The domestic equity benchmarks ended with minor cuts on Tuesday. Domestic sentiments were dented amid negative global cues. Oil & gas, IT and metal stocks advanced while realty, media and auto shares witnessed a bit of a selling pressure.
The Nifty opened in the red and hit the day's low of 18,202.65 in mid-morning trade. The index gradually recovered as the session progressed and managed to settle with small losses.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 103.90 points or 0.17% to 61,702.29. The Nifty 50 index lost 35.15 points or 0.19% to 18,385.30.
In the broader market, the S&P BSE Mid-Cap index declined 0.27% while the S&P BSE Small-Cap index shed 0.02%.
The market breadth was negative. On the BSE, 1,670 shares rose and 1,853 shares fell. A total of 134 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.67% to 13.78.
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Investor sentiments were dampened as aggressive monetary policy moves by central banks across the world could tip the global economy into recession. Meanwhile, The Bank of Japan held its benchmark interest rates steady and announced it will expand the range of 10-year Japan government bond yield.
IPO Updates:
The initial public offer (IPO) of KFin Technologies received bids for 1,58,76,520 shares as against 2,37,75,215 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (20 December 2022). The issue was subscribed 67%.
The issue opened for bidding on Monday (19 December 2022) and it will close on Wednesday (21 December 2022). The price band of the IPO is fixed at Rs 347-366 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.
The IPO of Elin Electronics received bids for 30,12,180 shares as against 1,42,09,386 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (20 December 2022). The issue was subscribed 21%.
The issue opened for bidding on Tuesday (20 December 2022) and it will close on Thursday (22 December 2022). The price band of the IPO is fixed at Rs 234-247 per share. An investor can bid for a minimum of 60 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty index declined 1.21% to 437.70. The index added 0.74% in the past trading session.
Godrej Properties (down 2.79%), DLF (down 1.98%), Brigade Enterprises (down 1.37%), Macrotech Developers (down 1.15%), Sunteck Realty (down 1.09%), Oberoi Realty (down 0.85%), Sobha (down 0.71%) edged lower.
On the other hand, Phoenix Mills (up 0.27%) ,Indiabulls Real Estate (up 0.17%) and Prestige Estates Projects (up 0.07%) advanced.
Stocks in Spotlight:
Life Insurance Corporation of India (LIC) rose 0.48% and IRCTC fell 0.24%. The life insurer disclosed that it increased its stake in Indian Railway Catering and Tourism (IRCTC) to 7.278% from 5.005% earlier. LIC bought 1,81,80,323 shares, or 2% equity, at an average cost of Rs 692.28 via open market purchase during the period from 17 October 2022 to 16 December 2022.
Hinduja Global Solutions (HGS) slipped 2.98%. The board of HGS on 19 December 2022 approved a share buyback of upto Rs 1,020 crore through a tender offer route. The maximum buyback price is set at Rs 1,700 per share. The buyback will be on a proportionate basis through a tender offer process. The record date to determine the eligibility of the shareholders will be sometime in early February 2023 (i.e. post completion of postal ballot).
Meanwhile, the nomination & remuneration committee (NRC) and the board of directors (BoD) appointed Ashok P. Hinduja to the board. The NRC and the BoD also appointed Munesh Khanna to the board as an independent director.
Just Dial declined 2.73% after Reliance Retail Ventures (RRVL), company's promoter intended to sell equity shares of the company through open market for the purpose of complying with the requirements of minimum public shareholding. As on 30 September 2022, the promoter and promoter group held 76.98% stake in Just Dial, of which RRVL held 66.40%. As per regulatory norms, the total promoter holding in a company must not exceed 75%.
Ramco Systems jumped 6.85% after the company said its board will consider fund raising on Thursday, 22 December 2022.
Mahanagar Gas added 0.03%. The company's board has approved the appointment of Ashu Shinghal, as additional executive director designated as MD in place of Sanjib Datta, the incumbent MD of the company with effect from close of business hours of 23 December 2022.
NBCC (India) rose 0.60%. The civil construction company has been awarded with the work of 'Construction of new multistoried quarter complex consisting of 100 nos. of quarters by demolishing the existing 224 nos. quarters at Bhoinager, Bhubaneswar' by Odisha Power Transmission Corporation Limited (OPTCL) for a total value of Rs. 69.3 crore (Exclusive of GST).
Balrampur Chini Mills rallied 3.29%. The company said that on Monday (19 December 2022), the company has commenced commercial production of rectified spirit / industrial alcohol for the additional capacity of 170 kilo litre per day (KLPD) at Balrmapur Unit.
Global Markets:
Shares in Europe and Asia slumped on Tuesday as the People's Bank of China kept its key lending rates steady, in line with expectations. The People's Bank of China maintained its one-year loan prime rate at 3.65% and its five-year loan prime rate at 4.30%.
The Bank of Japan held its benchmark interest rates steady and announced it will expand the range of 10-year Japan government bond yield fluctuations from its current plus and minus 0.25 points to plus and minus 0.5 percentage points.
The adjustment is intended to improve market functioning and encourage a smoother formation of the entire yield curve, while maintaining accommodative financial conditions, the BOJ said.
US stocks closed lower on Monday for a fourth straight session as investors shied away from riskier bets, worried the Federal Reserve's tightening campaign could push the US economy into a recession.
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