The Nifty 50 index was down 0.78% at 17,988 as of 9:30 a.m. IST, dropping below the 18,000 mark for the first time since Nov. 10. The S&P BSE Sensex fell 0.72% at 60,390.90.
China is expecting a peak in COVID-19 infections within a week, a health official said, sparking concerns across the world.
Almost all the sectoral indexes declined. The one exception was the pharma index,, which rose 1.36% on news that India is ready to step up exports of fever medicines to China.
Forty-four of the Nifty 50 constituents fell. The few gainers included health stocks such as Cipla, Sun Pharma and Dr Reddy’s.
Wall Street equities fell sharply overnight after third-quarter gross domestic product growth was revised higher, while unemployment benefits claims for November also increased lesser than expected.
The data showed a resilient economy and fuelled fears that the Federal Reserve could raise rates further and for a longer period to tackle inflation, while raising the possibility of a recession.
That gives greater importance to U.S. personal consumption expenditures (PCE) data, the Fed’s preferred measure of inflation, due later in the day.
Asian markets also declined after the slide in U.S. shares, with the MSCI Asia ex Japan falling 0.94%.
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Market LIVE Updates: Sensex slips below 60,000
Nestle India only gainer from the BSE Sensex pack
Price as on 23 Dec, 2022 11:53 AM, Click on company names for their live prices.
FII flows remain net positive in the first half of December with capital goods sector seeing the largest inflows
#MarketsWithETNOW | FII flows remain net positive in the first half of December with capital goods sector seeing th… https://t.co/QwPgSDgiRW
— ET NOW (@ETNOWlive) 1671775238000
The share of public sector companies in India’s total stock market capitalisation has surged to 13% from 10% in early 2022 thanks to the blistering rally in state-owned companies.
The share of public sector companies in India's total stock market capitalisation has surged to 13% from 10% in ear… https://t.co/pxpllj0Env
— ETMarkets (@ETMarkets) 1671766719000
Market LIVE Updates: Vedanta has been declared as ‘Preferred Bidder’ in respect of e‐auction of Block I ‐ Bicholim Mineral Block based on highest final price offer of 63.55% submitted by the company.
Price as on 23 Dec, 2022 11:07 AM, Click on company names for their live prices.
PSU Bank stocks under pressure; UCO Bank, IOB, Central Bank tank 8% each
Price as on 23 Dec, 2022 11:04 AM, Click on company names for their live prices.
Market LIVE Updates: Nuvama initiated coverage on PB Fintech with a buy rating with a target of Rs 550. Policybazaar has carved out a niche for itself in the exciting online financial product space, Nuvama said. Profitability riders include Renewals, efficiency, and scale, it added. The domestic brokerage firm believes that the company would break even on adjusted EBITDA in FY24E and would be PBT-positive in FY25E.
Price as on 23 Dec, 2022 11:00 AM, Click on company names for their live prices.
Where did LIC increase and reduce stakes? Take a look
#StocksInNews | Where did LIC increase and decrease its stake? @soumeet_sarkar joins in with the details-… https://t.co/hU165BjYEk
— ET NOW (@ETNOWlive) 1671763090000
Meghmani Organics forays into manufacturing of nano urea (Liquid) fertilizer
* Unit MCNL to incur a capex of Rs 150 crore for setting up plant in Gujarat
* Entered licensing agreement with domestic fertiliser manufacturer
* To commence commercial production by Q4FY24
* Plant’s annual capacity pegged at 50 million bottles per year
* MNCL projects to achieve top line of Rs 1000 crore on annual basis
Jefferies initiates coverage on Medanta with buy call
#BrokerageRadar | @Jefferies on @medanta: Initiate Buy; The co will close the valuation gap with peers… https://t.co/P6jqnYmA5C
— ET NOW (@ETNOWlive) 1671764723000
Landmark Cars debuted at a discount of Rs 471 (-6.91%) to its issue price. But the issue had received a good response from investors on both the institutional and retail sides. The company is also growing its presence in the after-sales segment. Its comprehensive business model captures the entire customer value chain and focuses on the expansion of its overall business with experienced promoters and business leadership.Nonetheless, despite fierce competition, the company must reduce its debt. The issue has been fully priced, with a P/E ratio of around 28. Under the current market conditions, it would not be fair to expect much from its listing. As a result, allottees who applied for the public offering for listing premium should keep their stop loss at Rs. 440.
– Pravesh Gour, Senior Technical Analyst, Swastika Investmart
Market LIVE Updates: Sensex tanks 600 pts
These stocks are the worst performers from the realty pack
Price as on 23 Dec, 2022 10:12 AM, Click on company names for their live prices.
Listing Alert: Pre-open indicative prices
BSE: 471.30 (7% down)
NSE: 471 (7% down)
Abans Holdings
BSE: 270 (issue price)
NSE: 273 (1% up)
Droneacharya
BSE: 102 (90% up)
Gandhar Oil Refinery files for IPO – Draft Prospectus
- Fresh issue of shares worth Rs 357 crore & offer for sale of up to 1.2 crore shares
- To use proceeds to invest in Texol by way of loan, fund capex and working capital requirements
- Source: Reuters
Godrej Properties to develop a Residential Group Housing project in Gurugram, Haryana with an estimated revenue potential of approximately Rs 3,000 crore*.
Price as on 23 Dec, 2022 09:39 AM, Click on company names for their live prices.
An interesting development in the market is that despite FII and DII buying of Rs 928 and Rs 2206 crores respectively yesterday Nifty corrected by 71 points. This is due to long unwinding in some key index stocks. The global market backdrop continues to be weak due to the strong economic data from the US. The paradox of good economic news turning out to be bad news for markets is playing out. Data from US on consumer confidence, jobless claims, and Q3 GDP numbers surprised on the upside indicating continuation of the hawkish monetary stance from the Fed. The high market volatility of the last 6 days is likely to continue. There is an element of overreaction in the market to the Covid news. Even though a ‘Santa Claus rally’ appears unlikely, investors can buy high quality stocks in telecom, banking and capital goods on dips.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Rupee opens down 0.05% at 82.8000 per U.S. Dollar; previous close at 82.7625
Market Live Updates: Nifty slips below 18,000
SECTOR WATCH | Pharma only sectoral pack in the green
Active stocks in morning trade
Price as on 23 Dec, 2022 09:21 AM, Click on company names for their live prices.
Bandhan Bank in talks to sell stressed microloans to Phoenix ARC – ET
Price as on 23 Dec, 2022 09:20 AM, Click on company names for their live prices.
Opening Bell: Sensex drops 300 pts, Nifty nears 18,000; IOB falls 4%, Tata Motors 2%
Pre-open session: Sensex slumps 500 points; Nifty below 17,980
Asian shares slide as fears over hawkish Fed mount
Asian shares eased on Friday, tracking a dive on Wall Street, while the dollar firmed as strong U.S. data revived fears the Federal Reserve will have to retain its hawkish stance to tame inflation.
Oil climbs on expected drop in Russian exports, offsets U.S. storm impact
Oil prices rose on Friday on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the United States could snuff out transport fuel demand growth this holiday season.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 113 points, or 0.62 per cent, lower at 18,065, signaling that Dalal Street was headed for a negative start on Friday.
Tech View: Nifty forms long bearish candle on charts
After making lower lows for the last six trading days, the headline equity index Nifty today formed a long negative candle on the daily chart and indicated that the downward trend might continue amid capped movement.
Tokyo stocks open lower on Fed rate hike worries
Tokyo stocks opened lower on Friday, after Wall Street stocks tumbled, with more positive economic data prompting concerns among investors about rate hikes by the US Federal Reserve. The benchmark Nikkei 225 index was down 1.11 percent, or 293.40 points, at 26,214.47 in early trade, while the broader Topix index lost 0.75 percent, or 14.37 points, to 1,893.80.
Wall Street tumbles on rate, recession worries, bleak chipmaker outlook
Wall Street’s major averages closed lower on Thursday with technology-heavy Nasdaq’s 2% drop leading losses as investors worried that data showing a resilient economy would lead the U.S. Federal Reserve to keep hiking interest rates for longer than feared.
Rupee rises 5 paise to 82.79 against US dollar
The rupee appreciated by 5 paise to close at 82.79 against the US dollar on Thursday amid a weak greenback in the overseas markets.
Sensex, Nifty on Thursday
Nifty50 index was down 0.65% at 18,081 and BSE Sensex fell 0.48% at 60,773.70. Both indices had gained over 0.6% in the opening minutes.
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