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Share Market Highlights: Sensex ends down 200 pts, Nifty closes below 18650, Bank Nifty in red; Infosys lead losses

Share Market News Today | Sensex, Nifty, Share Prices Highlights: BSE Sensex fell around 300 pts to 62,501.63, NSE Nifty 50 was down around 100 pts at 18,604 levels.

Share Market Highlights: Sensex ends down 200 pts, Nifty closes below 18650, Bank Nifty in red; Infosys lead losses

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.

Live Updates
15:52 (IST) 6 Dec 2022
Top Nifty gainers, losers

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.

15:49 (IST) 6 Dec 2022
Domestic indices close in red

BSE Sensex closed over 200 points lower, at 62,626, while NSE Nifty settled 0.3% down at 18,642.

14:51 (IST) 6 Dec 2022
Nifty IT sinks 1.7% intraday

The Nifty IT index has fallen 1.7% intraday, with constituents LTIMindtree, Coforge and Persistent Systems leading the losses, down over 3% respectively.

14:27 (IST) 6 Dec 2022
Rupee becomes one of the weakest currencies

“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

14:17 (IST) 6 Dec 2022
Angel One client base grows 66.5%

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.

13:26 (IST) 6 Dec 2022
Indian markets stand out, valuation expensive, uncertainty to persist; HDFC Securities tells where to invest

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.

Read full story

12:18 (IST) 6 Dec 2022
Uniparts India IPO share allotment

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

12:17 (IST) 6 Dec 2022
LIC raises stake in HDFC

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.

11:26 (IST) 6 Dec 2022
Sugar stocks in focus

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%).

11:23 (IST) 6 Dec 2022
Nifty may touch 19200 in December F&O series, Bank Nifty likely to outperform; these stocks can lead rally

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.

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11:09 (IST) 6 Dec 2022
115 BSE stocks hit 52-week highs, 9 fall to 52-week lows

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.

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10:36 (IST) 6 Dec 2022
Nifty PSU Bank soars in trade

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.

10:27 (IST) 6 Dec 2022
Rupee drops to 1-month low, falls below 50-day moving avg

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.

10:26 (IST) 6 Dec 2022
HDFC Securities Fundamental Stocks Picks

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

10:10 (IST) 6 Dec 2022
Indices trim losses

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.

10:06 (IST) 6 Dec 2022
Crude to remain volatile in trade today

“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

10:01 (IST) 6 Dec 2022
Prices rise despite profit booking; dollar dips amid hawkish Fed concerns

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.

Read full story.

09:43 (IST) 6 Dec 2022
Gravita India arm begins Aluminium CastAlloys production; stock jumps 4%

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. 

09:41 (IST) 6 Dec 2022
Bank of Baroda, Bank of India stocks jump

Nifty PSU Bank index bucked market trend and added 0.7%, led by the Bank of India, Punjab and Sind Bank, Bank of Baroda.

09:32 (IST) 6 Dec 2022
Rupee breaches 82

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.

09:27 (IST) 6 Dec 2022
Bajaj Consumer Care shares rise 3% on buyback news

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.

09:26 (IST) 6 Dec 2022
Nifty gainers, losers

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.

09:19 (IST) 6 Dec 2022
Nifty, Sensex open in red

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.

09:11 (IST) 6 Dec 2022
Derivative intraday picks

-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

09:07 (IST) 6 Dec 2022
Derivative Outlook

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

09:06 (IST) 6 Dec 2022
Brace for some choppy trading

“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

09:04 (IST) 6 Dec 2022
Nifty, Sensex tumble in pre-open

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.

08:59 (IST) 6 Dec 2022
Indian market outperformance likely to continue despite elevated valuations; buy in dips

“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

08:58 (IST) 6 Dec 2022
Rupee may breach 82

“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

08:57 (IST) 6 Dec 2022
Derivatives

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.

08:57 (IST) 6 Dec 2022
Nifty may see brief spike to 18,840

“There was enough bargain buying interest to keep 18,600 largely intact and attempt multiple upside attempts yesterday, but none of them succeeded in making much headway beyond our turnaround level of 18,715. There is an outside chance of a brief spike to 18,840, but the bearish warning that was sounded last week, is still very much on, requiring a close above 18,840 to shake the bears off. With an H&S pattern maturing in 60m frame, favoured view sees more chances of a slip to either 18500 or stretch all the way to 18,360-18,100, before prospects of 19400 may be re-evaluated again.”-Anand James – Chief Market Strategist at Geojit Financial Services.

08:46 (IST) 6 Dec 2022
Investors wait for RBI MPC meet outcome before making any significant movements

“According to SGX Nifty trend, benchmark indices are most likely to start out negative. Markets generally closed negative on a worldwide level. Investors are waiting for the conclusion of the RBI Monetary Policy Committee meeting before making any significant movements. The conclusion of the conference will be made public on December 7. It is predicted that the Reserve Bank of India MPC would announce a rate rise of 35 basis points (bps). Indian equities managed to stage a comeback in yesterday's session, helped along by a strong estimate on services activity. On the technical front, immediate support and resistance in Nifty 50 are 18600 and 18800 respectively. Bank Nifty immediate support and resistance are 43000 and 43600 respectively.”-Mohit Nigam, Fund Manager & Head – PMS, Hem Securities

08:29 (IST) 6 Dec 2022
Short-term texture of market non-directional

“Markets were extremely range-bound with a negative bias with most of the Asian indices too closing on a sluggish note. Investors are keeping a low profile ahead of RBI's credit policy meeting this week, while lack of fresh triggers from global markets too have been a dampener. Another factor could be the recent rally was too fast paced and hence nobody wants to risk taking long only bets. Technically, after the early morning selloff the Nifty took support near 18600 and reversed sharply. However, the short-term texture of the market is still non directional. We are of the view that 18600 could act as a sacrosanct support zone for the market. if the index trades above the same it could retest 18800-18850 in the near future. On the flip side, below 18600, the index could slip till 18500-18450.”-Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd

08:26 (IST) 6 Dec 2022
Reliance Securities Intraday Picks

Hindustan Unilever: BUY

For today’s trade, long position can be initiated in the range of Rs 2,615- 2,600 for the target of Rs 2,695 with a strict stop loss of Rs 2,570.

Pidilite Industries: BUY

For today’s trade, long position can be initiated in the range of Rs 2,722- 2,702 for the target of Rs 2,815 with a strict stop loss of Rs 2,670.

PI Industries: SELL

For today’s trade, short position can be initiated in the range of Rs 3,490- 3,510 for the target of Rs 3,370 with a strict stop loss of Rs 3,570.

08:21 (IST) 6 Dec 2022
Bank Nifty may head towards 43500

“Bank Nifty respected 42,900-mark and resumed its up-move. The index rose to life-time-closing high and outperformed benchmarkNifty on the back of strength in private as well as PSU banks. The key technical indicators are positively poised on weekly, daily as well as hourly timeframe charts. The index has potential to move towards 43,500-level initially and 43,800-mark subsequently. In case of any decline, the index will continue to find support at around 42,900-level. As for the day, support is placed at around 43,088 and then at 42,843 levels, while resistance is observed at 43,475 and then at 43,617 levels.”

08:20 (IST) 6 Dec 2022
Nifty may head towards 18900

“Nifty began week on a flat to positive note. The index formed a bullish pattern-Hammer on the daily chart, wherein lower shadow was twice the size of the real body. The key technical indicators witnessed positive cross-over after testing the lower levels on the hourly timeframe chart. This could lead the index towards 18,900-level initially and 19,000-mark subsequently. In case the index violates 18,600-level, probable up-move will be negated. On the lower side, the index will find support at around 18,400-level. As for the day, support is placed at around 18,619 and then at 18,536 levels, while resistance is observed at 18,756 and then at 18,811 levels.”-Reliance Securities

08:19 (IST) 6 Dec 2022
Market likely to remain upbeat in near term

“The strategy of 'buy on the decline' and 'sell on rise' fits perfectly in the current market scenario. As far as levels are concerned, the 18600-18500 is likely to act as the sacrosanct support zone, and on the higher end, the immediate hurdle could be seen around 18800-18850, followed by the psychological mark of 19000. Going forward, our market is likely to remain upbeat in the near term, wherein any minor dip could be seen as an opportunity for the bulls to add long bets. We may expect gradual moves in key indices, but individual pockets are performing well. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities.”- Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One

08:12 (IST) 6 Dec 2022
Nifty downtrend to continue or bulls to stage a comeback? 7 things to know before share market opens

Indian benchmark indices are likely to open lower amid weak global cues, hinted SGX Nifty as Nifty futures traded 63 pts lower at 18,746 level on the Singapore Exchange. In the previous session, the BSE Sensex fell 34 points to 62,835, while the NSE Nifty 50 gained 5 pts to settle at 18,701. “We expect the market to consolidate for the next few days given the RBI policy on Wednesday and Gujarat election outcome on Thursday. Today, we might see some reaction based on Gujarat exit poll data,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

7 things to know before share market opens

07:58 (IST) 6 Dec 2022
Bank Nifty index remains in buy mode as long as it holds 42,800 support

“The bulls defended the Bank Nifty from the lower end and the index ended on a high note ahead of the key events. The index remains in buy mode as long as it holds the support of 42,800 on the downside. The higher-end resistance is visible at 43,500 where a significant amount of call writing has been observed. The index is likely to consolidate in a broad range between 42,500-43,500 and a break on either side will lead to trending moves.”-Kunal Shah, Senior Technical Analyst at LKP Securities

07:57 (IST) 6 Dec 2022
Lackluster sentiment likely to continue over short term

“Nifty remained sideward during the session as the benchmark index hovered within 140 points range. On the daily chart, a small-bodied candle with a long lower shadow is formed. The lackluster sentiment is likely to continue over the short term. On the lower end, 17,550-18,500 is going to act as a very crucial support; while a rising price finds resistance at 18,800.”-Rupak De, Senior Technical Analyst at LKP Securities

07:39 (IST) 6 Dec 2022
Asian market in red

Shares in the Asia-Pacific fell after Wall Street sold off overnight on fears that the Fed will keep increasing interest rates. In Australia, the S&P/ASX 200 fell 0.28%. Nikkei 225 in Japan shed 0.23% and the Topix lost 0.24%. South Korea’s Kospi dropped around 1%. The MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.45%.

07:39 (IST) 6 Dec 2022
US Stocks tumble

US markets ended Monday lower, as investors spooked by better-than-expected data from the services sector re-evaluated whether the Federal Reserve could hike interest rates for longer, while shares of Tesla slid on reports of a production cut in China. The Dow Jones Industrial Average fell 482.78 points, or 1.4%, to close at 33,947.1, the S&P 500 lost 72.86 points, or 1.79%, to end on 3,998.84, and the Nasdaq Composite dropped 221.56 points, or 1.93%, to finish on 11,239.94.

07:38 (IST) 6 Dec 2022
SGX Nifty in red

SGX Nifty hinted at a negative start for Indian benchmark indices as Nifty futures traded 63 pts lower at 18,746 level on the Singapore Exchange.

First published on: 06-12-2022 at 07:38 IST