICIDirect
"Indian equities are likely to decline in early Tuesday trades on the back of overnight slump in US markets and subsequent weakness in Asian indices. Last Friday's hotter-than-expected US jobs report added to concerns that the Federal Reserve might need to be even more aggressive in its battle against inflation, despite concerns about a looming recession. Also, overnight the US yields rose on concerns that the Fed will continue hiking rates. Hence investors will have to brace for some choppy trading through the Federal Reserve's upcoming policy decision and the latest consumer price index (CPI) reading – both slated for next Wednesday, December 14th."-Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
Benchmark indices tumbled in pre-open session. BSE Sensex fell over 700 pts to 62160, while NSE Nifty 50 gave up 18550 and was trading 184 pts or nearly 1% down at 18,516.25.
"Two trends stand out in the current economic scenario. The US economy continues to be strong as reflected by the jobs data, labour market conditions and ISM services. But these positive numbers are viewed by the market with concern since this strong scenario might persuade the Fed to continue to be hawkish. The Indian macros indicate steady improvement with buoyant tax collections, impressive credit growth and declining crude. Partly the market resilience in India comes from the retail optimism and DII investment. This is likely to continue despite the elevated valuations. Buy on dips strategy has worked well this year and investors can continue with the strategy."-VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"While we had geared ourselves for an upside move yesterday, and even discussed 82, it was towards marking the important challenges. Hence, even though we had positioned ourselves on the right side of the market, the extent of upsides was surprising. We are now all poised to challenge 81.9, and dips are to be expected, but as long as the retracements do not stretch beyond 81.6, a breach of 82 could be expected."-Anand James - Chief Market Strategist at Geojit Financial Services
Nifty weekly contract has highest open interest at 19,000 for Calls and 18,700 for Puts while monthly contracts have highest open interest at 19,000 for Calls and 18,000 for Puts. Highest new OI addition was seen at 18,700 for Calls and 18,700 for Puts in weekly and at 18,800 for Calls and 17,800 for Puts in monthly contracts. FIIs increased their future index long position holdings by -19.54%, increased future index shorts by 26.42% and in index options by 23.52% in Call longs, 15.22% in Call short, 75.91% in Put longs and 4.44% in Put shorts.