The domestic equity benchmarks pared most of their intraday losses but still ended lower on Friday. Traders remained on the sidelines amid lack of major global or domestic triggers. Asian stocks were mixed amid concerns that US Fed may continue its aggressive rate hike stance. PSU banks, realty and financial services stocks were in demand. On the other hand, autos, oil & gas and pharma stocks declined.
The S&P BSE Sensex, was down 87.12 points or 0.14% to 61,663.48. The Nifty 50 index lost 36.25 points or 0.20% to 18,307.65.
HCL Technologies (up 1.14%), Asian Paints (up 0.92%) and Hindustan Unilever (up 0.85%) were top Nifty gainers.
M&M (down 2.51%), Bajaj Auto (down 1.79%) and NTPC (down 1.66%) were major Nifty losers.
The broader indices underperformed the headline indices. The S&P BSE Mid-Cap index fell 0.44% while the S&P BSE Small-Cap index shed 0.45%.
The market breadth was weak. On the BSE, 1,443 shares rose, and 2,054 shares fell. A total of 129 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.27% to 14.39.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.308 as compared with 7.281 at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.7100, compared with its close of 81.6450 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement added 0.21% to Rs 52,955.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.15% to 106.53.
The United States 10-year bond yield rose 0.64% to 3.797.
In the commodities market, Brent crude for January 2023 settlement rose 7 cents or 0.08% to $89.85 a barrel.
Global Markets:
The Dow Jones index futures were up 148 points, indicating a positive opening in the US market today.
European shares rallied while Asian stocks ended mixed on Friday as investors looked past warnings by Federal Reserve officials of higher interest rates to fight inflation.
Japan's core consumer price index for October rose 3.6% compared to a year ago, higher than expected and at the fastest pace in 40 years.
Wall Street's main indices ended modestly lower on Thursday as hawkish comments from a US Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes.
St. Louis Fed President James Bullard said policymakers should increase interest rates to at least 5% to 5.25% to curb inflation. He also warned of further financial stress ahead.
The number of Americans filing new claims for unemployment benefits fell last week. Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 222,000 for the week ended November 12, the Labor Department said on Thursday.
Stocks in Spotlight:
One 97 Communications (Paytm) rose 1.25%. As per the bulk deal data on the NSE, SoftBank's SVF India Holdings (Cayman) on Thursday, 17 November 2022, offloaded 2,93,50,000 shares or 4.52% stake in Paytm's parent at an average price of Rs 555.67 each for Rs 1,630.89 crore through an open market transaction. As of 30 September 2022, SoftBank held a 17.45% stake in Paytm through SVF India Holdings (Cayman).
Eicher Motors fell 1.59%. The company appointed Vidhya Srinivasan as the chief financial officer (CFO) and key managerial personnel of the company with efffect from 18 November 2022.
Vedanta rose 1.06% after the mining company announced that its board will meet on Tuesday, 22 November 2022 to consider and approve third interim dividend for the financial year 2022-23. The record date for the interim dividend, if declared, is fixed on Wednesday, 30 November 2022.
Aurobindo Pharma declined 1.13%. The company's wholly owned subsidiary company, Eugia Pharma Specialities has received a final approval from the US Food & Drug Administration (US FDA) for Amphotericin B Liposome for injection. The product is expected to be launched by Q4 FY23. The approved product has an estimated market size of around US$ 145 million for the twelve months ending September 2022, according to IQVIA.
Bajaj Healthcare gained 1.12%. The pharma company announced successfully competition of first ever pre-approval inspection by US Food and Drug Administration (USFDA) of its Vadodara API facility.
Sun Pharma Advanced Research Company (SPARC) added 1.23%. The company announced that the U.S. drug regulator has approved Sezaby, phenobarbital sodium powder for injection for the treatment of neonatal seizures.
Strides Pharma Science gained 2.60% after the company said that its step-down wholly owned subsidiary, Strides Pharma Global, Singapore, has received approval from the US drug regulator for Potassium Chloride Oral Solution. The product approval further strengthens the Potassium Chloride franchise for the company which now comprises of extended-release capsules, extended-release tablets, powder for oral solutions and oral solutions. The company also has a pipeline of other Potassium Chloride products which are expected to be approved and launched in FY24.
Blue Dart Express shed 0.62%. The company announced the opening of 25 retail outlets in Tier I and II towns as part of its expansion plans. These stores are located in Uttarakhand, Haryana, Uttar Pradesh, Rajasthan, Punjab, West Bengal, Odisha, Telangana, Andhra Pradesh, Kerala, Karnataka, Maharashtra, Goa and Gujarat.
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