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Indecisiveness reigned supreme on Dalal Street as the benchmark indices snapped a three-day winning run on Friday. Traders became cautious after many states in India started placing curbs. IT stocks saw buying while the rest of the sectors were under selling pressure. The 30-share Senex declined 190.97 points or 0.33 per cent to close at 57,124.31. The index gyrated in the 810-point range during the day. Its broader peer NSE Nifty dropped 68.85 points or 0.40 per cent to 17,003.75.
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Hexagon Nutrition files IPO papers to raise up to Rs 600 crore
The company’s public issue consists of a fresh issue of equity shares aggregating to Rs 100 crore, and an offer for sale (OFS) of up to 30,113,918 equity shares, the draft red herring prospectus (DRHP) showed.
Forex reserves dip by USD 160 mn to USD 635.67 bn
During the reporting week ended December 17, the dip in the forex kitty was on account of a decline in foreign currency assets (FCAs), a major component of the overall reserves.
Canara Bank raises Rs 2,500 crore through bonds
Gold climbs Rs 57; silver gains Rs 183
Gold price in the national capital on Friday gained Rs 57 to Rs 47,263 per 10 gram tracking firm international trends, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 47,206 per 10 gram. “Spot gold prices for 24 carat at Delhi were trading up by Rs 57 in line with global gold prices,” HDFC Securities, Senior Analyst (Commodities), Tapan Patel said.
FII selling has reduced sharply over the last few days due to the festive holidays. After around 10% correction, Nifty is now trading at 19x FY23 P/E and is no longer in the expensive zone. While the relief rally might continue for some more time, volatility cannot be ruled out on account of potential risk from Omicron variant and fragile global cues. We suggest long term investors to take benefit of such volatility in the market and add on to their portfolios gradually at lower levels.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Aditya Birla Money allots 16 lakh non-convertible preference shares to promoter
Advance-decline ratio at nearly 1:1
A range-bound day of trading ahead of Christmas to end the week as this month quite clearly belonged to the IT sector which stood tall amidst extreme volatility as cost-push inflation across sectors is keeping street worried on the impact in the hands of the consumer. While buoyancy in exports and tax collections coupled with the success of the PLI schemes are positives, there are many sectors where consolidation is waiting to happen which is where longer term investors need to focus in the present corrective phase.
– S Ranganathan, Head of Research at LKP Securities
Markets are closely eyeing the COVID situation and any positive news could only help the index to make any sustainable up move else volatility will continue. Interestingly, we’re seeing a mixed trend across sectors so traders should focus on IT, select FMCG, pharma for long trades while the banking pack may continue to trade subdued.
– Ajit Mishra, VP – Research, Religare Broking
Rupee close today
Rupee gains 24 paise to close at 75.02 (provisional) against US dollar
— Press Trust of India (@PTI_News) 1640341329000
Nifty IT outperforms; most sectoral indices in the red
Top losers of today’s session
Price as on 24 Dec, 2021 03:44 PM, Click on company names for their live prices.
Nifty closes flat with positive bias during volatile week, holds above 17,000
Biggest gainers of today’s session
Price as on 24 Dec, 2021 03:38 PM, Click on company names for their live prices.
Heatmap: Top Sensex gainers & losers
CLOSING BELL: Sensex gyrates 810 pts, ends 191 pts lower; Nifty barely holds above 17K; Biocon tanks 6%, MTNL jumps 6%
Bajaj Finance now has become a very market linked stock. There was a time when the stock was going up continuously, irrespective of what the market was doing. Now it has become a high beta stock, very much linked to the market. Its performance to a great extent will depend on how the overall market behaves. It has fallen decently, but it is not really in the value zone as compared to the other largecap banks.
– Sandip Sabharwal
IT Index holds firm in weak market
Data Patterns makes stellar debut; CEO Rangarajan shares growth outlook
Sensex off day’s low
SBI Card raises Rs 650 crore via bond issue
SBI Cards and Payment Services (SBI Card) on Friday said it has raised Rs 650 crore by issuing bonds on a private placement basis. “We hereby inform that stakeholders’ relationship and customer experience committee of the company has approved the allotment of 6,500 fixed rate, unsecured, rated, taxable, redeemable, senior, listed non-convertible debentures (NCDs) aggregating to Rs 650 crore on private placement basis,” SBI Card said in a release.
Mphasis’ UK subsidiary inks deal with Ardonagh; acquires 51% in Mrald Ltd
Price as on 24 Dec, 2021 02:32 PM, Click on company names for their live prices.
Rupee could depreciate up to 3% in 2022: Fitch
Fitch Solutions on Friday revised its forecast for the Indian rupee to average Rs 76 per US dollar in 2022, slightly stronger than its previous outlook of Rs 76.50. According to the agency, the rupee will mostly trade sideways in the coming quarters.In the long term, it expects the Indian currency to remain weak–it may average Rs 78 in 2023. However, any depreciation will be gradual given strong economic fundamentals, it added. In the current year, the rupee has averaged around Rs 73.
Infosys hits Rs 8 lakh cr market cap
Shares IT major Infosys hit a record high of Rs 1,913 on Friday and became the second IT firm in India to cross the market value of Rs 8 lakh crore. The stock’s market value was neck-to-neck with HDFC Bank, the third most valued stock on Dalal Street.
5 stocks that scaled 52-week high in weak market
Price as on 24 Dec, 2021 01:54 PM, Click on company names for their live prices.
What should you do with Data Patterns share?
Shares of Data Patterns (India) made a solid debut on Dalal Street as the defence sector player listed at Rs 864 on BSE, a premium of 47.69 per cent, over its issue price of Rs 585. On the National Stock Exchange, the counter listed at Rs 856.05. Following the listing pop, the counter witnessed a sharp profit booking as the stock dropped 10 per cent to hit a low of Rs 781 on BSE and trimmed the gains to 34 per cent. Interestingly, it did not cross its listing price on BSE.
European stock futures dip on Christmas eve
European shares look set to ease slightly after rising this week amid expectations that the Omicron variant won’t derail the economic recovery, although activity should remain thin as most cash and derivatives markets are either closed or open half day. Some analysts argue that the recent “revival in risk appetite” seen in thin volume the week before Christmas may have limited shelf life in 2022 as central banks will taper their monetary stimulus. In Europe, London and Paris will shut around midday today, while Frankfurt, Milan and Madrid are closed. UK and France’s stock futures were last down 0.3% and 0.1% respectively. (Source: Reuters)
Up to 2,750% return! 221 smallcaps doubled money
Calendar 2021 saw the BSE Smallcap index delivering a strong return of 55 per cent, three times more than Sensex (18 per cent), taking its outperformance over the largecap peer for the second year in a row. This outperformance meant some 221 out of 707 index stocks doubled investor money and went on to zoom up to 2,755 per cent!
Bank stocks down as market falls
Price as on 24 Dec, 2021 01:14 PM, Click on company names for their live prices.
FCMG stocks trade firm in a weak market
Price as on 24 Dec, 2021 12:51 PM, Click on company names for their live prices.
PM Modi to hold Council of Minister meet on Dec 29: Agencies
IN FOCUS: Airline stocks
#ETNOWExclusive | As per sources, ban on international passenger flights may go beyond 31st Jan 2022.… https://t.co/G4e4aWLtby
— ET NOW (@ETNOWlive) 1640328266000
JUST NOW: Bajaj Consumer launches new product; stock up 2%
NEWS ALERT: Ipca Lab board fixes Tuesday, 11th January, 2022, as the ‘Record Date’ for sub-division of shares
Price as on 24 Dec, 2021 12:01 PM, Click on company names for their live prices.
Monetary policy by design is financially inclusive. Minimising inflation volatility, is the aim of monetary policy
– Michael Patra, RBI Deputy Governor
Top 10 gainers in a weak market
Price as on 24 Dec, 2021 11:30 AM, Click on company names for their live prices.
Sensex recovers from day’s low
Tesla rises back to over $1 tn valuation: Report
Elon Musk-owned electric vehicle company Tesla has surged 7 per cent to rise back to over $1 trillion in market valuation, media reports said. According to the auto-tech website Electrek, ever since Musk announced that he will sell 10 per cent of his stake in Tesla, the company’s stock has been suffering.
Rupee Alert
Rupee rises 14 paise to 75.12 against US dollar in early trade
— Press Trust of India (@PTI_News) 1640321423000
With US and Europe in a Santa Claus rally, the domestic market is likely to remain resilient in the short run. Since the Omicron virus is spreading fast some restrictions on economic activity are likely after Christmas and New Year. 2022 is likely to witness central banks struggling to rein in inflation even while supporting growth. Recent trends indicate that inflation and higher interest rates will emerge as major headwinds for stock markets in 2022. Since the current high stock valuations are supported by exuberant retail participation and abundant cheap money, retail investor response will be crucial since money is going to be tight in 2022 and beyond. Even while riding this bull, investors can use market rallies to book some profits and move part of the money to fixed income and gold.
– Dr. VK Vijayakumar, Cheif Investment Strategist at Geojit Financial Services
Investors book profit in Data Patterns; stock still up 38% over issue price
Price as on 24 Dec, 2021 10:17 AM, Click on company names for their live prices.
L&T Finance sheds 4% on sale of mutual fund business to HSBC
Shares of L&T Finance Holdings lost 4 per cent in early trade on Friday after foreign lender HSBC said its asset management arm will be acquiring L&T Mutual Fund from L&T Finance Holding for $425 million (about Rs 3,192 crore) in a bid to grow its franchise in the country. L&T Finance Holdings’ share price dropped to a low of Rs 79.25 as against the previous close of Rs 82.60 on the National Stock Exchange.
Lupin receives tentative approval from US FDA for Azilsartan Medoxomil tablets
Price as on 24 Dec, 2021 09:52 AM, Click on company names for their live prices.
Data Patterns likely to list at 47% premium
Sensex off day’s high, slips 200 points
Top movers on NSE in early trade
Price as on 24 Dec, 2021 09:29 AM, Click on company names for their live prices.
BLOCK DEAL: HCL Tech; stock up 4%
#StocksInNews | HCL Tech has 2.6 mn shares change hands in a bunched trade @hcltech #StocksToWatch #HCLTech… https://t.co/tRjnQuFZu5
— ET NOW (@ETNOWlive) 1640317757000
Barring IT and Media, all sectors in the red
OPENING BELL: Sensex rises 100 points, Nifty above 17,100; HCL Tech, Ajanta Pharma jump 4% each
Pre-open session: Sensex rises nearly 300 pts, Nifty50 at 17,125
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 70 points, or 0.41 per cent, higher at 17,142, signaling that Dalal Street was headed for a positive start on Friday.
Tech View: Nifty bulls are getting exhausted
The Nifty50 on Thursday reclaimed the 17,000 mark but formed an indecisive Doji candle on the daily chart, as the index closed almost where it opened. Analysts said the index needs to sustain above the bullish gap area of 17,015-16,971 to sustain the positive momentum. The bulls are getting exhausted, they said. For the day, the index closed at 17,072.60, up 117.15 points or 0.69 per cent.
Hong Kong stocks rise in opening trade
Hong Kong stocks rose at the open of a shortened pre-holiday session Friday following strong gains on Wall Street as fears over the Omicron coronavirus variant faded. The Hang Seng Index climbed 0.45 percent, or 105.08 points, to 23,298.72. The Shanghai Composite Index added 0.08 percent, or 2.89 points, to 3,646.23, while the Shenzhen Composite Index on China’s second exchange eased 0.02 percent, or 0.62 points, to 2,524.12.
Tokyo stocks open higher, extending US gains
Tokyo stocks opened higher on Friday, extending US rallies amid optimism that the Omicron strain of Covid-19 will not significantly weigh on growth. The benchmark Nikkei 225 index was up 0.21 percent or 59.63 points at 28,858.00 in early trade, while the broader Topix index rose 0.28 percent or 5.59 points to 1,995.02. “Japanese shares are supported by US gains as worries over the Omicron strain recede,” said senior market analyst Toshiyuki Kanayama of Monex.
US stocks end at record high
The S&P 500 notched a record-high close on Thursday, with oil prices also rising, as investors and traders were optimistic about positive economic data and discounted the impact of the Omicron coronavirus variant on the economy, even as COVID-19 case counts soar. The Dow Jones Industrial Average rose 0.55% to 35,950.56 and the S&P 500 gained 0.62% to 4,725.79. The Nasdaq Composite added 0.85% to 15,653.37.
Rupee strengthens for sixth day, up 28 paise
Rising for the sixth straight session, the rupee climbed 28 paise to close at 75.26 against the US dollar on Thursday as abating concerns over the Omicron variant improved risk appetite globally. At the interbank forex market, the local unit opened at 75.43 against the greenback and witnessed an intra-day high of 75.22 and a low of 75.44. On Wednesday, the rupee had appreciated by 5 paise to close at 75.54 against the US dollar.
Sensex, Nifty on Thursday
The BSE Sensex defied gravity for the third session on the trot on Thursday, propelled by robust buying in IT, finance and power stocks amid a rally in global equities. A strengthening rupee further shored up investor confidence, traders said. The 30-share BSE benchmark Sensex jumped 384.72 points or 0.68 per cent to end at 57,315.28. Similarly, the NSE Nifty advanced 117.15 points or 0.69 per cent to 17,072.60.
Good morning, dear reader! Here’s something to kickstart your trading day
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