Domestic equity indices ended with modest losses on the last trading day of the calender year 2022. After hitting a high of 18,265.25 in morning trade, the Nifty 50 index reversed trend and slipped into the negative terrain in afternoon trade. It hit the day's low of 18,080.30 in late trade. Global shares declined as investors remain wary of persistently high inflation, monetary policy tightening from central banks and a potentially prolonged period of sluggish economic growth.
The barometer index, the S&P BSE Sensex, declined 293.14 points or 0.48% to 60,840.74. The Nifty 50 index lost 85.70 points or 0.47% to 18,105.30. Both the indices rose about 4.4% in the past one year.
ICICI Bank (down 1.74%), HDFC (down 1.33%), ITC (down 1.07%), HDFC Bank (down 0.83%) and Infosys (0.58%) were major drags.
PSU banks, realty and metal shares bucked the trend while private banks, FMCG and financial shares declined.
In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index gained 0.76%. The Mid-Cap index rose 1.38% while the Small-Cap index fell 1.80% in 2022.
The market breadth was strong. On the BSE, 2200 shares rose, and 1289 shares fell. A total of 143 shares were unchanged.
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Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.328 from its close of 7.311 recorded in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.73, compared with its close of 82.87 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement lost 0.04% to Rs 54,948.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% 103.84.
The United States 10-year bond yield rose 0.39% to 3.850.
In the commodities market, Brent crude for March 2023 settlement fell 36 cents or 0.43% to $83.10 a barrel.
Global Markets:
The Dow Jones index futures were down 72 points, indicating a negative opening in the US stocks today.
Europe shares fell across the board while 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.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.22% while Lotus Chocolate Company hit an upper circuit of 5%. 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 fell 0.18%. 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 1.24% and Punjab & Sind rallied 4.47%. 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.
Eicher Motors fell 1.55%. The company's board approved an investment of 50 million euros, or close to 10.35% equity stake, in Stark Future S.L. (Stark Future), a Europe-based electric motorcycle manufacturer.
Cipla declined 0.95%. 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.
Supreme Petrochem added 2.32%. The company has completed EPS production facility revamp programme/ commissioning trials at its plant situated at Manali New Town, Chennai, Tamil Nadu, on 28 December 2022.
Kalpataru Power Transmission rose 0.94%. The company announced that its board has appointed Shailendra Kumar Tripathi as deputy managing director (MD) of the company, for a period upto 21 October 2025.
Satin Creditcare Network added 0.84%. The company received the second tranche of about Rs 25 crore, against conversion of 41.02 lakh fully convertible warrants from Florintree Ventures LLP (entity belonging to non-promoter group).
H.G. Infra Engineering jumped 6.94%. The company has received a letter of award (LOA) from National Highways Authority of India (NHAI) for a project in the state of Haryana on hybrid annuity mode (HAM). The project involves construction of 6-lane greenfield ring road on a section of NH-44. The construction length is 34.5 kms and the construction period is 730 days. The project bid cost is Rs 997.11 crore.
Craftsman Automation surged 7.75%. The company said that it has entered into a definitive agreement to acquire 76% of share capital of DR Axion India (DRAIPL) for Rs 375 crore. The company and DRAIPL both operate in the auto components space and have strengths in complementary areas. This acquisition will help both entities leverage their strengths and build better synergies, said the company.
Skipper slumped 9.72% on profit selling after the stock surged 21.59% in the past four trading sessions. Meanwhile, the company announced that it secured fresh new order valuing Rs 2,570 crore from Bharat Sanchar Nigam (BSNL). The contract is for supply and erection of ground based telecom towers, infrastructure as a service provider (IaaSP) for supply, installation of infrastructure Items and subsequent O&M for 5 years, extendable to 5 more years, in the uncovered villages of India under 4G saturation projects.
New Listing:
Shares of Elin Electronics settled at Rs 227.80 on the BSE, representing a discount of 7.77% compared with the issue price of Rs 247.
The scrip was listed at a price of Rs 243, at a discount of 1.65% compared with the issue price.
The stock has hit a high of 244.75 and a low of 225.60. On the BSE, over 6.75 lakh shares of the company were traded in the counter.
The initial public offer (IPO) of Elin Electronics was subscribed 3.09 times. The issue opened for bidding on 20 December 2022 and it closed on 22 December 2022. The price band of
IPO Update:
The initial public offer (IPO) of Sah Polymers received bids for 41,24,130 shares as against 56,10,000 shares on offer, according to stock exchange data at 16:45IST on Friday (30 December 2022). The issue was subscribed 74%.
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 61-65 per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof.
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