The headline equity indices ended with modest losses on Friday, snapping a eight-day rising streak. Negative global cues triggered profit selling in domestic shares. The Nifty 50 index settled below the 18,700 level after hitting a record high of 18,887.60 in the previous session. Media, realty and metal stocks were in demand while auto, financial services and FMCG shares witnessed a bit of a selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 415.69 points or 0.66% to 62,868.50. The Nifty 50 index shed 116.40 points or 0.62% to 18,696.10. In the past eight sessions, the Sensex jumped 3.5% while the Nifty climbed 3.59%.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.80% while the S&P BSE Small-Cap index added 0.70%.
The market breadth was positive. On the BSE, 2,025 shares rose and 1,454 shares fell. A total of 142 shares were unchanged.
Economy:
India's gross Goods and Services Tax (GST) revenue collection in the last month was over Rs 1,45,000 crore. This is the straight ninth month when the monthly GST revenue collection is more than Rs 1,40,000 crore.
The Finance Ministry said GST revenue collection in the month of November 2022 has registered a growth of 11% in comparison to the corresponding month of the last year. It said more than Rs 1,31,000 crore worth of GST collection were made in November 2021.
IPO Update:
The initial public offer (IPO) of Uniparts India received bids for 25,27,21,950 shares as against 1,01,37,360 shares on offer, according to stock exchange data at 15:33 IST on Friday (2 December 2022). The issue was subscribed 24.93 times.
The issue opened for bidding on Wednesday (30 November 2022) and it will close on Friday (2 December 2022). The price band of the IPO is fixed at Rs 548-577 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Auto index fell 1.10% to 13,046.35. The index declined 1.4% in two trading sessions.
Eicher Motors (down 3.08%), Mahindra & Mahindra (down 2.28%), Ashok Leyland (down 1.82%), Hero MotoCorp (down 1.76%), Maruti Suzuki India (down 1.59%), Bajaj Auto (down 1.34%), Tata Motors (down 0.66%), Balkrishna Industries (down 0.15%), Sona BLW Precision Forgings (down 0.05%) edged lower.
Eicher Motors slipped 3.08%. The company's total motorcycles (Royal Enfield) sales jumped 37% to 70,766 units in November 2022 from 51,654 units sold in November 2021. While sales of motorcycle models with engine capacity up to 350cc surged 52% to 65,956 units, sales of motorcycle models with engine capacity exceeding 350cc skid 42% to 4,810 units in November 2022 over November 2021. The International Business recorded sales of 5,006 units in November 2022, which is lower by 27% as compared with 6,824 units sold in November 2021.
Hero MotoCorp declined 1.76%. The world's largest manufacturer of motorcycles and scooters sold 390,932 units of two-wheelers in November 2022, a growth of 12% over the corresponding month of the previous year. The company's motorcycle sales stood at 3,52,834 units (up 7.18% YoY) and scooters sales were at 38,098 units (up 88.53% YoY) in November 2022. Total domestic rose 15.50% YoY to 3,79,839 units while total exports dropped 45.97% YoY to 11,093 units in November 2022 over November
Stocks in Spotlight:
Godrej Properties rose 0.57%. The Mumbai-based real estate developer said that it has acquired around 18.6-acre land parcel in Kandivali, Mumbai. The project will have a developable potential of approximately 3.72 million square feet with an estimated revenue potential of approximately Rs 7,000 crore,
Ashiana Housing added 0.65% after the company entered into an agreement to develop a group housing project with approximate saleable area of 4.00 lakh sq. ft at Murlipura in Jaipur, Rajasthan.
SJVN shed 0.13%. The company said that its wholly owned subsidiary, SJVN Green Energy has signed a memorandum of understanding with Grid Corporation of Odisha for developing 1000 MW Hydro Electric Projects and 2000 MW Solar Power Projects in Odisha.
MOIL rallied 3.78% after the company's production jumped 60% sequentially to 1.2 lakh tonne in November 2022. On the sales front, MOIL said that it has recorded a growth of 82% during the period over the previous month, in spite of challenging market conditions.
Punjab National Bank (PNB) gained 1.22% after the public sector lender said it raised Rs 4,000 crore by issuing bonds at a coupon of 7.89% per annum on a private placement basis.
Spandana Sphoorty Financial rose 0.91% after its board approved issue of non-convertible debentures (NCDs) upto Rs 100 crore only including green-shoe option of Rs 50 crore only on private placement basis.
Bajaj Hindusthan Sugar hit an upper circuit limit of 20% after the company said that it has settled entire overdues towards term loan installments till September 2022. The sugar manufacturer has also cleared term loan interests till November 2022 and optionally convertible debentures (OCD) coupon, payable for FY 2022 to all the lenders.
Global Markets:
Shares in Europe and Asia tumbled on Friday as investors looked for clarity after China signaled slight easing of its stringent Covid restrictions.
South Korea's consumer prices rose 5% in November from a year earlier, government data showed on Friday. The November inflation rate compared with 5.7% in October. The country's inflation rate has been falling since hitting a 24-year high of 6.3% in July as global energy prices eased and the economy slowed.
US stocks ended mixed on Thursday as investors awaited jobs data coming Friday that could determine the pace of the Federal Reserve's future rate tightening.
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