Sensex, Nifty Decline For Third Session Dragged By ITC, Bajaj Twins, Reliance
India's stock benchmarks logged losses for the third consecutive session, dragged by auto, telecom and select banking stocks. Focus shifts to the Fed policy decision due Wednesday that could induce volatility, amid rising concerns over elevated inflation and risks to economic recovery due to omicron strain.
The S&P BSE Sensex shed 0.29% to 58,117.09. The NSE Nifty 50 index also declined by similar magnitude to 17,324.90. Both the indices fell as much as 0.8% in intraday trade before paring some of the losses. ITC Ltd. had the largest drop, falling 2.6%. Today, 24 of 50 shares fell, while 26 rose.
The S&P BSE MidCap almost mirrored its larger peers shedding 0.37% while the S&P BSE SmallCap closed little changed. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Power adding 1.39%. On the flipside, S&P BSE Telecom fell nearly 1.4%.
The market breadth was skewed in the favour of bulls. About 1,806 stocks advanced, 1,503 declined and 116 remained unchanged.
"Markets consolidated in a range and ended marginally lower, in continuation to the previous session’s fall. Weak global cues triggered a gap down start however mixed trends across the sectors capped the movement thereafter", Ajit Mishra, VP - Research at Religare Broking Ltd. wrote in a note. He added, "participants are maintaining a cautious stance ahead of the US Fed meeting outcome, which is scheduled on December 15 and we may see a similar trend on Wednesday as well. On the benchmark front, a decisive fall below 17,150 in Nifty would further fuel the negative bias. We reiterate our view to limit leveraged positions and maintain positions on both sides".
RBI Introduces Prompt Corrective Action Framework For NBFCs
PCA framework applies to
All Deposit Taking NBFCs (Excluding Government Companies)
All Non-Deposit Taking NBFCs in Middle, Upper and Top Layers
Excludes NBFCs not accepting/not intending to accept public funds; Government Companies, Primary Dealers and Housing Finance Companies.
Source: RBI Release
NATCO Pharma Shares Jump 3% After Approving Acquisition Of U.S. Pharma Firm Dash Pharmaceuticals
Shares of Natco Pharma rose over 3% to Rs 912.05 apiece after the company approved the acquisition of Dash Pharmaceuticals LLC, U.S., through its subsidiary company.
Cash consideration for the acquisition $18 million.
Dash Pharma expected to have net sales of $15 million for the year ending December 2021.
Source: Exchange Filing
Oil India On Track For Longest Losing Streak In Over Two Years
Shares of Oil India Ltd. declined for the eighth straight day, on track for the longest losing streak since the period ended July 19, 2019.
Oil India has lost a total of 8% during the streak while the NSE Nifty 50 Index fell 0.63%.
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All Constituents Of NSE Nifty Realty Index Decline
All Constituents Of NSE Nifty Auto Index Decline
India Yields Mostly Lower
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SGX Nifty Hints At Opening Losses; Anand Rathi Debut, Vedanta, ITC In Focus
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