The equity benchmark indices crashed on Friday, correcting for the four straight session. Mid and small-cap shares witnessed frenzied selling. A surge in COVID-19 infections in China and Japan dampened investors risk appetite. After hitting the day's high of 18,050.45 in morning trade, the Nifty 50 index tumbled as the session progressed and hit the day's low of 17,779.50 in late trade. The index, however, managed to close above 17,800 mark.
The barometer index, the S&P BSE Sensex tumbled 980.93 points or 1.61% to 59,845.29. The Nifty 50 index lost 320.55 points or 1.77% to 17,806.80. In four consecutive sessions, the Sensex slipped 3.17% while the Nifty fell 3.33%.
Adani Ports & SEZ (down 7.27%), Adani Enterprises (down 5.85%) and Reliance Industries (down 2.96%) dragged the Nifty today.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.40% to 16.16.
The broader market slumped. The S&P BSE Mid-Cap index fell 3.40% while the S&P BSE Small-Cap index slipped 4.11%.
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Sellers outnumbered buyers. On the BSE, 475 shares rose and 3,113 shares fell. A total of 67 shares were unchanged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.317 as compared with 7.316 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 82.8450, compared with its close of 82.79 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement gained 0.19% to Rs 54,625.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.20% 104.23.
The United States 10-year bond yield advanced 0.85% to 3.702.
In the commodities market, Brent crude for February 2023 settlement rose $1.40 or 1.71% to $83.07 a barrel.
Global Markets:
The Dow Jones index futures were up 125 points, indicating a positive opening in the US stocks today.
Most Europen shares advanced while Asian stocks slumped on Friday, taking the lead from losses on Wall Street while investors also looked ahead to some economic data in the region.
Japan's core consumer inflation hit a fresh 40-year high of 3.7% in November as companies continued to pass on rising costs to households, data showed on Friday.
US stocks closed lower on Thursday as investors worried that data showing a resilient economy would lead the US Federal Reserve to keep hiking interest rates for longer than feared.
Stocks in Spotlight:
Ingersoll-Rand (India) jumped 6.05% after the company announced that its board has approved setting up a new manufacturing plant to be situated in Gujarat to increase the manufacturing capacity of the existing products and also to manufacture new products. The new plant would raise the company's capacity to 15,000 units per month from current 10,000 units per month and would help in catering to demand from domestic as well as export markets.
Reliance Industries (RIL) slipped 2.96%. Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of RIL has acquired 23.3% stake in Exyn Technologies Inc (Exyn) for a total consideration of US$ 25 million.
Spandana Sphoorty Financial fell 3.13%. The company received a binding bid from an Asset Reconstruction Company (ARC), amounting to Rs 95 crore on Security Receipt consideration basis, for the written-off portfolio with outstanding of Rs 323.08 crore as on 30 September 2022.
India Cements fell 9.35% after the Competition Commission of India (CCI) officials visited the company's office in Chennai and conducted a search to find out if any irregularities concerning the competition commission have taken place.
NTPC declined 1.54% and GE Power India fell 2.40%. NTPC and GE Power India have signed a memorandum of understanding (MoU)for feasibility to demonstrate technologies to reduce the carbon footprint of NTPC's existing coal fired power plants. The power generation company said that the MoU aims at partnering on research, development and engineering of technologies that will enable the company to reduce the amount of coal fired in their units and gradually replace it by co-firing of 'alternate fuel' such as methanol, biomass, and ammonia in boilers.
Lupin shed 1.54%. The drug maker announced that it has voluntarily recalled four lots of Quinapril tablets due to the presence of a nitrosamine impurity observed in recent testing above the acceptable daily intake (ADI) level. Lupin said that till date, it has not received any reports of illness that appear related to this issue. Lupin however, discontinued the marketing of Quinapril tablets in September 2022.
Biocon declined 0.93%. The company said that it has been issued a good manufacturing practice (GMP) certificate of compliance by the European Directorate for the quality of medicines & healthcare (EDQM), for its active pharmaceutical ingredient (API) manufacturing facility in Bangalore. This certification is based on a GMP inspection of the site that was conducted between the 12th and 14th of September 2022.
Rail Vikas Nigam (RVNL) hit a lower circuit of 5%. RVNL said that it has received contract worth Rs 198 crore for construction of Bhesan Depot and workshop from Gujarat Metro Rail Corporation (GMRC). The work order entails construction of Bhesan Depot and workshop including DDC, BCC and associated electrical and mechanical (E&M) works under corridor - C2, Bhesan to Saroli, for Surat Metro Rail Project Phase-1, DC 2.
Granules India gained 0.08% after the company's board approved appointment of Mukesh Surana as chief financial officer (CFO) with effect from 30 December 2022.
Bharat Heavy Electricals (BHEL) tumbled 6.27%. The company said that it has entered into a long-term technology license agreement (TLA) with Sumitomo SHI FW, Finland (SFW) for CFBC Boilers. The TLA is for the design, engineering, manufacturing, erection, commissioning and sale of subcritical as well as supercritical Circulating Fluidised Bed Combustion (CFBC) Boilers in India and in overseas territories except select countries.
Indus Towers skid 1.41%. The company said that its board has appointed Prachur Sah as an additional director as well as managing director and chief executive officer (MD & CEO) of the company with effect from 3 January 2023, for a period of five years.
IPO Update:
The IPO of Radiant Cash Management Services received bids for 11,26,050 shares as against 2,74,29,925 shares on offer, according to stock exchange data at 17:00IST on Friday (23 December 2022). The issue was subscribed 4%.
The issue opened for bidding on Friday (23 December 2022) and it will close on Tuesday (27 December 2022). The price band of the IPO is fixed at Rs 94-99 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
New Listing:
Shares of Landmark Cars closed at Rs 460.05 on the BSE, representing a discount of 9.08% as compared to the issue price of Rs 506.
The scrip was listed at a price of Rs 471.30, at a discount of 6.86% as compared to the issue price.
The stock has hit a high of 480.65 and a low of 446.45. On the BSE, over 2.11 lakh shares of the company were traded in the counter so far.
Shares of Droneacharya Aerial Innovations locked in an upper circuit of 5% at Rs 107.10 on the BSE, representing a premium of 98.33% compared with the issue price of Rs 54.
The scrip was listed at Rs 102, representing a premium of 88.89% compared with the IPO price.
The scrip hit a low of Rs 96.90. Over 27.46 lakh shares of the company have changed hands in the counter.
Shares of Abans Holdings settled at Rs 216.05 on the BSE representing a discount of 19.98% to the issue price of Rs 270.
The scrip was listed at its issue price of Rs 270. The stock has hit a high of 272 and a low of 216. On the BSE, over 1.36 lakh shares of the company changed hands at the counter.
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