PremiumGlobal indices felt the heat of China's worsening Covid situation amidst talks of higher interest rates and recession. All Asian indices including Tokyo, Shanghai and Hong Kong shed on the penultimate day of 2022. European shares are also in red in the morning session.
Indices remained under pressure for most of the session on the penultimate day of 2022 but bounced back in the final hour to end in the green. China's worsening Covid situation made investors pessimistic about the future global economic outlook.
Sensex ended 223 points higher to close above 61,000, at 61,133. Nifty ended the day just below 18,200, at 18,191, a climb of 70 points.
Most of the sectoral indices remained in the red for most of the session; however, Bank, Oil & Gas and Metal shed the losses and ended in the green. FMCG, Media and Consumer Durable ended in the red zone.
Bharti Airtel, Eicher Motors, SBI, Axis Bank and Tata Steel led stock charts today. Apollo Hospitals, Tata Motors, Titan, Divi's Labs and Ultratech Cement shed in the session.
Japan's Nikkei share average hit its lowest levels in nearly three months on Thursday, dragged by Wall Street's weak performance, with heavy technology stocks leading the declines. The Nikkei index closed 0.93% lower. The broader Topix fell 0.72%.
China and Hong Kong stocks fell on Thursday in thin turnover as worries grow that surging infections in China could trigger fresh outbreaks elsewhere after Beijing dropped its zero-COVID policy and reopened the economy.
Both China's blue-chip CSI300 index and the Shanghai Composite index fell roughly 0.4% each. In Hong Kong, the Hang Seng index dropped 0.8%.
European shares slipped in thin holiday trading as the market neared the end of a rough year where it struggled with geopolitical tensions and growing fears of an economic slowdown due to aggressive rate hikes by central banks. The region-wide STOXX 600 fell in the morning session.
Indian banks could continue to actively raise funds via debt markets in the January-March quarter as they look to strengthen their capital base and finance credit demand under existing favourable market conditions, analysts and bankers said.
"Apart from credit growth and refinancing, the market condition is conducive, if you look at the long-term rates for bonds," said Soumyajit Niyogi, director, core Analytical Group at India Ratings and Research. "So they are beefing up capital."
Indian state-run and private banks raised an aggregate of 611.94 billion rupees ($7.39 billion) in October-December, more than double the 301.34 billion rupees raised in July-September, according to data compiled by Reuters.
Banks are set to raise at least 300 billion rupees in the January-March quarter, as they look to lock in funding in a tightening liquidity situation. (Reuters)
The country’s mineral production rose by 2.5% in October compared to the year-ago period, the mines ministry said on Thursday. This is the second consecutive month this fiscal when the country’s mineral production mineral clocked positive growth. In September, mineral production had grown by a higher 4.6%. The index of mineral production of the mining and quarrying sector in October was at 112.5. (Read More)
Tata Consumer Products UK Group's arm on Thursday said that the company's step-down subsidiary has acquired a 23.3 per cent stake in Joekels Tea Packers. Tata Consumer Products Overseas Holding Ltd, a step-down wholly-owned subsidiary of Tata Consumer Products UK Group will acquire the stake from the joint-venture partners of Joekels Tea Packers. The acquisition will be at a cost of ₹43.65 crore. (Read More)
Shares of Droneacharya Aerial Innovations Limited have locked-in at 5 per cent upper circuit on fifth day in a row. Droneacharya Aerial share price has been finding no seller since it made its debut on BSE SME exchange on Friday last week. The SME stock had listed on Dalal Street at ₹102 apiece, delivering around 90 per cent listing premium to its lucky allottees. However, the stock has been continuously in uptrend and in last five days, it has surged from ₹102 apiece to ₹130.10 per share levels, recording around 27 per cent rise from its listing price of ₹102 levels. (Read More)
NTPC Tamil Nadu Energy Company Limited (NTECL) has paid an interim dividend of over ₹100.11 crore to NTPC for 2022-23.
NTPC Tamil Nadu Energy Company Limited is a 50:50 joint venture of NTPC Limited and Tamil Nadu Generation and Distribution Corporation (TANGEDCO).
"NTECL paid second interim dividend of ₹100,11,68,090 for the year 2022-23 towards NTPC's 50 per cent share," NTPC said in a statement on Thursday.
Ramesh Babu V, Chairman, NTECL & Director (Operations), NTPC, presented the cheque to Gurdeep Singh, Chairman & Managing Director, NTPC. (PTI)
Organized gold jewellery retailers are likely to report 23-25% jump in revenues this fiscal as pent-up demand along with recovery in discretionary spending, and revenue from realizations inch up, according to a note by ratings firm Crisil. Crisil projects growth to moderate next fiscal to 8-12%, given the high base effect of this fiscal and a slower growth in disposable incomes (Read More)
Assets under management (AUM) of ICICI Prudential Life Insurance Company have crossed ₹2.5 trillion, driven by the company’s customer-centric products, growth in new business premium, industry-leading persistency ratios, superior customer service and superior risk-adjusted returns, the private insurer said in a press release. The company commenced operations 22 years ago in December 2000, and had an AUM of approximately ₹100 crore at the end of FY2001. (Read More)
After end subscription, all eyes are now set on Radiant Cash Management IPO allotment date, which is most likely on 30th December 2022. AS per the tentative schedule of Radiant Cash Management IPO, finalisation of share allocation is expected on 30th December 2022 whereas Radiant Cash Management IPO listing date is likely on 4th January 2023. So, those who have applied for the public issue can check their Radiant Cash Management IPO allotment status online by logging in at the BSE website — bseindia.com or at the website of the official registrar of the IPO. Link Intime India Private Ltd has been appointed as the official registrar of Radiant Cash Management IPO and its official website is linkintime.co.in.
According to market observers, shares of Radiant Cash Management Ltd are available at a premium of ₹3 which means Radiant Cash Management IPO grey market premium (GMP) today is ₹3 per equity share. (Read More)
The Asian Development Bank (ADB), in its report released on annual procurement, ranked Indian-PSU company WAPCOS as top amongst consulting services firms in water and other infrastructure sectors, with the highest sanctioned financed amount.
In another report on its members' Fact Sheet - 2022 released by the ADB, WAPCOS figured amongst the Top 3 consultants from India involved in consulting services contracts under ADB loan, grant, and technical assistance projects in energy, transport and water, and other urban infrastructure sectors.
WAPCOS is a leading technology-driven consultancy, engineering, and procurement and construction (EPC) organization in the fields of water resources, power, and infrastructure development. (ANI)
Billionaire Mukesh Ambani has set targets for his three kids whom he has identified for the takeover of telecom, retail and new energy business. He said that his elder son Akash is being groomed to take over the telecom business, and his twin Isha for retail. The youngest son Anant is being groomed for the new energy business.
Apart from this, Mukesh Ambani also spoke about how India can become a $40 trillion economy by 2047 and the next 25 years are going to be transformational in 5,000-year-old history of India when the country's poised to achieve exponential economic growth. (Read More)
Three equity markets in Asia are competing to become the biggest gainers in the world this year, even as a stronger dollar hurt the appeal of the region.
Measures for Indonesia, India and Singapore are closing on Brazil’s Ibovespa Index, which has climbed 5.2% in local currency terms, according to data of major stock benchmarks compiled by Bloomberg. The Asian gauges are up at least 3.5% each, which means a single-day gain could make up the difference. The rankings are mostly similar in dollar terms although the gains differ. (Full Story)
The State Bank of India (SBI) is mulling to rise ₹10,000 crore fund through infrastructure bond. India's largest bank informed Indian bourses that the Executive Committee of the Central Board of SBI is going to consider the fund raise proposal in its next meeting scheduled on 3rd January 2022. The Executive Committee of the Central Board of SBI would also consider whether the fund will be raised through public issue or through private placement in FY23. (Read More)
Owner of popular brand ‘Mamaearth’, Honasa Consumer Limited e has filed its Draft Red Herring Prospectus (“DRHP") with market regulator Securities and Exchange Board of India (“SEBI").
The Company plans to raise funds through offer of equity shares (face value ₹ 10 each) through initial public offerings. The offer comprises of fresh issue of equity shares aggregating up to ₹ 400 crore (The “Fresh Issue") and offer for sale up to 46,819,635 equity share by Selling Shareholders (The “Offer for Sale"). (Full Report)
Factoring in all economic and market developments, we present the following themes for 2023:
- Banking & Financials: Banking & Financials will be major themes to watch out for in 2023 on account of their improved economic outlook and the pick-up in credit growth.
- Rural recovery: Rural recovery is expected in 2023 led by moderation in inflation, softness in commodity prices, better farm income expectations, and higher government spending.
- Capital expenditure (especially railway Capex) and Infrastructure spending are likely to be overarching themes.
- Home improvement theme: With the pick-up in the real estate and housing demand, the home improvement theme has bolstered and would continue to be robust in 2023.
- Pharma sector: Rebound expected in the Pharma sector on account of new launches and gaining market share
- High-quality retail play will continue to remain in focus.
Our New Year picks for 2023 are: HUL, Cipla, Cholamandalam Investment, Federal Bank, Trent, Astral Ltd, MAS financials, RITES and V-mart
Shares of Spandana Spoorthy Financial Ltd surged to hit an upper circuit level of 5% on the BSE at ₹575 apiece in Thursday's early trading session after the NBFC informed that the board of the company has approved the transfer of the stressed loan portfolio to an asset reconstruction company (ARC), including the written-off loans of ₹323 crore.
“..the Board of Directors of the Company vide its resolution dated December 28, 2022, Wednesday has approved the transfer of stressed loan portfolio including written off loans of ₹323.08 Crore outstanding as on September 30, 2022, to an Asset Reconstruction Company (ARC) pursuant to Swiss Challenge Method for a consideration of ₹95 Crore," the company announced in an exchange filing yesterday. (Read More)
Dr Reddy's Laboratories on Thursday said all claims against it in the antitrust litigation filed in the US, related to a prescription medicine Revlimid, used in treatment of multiple myeloma have been dismissed.
In a regulatory filing, the company said on December 22, 2022 and December 27, 2022, the plaintiffs voluntarily dismissed Dr Reddy's Laboratories Ltd and Dr Reddy's Laboratories, Inc. respectively, from the case.
"All claims against the company in the litigation have now been dismissed," Dr Reddy's said.
Last month the company had stated that it was among several generic pharmaceutical companies, including Celgene and Bristol Myers Squibb, against which an antitrust litigation has been filed in the District of New Jersey, USA. (PTI)
Fundraising through public issues could see an uptick in 2023 as retail investors bet on attractive interest rates and companies look to diversify their funding portfolio under tightening liquidity conditions, bankers and analysts said.
Indian companies raised around 5.38 trillion rupees ($64.95 billion) through private placements in 2022, largely aided by the banking system's massive cash surplus, data showed.
Public issues were only to the tune of around 80 billion rupees.
"As rates are settling at higher levels, retail investors would be keen to put funds in public issues," said Ajay Manglunia, managing director and head of investment grade group at JM Financial. (Read More)
Godrej Properties has bought an about 9-acre land in Gurugram to develop a housing project with sales potential of ₹2,500 crore.
In a regulatory filing on Thursday, the company said it has acquired the land through an outright purchase.
It did not mention the deal value and the name of the seller.
This project will offer about 1.6 million square feet of premium residential development.
The project will have an estimated revenue potential of about ₹2,500 crore.
The site is strategically located with easy access from Golf Course Road Extension, also known as Southern Peripheral Road. (PTI)
India extended a policy to import refined palm oil at a lower duty and allowed imports of 51,000 tonnes of cotton at nil duty in 2023, the government said in a notification late on Thursday.
The concessional duty structure for the refined palm oil had been due to expire on December 31. It has been extended "until further orders," the government said.
In December 2021, India cut basic import tax on refined palm oil and brought down the total taxes on their imports to 13.75% from 19.25% earlier.
The duty cut made refined palm oil imports lucrative for Indian refiners, which traditionally prefer to import crude palm oil.
"Refined palm oil imports jumped this year because of lower duty. Even in the coming months, we will continue to see imports of around 200,000 tonnes of refined palm oil per month," said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm. (Reuters)
The Indian rupee strengthened a bit on Thursday, as traders cited dollar sales by exporters, but strong gains were not expected amid the holiday lull and risk aversion in broader markets.
The rupee was at 82.78 per dollar by 10:05 a.m. IST, having firmed up to 82.75. The currency closed at 82.8575 on Wednesday.
Exporters holding their dollars are likely making sales as it is the end of the quarter, but due to the absence of a large number of market participants the moves would remain rangebound, said a foreign exchange trader.
The currency's intraday range should likely be 82.70-82.90, the trader added.
The rupee has stayed on the weaker side of 82.50 for the past two weeks with moves confined to small ranges per session. Analysts believe it is an attempt to bring stability to the currency after a sharp depreciation earlier this month. (Reuters)
Domestic brokerage and research firm Motilal Oswal believes the sale of the bus segment and the recent price increase in the goods segment are positive for VRL. The brokerage house expects VRL Logistics to clock a 21% volume compound annual growth rate (CAGR) over FY22-24 in the goods business, with faster branch additions in untapped regions.
“We expect a revenue/EBITDA/PAT CAGR of 15%/13%/20% over FY22-24," the note stated. The brokerage house has maintained its Buy rating on VRL Logistics shares with a target price of ₹730 apiece. (Read More)
Shares of KFin Technologies made their flat market debut on Thursday with the stock listing at ₹367 apiece on the NSE, as compared to its IPO issue price of ₹366 per share. On the BSE, KFin Technologies shares started trading at ₹369 apiece.
The initial public offering (IPO) of KFin Technologies was subscribed 2.59 times on the last day of offer that closed on Wednesday, December 21, 2022. The issue received bids for 6,14,67,520 shares against 2,37,75,215 shares on offer. The three day public issue's price range was fixed at ₹347-366 a share. (Read More)
Anand James - chief market strategist at Geojit Financial Services Nifty outlook: The consolidation that was expected yesterday in the 18,096-18,040 region turned out to be brief, with Nifty persisting with the upside bias mostly for the rest of the day. The closing hours did see sharp pullback, which rings in caution. But we are inclined to expect consolidation inside 18,040-1,7940 rather than an outright collapse. Slippage past this band would force us to reconsider 17,670, while the prospects of 18,400 would be up, should slippages manage to be contained within the 18,040-17,940 band.
Nayara Energy Ltd, India's second-largest private oil refiner, on Wednesday said it is on track for entry into the petrochemicals sector with the majority of work being completed on a propylene recovery unit.
Nayara, which operates a 20 million tonne-a-year oil refinery at Vadinar in Gujarat, has adopted a phase-wise asset development strategy to enter into the petrochemicals sector.
"Under Phase-1 of the project, Nayara is setting up a 450-kilo tonne per annum polypropylene plant at its Vadinar refinery in Gujarat - a propylene recovery unit along with upgrades to the existing FCC Unit (Fluidized Catalytic Cracking Unit) and a polypropylene unit (PPU)," the firm said in a statement. (PTI)
The Ministry of Railways has denied reports about a potential data breach of Indian Railway Catering and Tourism Corporation (IRCTCT) and said that the data breach was not from the IRCTC servers.
The Railway Ministry said in a statement on Wednesday stated,"On analysis of sample data, it was found that the sample data key pattern does not match with IRCTC history application programming interface (API). Suspected data breach is not from the IRCTC servers." (Read More)
STOCK IN FOCUS
Maruti Suzuki (CMP 8,421): In view of strong product pipeline, strong dealer network, healthy balance sheet support to develop new products, market share gain, strong return ratios and likely margin improvement ahead, we expect MSIL to trade at premium valuation. Therefore we have BUY rating on MSIL with a 1-Yr Target Price of Rs11,000 , valuing the stock at P/E multiple of 27.5x FY24E EPS.
Intraday Picks
ADANIPORTS (PREVIOUS CLOSE: 810) BUY
For today’s trade, long position can be initiated in the range of ₹796-
804 for the target of Rs827 with a strict stop loss of Rs792.
COALINDIA (PREVIOUS CLOSE: 223) BUY
For today’s trade, long position can be initiated in the range of Rs218-
221 for the target of Rs230 with a strict stop loss of Rs216.
LT (PREVIOUS CLOSE: 2121) SELL
For today’s trade, long position can be initiated in the range of Rs2135-
2145 for the target of Rs2090 with a strict stop loss of Rs2155.
The implementation of the Economic Cooperation and Trade Agreement (ECTA) between India and Australia has the potential to double bilateral trade in goods and services to USD 45 billion in the next five years, said the Confederation of Indian Industry (CII).
The industry body CII noted that zero-duty access to Australia's market will be available to India immediately as the ECTA comes into force starting Thursday.
The trade arrangement is expected to lead to a USD 10 billion jump in India's merchandise exports by 2026-27, and would help in creating additional 10 lakh jobs in India.
The agreement encompasses cooperation across the entire gamut of bilateral economic and commercial relations between the two friendly countries. (ANI)
In Delhi, industries using unapproved fuels including coal will be closed straightaway from January 1, and heavy fines will be imposed on them, said the Central government's air quality panel on Wednesday. It said that the use of low-sulfur coal in thermal power plants is allowed in Delhi-NCR factories, according to the news agency PTI. (Read More)
Oil extended losses on concerns that China’s rapid dismantling of its Covid Zero policy could lead to a surge in cases across the world.
West Texas Intermediate fell toward $78 a barrel after closing 0.7% lower on Wednesday. The US will require airline passengers from China to show negative virus tests, while Italy will begin testing arrivals from the Asian nation. That’s overshadowing optimism over a longer-term demand recovery in China. (Bloomberg)
NSE has kept Balrampur Chini Mills and Indiabulls Housing Finance on the list of banned securities under the F&O segment for Thursday trading as they have crossed 95% of the market-wide position limit. (Read More)
The initial public offering (IPO) of polymer manufacturer Sah Polymers will open for subscription tomorrow i.e., on Friday, December 30, 2022 and will conclude on January 4, 2023. The issue has a price band of ₹61 to ₹65 per share. The bid for anchor investors will open on Thursday, December 29, 2022.
As per market observers, Sah Polymers shares are commanding a premium of ₹6 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on January 12, 2023. (Read More)
Indian government bond yields are expected to be largely unchanged in early trades on Thursday, the penultimate trading session of 2022, as traders await fresh triggers.
The benchmark 10-year yield is likely to move in the 7.29%-7.33% band, a trader with a private bank said. The yield ended higher at 7.3136% on Wednesday.
Traders are just waiting for the end of this week, and we may see another lacklustre session, they added.
Bond yields rose marginally on Wednesday, as the 10-year U.S yield had risen above the 3.85% level, after easing to 3.40% earlier in the month. (Reuters)
Ship insurers said they are cancelling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses.
Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance clients on Jan. 1, giving them the first opportunity to scale back exposure since the war in Ukraine started, after being hit this year by losses related to the conflict and from Hurricane Ian in Florida. (Read More)
Vaishali Parekh of Prabhudas Lilladher has recommended two buy or sell stocks today, here we list out full details in regard to those shares:
1] Coromandel International: Buy at ₹897, target ₹935, stop loss ₹888; and
2] Pidilite Industries: Buy at ₹2587, target ₹2680, stop loss ₹2540. (Read More)
Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power, has received the “letter of award" (LoA) from Tata Power Delhi Distribution Ltd, a joint venture of Tata Power and the NCT of Delhi, for setting up a 255 MW hybrid (wind and solar) power project in Karnataka.
“The project will be commissioned within 24 months from the PPA execution date. The letter was awarded through an e-reverse auction", the company said in a statement. (Read More)
JK Lakshmi Cement has tied up with GreenLine, a pioneer in green and smart logistics in India, for the introduction of LNG-fuelled heavy trucks for transporting cement.
"With this association, GreenLine will enable JK Lakshmi Cement to decarbonise its road logistics operations in a phased manner over the next few years," the company said in a statement.
Starting with a fleet of 10 LNG trucks plying on the Sirohi in Rajasthan to Surat in Gujarat route, the companies plan to scale this up substantially over the next two years.
"Each LNG truck reduces about 35 tons of CO2 emissions per year. With the switch to LNG fuelled logistics, JK Lakshmi Cement aims to reduce its carbon emissions, not only to achieve its environmental goals but also boost its ESG performance," it said. (PTI)
Adani Transmission has formed a subsidiary, BEST Smart Metering Ltd (BSML), to undertake the smart meter business.
BSML is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 27th December 2022 and is yet to commence its business operations, a BSE filing stated.
"Company has incorporated a wholly-owned subsidiary company in the name of BEST Smart Metering Ltd," a BSE filing stated.
Adani Transmission has the 100 per cent equity of ₹1 lakh divided into 10,000 equity shares of ₹10 each.
This assumes significance in view of Revamped Distribution Sector Scheme (RDSS) launched by the government to help DISCOMs improve their operational efficiencies and financial sustainability by providing result-linked financial assistance to them to strengthen supply infrastructure based on meeting pre-qualifying criteria and achieving basic minimum benchmarks. (PTI)
JSW Energy on Wednesday said it has completed the acquisition of 700 MW Ind-Barath Energy (Utkal) for ₹1,047.60 crore through insolvency proceedings.
"Pursuant to the NCLT (National Company Law Tribunal) approval order, the resolution plan has now been implemented and the acquisition of Ind-Barath Energy (Utkal) Ltd is complete. The resolution amount of ₹1,047.60 crore has been paid," a BSE filing said.
Now, the company holds 95 per cent equity shares of Ind-Barath Energy (Utkal) Ltd and the secured financial creditors collectively hold the balance 5 per cent, as per the terms of the resolution plan.
Consequent to this transaction, Ind-Barath Energy (Utkal) Ltd has become a subsidiary of JSW Energy. (Read More)
Bharti Airtel has seen less than expected customer churn following the baseline correction of Bharti Airtel saw lower-than-anticipated customer churn after raising the lowest prepaid tariffs by ₹56 in Odisha and Haryana, and the company may implement similar increases in other telecom circles by February following a deeper assessment of how consumers will react to the new tariffs, a top executive said. “We thought we would see an elevated level of churn or SIM consolidation, but the churn is much lower than what we thought it would be. The pilot is still ongoing. We will have the full data by February. If it all works, then we will assess when to roll it out (to other circles)," the executive said, asking not to be named. SIM consolidation refers to people using more than one SIMs to discard the additional ones. (Read More)
After the Gambia incident, Uzbekistan Health Ministry has now claimed that 18 children have died after consuming cough syrup manufactured by Noida-based Marion Biotech.
The ministry said 18 out of 21 children who took the Doc-1 Max syrup while suffering from an acute respiratory disease died after consuming it. It is marketed on the company's website as a treatment for cold and flu symptoms.
A batch of the syrup contained ethylene glycol, which the ministry said was a toxic substance. The syrup was imported into Uzbekistan by Quramax Medical LLC, the ministry said in its statement released on Tuesday. (Read More)
Shares of KFin Technologies Ltd are going to hit the stock market today. As per the information available on the BSE website, effective from Thursday, December 29, 2022, the equity shares of KFin Technologies Limited shall be listed and admitted to dealings on the exchange in the list of 'B' group of securities. KFin Technologies' share price will make its debut on both BSE and NSE in a special pre-open session.
According to stock market experts, despite being fairly priced, KFin Technologies IPO received a dull response from investors. Correction in the secondary market and weak listing of recent IPOs have done further damage to the probability of a strong debut of KFintech shares. They said that KFin Technologies shares may have a muted debut and KFin Technologies share price may open around its upper price band i.e. ₹366 apiece. (Read More)
After a gloomy start because of the Omicron wave in January, Indian airlines are ending the year on a high note as record demand for air travel and high airfares boost revenue.
Air travel has boomed with the onset of the holiday season, with daily air traffic in December more than doubling to nearly 420,000 in December from around 200,000 in January. India witnessed a record number of air travellers on 24 December, as 435,500 people took to the skies on 2,904 flights. This was also higher than the daily average of 2,900 flight departures and 400,000 air passengers in the pre-covid year of 2019. (Read More)
A broad slide for stocks added to Wall Street's recent losses Wednesday, as investors count down to the end of the worst year for the S&P 500 since 2008.
The S&P 500 fell 1.2%, with technology, energy and industrial stocks among the biggest weights on the benchmark index. The tech-heavy Nasdaq composite slid 1.4%. Both indexes came into this week with three straight weekly losses.
The Dow Jones Industrial Average dropped 1.1%, while the fell Russell 2000 index of smaller-company stocks fell 1.6%.
With two more days of trading left in 2022, the S&P 500 is headed for a roughly 20% drop for the year, even as profits and margins for companies in the index have hit record heights this year. The Dow is on pace for a 9.5% drop, while the Nasdaq is doing much worse, on pace to plunge 34.7%.
Southwest Airlines slid 5.2% as the carrier grappled with the fallout after cancelling thousands of flight cancellations. The airline’s CEO said it could be next week before the flight schedule returns to normal. Shares in other airlines also fell. Delta Air Lines dropped 2.8% and United Airlines fell 2.4%. (AP)
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