MARKETS: Sensex off day’s high; Bajaj Finance, Infy up 2%; Sun Pharma slips

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Markets at 11 AM

LIVE market updates: The key benchmark indices were trading off the high’s of the day owing to weakness in FMCG and select auto and FMCG shares. IT and financial shares were seen mostly holding gains.

The BSE Sensex was up 232 points at 58,020, and the NSE Nifty had added 64 points to 17,285.

Bajaj Finance has gained 2.5 per cent. Infosys has moved up nearly 2 per cent, after the company announced plans to acquire Singtel’s delivery centre in Malaysia for a consideration of up to 6 million Singapore dollars. On the flip side, Sun Pharma, Maruti and PowerGrid Corporation were the prominent losers.

The broader indices were however in the negative zone. The BSE Midcap and the Smallcap indices were down 0.2 per cent each.

In the broader markets, Borosil Renewables soared to a new all-time high of Rs 722.85 on the back of heavy volumes. The stock of the flat glass manufacturer was trading higher for the fifth straight day having surged 28 per cent during the period. READ MORE

Indiabulls Housing Finance jumped 7 per cent to a high of Rs 282.60 in early deals amid reports that Sameer Gehlaut, the founder of mortgage financier, will sell 11.9 percent stake in the company via a block window deal. Around 47.34 million equity shares, representing 10.23 per cent total equity of Indiabulls Housing Finance had changed hands on the NSE and BSE in the first few minutes of trade today. READ MORE


Markets at 10 AM

LIVE market updates: Benchmark indices failed to hold their morning gains as profit booking emerged in auto, FMCG, PSU Banks, and pharma stocks.

The S&P BSE Sensex was off highs and was up just 122 points at 57,911. The Nifty50, too, retreated and was below 17,250.

The broader markets, however, were back in the red with the BSE MidCap and SmallCap indices down 0.27 per cent and 0.16 per cent, respectively.

Market breadth was neck and neck with 1,460 stocks in the green on the BSE and 1,458 stocks in thre red. Volatility index, India VIX, however, was down 3.8 per cent.

Currency market: The rupee hit a 20-month low and was at its lowest level since April 28, 2020. The domestic currency opened weaker at 76.28 per US dollar compared with Wednesday’s close of 76.23/$.


Opening Bell

LIVE market updates: Asian stocks, including India, followed Wall Street higher on Thursday after the US Federal Reserve said it would end bond-buying stimulus in March to set up three interest rate increases next year to tackle heated inflation.

The S&P BSE Sensex rose 482.5 points, or 0.83 per cent, to quote at 58,270.5 levels in early trade. The NSE Nifty, too, climbed 142 points to trade at 17,362.

The broader indices on the BSE rose in tandem as well and added up to 0.88 per cent.

The Federal Open Market Committee (FOMC) laid out a scenario in which the Covid-19 pandemic, despite the emergence of the Omicron variant, gives way to a benign set of economic conditions, with inflation easing largely on its own, interest rates increasing comparatively slowly, and the unemployment rate staying low in coming years.

“The economy no longer needs increasing amounts of policy support,” Fed Chair Jerome Powell said in a news conference after the conclusion of the two-day policy meeting.

“Larger taper and three rate hikes of 25bp each in 2022 are negative from market perspective, but the positive news is that the Fed expects inflation to cool off to 2.6 pee cent by end 2022 and decline further to 2.3 per cent and 2.1 per cent in 2023 and 2024 enabling a slower lift off in policy rate to 1.6 per cent by end 2023 and 2.1 per cent by end 2024. In other words, conditions are favorable for a ‘soft landing’ without major market disruptions. Soft landing when the economy is bouncing back strongly is good news. In India, markets are positioned for volatility since the short-term texture of the market is sell on rally, dictated by relentless FII selling. This trend may persist for a few days more,” said VK Vijaykumar, chief investment strategist at Geojit Financial Services.

Snapping its 3-day losing streak, Bajaj Finance bounced back over 2 per cent and was the top gainer on the BSE Sensex. Infosys, Bajaj Finserv, HCL Tech, SBI, Tech M, and IndusInd Bank were the top gainers.

On the downside, Sun Pharma, Asian Paints, and HUL were the only losers.

Among sectors, the Nifty IT and Realty indices soared over 1 per cent each while all others gained up to 1 per cent.


Pre-open session

LIVE market updates:

The BSE Sensex advanced over 400 points in pre-market session and was at 58,218. The NSE Nifty, on the other hand, was up 112 points at 17,333.


LIVE market updates: Bulls may return to Dalal Street on Thursday as US Federal Reserve Chairman announced policy statements on expected lines last evening. At 8:20 AM, SGX Nifty was at 17,363 compared with the Nifty’s spot close of 17,211 on Wednesday.

The members of FOMC have projected three interest rate hikes in 2022 followed by another three rate hikes in 2023, as per the ‘dot plot’ released by the US Federal Reserve. Both the acceleration of the taper as well as a hawkish dot plot was expected by the market given the backdrop of 40-year high retail inflation and a strong jobs market.

Given this, the key indices in the US ended with solid gains. The tech-laced Nasdaq zoomed 2.2 per cent. The S&P 500 index surged 1.6 per cent, and the Dow Jones jumped 1.1 per cent.

In Asia, Nikkei was up 1.4 per cent, while Taiwan and Kospi rose 0.5 per cent and 0.3 per cent, respectively. Shanghai and Straits Times added 0.1 per cent each. Hang Seng, however, had slipped a per cent.

That said, fears of more fund withdrawal by foreign investors (FIIs) and the weekly derivatives expiry may keep the indices volatile today.

Primary Market Update

Supriya Lifescience IPO will open for subscription today and will close on December 20. The company plans to raise up to Rs 700 crore by way of fresh issue of shares worth Rs 200 crore and offer for sale worth Rs 500 crore. Investors can bid for the IPO in the price band of Rs 265 – Rs 274, in lots of 54 shares.

HP Adhesives IPO was subscribed 3.48 times at the end of Day 1 of the offer period, with strong demand from retail investors (18.57 times bids). Further, today is the last day to bid for the Data Patterns (India) IPO.


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