Sensex up 4.4% in 2022; ends last trading day 293 pts lower at 60,841

CLOSING BELL: The NSE Nifty 50 declined 86 points to 18,105, and was up 4.3 per cent for the year 2022. Broader indices - the BSE Midcap and Smallcap outperformed in trades on Friday.

STOCK MARKET HIGHLIGHTS

After starting on an optimistic note, given the positive mood in global markets, the S&P BSE Sensex rallied to a high 61,393 in Friday’s morning trades. The benchmark index, thereafter, pared gains and slipped into the negative zone as the day progressed owing to weakness in index heavyweights ICICI Bank and HDFC twins.

A heavy bout of selling in late trades, saw the BSE index plunge to a low of 60,744 – down 293 points from the day’s high. The Sensex finally ended the day with a loss of 293 points at 60,841.

Despite the day’s loss, the BSE benchmark managed to gain 1.7 per cent this week, and also signed-off the year 2022 on a winning note – 4.4 per cent higher. 

The NSE Nifty 50 settled 86 points lower on the last trading day of the year, but was up 1.7 per cent this week and 4.3 per cent in 2022.

Among the Sensex 30 shares, ICICI Bank was down over 1.5 per cent, and was solely responsible for a near 100 points loss on the 30-share benchmark. Bharti Airtel, HDFC, Nestle India, Mahindra & Mahindra, ITC, Asian Paints, Larsen & Toubro and PowerGrid Corporation were the other notable losers. 

On the positive front, Bajaj Finserv rallied over 2 per cent. Titan, Bajaj Finance and Tata Steel were up over a per cent each. 

The broader markets outperformed the benchmark indices in trade today. The BSE Midcap index gained 0.4 per cent, while the Smallcap index advanced 0.8 per cent. The overall market breadth too was fairly positive, with nearly 2,200 advancing shares versus 1,300-odd declining stocks on the BSE.

In contrast the day’s performance, the broader indices were underperformers in the year 2022. The BSE Midcap index finished with a gain of 1.4 per cent as against the Sensex gain of 4.4 per cent. The Smallcap index was down 1.8 per cent for the year.

Watch Video: Will 2023 be the year of mid, smallcaps?

Sectorally, the BSE Consumer Durables index moved 0.8 per cent higher in trades on Friday. The Metal and Realty indices were the ofther notable gainers. On the other hand, FMCG, Power and Bankex finished in the negative zone.

New Listing

Elin Electronics witnessed a disappointing debut. The stock ended at Rs 229, down over 7 per cent when compared with its issue price of Rs 247 per share. READ MORE

Among other individual stocks, Lotus Chocolate was locked at the 5 per cent upper limit after Reliance Consumer Products, a step-down subsidiary of Reliance Industries, said would 51 per cent controlling stake in Lotus for Rs 74 crore, and make an open offer to acquire up to additional 26 per cent stake. READ MORE

Shares of Craftsman Automation hit a record high at Rs 3,710, before settling 7.8 per cent higher at Rs 3,507 after acquisition of auto components maker – DR Axion India for Rs 375 crore. The acquisition will help both entities leverage their strengths and build better synergies. READ MORE 

Solar Industries also soared to an all-time high of Rs 4,488.50, and settled 5.4 per cent higher at Rs 4,390 on stable outlook going ahead. The government’s Atmanirbhar Bharat Abhiyan programme, which is aimed at curtailing import dependence and increasing the sourcing of indigenous defence products, presents large growth opportunities for companies such as Solar. READ MORE

Primary Market Update 

Sah Polymers Rs 66.30 crore IPO opened for subscription today. As of 3:40 PM, the retail portion was oversubscribed up to 1.4 times, while the overall issue was subscribed 35 per cent on Day 1 of the offer period. The initial public share sale ends on January 04.

 

4:06 PM

NIFTY VIEW: Index could move towards all time high of 18,887 in next few months

The Nifty registered a new all time high on December 1, 2022 and entered short term correction phase thereon.

The index corrected for 3 consecutive weeks post which it witnessed some relief in the last week of December 2022 as it received support near the 20 WMA.

Thus the Nifty has posted a positive weekly close whereas for the month of December the index has formed a bearish outside bar & an Engulfing Bear candle on the monthly chart.

This shows that the index can remain under pressure in the short term. The daily chart shows that a rising trendline is acting as a resistance along with the key DMAs.

Thus the index can witness a short term consolidation in the range of 17800-18400. Once the short term consolidation phase is over then the index will be set to resume its larger up trend & can head towards the all time high of 18887 in the next couple of months.

Views by Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

4:05 PM

CLOSING VIEW: Value buying to be key theme of 2023

On the last day of a tumultuous year, domestic indices shed their early gains as negative signals from global peers pushed indices lower.

Investors remained concerned over the economic outlook for the new year underpinned by growing fears of recession.

The ongoing volatility is expected to be sustain in the near-term because of high interest rates and a slowing economy.

We believe that value buying is the theme of 2023. Fair valuation, steady earnings, and a robust demand scenario will be the cutting parameters.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

 

4:03 PM

Steel Strips prepays term debt of Rs 812.6 mn in Q3; stock rises over 2%

4:01 PM

IDBI Bank in pact to transfer IDBI MF business to LIC MF; stock ends 1% up

3:57 PM

HPL Electric bags order worth Rs 161 crore; stock bounces 5%

3:54 PM

Nifty IT ends lower in a year for the first time since 2016 ; sheds 25%

3:53 PM

Kalpataru Power ends off high; co bags order worth Rs 1,247 crore

3:51 PM

Sanghi Industries gains 2%; co to allot 7.3 mn shares via preferential allotment to promoter group

The shares will be allotted at Rs 68.25/share via preferential allotment to Promoter Group.

3:48 PM

Rupee ends at 82.72/$ against Thursday’s close of 82.80/$

3:46 PM

Sectors: PSB, Realty indices gain the most; FMCG worst performer

3:44 PM

Mid-cap heatmap: State-run insurers, banks lead mid-cap winners

3:42 PM

Mid-and-small cap indices firmly outweigh frontline index gains

3:40 PM

SBI Life, Eicher Motors, Grasim lead Nifty drags; drop up to 2%

3:39 PM

Bajaj Auto, ONGC, Coal India additional Nifty winners

3:38 PM

HEATMAP: Bajaj Twins shine; ICICI Bank top Sensex laggard