The benchmark indices continued to trade with minor gains in afternoon trade. The Nifty traded a tad above the 18,200 level. PSU bank, realty and metal stocks were in demand while bank, private bank and FMCG stocks corrected.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 80.86 points or 0.13% to 61,214.74. The Nifty 50 index added 21.85 points or 0.12% to 18,212.85.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.71% while the S&P BSE Small-Cap index gained 1.05%.
The market breadth strong. On the BSE, 2,313 shares rose, and 1,085 shares fell. A total of 153 shares were unchanged.
Global stock markets are rounding off a tumultuous and difficult year, as governments and central banks grappled with sky-high inflation arising from the fallout from Russia's war in Ukraine, and persistent Covid-19 restrictions in China.
Investors remain wary of the prospect of persistently high inflation, monetary policy tightening from central banks and a potentially prolonged period of sluggish economic growth.
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Gainers & Losers:
Bajaj Finserv (up 2.96%), Bajaj Finance (up 2.53%), ONGC (up 2.04%), Bajaj Auto (up 1.62%) and Hindalco Industries (up 1.60%) were top Nifty gainers.
SBI Life Insurance Company (down 1.59%), ICICI Bank (down 1.33%), Eicher Motors (down 1.26%), Grasim Industries (down 1.06%) and Cipla (down 0.97%) were major Nifty losers.
Eicher Motors shed 0.95%. The company's board of directors has approved an investment of 50 million euros that translates to a close to 10.35% equity stake in Stark Future S.L. (Stark Future). Stark Future is a European electric motorcycle manufacturer.
Cipla declined 0.97%. The drug major said its wholly-owned UK subsidiary, Cipla (EU), has signed definitive agreements for equity investment of 15 million euros in Ethris GmbH ("Ethris"). Cipla said the investment will facilitate a long-term strategic partnership between the company and Ethris for the development of messenger RNA (mRNA)-based therapies and fast-track Cipla's participation in the mRNA space, enabling it to provide access to cutting-edge solutions developed by Ethris for the developing countries.
IPO Update:
The initial public offer (IPO) of Sah Polymers received bids for 10,61,910 shares as against 56,10,000 shares on offer, according to stock exchange data at 13:18 IST on Friday (30 December 2022). The issue was subscribed 19%.
The issue opened for bidding on Friday (30 December 2022) and it will close on Wednesday (4 January 2022). The price band of the IPO is fixed at Rs 61-65per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof.
Stocks in Spotlight:
Reliance Industries (RIL) rose 1.01%. Reliance Consumer Products (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures (RRVL) will acquire 51% controlling stake in Lotus Chocolate Company, for Rs 74 crore, and make an open offer to acquire upto 26%. RRVL is a subsidiary of RIL.
Separately, RIL informed that Reliance Jio announced the launch of its True 5G services in Indore and Bhopal. With the launch, Reliance Jio has become the first and the only operator in MP to launch 5G services in the city of Indore and Bhopal. Reliance Jio Infocomm is a subsidiary of RIL.
NTPC shed 0.15%. The state-run power major said that it declared commercial operation of first part capacity of 10 megawatt (MW) out of 23 MW Solapur Solar PV project at Maharashtra with effect from 00:00 hrs of 30 December 2022.
SBI Cards and Payment Services added 1.54% and Punjab & Sind rallied 3.39%. The NBFC announced that it has partnered with Punjab & Sind Bank to launch co-brand credit cards for the bank's customers. The company said that the collaboration also marks the introduction of 'credit cards' as a new product segment under the bank's portfolio. Both the partners have rolled out three card variants - PSB SBI Card ELITE, PSB SBI Card PRIME, and PSB SimplySAVE SBI Card, it added.
Global Markets:
Most Asian stocks advanced on Friday after Wall Street rebounded overnight, recovering most losses from the previous session.
Wall Street's main indices closed higher on Thursday, led by growth stocks in light trading, as US unemployment data signaled the Federal Reserve's interest rate hikes might be starting to dent labor market strength in its bid to fight inflation.
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