The key equity indices continued to trade with moderate losses in mid-morning trade. The Nifty hovered below the 18,150 level after hitting the day's high of 18,318.75 in early trade. Barring the Nifty IT index all the sectoral indices on the NSE were in the red with PSU bank, metal and media stocks falling the most. Trading was volatile due to expiry of weekly index options on the NSE.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 249.01 points or 0.41% to 60,818.23. The Nifty 50 index lost 73.95 points or 0.41% to 18,125.15.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 1.03% while the S&P BSE Small-Cap index slipped 2%.
Sellers outnumbered buyers. On the BSE, 547 shares rose and 2,859 shares fell. A total of 109 shares were unchanged.
Prime Minister Narendra Modi to review the situation related to Covid-19 and related aspects in the country at a high-level meeting on Thursday (22 December 2022). The meeting comes a day after Union Health Minister, Mansukh Mandaviya chaired a review meeting with health officials on the Covid-19 situation amid a spurt in global cases and said the government is prepared to manage any situation.
IPO Update:
The IPO of Elin Electronics received bids for 1,55,01,360 shares as against 1,42,09,386 shares on offer, according to stock exchange data at 11:21 IST on Thursday (22 December 2022). The issue was subscribed 1.09 times.
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 Metal index fell 1.20% to 6,514.20. The index slipped 3.5% in two trading sessions.
Hindustan Zinc (down 3.65%), Steel Authority of India (down 3.62%), National Aluminium Company (down 3.48%), APL Apollo Tubes (down 2.78%), MOIL (down 2.64%), Hindustan Copper (down 2.63%), Tata Steel (down 2.47%), Ratnamani Metals & Tubes (down 2.45%), Welspun Corp (down 2.28%) and Hindalco Industries (down 1.85%) tumbled.
Global Markets:
Most Asian stocks edged higher on the optimism on Wall Street as stocks saw a boost from upbeat earnings and a strong consumer confidence reading. Meanwhile, Australia's foreign minister Penny Wong met her Chinese counterpart Wang Yi on Wednesday, and the two agreed to restart dialogue on trade and economic issues.
US stocks closed higher on Wednesday following upbeat earnings results from Nike and FedEx as well as improving consumer confidence and easing inflation expectations from investors.
US consumer confidence rose to an eight-month high in December. The Conference Board's consumer confidence index jumped to 108.3 in December from 101.4 in November. The number was also the index's highest since April.
The US current account deficit narrowed sharply in the third quarter as exports jumped to a record high, data showed on Wednesday. The Commerce Department said that the current account deficit, which measures the flow of goods, services and investments into and out of the country, contracted 9.1% to $217.1 billion last quarter. That was the smallest gap since the second quarter of 2021.
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