The key equity barometers ended with limited losses after a volatile session on Tuesday. The Nifty ended tad below the 18,650 mark. PSU bank, oil & gas and FMCG stocks edged higher while IT, media, metal and pharma shares witnessed selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 208.24 points or 0.33% to 62,626.36. The Nifty 50 index lost 58.30 points or 0.31% to 18,642.75.
In the broader market, the S&P BSE Mid-Cap index slipped 0.53% while the S&P BSE Small-Cap index declined 0.32%.
The market breadth was negative. On the BSE, 1,609 shares rose, and 1,885 shares fell. A total of 138 shares were unchanged.
The Reserve Bank of India (RBI) started its bi-monthly policy review with the Monetary Policy Committee (MPC) meeting yesterday. The bi-monthly policy review is expected to come out on 7 December 2022. More than the quantum of rate hikes, domestic investors would watch out for RBI's commentary as it ramps up its efforts to curb inflation and push growth.
On the political front, various exit polls on Monday predicted a big majority for the BJP in Gujarat and a dead heat in Himachal Pradesh where most pollsters gave an edge to the ruling party over the Congress. The counting of votes in both states will take place on December 8. Elections for the Himachal Pradesh assembly took place on November 12, while polling in Gujarat happened in two phases on December 1 and 5.
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The Nifty PSU Bank index rose 1.19% to 4,201.25. The index has added 5.01% in four sessions.
Punjab & Sind Bank (up 20%), Union Bank of India (up 6.45%), Bank of India (up 4.17%), UCO Bank (up 3.43%) and Indian Overseas Bank (up 3.13%) were the top gainers.
Among the other gainers were Bank of Maharashtra (up 2.89%), Indian Bank (up 2.65%), Central Bank of India (up 1.93%), Bank of Baroda (up 1.42%) and Punjab National Bank (up 0.63%).
On the other hand, State Bank of India (down 1.32%) and Canara Bank (down 1.16%) edged lower.
Stocks in Spotlight:
Bharat Forge declined 0.47%. Class 8 truck orders reportedly amounted to 33,000 units in November, falling for a second consecutive month after record bookings in September. As per reports, Class 8 truck orders amounted to 42,500 units in October and 53,700 units in September.
Bajaj Consumer Care rose 1.68%. The meeting of the board of directors of the company is scheduled on 09 December 2022 to consider and approve a proposal for buyback of fully paid-up equity shares of the company.
Kalpataru Power Transmission declined 1.48%. The civil construction company on Monday announced that its board will meet on Thursday, 8 December 2022 to consider the proposal of fund raising by way of issuance of non-convertible debentures on private placement basis.
Ratnamani Metals & Tubes lost 0.84%. The iorn & steel producer said that it has recently received new orders aggregating to Rs 262.52 crore. The company has bagged domestic orders aggregating to Rs 233.26 crore. It has also secured export orders aggregating to Rs 29.26 crore.
Sterlite Technologies added 0.85%. The company announced that its board has approved the appointment of Tushar Shroff, as the chief financial officer (CFO) and key managerial personnel of the company with effect from 6 December 2022.
DreamFolks Services rose 0.63%. The company has announced a strategic partnership with one of the foremost & leading golf privileges providers Vidsur Golf. This association will enable DreamFolks to expand its already diverse service offering by enabling customers access to Golf courses across India & Asia Pacific.
Ahluwalia Contracts (India) gained 1.64%. The company has secured an order for construction of 5000 Seating Capacity Public Auditorium at Guwahati from Executive Engineer, PWD, Dispur, Guwahati (Assam) worth of approximately Rs 174.88 crore.
Dhunseri Tea & Industries was locked in 20% upper circuit. The company has entered into memorandum of understanding with Apeejay Tea for acquisition of the two tea estates located in Tinsukia District in the State of Assam for a total consideration of Rs 109 crore.
Astra Microwave Products jumped 5.06%. The company said its board will meet on Friday, 9 December 2022, to consider raising funds worth upto Rs 400 crore. The company is planning to raise funds by issuing any instrument or securities, including equity shares, fully/partly convertible debentures, global depository receipts, American depository receipts, foreign currency convertible bonds, warrants, or any combination thereof, in one or more tranches. The proposed fund raising will be through a public issue, preferential allotment, private placement (including one or more qualified institutional placements), or through any other permissible mode and / or combination thereof.
IRB Infrastructure Developers advanced 2.53%. The company's gross toll collection jumped 39.25% to Rs 365.95 crore in November 2022 compared with Rs 262.81 crore reported in November 2021.
Viviana Power Tech zoomed 13.32%. The company said that it has bagged an order for execution of 33KV DPDC transmission line (20 kms) in Naranpur, Gujarat, from Adani Green Energy Six.
Global Markets:
Markets in Europe declined across the board while Asian stocks ended mixed on Tuesday after Wall Street sold off overnight on fears that the Fed will keep increasing interest rates.
European Central Bank Chief Economist Philip Lane has reportedly said that interest rates will need to rise several more times to rein in inflation, but that price increases in the euro zone are nearing a peak. As per media reports, Lane reportedly said that it remains uncertain whether this peak has already arrived or is due in early 2023.
German industrial orders rose by 0.8% month-on-month in October on a seasonally and calendar-adjusted basis, the country's federal statistics office said Tuesday.
Meanwhile, Beijing city announced negative Covid tests will no longer be required to enter most public areas, malls or residential areas, while bars and so-called KTV lounges, or karaoke bars. Several cities in China relaxed Covid testing rules in recent days.
US stocks fell Monday on fears that the Federal Reserve may continue tightening until it tips the economy into a recession. Shares of Tesla slid on reports of a production cut in China.
US services industry activity unexpectedly picked up in November. The ISM said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, which was the lowest reading since May 2020.
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