Inflation remains a concern for central bankers across the globe and the chances of further future rate hikes continue to remain high, which might push the economy into recession. China’s worsening Covid situation also has kept investors on their toes.
Adani Enterprises jumps in early trading as stock gains 2%; leads the market rally
Adani effect propels India to become the best-performing stock market in the world in 2022
India is set to rank among this year’s best-performing major stock markets globally, overcoming concerns about higher interest rates and an economic slowdown that has mired peers. The S&P BSE Sensex Index is up 3% so far in 2022, the biggest gain in the world after measures in Singapore and Indonesia. A solid run of earnings buoyed key Indian benchmarks to record levels, making the market larger than the UK. Meanwhile, the MSCI All Country World Index has fallen 20%.
This year’s winners include shares linked to billionaire Gautam Adani and banks boosted by a sharp recovery in credit demand. Some of the biggest losers were shares of technology firms that languished following their public debuts and software outsourcing providers that faced concerns of a potential slump in overseas demand. (Read More)
PSU Bank index opens strongly as it gains around 2% in early trading; most stocks in green
KFin Technologies IPO share allotment likely today. How to check
The finalization of the basis of share allotment of KFin Technologies’ initial public offering (IPO) is expected to take place on Monday, December 26, 2022, and if allotted, then the credit of shares to Demat account of bidders will be done on Wednesday, December 28, 2022.
The registrar for KFin Technologies IPO is Bigshare Services Pvt Ltd, therefore the allotment application can be checked on the registrar’s website or on the BSE website. (Read More)
Indices open on a positive note as Sensex gains 150 pts and Nifty 50 pts
Geojit Financial Services on today’s market: The selling was triggered by HNIs and retail
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The market sell-off on Friday was the consequence of the cumulative impact of Covid fears, valuation concerns and margin calls in many momentum stocks. It is important to note that the 320-point cut in Nifty was caused on a day when DIIs bought heavily for ₹3398 crores and FIIs sold only for ₹706 crores. This means the selling was triggered by HNIs and retail which, in turn, triggered margin calls in momentum stocks that led to steep cuts in these segments. Heavy FII selling in call options in the derivatives segment indicate that recovery will be slow and tough. Long-term investors can nibble at high-quality stocks in capital goods, telecom, banking and pharma.
Sensex preopens in the red as it sheds around 500 pts; LIC, Coal India, HDFC Ltds stocks are in focus today
Reliance Securities Stock in Focus for today: KEC International
STOCK IN FOCUS
KEC International (CMP 456): Considering strong revenue visibility backed by healthy order book, earnings momentum with higher margin from 4QFY23 onwards and likely improvement in return ratios, we have our BUY rating on the stock, with a Target Price of Rs521.
Intraday Picks
BPCL (PREVIOUS CLOSE: 325) BUY
For today’s trade, long position can be initiated in the range of Rs324- 322 for the target of Rs334 with a strict stop loss of Rs319.
HDFCBANK (PREVIOUS CLOSE: 1,598) BUY
For today’s trade, long position can be initiated in the range of Rs1,597- 1,590 for the target of Rs1,626 with a strict stop loss of Rs1,579.
ICICIGI (PREVIOUS CLOSE: 1,224) BUY
For today’s trade, long position can be initiated in the range of Rs1,223- 1,215 for the target of Rs1,259 with a strict stop loss of Rs1,202.
Stocks to Watch: HDFC Ltd, Shriram Finance, LIC, ONGC, Coal India, Railtel Corp, NDTV, Equitas SFB, SJVN, and Tata Motors
NSE continues to keep Indiabulls Housing Finance on the list of banned securities under the F&O segment for Monday trading as it has crossed 95% of the market-wide position limit. (Read More)
Rupee, bond yields seen in narrow range as 2022 ends
The Indian rupee and government bond yields are expected to trade in a narrow range amid thin volume this week, the last of 2022, due to the lack of major triggers, with the rupee also likely to continue to benefit from the central bank’s support. Last week, the rupee ended little changed at 82.8575 per dollar. It has held a narrow range due to dollar sales near the 82.85-82.90 levels.
Indian government bond yields, too, may remain largely rangebound in thin trading volume as the majority of market participants stay away near the end of the quarter, and year. (Read More)
Godrej Properties, Neelkamal Realtors ink joint venture for a project in Mumbai
Godrej Properties Limited has entered into a joint venture with Neelkamal Realtors Tower Private Limited (NRTPL) for the development of property situated in Mumbai. “The project is being developed by the Company through a Special Purpose Vehicle, viz, Godrej Residency Private Limited (GRPL),” the company told stock exchanges. As per the official statement, Godrej Properties Limited will hold “50.01% and the balance 49.99% will be held by NRTPL”. (Read More)
Bitcoin, ether gain marginally; dogecoin, Shiba Inu fall. Check cryptocurrency prices today
In cryptocurrencies, Bitcoin price today gained with the world’s largest and most popular digital token trading almost flat with a positive bias at $16,871. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was almost flat in the last 24 hours to $847 billion, as per the data by CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, was almost flat at $1,220. Meanwhile, dogecoin price today was trading over at $0.07 whereas Shiba Inu was down at $0.000008. (Read More)
CIL can pursue overseas acquisition of coal mines after detailed study of blocks: Par Panel
With state-owned CIL not buying out of any coal blocks abroad at present, a Parliamentary panel on Thursday said the PSU can still pursue the overseas acquisition of mines after a detailed study and analysis of the blocks, especially low ash coking coal.
The committee is of the view that this will not only reduce the import of fossil fuels but also open new avenues of mining abroad.
“Considering the existing coal resources in the country, the committee would like the coal ministry/CIL to explore acquisition of coal blocks abroad. They would like to be apprised of any developments in this regard,” the Standing Committee on Coal, Mines and Steel in its report tabled in Parliament said. (PTI)
Elin Electronics IPO: Latest GMP, how to check allotment status online
After the closure of three days subscription, all eyes are now set on the share allotment date. As per the tentative schedule of the public issue, the Elin Electronics IPO allotment date is most likely on 27th December 2022. However, ahead of the announcement of share allocation, the grey market is also dropping hints about the primary market sentiment in regard to the IPO (Initial Public Offering) worth ₹475 crore. According to market observers, shares of Elin Electronics are available at a premium of ₹5 in the grey market today. (Read More)
Advent International acquires significant stake in Suven Pharmaceuticals, launches open offer
Advent International, a global private equity investor, has entered into a definitive agreement to acquire a significant stake in Suven Pharmaceuticals(“Suven Pharma” or “Suven”) from the Jasti family, subject to regulatory approvals and conditions. Post the completion of the acquisition, Advent intends to explore the merger of its portfolio company, Cohance Lifesciences (“Cohance”) with Suven, to build a leading end-to-end CDMO and merchant API player servicing the pharma and specialty chemical markets.
The merger will be evaluated by the board taking into consideration the strategic rationale and assertiveness to Suven’s public shareholders and will be subject to regulatory approvals and other customary approvals. (Read More)
…
Read More: Stock Market LIVE: Sensex above 60k, Nifty up 100 pts; PSU Bank, Metal gain