The focus is now on the minutes of the Reserve Bank of India’s (RBI) latest policy meeting, due to be released later in the day, as investors seek to understand the central bank’s assessment of inflation and growth.
The central bank, in its monthly bulletin on Tuesday, said inflation “may be slightly down, but it is certainly not out,” but sounded optimistic about the near-term economic growth outlook. “RBI’s bulletin signalled that India’s growth will be driven by domestic demand”, Anita Gandhi, director at Arihant Capital Markets said, adding that domestic macroeconomic indicators such as advance tax collections, GST collections, auto sales have shown strength.
Barring information technology metal and pharma indexes, most of the major sectors erased opening gains and swung to losses, with consumer shedding 0.5%.
“While commentary from Accenture was not positive, there are mixed signals from companies like Tata Consultancy Services,” Gandhi noted, saying she expects the movement in the sector to be stock-specific as investors reshuffle portfolio in favour of value stocks.
Tech shares have been pummelled by Accenture’s comments last week of a slowdown in client spending amid macro uncertainty.
Wall Street equities snapped a four-day sell-off and logged gains on Tuesday ahead of key macroeconomic data due later this week.
Asian markets recovered after Tuesday’s slide triggered by Japan’s surprise policy review. The MSCI Asia ex Japan rose 0.22%.
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Auto components industry grows 34.8% to Rs 2.65 lakh crore in H1 FY23
India’s auto components industry witnessed a 34.8 per cent growth to Rs 2.65 lakh crore in first-half of 2022-23, riding on domestic demand, particularly from the passenger vehicles segment, the Automotive Component Manufacturers Association of India said on Wednesday.
Dish TV, Network 18 among top losers in Nifty Media pack
Price as on 21 Dec, 2022 03:01 PM, Click on company names for their live prices.
Sector Watch: Nifty Media drops 2%
Muthoot Finance accepts bids for over 3-year bonds – traders
The non-banking finance company will pay an annual coupon of 8.30% on the issue, for which it had invited commitment bids earlier in the day.
The notes are rated AA+ by CRISIL, and the issue will close for subscription on Thursday.
STOCK IN FOCUS: BPCL
#StocksInNews | BPCL approved financial plan and capex for laying piped gas network and building, operating of 8 CG… https://t.co/lk1kRuV5HA
— ET NOW (@ETNOWlive) 1671605745000
Adani group stocks tumble up to 6%
Price as on 21 Dec, 2022 02:10 PM, Click on company names for their live prices.
Lupin receives approval from U.S. FDA for Brivaracetam tablets; product will be manufactured at lupin’s facility in Nagpur
Price as on 21 Dec, 2022 02:07 PM, Click on company names for their live prices.
NIFTY BELOW 18,200! Check out the top gainers & losers from the pack
Sensex tumbles 700 points, tests 61,000
Global Market Wrap
- S&P 500 futures rose 0.5%
- Nasdaq 100 futures climbed 0.6%
- Japan’s Topix fell 0.6%
- Australia’s S&P/ASX 200 rose 1.3%
- Hong Kong’s Hang Seng rose 0.2%
- The Shanghai Composite fell 0.3%
- Euro Stoxx 50 futures rose 0.8%
Pharma stocks on a tear, rally upto 7%
Price as on 21 Dec, 2022 01:43 PM, Click on company names for their live prices.
Here are the top Sensex gainers & losers at this hour
SENSEX TANKS OVER 500 POINTS FROM DAY’S HIGH
Infrastructure India says FY value of group’s investments of 168.7 million STG
Price as on 21 Dec, 2022 01:09 PM, Click on company names for their live prices.
BSNL sets 7.72% semi-annual coupon for 10-year govt-guaranteed bonds – traders
The state-run telecom company had invited bids from investors and merchant bankers earlier in the day and accepted bids worth 41.85 billion rupees ($505.47 million), they said.
The notes are rated AAA (CE) by CRISIL, and carry an unconditional and irrevocable guarantee from the union government.
Godrej consumer products among top losers from FMCG Sector
Price as on 21 Dec, 2022 12:40 PM, Click on company names for their live prices.
Sector Watch: Nifty FMCG trades under pressure
Tokyo shares close lower for fifth straight day
The benchmark Nikkei 225 index lost 0.68 percent, or 180.31 points, to end at 26,387.72, while the broader Topix index fell 0.64 percent, or 12.27 points, to 1,893.32.
The dollar fetched 132.08 yen, against 131.69 yen in New York, where the greenback slid further after it dropped from a daily high of 137 yen to 133 yen within minutes of Tuesday’s BoJ decision in Tokyo.
MOL & GAIL to strengthen partnership; sign time charter contract for new building LNG carrier and joint ownership of existing LNG carrier
Price as on 21 Dec, 2022 12:17 PM, Click on company names for their live prices.
RBI Governor says next financial crisis will come from private cryptocurrencies
Reserve Bank of India governor Shaktikanta Das also added that cryptocurrencies have no underlying value and pose risks for macroeconomic and financial stability.
Source: Reuters
Goldman says BOJ could remove negative interest rate next
“The BOJ’s greater emphasis on the need to enhance the JGB market functioning suggests to us an increased likelihood that it will abandon the negative interest rate policy,” Goldman Sachs Japan economist Naohiko Baba wrote in a note.
Such a move would be made to strengthen the sustainability of the BOJ’s yield curve control, similar to the policy tweaks on Tuesday, Baba said.
Shyam Metalics and Energy said that it has forayed into the stainless steel business by acquiring Mittal Corp. in an NCLT-led resolution process.
Price as on 21 Dec, 2022 12:02 PM, Click on company names for their live prices.
Rouble slumps past 70 vs dollar for first time since May
The rouble plunged to its weakest level since early May past 70 against the dollar in early trade on Wednesday, extending weekly losses with fears over sanctions on Russian oil and gas spooking the market. At 0608 GMT, the rouble was down 1.9% against the dollar at 70.20, after hitting 70.6775 earlier. It had lost 1.4% to trade at 74.50 versus the euro , earlier crossing the 75 threshold for the first time since late April. It had shed 1.6% against the yuan to 10.05, a near seven-month low.
Shares of City Union Bank plunged as much as 9% during the early trade on Wednesday after the Reserve Bank of India (RBI) found divergence in the lender’s additional gross NPAs amounting to Rs 259 crore.
Price as on 21 Dec, 2022 11:59 AM, Click on company names for their live prices.
These stocks hit their 50-week highs
Price as on 21 Dec, 2022 11:46 AM, Click on company names for their live prices.
Investors count on bonds to rescue battered 60/40 portfolio in 2023
A 60/40 portfolio, which typically allocates 60% of assets into stocks and 40% into bonds, counts on moves in the two asset classes to offset one another, with stocks strengthening amid economic optimism and bonds rising during uncertain times.
The strategy went awry in 2022, as the Federal Reserve raised interest rates to fight the worst bout of inflation since the early 1980s, sparking sharp declines in both asset classes. A 60/40 split between the S&P 500 index and the Bloomberg Bond Aggregate Index is down 12.4% so far this year, headed for its worst annual performance since 2008, according to Vanguard.
Underlying economic activity in India continues to be strong, but external factors will cause some dent to economy: RBI Governor
BLOCK DEAL: 57.5 lakh shares of UCO Bank changes hands
Price as on 21 Dec, 2022 11:02 AM, Click on company names for their live prices.
Sensex Today: India’s Macrotech Developers plans to raise 1 billion rupees ($12.11 million) by selling bonds maturing in three years, two merchant bankers said on Wednesday. The company has invited bids from bankers and investors on Thursday, they said. The issue has a put/call option at end of two years and will close for subscription on Friday.
Price as on 21 Dec, 2022 10:58 AM, Click on company names for their live prices.
PSU bank stocks continue to rally; UCO Bank surges 9%
Price as on 21 Dec, 2022 10:39 AM, Click on company names for their live prices.
Sebi extends suspension of derivatives trade in 7 agri commodities for 1 year
Capital markets regulator Sebi has extended the suspension of futures and options trading in seven agricultural commodities, including wheat and moong, for one more year till December 2023 in a bid to rein in prices. The other agricultural commodities suspended by Sebi are — paddy (non-basmati), chana, crude palm oil, mustard seeds and their derivatives and soya bean and its derivatives. “The suspension of trading in the above contracts has been extended for one more year beyond December 20, 2022, i.e. till December 20, 2023,” Sebi said in a statement on Wednesday.
Market Live Updates: Sensex erases 200 pts gain, trades in the red.
Market Live Updates: These stocks lose the most in early market trade
Price as on 21 Dec, 2022 09:56 AM, Click on company names for their live prices.
SpiceJet has proposed to settle the dues of aircraft leasing companies by turning them into potential investors from creditors, according to people aware of the discussions. The plan involves a two-step transaction to clear outstanding dues worth Rs 2,500 crore, if the lessors agree.
Price as on 21 Dec, 2022 09:39 AM, Click on company names for their live prices.
JP Morgan on L&T: Maintain Outperform; Non-core business divestments on track
#BrokerageRadar | @jpmorgan on L&T: Maintain Outperform; Non-core business divestments on track #StockMarket… https://t.co/v5leOVV2pm
— ET NOW (@ETNOWlive) 1671589427000
Sector Watch: All sectoral indices trade in the green
Glenmark Pharmaceuticals to launch in India a triple FDC of Teneligliptin + Pioglitazone + Metformin
Price as on 21 Dec, 2022 09:27 AM, Click on company names for their live prices.
Yes Bank’s Rs 420 crore claim against Vijay Realty rejected
Price as on 21 Dec, 2022 09:27 AM, Click on company names for their live prices.
Opening Movers
Price as on 21 Dec, 2022 09:23 AM, Click on company names for their live prices.
The 185 pull back from the lows in Nifty yesterday is confirmation of the success of the strategy of buy on dips. Institutional buying – by both FIIs and DIIs – can trigger short covering in an oversold market. This might have contributed to the pull back yesterday. The near-term market construct is not favourable for equities. The rising Covid cases in the US, Korea, Brazil, and China is an area of concern. The situation is dire in China. This might impact market sentiments. Moreover, there are no near-term triggers to take the market higher. The next round of triggers will come only in January, starting with the Infy and HCL Tech results starting on 12th Jan. Even in a weak market leading private sector banks and Reliance are likely to remain strong.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Rupee falls 5 paise to 82.75 against US dollar in early trade
Opening Bell: Sensex gains over 200 pts, Nifty tests 18,450; ITI jumps 5%, Uflex 3%
Pre-open session: Sensex rises over 250 points; Nifty above 18,430
Glittering gold gives Asian markets some Christmas cheer
Asian stocks were trying get into a festive mood on Wednesday, and managed small gains with even Japan’s Nikkei lifting off a two-month low it hit following the Bank of Japan’s surprise decision to loosen its tight leash on government bond yields.
Rupee may open marginally higher, upside largely capped
Source: Reuters
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 72 points, or 0.39 per cent, lower at 18,498, signaling that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty charts hint at non-directional activity.
Hinting that traders are buying at lower levels, the headline equity index on Tuesday formed a small bullish candle with a long lower shadow on the daily charts.
Tokyo stocks open lower on higher yen
Tokyo stocks opened lower Wednesday, as a higher yen triggered by a surprise Bank of Japan (BoJ) policy tweak weighed on the market despite overnight Wall Street rallies.The benchmark Nikkei 225 index was down 0.30 percent, or 79.04 points, at 26,488.99 in early trade, while the broader Topix index lost 0.19 percent, or 3.68 points, to 1,901.91.
Wall Street closes slightly higher after four-day sell off
Wall Street closed slightly higher on Tuesday after four sessions of declines, but investors fretted about weak holiday shopping and rising bond yields added pressure after the Bank of Japan’s (BoJ) surprise tweak of monetary policy.
Oil prices up as U.S. crude stocks seen falling, dollar eases
Oil prices rose in early Asian trade on Wednesday as U.S. crude stocks were seen falling last week, while the dollar weakened, making oil less expensive for non-American buyers. Brent crude futures rose 8 cents to $80.07 per barrel by 0126 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 6 cents to $76.29.
Rupee falls by 8 paise to 82.70 against US dollar on firm crude oil
The rupee depreciated by 8 paise to settle at 82.70 against the US dollar on Tuesday as investors turned cautious in view of a negative trend in domestic equities and rising crude prices in the global markets.
Sensex, Nifty on Tuesday
The Nifty50 index closed 0.19% lower at 18,385, while the S&P BSE Sensex fell 0.17% to 61,702.
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