Sensex snaps 4-day losing streak, gains 113pts; Infy, RIL shine; banks slip

The broader markets however finished in red, the breadth too was negative

Closing Bell

The key benchmark indices gyrated in a narrow range amid weakness in rate sensities' such as auto, banking and realty shares. Index heavyweights Infosys, Reliance and Bajaj Finance however ended with notable gains.

Mirroring the positive overseas cues, the BSE benchmark index, the Sensex jumped to a high of 58,337, but soon pared gains and drifted into the negative zone to a low of 57,683 - down 654 points from the day's high as the trading session progressed. The Sensex finally ended with a gain of 113 points at 57,901, and in the process snapped its four-day losing streak.

The NSE Nifty 50 index declined 194 points from the day's high of 17,379, to a low of 17,185, and evenutally settled 27 points higher at 17,248.

The broader markets under-performed the benchmarks on Thursday. The BSE Midcap and Smallcap indices were down 0.6 per cent each. The overall breadth was also fairly negative - out of 3,449 stocks traded on the BSE, 1,908 declined and 1,445 advanced on the BSE.

Market Dashboard: Snapshot of key movers and shakers in trade today

After having declined 8 per cent in the last three trading sessions, Bajaj Finance bounced back and edned with a gain of 2.8 per cent. Infosys surged 2.5 per cent after the company announced plans to acquire Singtel's delivery centre in Malaysia.

Reliance Industries advanced 1.8 per cent. Titan, HCL Technologies and Mahindra & Mahindra were the other prominent gainers.

On the flip side, Bajaj Auto, ICICI Bank, Sun Pharma, Maruti and IndusInd Bank slipped over a per cent each.

In the broader markets, Subros soared 9 per cent to Rs 408.80 after the company bagged an order from Indian Railways for supply of coach air-conditioners (LHB-RMPU Type 1) in a recently concluded tender. READ MORE

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Primary Market Update

Surya Lifescience IPO was subscribed 1.94 times as of 03:15 PM on Day 1 of the offer period, backed by strong retail demand. The retail quota was subscribed 9.81 times and NIIs 57 per cent.

HP Adhesives was subscribed 6.74 times on day 2 of the offer, with retail portion was subscribed 34.67 times and NIIs up to 93 per cent. Meanwhile, Data Patterns (India) received heavy subscription of 106.15 times on the final day of the offer period. The retail quota received bids up to 21.69 times, wealthy investors 234.36 times and QIBs 160.34 times.
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Markets at 02:30 PM

LIVE market updates: Benchmark indices continued to display subdued trading action, even as global cues remained upbeat.

The Sensex was up 56 points at 57,844, and the Nifty was up 13 points at 17,234.

Among sectoral indices, the BSE Energy and IT indices had gained over a per cent each. The Consumer Durables index was the other prominent gainer. On the flip side, the Auto, Power and Realty indices slipped 0.8 per cent each, the FMCG, Healthcare, Bankex and Capital Goods indices were down around 0.5 per cent each.

Among individual stocks, shares of prominent asset management companies - HDFC Asset Management Company and Aditya Birla Sun Life AMC hit their respective 52-week lows in intra-day trade. READ MORE

https://www.business-standard.com/article/markets/hdfc-amc-aditya-birla-sun-life-amc-hit-52-week-lows-in-a-firm-market-121121600596_1.html?1639644518

Meanwhile, the markets in Europe had started trade on a positive despite reports of rising Covid cases. FTSE 100 was up a per cent. DAX 30 gained 1.7 per cent, and CAC 40 added 1.4 per cent. Elsewhere, Dow futures were up 0.5 per cent, and Nasdaq futures added 0.7 per cent.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices slipped into red for a brief while, but soon bounced back into the positive zone on the back of sustained buying support in IT and select financial shares.

The Sensex touched a low of 57,716, and but then was up 115 points at 57,903. The Nifty added 30 points to 17,251.

Among index heavyweights, Infosys, Reliance and Bajaj Finance contributed 210 points to the BSE Sensex, while ICICI Bank and HDFC accounted for a loss of 60 points.

The BSE Midcap and Smallcap indices continued to languish in the negative zone, down 0.8 per cent and 0.7 per cent, respectively. The overall breadth was fairly negative, with 1,900 declining stocks versus 1,386 advancing shares on the BSE.

In the broader markets, Calcom Vision was locked at the 5 per cent upper circuit for the 10th straight day. In the process, the stock also hit a fresh life-time high at Rs 113.90 backed by heavy volumes. READ MORE

Meanwhile, the neighbouring Asian markets held smart gains in trade on Thursday. Nikkei saored over 2 per cent. Shanghai and Taiwan jumped 0.7 per cent each, while Straits Times and Kospi added 0.5 per cent each. Hang Seng was up 0.2 per cent.

Primary Market Update

Surya Lifescience IPO was fully subscribed in quick time on Day 1 of the offer backed by strong retail demand. The public offer received bids up to 1.40, with retail quota subscribed 7.11 times and NIIs 40 per cent as of 1:10 PM.

HP Adhesives was subscribed 5.67 times on day 2 of the offer, with retail portion subscribed 29.88 times and NIIs up to 86 per cent. Meanwhile, Data Patterns (India) was subscribed 15.80 times on the final day of the offer period. The retail quota had received bids up to 17 times, wealthy investors 22.93 times and QIBs nearly 8 times.
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Markets at 12 Noon

LIVE market updates: The key benchmark indices erased almost all their gains and were on the brink of turning negative, before bouncing back a wee bit.

The BSE Sensex was up 53 points at 57,841, and the Nifty had added 12 points to 17,233.

Infosys was the top gainer, up 2.2 per cent at Rs 1,772. Bajaj Finance also contiues to trade firm with a gain of 2 per cent. Tech Mahindra and Mahindra & Mahindra were the other notable gainers.

Also read:  Bajaj Finance, Bajaj Finserv can fall another 10% from the current levels

Sun Pharma has slipped 1.7 per cent to Rs 762. Maruti, Bajaj Auto, IndusInd Bank and ICICI Bank were the other prominent losers.

The broader markets have weakened. The BSE Midcap and Smallcap indices were down 0.6 per cent and 0.5 per cent, respectively. The overall breadth has also turned negative, with 1,759 declining stocks versus 1,458 advancing shares on the BSE.

In the broader markets, Kitex Garmets, VIP Industries, Somany Home Innovation, Borosil Renewables, Nivartis, Hikal Chemicals, Raw Edge Industrial Solutions, Global Vectra, Borosil, TCI Finance, ARSS Infrastructure, Websol Energy and Nitco Tiles were the major gainers.

On the other hand, Piasalo Digital, Hindustan Construction, Patel Engineering, Satin Creditcare, TV18 Broadcast, Torrent Power, Vaibhav Global, Pearl Polymers and Ramky Infra were the significant losers.

Recently listed Tega Industries continued to drift lower for the third straight trading session. The stock was down 2 per cent, and had shed 5 per cent in the last three days. However, the stock continues to command a 33 per cent premium over its issue price of Rs 453 per share. READ MORE

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Markets at 11 AM

LIVE market updates: The key benchmark indices were trading off the high's of the day owing to weakness in FMCG and select auto and FMCG shares. IT and financial shares were seen mostly holding gains.

The BSE Sensex was up 232 points at 58,020, and the NSE Nifty had added 64 points to 17,285.

Bajaj Finance has gained 2.5 per cent. Infosys has moved up nearly 2 per cent, after the company announced plans to acquire Singtel's delivery centre in Malaysia for a consideration of up to 6 million Singapore dollars. On the flip side, Sun Pharma, Maruti and PowerGrid Corporation were the prominent losers.

The broader indices were however in the negative zone. The BSE Midcap and the Smallcap indices were down 0.2 per cent each.

In the broader markets, Borosil Renewables soared to a new all-time high of Rs 722.85 on the back of heavy volumes. The stock of the flat glass manufacturer was trading higher for the fifth straight day having surged 28 per cent during the period. READ MORE

Indiabulls Housing Finance jumped 7 per cent to a high of Rs 282.60 in early  deals amid reports that Sameer Gehlaut, the founder of mortgage financier, will sell 11.9 percent stake in the company via a block window deal. Around 47.34 million equity shares, representing 10.23 per cent total equity of Indiabulls Housing Finance had changed hands on the NSE and BSE in the first few minutes of trade today. READ MORE

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Markets at 10 AM

LIVE market updates: Benchmark indices failed to hold their morning gains as profit booking emerged in auto, FMCG, PSU Banks, and pharma stocks.

The S&P BSE Sensex was off highs and was up just 122 points at 57,911. The Nifty50, too, retreated and was below 17,250.

The broader markets, however, were back in the red with the BSE MidCap and SmallCap indices down 0.27 per cent and 0.16 per cent, respectively.

Market breadth was neck and neck with 1,460 stocks in the green on the BSE and 1,458 stocks in thre red. Volatility index, India VIX, however, was down 3.8 per cent. 

Currency market: The rupee hit a 20-month low and was at its lowest level since April 28, 2020. The domestic currency opened weaker at 76.28 per US dollar compared with Wednesday's close of 76.23/$. 

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Opening Bell

LIVE market updates: Asian stocks, including India, followed Wall Street higher on Thursday after the US Federal Reserve said it would end bond-buying stimulus in March to set up three interest rate increases next year to tackle heated inflation.

The S&P BSE Sensex rose 482.5 points, or 0.83 per cent, to quote at 58,270.5 levels in early trade. The NSE Nifty, too, climbed 142 points to trade at 17,362.

The broader indices on the BSE rose in tandem as well and added up to 0.88 per cent.

The Federal Open Market Committee (FOMC) laid out a scenario in which the Covid-19 pandemic, despite the emergence of the Omicron variant, gives way to a benign set of economic conditions, with inflation easing largely on its own, interest rates increasing comparatively slowly, and the unemployment rate staying low in coming years.

"The economy no longer needs increasing amounts of policy support," Fed Chair Jerome Powell said in a news conference after the conclusion of the two-day policy meeting.

"Larger taper and three rate hikes of 25bp each in 2022 are negative from market perspective, but the positive news is that the Fed expects inflation to cool off to 2.6 pee cent by end 2022 and decline further to 2.3 per cent and 2.1 per cent in 2023 and 2024 enabling a slower lift off in policy rate to 1.6 per cent by end 2023 and 2.1 per cent by end 2024. In other words, conditions are favorable for a 'soft landing' without major market disruptions. Soft landing when the economy is bouncing back strongly is good news. In India, markets are positioned for volatility since the short-term texture of the market is sell on rally, dictated by relentless FII selling. This trend may persist for a few days more," said VK Vijaykumar, chief investment strategist at Geojit Financial Services.

Snapping its 3-day losing streak, Bajaj Finance bounced back over 2 per cent and was the top gainer on the BSE Sensex. Infosys, Bajaj Finserv, HCL Tech, SBI, Tech M, and IndusInd Bank were the top gainers. 

On the downside, Sun Pharma, Asian Paints, and HUL were the only losers.

Among sectors, the Nifty IT and Realty indices soared over 1 per cent each while all others gained up to 1 per cent.

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Pre-open session

LIVE market updates: The BSE Sensex advanced over 400 points in pre-market session and was at 58,218. The NSE Nifty, on the other hand, was up 112 points at 17,333.

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LIVE market updates: Bulls may return to Dalal Street on Thursday as US Federal Reserve Chairman announced policy statements on expected lines last evening. At 8:20 AM, SGX Nifty was at 17,363 compared with the Nifty's spot close of 17,211 on Wednesday.

The members of FOMC have projected three interest rate hikes in 2022 followed by another three rate hikes in 2023, as per the 'dot plot' released by the US Federal Reserve. Both the acceleration of the taper as well as a hawkish dot plot was expected by the market given the backdrop of 40-year high retail inflation and a strong jobs market.

Given this, the key indices in the US ended with solid gains. The tech-laced Nasdaq zoomed 2.2 per cent. The S&P 500 index surged 1.6 per cent, and the Dow Jones jumped 1.1 per cent.

In Asia, Nikkei was up 1.4 per cent, while Taiwan and Kospi rose 0.5 per cent and 0.3 per cent, respectively. Shanghai and Straits Times added 0.1 per cent each. Hang Seng, however, had slipped a per cent.

That said, fears of more fund withdrawal by foreign investors (FIIs) and the weekly derivatives expiry may keep the indices volatile today.

Primary Market Update

Supriya Lifescience IPO will open for subscription today and will close on December 20. The company plans to raise up to Rs 700 crore by way of fresh issue of shares worth Rs 200 crore and offer for sale worth Rs 500 crore. Investors can bid for the IPO in the price band of Rs 265 – Rs 274, in lots of 54 shares.

HP Adhesives IPO was subscribed 3.48 times at the end of Day 1 of the offer period, with strong demand from retail investors (18.57 times bids). Further, today is the last day to bid for the Data Patterns (India) IPO.