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The winning streak for Indian stocks is losing momentum as sentiment sours on the prospect of tighter monetary policy and smaller stimulus spending in the coming year. India’s benchmark S&P BSE Sensex has slumped 3.6% since the end of September, halting a rally that ran for six straight quarters and doubled the index’s value. Since reaching a record high in October, the gauge has approached a technical correction, with foreign investors pulling out more than $4 billion from market over the past three months.
Indian stock markets ended lower after a three-session rally on Friday.
The benchmark Sensex fell 190.97 points, or 0.33%, to close the day at 57,124.31, and the Nifty shed 74.55 points to end at 16,998.05.
HCL Technologies, Tech Mahindra, SBI Life, Asian Paints, and Wipro were the top gainers on Nifty, while Grasim, NTPC, Eicher Motors, ONCG, M&M fell the most.
IT index ended higher, while auto, FMCG and PSU Bank index ended in the red.
On Sensex, only eight of the 30 stocks ended in the green as banking stocks dragged the indices down.
Crude oil prices on Friday fell by ₹7 to ₹5,529 per barrel after participants cut their positions. On the Multi Commodity Exchange, crude oil for January delivery dropped by ₹7, or 0.13 per cent, to ₹5,529 per barrel with a business volume of 7,409 lots.
Analysts said the fall in crude oil futures was due to the trimming of positions by traders amid a weak spot demand. However, globally, West Texas Intermediate crude oil was trading 1.42 per cent higher at USD 73.79 per barrel. Meanwhile, Brent crude, the international benchmark, was quoting 1.01 per cent lower to trade at USD 76.07 per barrel in New York.
Sigachi Industries on Friday informed the stock exchanges that it has received a letter of intent from Grasim Industries, an Aditya Birla Group company for operation and management of three chlorine product plants.
Initial public offerings (IPOs) around the world raised a record $594 billion in 2021, riding the coattails of stock market rallies, yet often disappointing investors with their subsequent stock performance, reports Reuters.
Companies ranging from technology start-ups to blank-check acquisition firms flooded the market with offerings, capitalizing on investors' willingness to place speculative bets as low-interest rates and the re-opening of economies thanks to COVID-19 vaccines fueled their appetite for risk.
SBI Cards and Payment Services (SBI Card) will raise ₹650 crore through issuance of bonds on a private placement basis, the company informed the stock exchanges today.
European shares opened flat in light holiday trading on Friday, following a recent rally in global shares on signs the Omicron coronavirus variant may not derail global economic recovery.
The pan-European STOXX 600 was flat as of 0826 GMT after adding nearly 1% in the previous session. London's FTSE added 0.1%, while France's CAC 40 was flat.
Stock markets in several countries including Germany, Italy, Spain and Switzerland, as well as the U.S. are closed on Friday for Christmas. Bourses in London and France will see shorter trading sessions.
1. Aditya Birla Capital
2. GAIL (India)
3. Hindustan Zinc
4. Ipca Labs.
5. M & M
6. Max Financial
7. Max Healthcare
8. State Bank of India
9. Tech Mahindra
10. Zee Entertainment
BOB Financial Solutions Ltd, a wholly-owned subsidiary of Bank of Baroda, and Indian Navy have launched a co-branded credit card for navy personnel. The credit card will be equipped with contactless features and will be offered on the RuPay platform.
In currency markets, the dollar index, which measures the greenback against six major peers was at 96.067, little changed on the day but was down 0.6% since Friday's close - its worst week since early September.
The dollar has lost ground on most currencies, barring the yen, another safe haven. The Japanese currency was at 114.38 per dollar on Friday and 82.75 against the Australian dollar, almost the same level as in late November when news about the Omicron variant first emerged.
Shipments of India's engineering goods to China more than doubled in November to $434.6 million from $205.3 million in the same month last year. The US, however, remained the top importer of Indian engineering goods at $1196 million during this period, registering a growth of 36.6% over $875 million in November 2020.
According to insights by Flipkart, in the September – November period, the overall demand for premium smart TVs went up by 65% with cities such as Ernakulam, Trivandrum and Lucknow reporting an increase in demand by 120%, 105% and 45% respectively in this period as cricket fans in the country are increasingly preferring to invest in a premium smart TV. Among the metro cities, Bangalore registered the highest growth in demand with a 48% increase followed by Hyderabad and Ahmedabad/Delhi with 40% and 36% increase, respectively.
Data Patterns shares today made a strong debut in the primary markets delivering 47 per cent listing gain to the allottees. Data Patterns share price opened for trade at ₹856 per share levels on the NSE against its issue price of ₹555 to ₹585 apiece. On BSE, the defence stock listed at ₹864 levels.
HP Adhesives Limited's initial public offering (IPO), which was open for public subscription from 15 to 17 December, was booked 20.96 times. The offer received bids for 5,29,89,650 shares against 25,28,500 shares on offer. The initial share sale of up to 45,97,200 equity shares had a price range of ₹262-274 per share.
Kotak Bank slumped 2.38 per cent to Rs.1733.80. NTPC slipped 2.33 per cent to Rs.121.70. Bajaj Finserv 1.95 per cent down at Rs.15846.30; IndusInd Bank1.89 per cent down at Rs.854.70; Axis Bank 1.84 per cent down at Rs.665.80; Mahindra & Mahindra 1.68 per cent down at Rs.812.80 and State Bank of India 1.57 per cent down at Rs.454.70 were among the major Sensex losers.
TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers in the world, today announced the Race Performance (RP) series born from TVS Racing's high-performance race machine lineage.
Allotment status of Supriya Lifescience shares is in public domain now and allottees are looking forward to the Supriya Lifescience IPO share listing date, which is most likely on 28th December 2021. According to market observers, after announcement of share allotment, grey market premium (GMP) of Supriya Lifescience has shot up, signaling strong hold of the stock in grey market.
Hindustan Zinc (HZL) is one of the world’s largest and India’s only integrated manufacturers of zinc-lead and silver. The company is India’s largest primary zinc producer, with around 77% market share including alloys and 80% market share without alloys.
Domestic brokerage and research firm HDFC Securities has recommended this metal stock as one of its top stock picks for 2022. Shares of Hindustan Zinc, leading zinc-lead miner, are up around 31% this year (year-to-date).
Digjam shares are one of the multibagger penny stocks in India today. The penny textile stock has surged from ₹0.97 to ₹194 in last 3 years, logging around 19,900 per cent rise in this period.
For the third consecutive session, our markets witnessed a gap up opening by a fair margin, owing to favourable cues from the global peers. Although there was not much activity seen post the head-start, Nifty managed to maintain its positive posture throughout the session. Eventually, Nifty ended the weekly expiry well above the 17050 mark. With this, the bulls added another seven tenths of a percent to their kitty to recoup all Monday’s losses.
Last three days’ recovery has been remarkable considering the nervousness we had early this week. Yesterday’s close beyond 17000 is an indication that the bears have lost their steam; because we not only surpassed the downside gap area created on Monday but also went on to negate the breakdown. Now we are in a neutral zone from the bearish trend and if bulls have to regain the strength, 17200 – 17300 needs to be surpassed with some authority. This development will confirm the completion of recent corrective phase and the bulls would probably be back at a driver’s seat thereafter. If this has to happen, the banking needs to step up which is slightly lagging behind in the recovery. Let’s see how things pan out going ahead as we are inching closer to the calendar year end.
Traders are advised to stick to the stock centric approach because the real action lies there and we expect it to continue in coming session as well.
Sharing as its top stock pick idea for the month, domestic brokerage and research firm Anand Rathi said that pharma stock Laurus Labs has been under pressure since quiet some time but at this juncture its trading near its crucial support.
Hop Electric has signed a Memorandum of Understanding (MoU) with the Rajasthan government to lay the foundation of a large-scale electric vehicle manufacturing unit in Jaipur. It is expected to build a unit that can produce approximately 1.8 lakh vehicles. The mobility firm offers electric two-wheelers and battery swapping technology.
After witnessing cloudy skies this year, the country's renewable energy sector is expected to boom with a likely investment of over $15 billion in 2022 as the government focuses on electric vehicles, green hydrogen, manufacturing of solar equipment as well as achieving the ambitious 175 GW renewable capacity target.
India, which has an installed renewable energy generation capacity of a little over 150 GW, aims to reach 175 GW in 2022. Out of the total mix, 100 GW would be from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydropower projects.
The ministry of corporate affairs on Thursday proposed amendments to the Insolvency and Bankruptcy Code (IBC) to expedite the rescue of distressed companies ending up in bankruptcy tribunals.
In a consultation paper, it suggested ways for faster admission of cases in tribunals for initiation of the bankruptcy process and for faster adoption of the revival plans stitched together by the stakeholders.
On its stock market debut, Data Patterns shares got listed at a health premium of 47% at ₹856 per share on the NSE in Friday's trading session, as compared to its IPO issue price of ₹585 apiece. On BSE, the stock started trading at ₹864 on its first day.
Federal Bank share price has been oscillating in between ₹80 to ₹100 for last six months. As per stock market analysts, this Rakesh Jhunjhunwala stock was expected to give breakout above ₹100 few weeks ago but due to the weak global cues on Omicron outbreak, heavy selloff triggered and the banking stock came down to its lows. However, market experts are of the opinion that this is the right time to buy this Rakesh Jhunjhunwala holding company's stock for short to medium term target of ₹144.
"The market is having difficulty in getting past its resistance zone of 17150-17250. This is a crucial juncture and if the Nifty wants to take a U turn, it will happen from here. If we break the support of 16800 on a closing basis, we could witness a southward trajectory next week."
The same four stocks have been been put under the ban for trade on Friday, December 24, 2021 under the futures and options (F&O) segment by the National Stock Exchange (NSE). These securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.
Data Patterns shares are going to make its debut in the primary markets today. As per the information available on BSE website, Data Patterns IPO listing date is 24th December 2021 and the equity shares of Data Patterns (India) Limited shall be listed and admitted to dealings on BSE and NSE in the list of 'B' Group of Securities in a Special Pre-open Session.
7 stocks to buy or sell today — 24th December
In cryptocurrencies, Bitcoin prices today were trading above the $51,000 mark as the world's largest cryptocurrency by market capitalization surged over 6% to $51,101. Bitcoin, famed for its volatility, has shed more than $18,000 since hitting a record in early November, but it’s still up more than 75% this year (year-to-date or YTD) so far.
Ace investor has raised his stake in his favourite India Cements Ltd. from 20.73 per cent to 22.76 per cent. As per the latest communication by BSE, market magnet has 62,98,686 India Cements shares, which is 2.03 per cent of the total issued paid up capital of the company. After the news break of Radhakishan Damani raising stake in the cement company, stock market analysts have gone bullish on Indian Cements share price and have advised positional investors to add this cement stock in their portfolio.
Fuel rates continued to remain steady as petrol and diesel prices remained unchanged on Friday across various cities in the country.
Cash management company CMS Info Systems Limited's initial public offering (IPO) was subscribed 1.95 times on the last day of subscription that closed on December 23. The initial share sale received bids for 7,32,71,721 shares against 3,75,60,975 shares on offer.
Here is the list of the top 10 stocks that are likely to be in focus today.
India's crude oil imports in November rose to their highest level in 10 months as refiners stocked up to boost runs in anticipation of strong demand in the world's third-largest oil consumer and importer.
Crude oil imports last month rose 7.5% versus October and were also 0.5% higher than a year ago at 18.37 million tonnes, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Thursday.
The relatively high imports corresponded with the country's crude processing hitting its highest level since February 2020 during the same month refiners operated at full capacity in hopes of a steady uptick in demand.
Asian stocks were steady Friday after U.S. shares reached an all-time high amid optimism that the economic recovery will shrug off the outbreak of the omicron virus strain.
Shares fluctuated in Japan and climbed in South Korea and Australia in the wake of an S&P 500 record Thursday. Volumes have thinned and many markets are closed or operating with reduced hours on Christmas Eve.
Economic data painted a picture of solid U.S. growth. Consumer sentiment improved, new home sales increased, durable goods orders beat forecasts and jobless claims signaled further labor market healing. But inflation-adjusted consumer spending stagnated, flagging risks from rapidly rising prices.
Sentiment was helped by a U.K. study suggesting omicron infections are less likely to lead to hospitalization. But the research cautioned the variant may still produce a significant number of serious cases because it is so infectious.
Investors shifted from havens toward riskier assets. Treasuries and a dollar gauge slipped in U.S. hours, while crude oil pushed up toward $74 a barrel. Bitcoin held above $50,000 after breaching that level for the first time in almost two weeks. There is no cash trading of Treasuries on Friday.
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