Stock Market LIVE Updates: Sensex falls over 300 points, Nifty nears 18,600; IT, bank stocks bleed the most – Economic Times

Sensex Today Live: Indian shares opened lower, led by declines in metal and tech stocks and data showing strength in the U.S. economy that raised fears the Federal Reserve might stick longer with aggressive interest rate hikes.

The S&P BSE Sensex opened 0.43% down at 62,558.44, as of 9:19 a.m. IST. The NSE Nifty 50 index fell 0.46% to 18,618.35.

All the major sectoral indexes declined, with Nifty Metal , Nifty IT losing 0.75% and 0.96%, respectively.

The losses were partly stemmed by a pick up in Nifty PSU Bank index, the top sectoral gainer that climbed 0.39%, after a Morgan Stanley report said that public sector banks would continue their strong performance on the back of higher margins.

Indian markets will now focus on the Reserve Bank of India’s monetary policy decision. The central bank is expected to raise interest rates by a smaller 35 basis points to 6.25%.

The U.S. services activity unexpectedly picked up in November, following a robust U.S. payrolls and wage growth data, challenging hopes that the Fed might slow the pace and intensity of its rate hikes amid recent signs of cooling inflation .

Wall Street slid after the data, and Asian shares declined in early Tuesday trading, with the MSCI Asia ex Japan index falling 0.87%.

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Japanese shares end higher as chip stocks, exporters gain

Japanese shares closed slightly higher on Tuesday, supported by gains in chip-related stocks and as exporters advanced after the yen weakened against the dollar overnight. The Nikkei share average rose 0.24% to close at 27,885.87, while the broader Topix ended 0.12% higher at 1,950.22. “As the yen weakened, some shares looked attractive,” said Chihiro Ohta, assistant general manager at the investment research and investor services at SMBC Nikko Securities.

Indian government on course to meet fiscal deficit target of 6.4%: World Bank

BLOCK DEAL IN CRAFTSMAN AUTOMATION: 5.3% equity changed hands

Price as on 06 Dec, 2022 12:02 PM, Click on company names for their live prices.

World Bank lowers India’s GDP forecast to 6.9% for FY23

The Indian economy is expected to grow 6.9% in the current fiscal year, news agency Reuters cited a World Bank report as saying on Tuesday, citing tightening monetary policy and high commodity prices as factors impacting the country’s growth. The report sees average retail inflation at 7.1 this year.

World Bank lowers India's GDP forecast to 6.9% for FY23

Ratnamani Metals bags orders aggregating to Rs 262.52 crore

Price as on 06 Dec, 2022 11:53 AM, Click on company names for their live prices.

Natco Pharma on Monday said it has received a favourable verdict from Delhi High Court in a patent infringement case. A double bench of the High Court of Delhi has dismissed an appeal filed by FMC Corporation, FMC Singapore and FMC India, and has upheld prima facie the judgement of the single judge that the company’s Chlorantraniliprole (CTPR) process does not infringe FMC’s Indian Patent 298645, the drug firm said in a regulatory filing.

Price as on 06 Dec, 2022 11:39 AM, Click on company names for their live prices.

A promoter entity of TVS Motor Company on Monday offloaded 25.69 lakh shares of the company for Rs 262 crore through an open market transaction. According to the bulk deal data available with the BSE, Srinivasan Trust sold 25,69,726 shares, amounting to 0.54 per cent stake in the company.

Price as on 06 Dec, 2022 11:35 AM, Click on company names for their live prices.

BLOCK DEAL: 10.3 lakh shares of PNB change hands

Price as on 06 Dec, 2022 11:17 AM, Click on company names for their live prices.

Market View: RBI Money Policy

RBI is likely to soften the pace of its rate hike in the upcoming MPC meeting as inflation is expected to moderate in the coming months given that global commodity prices and the domestic wholesale prices have softened from the peak witnessed early this year. Also, as seen in the Q2 FY23 GDP print, except for the service sector, a degrowth was seen in most of the core sectors such as industry, manufacturing etc. Hence, with inflation potentially showing signs of ebbing and growth concerns coming to the fore, we expect the RBI to hike its repo rate by a comparatively subdued 30-35bps in the upcoming MPC meeting.

From a real estate perspective, 190bps of repo rate hike so far has already been transmitted into a 105bps of rise in the MCLR rates. The mortgage rates have increased in line with the MCLR and the cumulative growth in residential sales in the last six months have understandably begun showing some signs of slowing. The affordability of the home buyers has also reduced by 10% since the beginning of this interest rate hike cycle. Hence, a 30-35bps of repo rate hike by the RBI would be reasonable in this cycle to address inflation without impacting growth to a large extent. A comparatively lower impact on mortgage rates will also be helpful in supporting homebuyer demand as the year draws to a close.

— Shishir Baijal, Chairman and Managing Director, Knight Frank India.

Sterlite Technologies appoints Tushar Shroff as CFO

Price as on 06 Dec, 2022 11:12 AM, Click on company names for their live prices.

India’s sugar output is likely to fall 7% this year as erratic weather conditions have cut cane yields, which could dampen exports from the world’s biggest producer of the sweetener, farmers, millers and traders said.

Price as on 06 Dec, 2022 11:10 AM, Click on company names for their live prices.

Global renewables capacity set to double over next five years, says IEA

Global renewable power capacity is set to double over the next five years, driven by energy security concerns in the wake of Russia’s invasion of Ukraine, the International Energy Agency (IEA) said on Tuesday. In an annual report on the outlook for renewables, the IEA said capacity worldwide is expected to grow by 2,400 gigawatts (GW) – equal to the entire power capacity of China today – to 5,640 GW by 2027.

Source: Reuters

Rupee drops to 1-month low, falls below 50-day moving avg

The Indian rupee extended its opening decline against the dollar on Tuesday, to slip to its lowest level in over a month and below a key level.

The rupee was at 82.30 to the U.S. dollar by 9.30 a.m. IST, down from 81.79 in the previous session. The local unit opened at 81.9350 before swiftly falling below the 50-day moving average of 81.98 and the psychological level of 82.

There was probably another round of stop losses triggered once USD/INR moved about 82, a trader said, recalling a possible dividend dollar outflow of a mining company. However, they added “it was difficult to be sure”.

MANAGEMENT TALK | BHEL

These 10 stocks lose the most in morning session

Price as on 06 Dec, 2022 10:27 AM, Click on company names for their live prices.

Sensex off day’s low

Sensex off day's low

Gravita India starts aluminium recycling plant in Togo-West Africa, sees additional revenue of about Rs 60 crore per annum with gross margins of about 26% from new capacity

Price as on 06 Dec, 2022 09:55 AM, Click on company names for their live prices.

Top 5 losers from the IT pack

Price as on 06 Dec, 2022 09:54 AM, Click on company names for their live prices.

Private lender ICICI Bank that built its fortunes on lending for building big projects, would be shifting focus to SME lending and supply chain financing to grow in the future as it works to ensure that new risks don’t build up, the management told analysts.

Price as on 06 Dec, 2022 09:37 AM, Click on company names for their live prices.

Rupee falls 24 paise to 82.09 against US dollar in early trade

Rupee falls 24 paise to 82.09 against US dollar in early trade

Aditya Birla Fashion is now the frontrunner to acquire TCNS Clothing Co, owner of the listed women’s branded apparel retailer that owns brands such as W, Elleven and Aurelia, pulling ahead of Nykaa in what has eventually narrowed down to a two-horse race for the company, people aware of the development told ET. Once concluded, this could well be the largest branded apparel buyout by the $60-billion aluminium-to-telecom conglomerate.

Price as on 06 Dec, 2022 09:32 AM, Click on company names for their live prices.

Two trends stand out in the current economic scenario. The US economy continues to be strong as reflected by the jobs data, labour market conditions and ISM services. But these positive numbers are viewed by the market with concern since this strong scenario might persuade the Fed to continue to be hawkish. The Indian macros indicate steady improvement with buoyant tax collections, impressive credit growth and declining crude. Partly the market resilience in India comes from the retail optimism and DII investment. This is likely to continue despite the elevated valuations. Buy on dips strategy has worked well this year and investors can continue with the strategy.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Most active stocks on NSE in opening deals

Price as on 06 Dec, 2022 09:22 AM, Click on company names for their live prices.

Opening Bell: Sensex sheds 300 points, Nifty nears 18,600; TCNS Clothing jumps 5%, PNC Infra falls 3%

Opening Bell: Sensex sheds 300 points, Nifty nears 18,600; TCNS Clothing jumps 5%, PNC Infra falls 3%

Pre-open session: Sensex slumps over 400 points; Nifty below 18,600

Asian stocks fall as data bolster higher Fed peak

Asian stocks followed US shares lower after unexpectedly strong services data bolstered the case for the Federal Reserve to deliver higher interest rates.

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 61 points, or 0.32 per cent, lower at 18,749, signaling that Dalal Street was headed for a negative start on Tuesday.

Tech View: Nifty charts indicate declines being bought

After ending 5 points higher in a range-bound day, headline equity index Nifty on Monday formed a hammer-like mildly bullish pattern on the daily chart. The pattern indicates that declines are being bought.

Tokyo stocks open lower tracking Wall Street falls

Tokyo stocks opened lower on Tuesday after US stocks fell on worries the Federal Reserve will prolong aggressive policies to counter inflation. The benchmark Nikkei 225 index was down 0.40 percent, or 110.16 points, at 27,710.24 in early trade, while the broader Topix index slipped 0.25 percent, or 4.88 points, to 1,943.02.

Wall Street slides as services data spooks investors about Fed rate hikes

U.S. markets ended Monday lower, as investors spooked by better-than-expected data from the services sector re-evaluated whether the Federal Reserve could hike interest rates for longer, while shares of Tesla slid on reports of a production cut in China.

Oil prices rise after price cap on Russian crude, OPEC+ meeting

Oil prices edged higher on Tuesday, after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea.Brent crude futures had risen 66 cents to $83.34 a barrel by 0108 GMT. West Texas Intermediate crude (WTI) rose 70 cents to $77.63 a barrel. Futures fell more than 3% in the previous session, after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path.

Rupee falls 52 paise to close at 81.85 against US dollar on forex outflows

The rupee pared its initial gains to settle down by 52 paise at a nearly two-week low of 81.85 against the US dollar on Monday weighed down by weak domestic markets, forex outflows and a rise in crude oil prices.

Sensex, Nifty on Monday

The 30-share Sensex ended 34 points lower at 62,835, while its broader peer Nifty 50 ended at 18,700 level.

Good morning, dear reader! Here’s something to kickstart your trading day

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