Sensex, Nifty end flat after volatile day; Metal index up 2%, RIL down 1.5%

CLOSING BELL: RIL (down 1.45 per cent), Tech M, Dr Reddy's Labs, Bharti Airtel, Axis Bank, and TCS were the top laggards

3:18 PM

Jindal Stainless to set-up 300 MW renewable energy project, stock up 1%

Jindal Stainless partners with ReNew Power to setup around 300 MW renewable energy project. The Wind-Solar hybrid Project to power Jindal Stainless’ increase in combined production capacity from 1.9 MTPA to 2.9 MTPA.

3:12 PM

ALERT :: Morgan Stanley upgrades China to 'Overweight' from 'Equalweight'

>> We have been getting incrementally more positive on China market since our upgrade of Asia / EM equities to OW on Oct 4th and argued that the path towards reopening had been set on Nov 11th.

>> On Nov 14 we raised our base case MSCI China (from 55 to 59) and Hang Seng (from 16,900 to 18,200) target by 7% and 8%, respectively, and also advised adding allocation to offshore Chinese equities and removed our long standing preference for A shares.

>> Our China evaluation framework finally shows the majority of factors improving concurrently, with the latest acceleration of Covid relaxation, property market stabilization, regulatory reset wrapping up, as well as early signs of US/China bilateral communications accelerating.

>> We believe the equity risk premium could also improve as a result - we raise our price targets for the broad China universe with bigger valuation re-rating opportunities into 2023.

>> Our 2023-end base case price targets for Hang Seng, HSCEI, MSCI China and CSI300 are 21,200, 7,400, 70, and 4,350, respectively, implying 13%, 16%, 14% and 12% upside from the Dec 1, 2022 price close.

3:04 PM

NEWS ALERT:: Infosys opens new proximity center in Sweden, stock marginally down

Infosys announced a new proximity center in Sweden on Monday. With this investment, Infosys aims to enhance its localization strategy in the Nordics by bringing next-generation digital offerings to its clients in the region, as they navigate the next stage in their digital journeys, the company said in a release to BSE.

2:56 PM

GLOBAL STOCKS | European markets tepid in early-trade

2:46 PM

China eases curbs in parts of nation; no signs of ending Covid Zero policy

China is easing some of the world's most stringent anti-virus controls and authorities say new variants are weaker. But they have yet to say when they might end a zero-COVID strategy that confines millions of people to their homes and set off protests and demands for President Xi Jinping to resign. Read here

2:46 PM

ALERT :: Tata Motors JLR UK sales up 2.6% at 4,204 units vs 4,097 units YoY

>> Sales up 15.2% MoM

2:35 PM

JK Lakshmi Cement extends rally, up 27% in 9 days; stock nears record high

Shares of JK Lakshmi Cement hit a fresh 52-week high of Rs 800, as they soared 7 per cent on the BSE amid heavy volumes in an otherwise range-bound market.

 

The stock of cement maker quoted higher for the ninth straight trading day and has rallied 27 per cent during this period. In comparison, the S&P BSE Sensex was down 0.34 per cent at 62,656 at 01:57 PM. Read more

2:23 PM

Vodafone CEO Nick Read to step down from the post by end of month

The chief executive of Vodafone Nick Read said on Monday he would step down at the end of the month.
 

The mobile group's chief financial officer Margherita Della Valle will take over as interim group chief executive, the company said. Read here

2:14 PM

Europe's new tranche of sanctions on Russian oil kick in: What changes?

After months of planning and negotiations, the biggest tranche of sanctions on Russian oil to date take effect on Monday. How big their impact will be remains uncertain.

 

The Group of Seven clinched a last-minute deal to cap the price of Russian crude at $60 per barrel. Anyone wanting to access key services that the bloc provides -- especially insurance -- will have to pay that price or less. The same goes for European tankers, especially the giant Greek fleet. Read more

2:04 PM

Metal index gains over 1% as China eases Covid-19 rules; Hindalco up 4%

Shares of metal companies were in focus on Monday with the Nifty Metal and the S&P BSE Metal index moving up more than 1 per cent on the bourses, in an otherwise subdued market, as reopening of the Chinese economy brightened the outlook of global growth and commodity demand. READ MORE

1:57 PM

Global Check:: Hang Seng, Shanghai log strong gains in Asia trade

Source: Yahoo Finance

1:47 PM

Global central banks extend rate hike push in Nov as inflation soars

The pace and scale of rate hikes delivered by central banks in November picked up speed again as policy makers around the globe battle decade high inflation. Central banks overseeing six of the 10 most heavily traded currencies delivered 350 basis points (bps) of rate hikes between them last month. READ MORE

1:37 PM

Stock of this SME iron & steel products' company has zoomed 117% in one month

Shares of Rhetan TMT, which debuted on the bourses in September 2022, were locked at the 5-per cent upper circuit at Rs 299.05 on BSE on Monday. The stock was locked in the upper circuit for the 10th consecutive trading day. In the past one month, the stock of the company, engaged in iron & steel products business, has zoomed 117 per cent. In comparison, the S&P BSE Sensex was up nearly 3 per cent during the period. READ MORE

1:27 PM

BSE 500:: Easy Trip Planners, Zomato, BHEL among top losers

Easy Trip Planners down nearly 6 per cent was the top loser among the BSE 500 stocks so far. Gujarat Flurochem, Zomato, Angel One and BHEL were the other major losers, down over 2 per cent each.

1:17 PM

Rice production, telecom subscribers pull down GDP growth in Q2 FY23

India’s gross domestic product growth in the second quarter of this financial year was dragged down by rice production, crude oil production, telecom subscribers, and cargo handled at airports, as steel consumption, commercial vehicle sales, private vehicles purchase and cargo handled at sea ports helped it. READ MORE