The headline equity indices ended with modest losses after a volatile session on Thursday. Global cues were negative amid geopolitical tensions in Poland. A stronger US retail sales data also spooked investors as it could encourage US Fed to continue with aggressive rate hikes. PSU banks, realty and metal shares advanced. However, autos, consumer durables and media shares declined.
The barometer index, the S&P BSE Sensex, was down 230.12 points or 0.37% to 61,750.60. The Nifty 50 index lost 65.75 points or 0.36% to 18,343.90.
Trading was volatile due to the expiry of weekly index options on the NSE today. After opening lower at 18,358.70, the Nifty 50 index briefly hit the day's high of 18,417.60 in the morning trade. However, selling pressure dragged the index lower. The barometers hit the day day's low of 18,312.95 in late trade.
Tata Consumer Products (up 1.94%), Adani Enterprises (up 1.53%) and Larsen & Toubro (up 1.27%) were top Nifty gainers.
Titan Company (down 2.28%), M&M (down 2.15%) and Tata Motors (down 2%) were major Nifty losers.
In the broader market, the S&P BSE Mid-Cap index lost 0.33% while the S&P BSE Small-Cap index shed 0.27%.
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The market breadth was negative. On the BSE, 1,520 shares rose and 1,987 shares fell. A total of 109 shares were unchanged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.2808 compared with 7.274 at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.63, compared with its close of 81.265 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement shed 0.22% to Rs 52,943.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.26% to 106.56.
The United States 10-year bond yield rose 1.04% to 3.732.
In the commodities market, Brent crude for January 2023 settlement declined 30 cents or 0.32% to $92.56 a barrel.
Global Markets:
Most shares in Europe and Asia declined as investors tried to assess the outlook for Federal Reserve policy following stronger-than-expected retail sales data.
US stocks fell on Wednesday after stronger-than-expected U.S. retail sales clouded the inflation outlook and hopes that the Federal Reserve could ease its aggressive interest rate hikes.
Retail sales jumped 1.3% in October to $694.5 billion, led by higher gas prices and auto sales. Sales were up 0.9% when excluding gas and auto sales. The data showed the ongoing resilience of the consumer despite elevated inflation and higher interest rates.
Meanwhile, global markets are watching developments in Ukraine as the fallout from a missile hitting Polish territory continues. NATO said it was likely that Ukrainian air defenses were trying to intercept Russian missiles when the incident happened on Tuesday evening.
Stocks in Spotlight:
One 97 Communications (Paytm) slumped 10.31% to Rs 539.55 on high volumes after the counter reported multiple block deals in initial trade today, 17 November 2022. The media reported that Japanese conglomerate SoftBank Group plans to sell 2.9 crore shares, or 4.5%, of Paytm through a block deal on Thursday (17 November 2022). The price range for the sale has been set at Rs 555-601. The sale will likely fetch SoftBank at least Rs 1,628.9 crore ($200 million).
Tata Motors fell 2%. Thierry Bollortendered his resignation as the CEO of Jaguar Land Rover Automotive Plc, UK ("JLR"), a wholly owned subsidiary of Tata Motors, due to personal reasons, with effect from 31 December 2022. Taking over from today as Interim CEO will be Adrian Mardell. Adrian has been part of JLR for 32 years and a member of the executive board for three years.
Separately, Tata Motors said it will supply the 52-seater fully built BS6 diesel buses in a phased manner, as per the contract. Tata Motors said the e-bidding process was carried out through the Government tender process.
Timken India surged 20% after the company said it will set up new facility at Bharuch in Gujarat to manufacture spherical roller bearings (SRB) and cylindrical roller bearings (CRB) and components thereof. The company will invest about Rs 600 crore from internal accruals. The commercial production is expected from January 2025.
R Systems International surged 15.66% to Rs 271.10 after the after global investment firm Blackstone acquired a majority stake in the company for $359 million (Rs 2,904 crore). The private equity funds managed by Blackstone have signed definitive agreements with Satinder Singh Rekhi and other current promoters to purchase a majority stake in R Systems.
Blackstone has launched an open offer for acquisition of up to 5,71,73,476 fully paid-up equity shares of face value of Re 1 each, representing 48.33% of the voting share capital of target company from all the public shareholders of the target company at an offer price of Rs 246 by BCP Asia II Topco II (acquirer) along with Blackstone Capital Partners Asia II L.P (PAC).
Suven Life Sciences jumped 6.96% after the pharma company announced the randomiation of first patient in the Phase-3 global clinical trial of Masupirdine for the treatment of agitation in patients with dementia of the Alzheimer's type. Masupirdine, a serotonin-6 receptor antagonist is being developed for the treatment of agitation in patients with dementia of the Alzheimer's type.
The trial is a multicenter, randomized, double-blind, placebo-controlled study planned across 50 sites in the North America and Europe. The study will enroll around 375 patients who will be randomized in a 1:1:1 ratio to receive masupirdine for 12 weeks.
Hindustan Zinc rose 1.60% after the company's board approved second dividend of Rs 15.50 per equity share on Wednesday, 16 November 2022 for the financial year ending 31 March 2023. The company has fixed 24 November 2022 as the record date for the same.
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