The headline equity indices ended with deep cuts on Monday, extending losses for the third trading session. Negative global stocks dampened the investors sentiment. The Nifty settled below the 18,200 level. PSU bank, media and consumer durables stocks were in demand. On the other hand, IT, realty and metal shares witnessed a bit of selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 518.64 points or 0.84% to 61,144.84. The Nifty 50 index lost 147.70 points or 0.81% to 18,159.95. In three consecutive sessions, the Sensex fell 1.35% while the Nifty declined 1.36%.
In the broader market, the S&P BSE Mid-Cap index shed 0.15% while the S&P BSE Small-Cap index rose 0.01%.
The market breadth was weak. On the BSE, 1,519 rose, and 2,074 shares fell. A total of 179 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 2.83% to 14.80.
New Listing:
Shares of Archean Chemical Industries were trading at Rs 458 at 15:30 IST on the BSE, representing a premium of 12.53% compared with the issue price of Rs 407.
The scrip was listed at a price of Rs 449, at a premium of 10.32% as compared to the issue price.
So far, the stock has hit a high of 476.05 and a low of 440.05. On the BSE, over 11.17 lakh shares of the company were traded in the counter so far.
Shares of Five-Star Business Finance were trading at Rs 488.95 at 15:30 IST on the BSE, representing a premium of 3.15% as compared to the issue price of Rs 474.
The scrip was listed at a price of Rs 449.95, at a discount of 5.07% as compared to the issue price.
So far, the stock has hit a high of 539.90 and a low of 448.20. On the BSE, over 6.38 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty IT index declined 1.55% to 29,209.55, extending losses for the third session. The index slipped 2.48% in three trading sessions.
Larsen & Toubro Infotech (down 2.61%), Persistent Systems (down 2.15%), Tata Consultancy Services (down 1.92%), Tech Mahindra (down 1.73%), Infosys (down 1.71%), Wipro (down 1.49%), Coforge (down 1.4%), Mphasis (down 1.25%), HCL Technologies (down 0.73%) and L&T Technology Services (down 0.1%) edged lower.
Stocks in Spotlight:
Tata Motors shed 0.72% while Dr Reddy's Laboratories (DRL) fell 1.33%. Tata Motors will replace Dr Reddy's Laboratories in the 30-share benchmark S&P BSE Sensex effective Monday, 19 December 2022.
Indian Energy Exchange (IEX) rallied 4.91% after the power exchange said that its board will consider share buyback on Friday, 25 November 2022. The announcement was made after trading hours on Friday, 18 November 2022.
Easy Trip Planners hit an upper circuit of 20% ahead of the company's record date for the proposed 2-for-1 stock split and the 3:1 bonus shares. The record date for the proposed stock split and bonus share issue is set on Tuesday, 22 November 2022. Shareholders whose names appear in a company's record as on the record day will be entitled for the proposed stock split and bonus issue.
Aarti Industries gained 2.26% and Deepak Fertilisers & Petrochemicals Corporation jumped 8.34% (DFPCL). Aarti Industries and DFPCL on 19 November 2022 announced that they have signed a binding term sheet for a 20-year period for offtake and supply of Nitric Acid. The parties plan to execute the formal agreement before the close of this calendar year. The supply arrangement comes into effect from 1st April 2023.
Aurobindo Pharma declined 1.07% after the pharmaceutical company said that the US drug regulator has issued a 'Form 483' with 10 observations, post the inspection of the compay's Telangana-based unit. The United States Food and Drug Administration (US FDA) inspected the company's unit - IX, an intermediate facility situated at Gundlamachnoor Village, Sangareddy District, Telangana, from 10 November to 18 November 2022.
Kabra Extrusiontechnik locked in an upper circuit of 20%. The company said its battery division has partnered with Hero Electric to develop Lithium-ion batteries in India. These battery packs will power Hero Electric Scooters. The target is to supply 300,000 battery packs and chargers in the next financial year based on Hero Electric's projections.
RHI Magnesita India advanced 7.62%. The company announced the acquisition of the Indian refractory business of Dalmia Bharat Refractories in a share-swap deal approximately worth Rs 1,708 crore.
The acquisition will significantly increase RHI Magnesita's presence in the fast-growing Indian refractory market, with forecast steel production growth in India of 12% in 2022 and a 7-8% compound annual growth rate until 2030. It will also add production capacities in important industrial regions in the south and west of India where RHI Magnesita currently has no assets.
Ahluwalia Contracts (India) added 2.08% after the civil construction said that it has secured an order for construction of Lachit Moidam Memorial & Cultural Complex at Lahdoigarh, Jorhat, Assam from Government of Assam, Office of Chief Engineer, PWD, Building Assam,. The project is worth about Rs 120.23 crore. The company added that its order inflow during the FY 2022-23 stood at Rs 3,765 crore, till date.
Global Markets:
The Dow Jones index futures were down 104 points, indicating a weak opening in the US stocks today.
Shares in Europea and Asia declined on Monday. Investors continued to assess the trajectory of monetary policy after some tough statements from U.S. Federal Reserve officials.
Meanwhile, China left its benchmark lending rate unchanged for a third month in a row, according to an announcement from the People's Bank of China. The one-year loan prime rate is steady at 3.65%, and the five-year rate is also on hold at 4.3%, the notice said.
Japan's core consumer inflation accelerated to a 40-year high in October. The nationwide core consumer price index (CPI) was up 3.6% on a year earlier, exceeding the 3% gain seen in September.
US stocks ended higher on Friday in a choppy trading session, as gains in defensive shares overshadowed energy declines, and investors shrugged off hawkish comments from Federal Reserve officials about interest rate hikes.
Federal Reserve Bank of Boston leader Susan Collins said that, with little evidence price pressures are waning, the Fed may need to deliver another 75-basis point rate hike as it seeks to get inflation under control.
In U.S. economic data, the National Association of Realtors said Friday that existing-home sales fell 5.9% in October, slumping for a ninth straight month. That's down 28.4% from a year earlier.
Meanwhile, the U.S. leading economic index fell 0.8% in October, an eighth straight monthly decline, according to a Conference Board report Friday.
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