The headline equity indices ended with strong gains on Monday, snapping a two day losing streak. The Nifty opened at 18,288.10 and marched higher as the session progressed to settle above the 18,400 level. Auto, FMCG and metal stocks were in demand. On the flip side, IT and PSU Bank shares edged lower.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 468.38 points or 0.76% to 61,806.19. The Nifty 50 index added 151.45 points or 0.83% to 18,420.45. Both the indices dropped 2% in two trading sessions.
In the broader market, the S&P BSE Mid-Cap index gained 0.67% while the S&P BSE Small-Cap index rose 0.29%.
The market breadth was positive. On the BSE, 2,131 shares rose and 1,483 shares fell. A total of 167 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 3.67% to 13.55.
Economy:
India's Direct Tax collections for the Financial Year 2022-23, as on 17 December 2022 show that net collections are at Rs 11,35,754 crore, compared to Rs 9,47,959 crore in the corresponding period of the preceding Financial Year i.e FY 2021-22, representing an increase of 19.81%. The Net Direct Tax collection of Rs 11,35,754 crore as on 17 December 2022 includes Corporation Tax (CIT) at Rs 6,06,679 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 5,26,477 crore (net of refund).
The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs 13,63,649 crore compared to Rs 10,83,150 crore in the corresponding period of the preceding financial year, registering a growth of 25.90% over collections of F.Y. 2021-22.
IPO Update:
The initial public offer (IPO) of KFin Technologies received bids for 1,17,19,760 shares as against 2,37,75,215 shares on offer, according to stock exchange data at 15:24 IST on Monday (19 December 2022). The issue was subscribed 49%.
The issue opened for bidding on Monday (19 December 2022) and it will close on Wednesday (21 December 2022). The price band of the IPO is fixed at Rs 347-366 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Auto index rose 1.59% to 12,978.80. The index declined 1.76% in the past two trading sessions.
Mahindra & Mahindra (up 3.31%), Eicher Motors (up 3.04%), Bajaj Auto (up 2.24%), Ashok Leyland (up 2.13%), Hero MotoCorp (up 2.03%), TVS Motor Company (up 1.63%), Tube Investments of India (up 1.57%), Maruti Suzuki India (up 1.44%), Sona BLW Precision Forgings (up 1.43%) and MRF (up 0.98%) edged higher.
Tata Motors declined 0.77%. The auto major said that its fully owned subsidiary, TML Smart City Mobility Solutions has signed a definitive agreement with Bengaluru Metropolitan Transport Corporation (BMTC) for operating 921 electric buses in the city of Bengaluru.
Stocks in Spotlight:
Dr. Reddy's Laboratories rose 1.71% after the pharmaceutical company said that its tocilizumab biosimilar candidate, DRL_TC has met its primary and secondary endpoints in a Phase 1 study.
Glenmark Pharmaceuticals shed 0.14%. The pharmaceutical company said that it has received final approval by the United States Food & Drug Administration (US FDA) for Nicardipine Hydrochloride Capsules, 20 mg and 30 mg. The approved abbreviated new drug application (ANDA) is a generic version of Cardene Capsules, 20 mg and 30 mg, of Chiesi USA, Inc. Nicardipine (Cardene) is a medication used to treat high blood pressure and angina. It is also used for Raynaud's phenomenon.
Dilip Buildcon rallied 4.43% after the company said it has received letter of acceptance (LoA) from the National Highways Authority of lndia (NHAI) for new hybrid annuity model (HAM) projects in the state of Karnataka, Chhattisgarh and Telangana.
KEC International fell 0.19%. The company said it has secured new orders of Rs 1,313 crore across its various businesses. The company's transmission & distribution (T&D) business has secured orders for T&D projects in India, East Asia Pacific and SAARC. These include 220 kV GIS Substation for a refinery project in India; 500 kV Transmission line in Thailand; and 132 kV Transmission line and associated substations in Nepal. The solar business has secured a large order for a 500 MW Solar PV project in India.
Shilpa Medicare advanced 3.83%. The drug maker said that it has introduced Capecitabine (Capebel) dispersible tablet (DT) with technology of faster dispersion within 90 seconds to treat colorectal and metastatic breast cancer.
Spandana Sphoorty Financial gained 1.68% after the company said that its board will consider and approve the issue and offer of non-convertible debentures on Wednesday, 21 December 2022. The company said that this issue will be done on a private placement basis.
Speciality Restaurants jumped 15.77% after the company announced that its board will meet on Wednesday, 21 December 2022 to consider proposal for fund raising by way of issue of equity shares or any other eligible convertible securities.
Global Markets:
The Dow Jones futures were up 111 points, indicating a positive opening in the US stock market today.
Shares in Europe advanced across the board while Asian stocks tumbled on Monday.
In China, officials vowed to stabilize its economy in 2023 and maintain ample liquidity in financial markets in order to meet key targets, as per reports.
US stocks dropped for a third straight session on Friday as fears continued to mount that the Federal Reserve's campaign to arrest inflation would tilt the economy into a recession.
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