Share Market Today: Sensex, Nifty Snap Eight-Day Gaining Streak; Autos, Financial Services Top Drag

Yield on the 10-year bond rose by 1 basis point to 7.22% on Friday.

Source: Bloomberg

The Indian rupee depreciated after opening with gains against the U.S. dollar on Friday.

The local currency opened at 81.11, appreciating 11 paise against Thursday's close of 81.22. It then gained as much as 14 paise to 81.08.

Source: Bloomberg

The India benchmark indices, S&P BSE Sensex and Nifty 50 snapped their eight-day gaining streak as they ended the week on a weaker note.

The S&P BSE Sensex closed 415.69 points lower at 62,868.50, while the Nifty 50 shed 116.40 points to end at 18,696.10.

Both the benchmark indices hit their all-time highs this week on Wednesday, with Sensex scaling 63,583.07 and Nifty recording 18,887.60.

S&P BSE Sensex gained as much as 0.92%, whereas, Nifty 50 rose by 0.99% this week.

Among the Nifty 50 constituents, 18 stocks advanced, while 31 stocks declined and one remained unchanged. Apollo Hospitals, Tech Mahindra, Dr Reddy's, Tata Steel and Grasim were the top Nifty gainers.

On the other hand, Eicher Motors, Tata Consumer, Mahindra and Mahindra, Hero MotoCorp and Hindustan Unilever were the top losers.

Sectorally, Nifty Media and Nifty Realty gained the most, advancing over 1.22% and 0.94% respectively.

While Nifty Auto and Nifty Financial Services declined the most by 1.10% and 0.62% in trade, today.

The broader market indices outperformed their larger peers, with the mid-caps and small-caps gaining 0.80% and 0.70% respectively. The large-cap index was largely in-line with its larger peers, losing 0.58%.

Out of the 19 sectoral indices compiled by BSE, eight advanced, whereas 11 declined, with S&P BSE Realty gaining the most at 0.93%.

The market breadth is skewed in favour of the bulls. About 2,032 stocks rose, 1,452 declined and 137 remained unchanged.

Source: Bloomberg, Exchanges

The shares of Macrotech Developers were up 4.10% in trade today after Jefferies tweaked their India long-only portfolio to increase the weight of the scrip.

Christopher Woods, in his weekly newsletter, 'Greed and Fear' mentioned that they have increased the weight of Macrotech Developers Ltd. and DLF Ltd. by 2% and 1%, respectively, in their India long-only portfolio.

Consequently, they have reducing the weightage on Godrej Properties Ltd. and Century Textiles and Industries Ltd. by 1% each.

The resultant rally is seen in the stock of Macrotech Developers or popularly know has Lodha. The stock was up as much as 4.61%, the most since Nov. 15.

The stock trades at 2.6 times the 30-day average, with a return potential implying an upside of 21.8% over the next 12 months.

Out of the 16 analysts tracking the stocks, 12 maintained 'buy,' three suggest 'hold' and one recommends to 'sell' the stock.

Source: Bloomberg, Exchanges

• Amara Raja, Telangana govt sign a pact for 16 GWh lithium cell gigafactory and 5 GWh battery pack assembly unit in Mahbubnagar.

• Company intends to invest Rs 9500 crores in the facility over the next 10 years.

• The stock gained 1.4% in trade, up by 1.93%, the most since Nov. 22.

Source: Bloomberg, Exchanges

Dish TV India rises most in nearly three months after the co.’s rival Tata Play pre-filed documents for potential IPO.

The stock gained 10.10% in trade today and it surged as much as 17.31%, the most since Sept. 5, 2022.

The scrip was trading at six times its 30-day average, with the trading volume surged 2.5 times the three-month average.

Source: Bloomberg, Exchanges

• Maruti Suzuki said it is planning to raise prices across models in January 2023.

• Price hike on account of increased cost pressure driven by overall inflation and recent regulatory requirements.

Source: Exchange filing

• The shares of United Brewery were up 2.54% in trade. The scrip gained as much as 2.99%, the most since Nov. 9.

• The Indian beer maker, majority owned by Heineken NV, rose after the Dutch brewer announced plans to raise prices to meet its profit aim.

• The stock trades at 2.4 times the 30-day average, with a return potential impying an upside of 3.4% over the next 12 months.

• Out of the 18 analysts tracking the stocks, 13 maintained 'buy,' three suggest 'hold' and two recommend to 'sell' the stock.

Source: Bloomberg, Exchanges

• Bajaj Hindusthan Sugar clears entire overdue towards term loan installments till September 2022, the company said in an exchange filing.

• Company also settled their term loan interests till November 2022 and optionally convertible debentures coupon, payable for FY22 to all the lenders.

• The stock hit an upper circuit at Rs 13.52, rising 20% by 2.25 points.

Source: Bloomberg, Exchanges

• Temasek, through three affiliates, bought an additional 1.15% stake in Zomato on November 30.

• Temasek now holds 6.01% stake in Zomato, from 4.87% earlier.

Source: Exchange filing

The Indian benchmarks S&P BSE Sensex and Nifty 50 slipped further from their opening lows and saw cuts of nearly 0.92% and 0.90%, respectively at 12:15 pm on Friday.

Sensex fell below the 63,000-mark and traded 580 points lower at 62,705.02 on the BSE, while the Nifty 50 declines by 170 points to 18,643.15 on the NSE.

Among Nifty 50 stocks, nine stocks advanced, 41 stocks declined. Apollo Hospitals, ONGC, Tech Mahindra, Tata Steel and Grasim were the top gainers. Whereas, ICICI Bank, Divi's Labs, TCS, Cipla and Hero MotoCorp were the top Nifty 50 losers.

The broader indices outperformed their larger peers, with the mid-cap gaining 0.43%, while small-cap rising by 0.35% in trade. The large-cap index was largely in-line with its larger peers, losing 0.80%.

Fifteen out of the 19 sectoral measures complied by BSE Ltd. decline, with S&P BSE Power losing the most over 1.18%.

About 1,797 stocks rose, 1,536 fell and 165 remained unchanged on BSE.

Source: Bloomberg, Exchanges

Shares of One 97 Communications Ltd., the parent of Paytm were up 4.72% in trade, after the management said it hopes to generate positive free cash flow over the next 12 to 18 months.

Paytm's loan disbursals have jumped by 482% year-on-year and touched Rs 7,313 crore as of September 2022, according to a recent exchange filing.

The stock gained 4.78%, the most up since Nov. 25. Paytm was trading at 2.2 times its 30-day average.

About 45% of analysts have changed their price target for Paytm over the last one month.

Out of the 12 analysts tracking the stocks, eight maintained 'buy,' three suggest 'hold' and one recommends to 'sell' the stock.

Following a 61% plunge in its stock price since January and taking into account the traction Paytm has garnered on loan distributions and sales of its "soundbox" devices, brokerages said the stock might be worth a fresh look.

Source: Bloomberg, Exchanges

Oil and Gas companies were trading in green on Friday, after the governmentreduced windfall taxes on locally-produced crude oil and on the exports of diesel.

Tax on oil produced from domestic fields has been lowered by about 52% to Rs 4,900 per ton, effective Dec. 2. The levy on diesel exports has been lowered to Rs 8/litre. Exports of aviation fuel will continue to attract a levy of Rs 5/litre, while gasoline remains exempt from the new tax.

While, Mahanagar Gas was up 1.66%, ONGC was up 1.32%. Oil India, Indian Oil Corporation, Indraprastha Gas and Reliance Industries were also up in trade.

Source: Bloomberg, Exchanges

Polycab India rose 3.8% in trade today. The shares were up by 3.92% most since Oct. 19,2022. The trading volume was quadruple the average for this time of the day.

The stock traded at 3.3 times the 3-day average. The return potential of the stock impled an upside of 7.2% over the next 12 months.

Out of the 30 analysts tracking the stocks, 20 maintained 'buy,' five suggest 'hold' and five recommend to 'sell' the stock.

Source: Bloomberg

Shares of Talbros Automotive Components Ltd. gained after the automotive company bagged multiple order worth Rs. 420 crore.

The stock gained as much as 8.22% on Friday- the most since Oct. 07 2022.

The total traded quantity is 14.9 times the 30-day average.

The order is from from domestic and overseas customers across business divisions, product segment and joint ventures. These orders are to exceuted over a period a next 5 years.

The order received by Talbros Automotive also includes order for Electric Vehicles worth Rs. 160 crores.

Source: Bloomberg, Exchange Filings

The Nifty Auto index falls by more than 1.10% in trade after monthly sales data was released by the company on exchanges on Thursday.

Eicher Motors fell by 2.98%, the most since Oct. 11, 2022. The stock was trading 2.47% lower and was also the top loser amongst the Nifty 50 constituents.

Other auto stocks that fell in trade today were Ashok Leyland, Mahindra and Mahindra, Bajaj Auto and Maruti.

Out of the 15 stocks in the Nifty Auto gauge, 13 declined while only advanced.

Source: Bloomberg, Exchanges

Shares of PB Fintech rose after two large trades on Friday.

The stock gained as much as 6.07% on Friday- the most since Nov. 25 2022. The total traded quantity is 2.7 times the 30-day average..

As many as 2.28 crore shares, equaling 5.1% of the equity, changed hands in two large trades on the National Stock Exchange, according to pre-market Bloomberg data.

Though buyers and sellers weren't immediately known, according to a Bloomberg report, Japan's SoftBank was expected to sell shares worth Rs 1,000 crores in the company via a block deal on Friday.

The Masayoshi Son-led fund had offered to tender shares at a floor price of Rs 440.2, according to the terms being quoted. That is a 4.6% discount on Policybazaar’s Thursday closing price.

Of the 11 analysts tracking the company, 10 maintains 'buy' and one suggests 'hold'. The return potential of the stock implies a upside of 47.8% in the next 12 months

Source: Bloomberg

Mirroring the weaker global cues, the markets broke their eight-day winning streak and opened in red on Friday morning.

The S&P BSE Sensex opened 305 points lower down by 0.48% at 62,978.58. Whereas, Nifty 50 opened 60 points lower, down 0.32% at 18,752.40.

Out of the 50 stocks compiled by the Nifty 50 index, 14 stocks advanced and 36 stocks declined.

Eicher Motors, Divi's Labs, Hindustan Unilever, Maruti Suzuki and Ultratech Cement were the top Nifty 50 laggards. While, ONGC, Hindalco, BPCL, Tech Mahindra and Reliance gained the most in the gauge at the opening bell.

The broader indices outperformed their larger peers, with the mid-cap and small-cap gauges gaining 0.11% and 0.21%, respectively. Large-caps, on the other hand, mirrored their peers, down by 0.41%.

Seven of the 19 sectoral indices compiled by BSE declined with S&P BSE Auto declining the most.

The market breadth is skewed in favour of the bulls. About 1,611 stocks rose, 1,057 fell and 144 stocks remained unchanged.

Yield on the 10-year bond fell 2bps in opening trade to 7.18% on Friday

Source: Bloomberg

Indian currency appreciated by 11 paise to 81.11 at open against the greenback on Friday. It closed at 81.22 on Thursday.

Source: Bloomberg

• Godrej Properties has acquired an 18.6-acre land parcel in Mumbai with an estimated revenue potential of around Rs 7,000 crore.

• The development will comprise primarily of premium residential apartments with supporting retail spaces.

• The project takes the cumulative expected booking value from projects added in FY23 to Rs 16,500 crore as against its full year guidance of Rs 15,000 crore.

Source: Exchange filing

• U.S. Dollar Index at 104.72

• U.S. 10-year bond yield at 3.53% on Thursday

• Brent crude down 0.1% to $86.88 per barrel

• Nymex crude at $81.18 per barrel

• SGX Nifty down 0.30% to 18,918.5 as of 8:15 a.m.

• Bitcoin up 0.34% to $16,987.9.

Christopher Woods of Jefferies in the current edition of the weekly newsletter, 'Greed & Fear,' talks about how the rising interest rate would not stall recovery in India, supported by the property data.

The note said that Jefferies would tweak their India long-only portfolio, replacing Jubilant FoodWorks with Adani Ports & Special Economic Zone with 4% weightage.

Other tweaks also include an increase in the weight of Macrotech Developers and DLF by 2% and 1%, respectively. The weightage in Godrej Properties and Century Textiles will be reduced by 1% each.

Jefferies' India long-only portfolio will see a 2% reduction in the weightage of Bajaj Finance while the investment in State Bank of India will be increased by 2%.

In the Asia ex-Japan long-only portfolio, Godrej Properties will be replaced by an investment in Macrotech Developers with a 6% weightage, while the investment in Bajaj Finance will be reduced by 1%.

Source: Jefferies Note On Greed & Fear

• Bandhan Bank: Plutus Wealth Management bought 90 lakh shares (0.56%) at Rs 235.65 apiece.

• Venus Pipes & Tubes: Himalaya Finance & Investment Company bought 5 lakh shares (2.46%) at Rs 650.42 apiece, Manojsingh Jadoun sold 6.64 lakh shares (3.27%) at Rs 651.76 apiece.

Uniparts India: The issue was subscribed 2.02 times on the second day. The QIB portion was subscribed 97%, while HNIs placed bids for 3.41 times the portion reserved for them. The retail basket was subscribed 2.01 times.

• Yes Bank: The Reserve Bank of India allowed Advent and Carlyle to pick up 9.99% stake each in Yes Bank on a conditional basis.

• NMDC: The government has invited expressions of interest to divest its 50.79% stake in the company. The company also reported a rise in production and sale of iron ore during November.

• ONGC/Reliance Industries/GAIL: The government halved windfall tax on domestic crude to Rs 4,900 per tonne and reduced levy on diesel exports to Rs 6.5 per litre.

• Hero MotoCorp/Maruti Suzuki/Tata Motors/Mahindra & Mahindra/Bajaj Auto/ Eicher Motors: Auto companies reported their monthly sales data for November.

• PB Fintech: SoftBank’s SVF India Holdings is offering 22.8 million shares of the company at a floor price of Rs 440.2 each in a block trade, Bloomberg News reported citing terms of the deal.

• Hindustan Unilever: The company has formed an ESG committee to assist the board in overseeing the company’s strategy relating to ESG and sustainability matters.

• Man Infraconstruction: Suketu R Shah resigned from the position of Joint Managing Director of the company, with effect from Dec. 1.

• Oberoi Realty: Shareholders of the company approved the purchase of premises from Oasis Realty, a joint venture entity.

• MOIL: The company’s production increased 60% sequentially and sales grew 82% on-month during November.

• NLC India: The company signed an MoU with Odisha government for setting up ground mounted/ floating solar power projects, pumped hydro storage projects, green hydrogen projects and any other renewable projects in the state.

• SJVN: The company’ subsidiary SJVN Green Energy has signed an MoU with Grid Corporation of Odisha for developing 1000 MW Hydro Electric Projects and 2000 MW Solar Power Projects in Odisha by incorporating a joint venture company.

Stocks edged lower in Asia after US equities struggled for direction. Shares declined in Japan, South Korea, and Australia. Futures for Hong Kong indicated gains

Oil rose 2.2% on hopes of demand recovery in China. Gold futures increased 3.2%, while Bitcoin fell 0.7% to trade around the $17,000 level.

U.S. stocks faced instability near a key level amid mixed economic data and the Fed’s plans to ease rate hikes. Both, S&P 500 and the tech-heavy Nasdaq changed little. The yield on 10-year Treasury declined six basis points to 3.55%.

The Indian benchmark indices continued their record-breaking rally for the eighth day to close at new record highs. The broader market indices outperformed their larger peers, as the market breadth favoured bulls.

However, overseas investors in Indian equities turned net sellers on Thursday, ending a five-day buying spree. The foreign portfolio investors net sold stocks worth Rs 1,565.9 crore, according to data from the National Stock Exchange.

Rupee continued to rise against the U.S. dollar for the second day closing higher against the greenback despite paring early gains.

At 8:15 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- was down 0.30% to 18,918.5.