Hinting that traders are buying at lower levels, the headline equity index today formed a small bullish candle with a long lower shadow on the daily charts. On the hourly timeframe, the momentum indicator RSI (14) was in a bullish crossover. Chart readers said the market is witnessing a non-directional activity and perhaps traders are waiting for a breakout on either side. Volume profile indicates Nifty may find support around the 18150-18200 zone which was tested today. The highest OI was observed at 18500 followed by 18600 strike price, while on the Put side, the highest OI was at 18300 strike price.
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US stocks subdued at open after BOJ’s policy surprise
Wall Street’s main indexes were subdued at the open on Tuesday after the Bank of Japan surprised global investors with a policy shift that would allow long-term interest rates to rise more.The Dow Jones Industrial Average fell 22.30 points, or 0.07%, at the open to 32,735.24. The S&P 500 opened lower by 7.19 points, or 0.19%, at 3,810.47, while the Nasdaq Composite was up 3.87 points, or 0.04%, to 10,709.29 at the opening bell.
Sebi approves stronger framework for green bonds
Markets regulator Sebi on Tuesday decided to strengthen the framework for green bonds by introducing the concept of blue bonds and yellow bonds as new modes of sustainable finance. The concept of blue bonds is related to water management and marine sector while yellow bonds pertains to solar energy. These are sub-categories of green debt securities.Also, the regulator will specify the basic dos and don’ts relating to green debt securities to address ‘green washing’ related risks, Sebi said in a release after its board meeting here.’Green washing’ which is defined as the practice of channelling proceeds from green bonds towards projects or activities having negligible environmental benefits.
Elin Electronics IPO subscribed 37% on first day of offer
The initial share-sale of electronics manufacturing services company Elin Electronics received 37 per cent subscription on the first day of offer on Tuesday. The Initial Public Offer (IPO) got bids for 52,35,360 shares against 1,42,09,386 shares on offer, as per NSE data.The category for Retail Individual Investors (RIIs) was subscribed 55 per cent, non-institutional investors portion received 43 per cent subscription and Qualified Institutional Buyers (QIBs) 1 per cent.The IPO has a fresh issue of up to Rs 175 crore and an offer for sale of up to Rs 300 crore aggregating up to Rs 475 crore.
‘Revenge rebound in spending’ generalising price pressures: RBI paper
The initial inflationary pressure was delivered by successive supply shocks but as their impact waned, a “revenge rebound” in spending is generalising price pressures and making them persistent, according to an RBI paper that has analysed inflation trajectory in the country after February 2022. The paper said that supply-side shocks resulting from the Russia-Ukraine war pushed retail inflation beyond the Reserve Bank of India’s upper tolerance level of 6 per cent.However, the Consumer Price Index (CPI) based retail inflation, which remained above 6 per cent since January, moderated by 90 basis points to 5.9 per cent in November, driven by a fall in vegetable prices even as core inflation remained steady at 6 per cent.
KFin Technologies IPO subscribed 70% on Day 2 of offer
The initial public offer of KFin Technologies was subscribed 70 per cent on the second day of subscription on Tuesday. The initial share-sale received bids for 1,66,01,920 shares against 2,37,75,215 shares on offer, according to NSE data.The category meant for Qualified Institutional Buyers (QIBs) was fully subscribed, while the portion for Retail Individual Investors (RIIs) received 74 per cent subscription and non-institutional investors 3 per cent.The Rs 1,500-crore Initial Public Offer (IPO) has a price range of Rs 347-366 a share.Financial services platform KFin Technologies has raised Rs 675 crore from anchor investors.KFin Technologies is majority-owned by funds managed by private equity investor General Atlantic. Kotak Mahindra Bank Limited also owns a 9.98 per cent stake in KFintech, which it acquired in 2021.
SEBI BOARD MEET: Share buyback via exchange route to be phased out gradually
#NewsAlert | Share buyback via exchange route to be phased out gradually @SEBI_India #Buyback https://t.co/yTQzKwp7B4
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SEBI approves amendment to buyback regulations
Domestic sentiments were dented in line with global peers after Bank of Japan in a surprise move raised interest rate by 25bps to 0.5%. Further, rising death cases in China after easing of covid restriction instilled more fear. Nifty opened gap down and witnessed selling pressure for most part of the session. However, index recovered by almost 200 points from the lows in the last half an hour following positive opening of dow futures which helped Nifty finally close with minor loss of just 35 points at 18385 levels. Buying was seen in beaten down IT counter.Domestic markets succumbed to global pressure on back of surge in bond yields, hawkish stance by central banks globally and rising cases of Covid in China. There is a growing recessionary fear among investors which is fading hopes of a Santa Claus rally. Market is expected to consolidate with focus shifting towards budget-oriented sectors.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Gold prices found strong support at 1770$ in last two session, and raced higher beyond 1805$ in Comex helping MCX Gold scale beyond 54800rs on Tuesday afternoon, since dollar index fell below 103.75$ post the hawkish dust flared by FED and other central banks last week. Prices react positively to fear of recession as risky market under performed and safe heaven buying was witnessed. Gold range can be seen 54250-55250 in MCX going ahead
– Jateen Trivedi, VP Research Analyst at LKP Securities
The Bank of Japan shocked global markets in a totally unexpected move by raising the upper band limit for the 10 yr yield to 50 bps, which is seen as a step towards a hawkish policy shift. This has aggravated the sell-off in the global market, which was already risk-averse due to mounting recessionary fears following the Fed’s comment. In this backdrop, the US GDP numbers expected on Thursday will provide a picture of the strength of the US economy.
– Vinod Nair, Head of Research at Geojit Financial Services
Sector Watch: Barring Nifty IT, Metal, Oil & Gas, all sectoral indices close with cuts
Top gainers and losers of the day
Price as on 20 Dec, 2022 03:46 PM, Click on company names for their live prices.
Gold gains Rs 38; silver declines Rs 328
Silver, however, declined Rs 328 to Rs 67,984 per kilogram.
“Gold price traded steady after inching lower in the earlier session as along with more rate hike expectations, market participants are also focusing on the China’s Covid situation,” Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, said.
In the international market, gold was trading flat at USD 1,794 per ounce while silver was down at USD 23.13 per ounce.
Rupee falls 13 paise to close at 82.75 (provisional) against US dollar.
JUST IN | Entities of Burman family sold 1% of Dabur India shares via block deal
Closing Bell: Sensex rebounds around 600 pts from day’s low, still ends 104 pts lower; Nifty below 18,400; Eicher Motors, UPL drop 2% each
These stocks touched 52-week lows today
GLOBAL MARKET CHECK
- The Stoxx Europe 600 fell 0.9% as of 8:38 a.m. London time
- S&P 500 futures fell 0.7%
- Nasdaq 100 futures fell 0.9%
- Futures on the Dow Jones Industrial Average fell 0.5%
- The MSCI Asia Pacific Index fell 0.3%
- The MSCI Emerging Markets Index fell 1.1%
Market LIVE Updates: IT pack rebounds; TCS top gainer
Price as on 20 Dec, 2022 02:13 PM, Click on company names for their live prices.
State-owned power giant NTPC on Tuesday said that the NTPC Group including joint ventures and arms crossed 3GW of operational renewable energy (RE) capacity. The NTPC Group achieved this milestone with commissioning of first part capacity of 100 MW out of 300 MW Nokhra Solar PV Project at Bikaner, Rajasthan from 00:00 hours of December 20, 2022, a company statement said.
Price as on 20 Dec, 2022 01:59 PM, Click on company names for their live prices.
Shares of Hinduja Global Solutions fell over 3% to Rs 1,363 in Tuesday’s intraday trade after the company approved the buyback of shares worth Rs 1,020 crore via the tender route in the board meeting. The board of directors of the company has approved a buyback price of Rs 1,700 per equity share payable in cash for an aggregate amount of up to Rs 1020 crore.
Price as on 20 Dec, 2022 01:47 PM, Click on company names for their live prices.
In an exchange filing, the civil construction firm said the company board is likely to meet on January 4, 2023 (Wednesday), to consider a proposal for sub-division of equity shares of the company.
Price as on 20 Dec, 2022 01:19 PM, Click on company names for their live prices.
Watch | Best performing PMS schemes and MF schemes of 2022
#MarketsWithETNOW | Which are the best performing PMS schemes and MF schemes of the year? @Sharad9Dubey brings us t… https://t.co/7rpoEy2Lta
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KFIN TECH IPO: Day 2 subscription status
- QIB: 94%
- NII: 2%
- Retail: 47%
- Overall: 60%
Capacite Infra gets Rs 117 cr mall construction order from DLF
Price as on 20 Dec, 2022 12:49 PM, Click on company names for their live prices.
Market LIVE Updates: Sensex off day’s low, still down 450 points
Logistics firm Delhivery on Tuesday announced that it will acquire Pune-based supply chain solutions provider Algorhythm Tech to strengthen its offerings in this space.
Price as on 20 Dec, 2022 12:25…
Read More: Stock Market Highlights: Nifty charts hint at non-directional activity. What traders