As per provisional closing data, the barometer index, the S&P BSE Sensex declined 461.22 points or 0.75% to 61,337.81. The Nifty 50 index lost 145.90 points or 0.79% to 18,269.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.44% while the S&P BSE Small-Cap index declined 0.96%.
The market breadth was weak. On the BSE, 1422 shares rose and 2104 shares fell. A total of 136 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.45% to 14.07.
Investor sentiment took a hit after disappointing U.S. retail sales for November suggested inflation is taking a toll on consumers and raising fears that the Fed's rate hikes could push the world's largest economy into a recession.
Economy:
India's merchandise exports stood at $31.99 billion last month, up 0.59% from $31.8 billion in November 2021, according to the data released by the government on Thursday. Merchandise exports had contracted 16.7% year on year to $29.8 billion in October.
Meanwhile, imports surged to $55.88 billion in November as against $53 billion in same month last year. The merchandise trade deficit stood at $23.89 billion from $26.91 billion in the previous month.
Stocks in Spotlight:
Reliance Industries slipped 0.37%. Reliance Digital Health, a subsidiary of Reliance Industries, has signed definitive agreements with Synchron Inc. to acquire 2.25% stake (on a fully diluted basis) in Synchron Inc. as part of its Series C financing round.
Meanwhile, Reliance Consumer Products, the FMCG arm and a fully owned subsidiary of Reliance Retail Ventures, on Thursday (15 December) launched its indigenous made-for-India consumer packaged goods brand, Independence, in Gujarat.
Oil India (up 0.78%) while Oil and Natural Gas Corporation (ONGC) (down 0.14%). Oil Explorer stocks were in demand on Friday after the Central Government on Friday (16 December 2022) slashed the windfall tax on petrol, diesel, jet fuel and crude oil following a decline in international rates. The move comes amid a 14% slump in global crude since November. India is the world's third largest consumer and importer of oil.
Dr. Reddy's Laboratories declined 2.17% after the company said that Aurigene Oncology, its wholly owned subsidiary will stop the clinical development of INDUS-3, a drug meant to treat psoriasis.
Wipro declined 1.49%. The IT major announced that it has signed five year multi million agreement with Mazda Motor Logistics Europe to deliver managed services for its entire application landscape. Mazda is currently transforming itself into a more centralized organization with harmonized business processes and standardized business capabilities, resulting in reduced cost and complexity.
LIC declined 2.62% while HDFC AMC shed 0.73%. Life Insurance Corporation of India (LIC) disclosed that it increased its stake in HDFC Asset Management Company (HDFC AMC) to 9.053% from 7.024% earlier.
Dilip Buildcon declined 1.75%. The road developer said it has received letter of acceptance (LoA) for a new hybrid annuity model (HAM) project in Jharkhand worth Rs 976 crore. The project involves four laning of Mehgama-Hansdila section of NH-133 in Jharkhand on HAM mode.
Hindustan Petroleum Corporation (HPCL) slipped 1.46%. The company's board at its meeting held on 15 December 2022 approved a proposal for borrowing through further issuance of secured/unsecured redeemable non-convertible debentures/bonds/notes, etc. upto Rs 10,000 crore on private placement basis in the domestic market and/or in the overseas market from the date of such approval, the company said on Thursday.
Global markets:
Shares in Europe and Asia traded lower as hawkish signals from central banks worried investors.
The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index fell to a seasonally adjusted 48.8 in December from a final 49.0 in the month of November, marking the lowest reading since October 2020.
US stocks closed sharply lower on Thursday as fears intensified that the Federal Reserve's battle against inflation using aggressive interest rate hikes could lead to a recession.
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