Stock Market Today: Sensex, Nifty Close Flat Amid Volatility; Consumer Durable, Oil & Gas Stocks Offset Losses
S&P BSE Sensex closed down by 17 points or 0.03% at 60,910.28, while the NSE Nifty 50 was 10 points or 0.05% lower at 18,109.25.
KEY HIGHLIGHTS
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.31% on Wednesday. It closed at the same level on Tuesday.
Source: Bloomberg
Rupee Flat Against The U.S. Dollar
The local currency closed flat at 82.87 on Wednesday. It closed at 82.86 on Tuesday.
Source: Bloomberg
Closing Bell
The Indian benchmark indices mirrored their Asian peers and remained subdued in trade on Wednesday.
China's move to reopen its economy by easing its zero-Covid policy has revived inflation fears, leading the Asian markets lower.
The headline indices opened lower and traded flat amid volatility through Wednesday.
The S&P BSE Sensex closed down by 17 points or 0.03% at 60,910.28, while the NSE Nifty 50 was 10 points or 0.05% lower at 18,109.25.
Titan Co., Mahindra and Mahindra Ltd., Power Grid Corp of India Ltd., Maruti Suzuki India Ltd. and UPL Ltd. were the top gainers amongst the NSE Nifty 50 constituents.
Whereas, Bharti Airtel Ltd., Apollo Hospitals Enterprise Ltd., Hindalco Industries Ltd., Tata Steel Ltd. and Bajaj Finserv Ltd. were the top losers in the gauge.
The broader market indices outperformed their larger peers; S&P BSE MidCap was up by 0.23%, whereas S&P BSE SmallCap was higher by 0.45%.
Eleven out of the 20 sectoral indices compiled by BSE advanced, while nine declined.
The market breadth was skewed in favour of the bulls. About 2,080 rose, 1,398 declined, and 151 remained unchanged on the BSE.
Jyoti Structures Declines After Securing Rs 69.03-Crore Order
Jyoti Structures Ltd. secured contracts valued at Rs 69.03 crore for the projects that are to be commissioned by July 31, 2023 and Feb. 28, 2024 respectively. Stock is down 5%
Mundra Utilities Ltd. for turnkey supply and construction of 400 kV, 220 kV & 66 kV transmission lines in Mundra Gujarat and;
Renew Solar Energy for 400 kV DC Gadag Transmission Scheme Phase-II Karnataka.
Source: Exchange filings
Strides Pharma CMO Partner Gets U.S. FDA Approval For Key ANDA
The CDMO partner of Stelis Biopharma Ltd. receives approval for a key 'abbreviated new drug application' from the U.S. FDA.
Stelis Biopharma Ltd. is the biologics arm of Strides Pharma Science Ltd.
Source: Exchange filing
European Markets Open Flat
Railway Stocks Rise
The shares of rail transport-related stocks advanced in trade on Wednesday.
Ircon International, or Indian Railway Construction Ltd, an Indian engineering and construction corporation, specialized in railways transport infrastructure gained the most at 8.07%.
Titagarh Wagons Ltd., Texmaco Infrastructure & Holdings Ltd., RITES Ltd., and IRCTC also rose in trade.
Shriram Finance To Raise Funds Via NCD Issuance
Shares of Shriram Finance Ltd., fell 1.09% in trade on Wednesday.
The company announced in an exchange filing said that the board is considering a fundraise via issuance of NCDs, including bonds in onshore/offshore market on private placement basis.
The raised NCDs will be held to consider and approve the issue and allotment of redeemable non-convertible debt securities /bonds during the month ending January 31, 2023.
Out of the 34 analysts tracking the company, 25 maintain a 'buy' rating, seven suggest 'hold' and two recommend to 'sell' the stock.
Source: Bloomberg, Exchange filing
Midday Market Update
The Indian benchmark indices opened lower and traded flat amid volatility through half of Wednesday, tracking the weak global cues.
The S&P BSE Sensex opened up by points 57 or 0.09% at 60,984.74, while the NSE Nifty 50 was 11 points or 0.06% lower at 18,143.15, as of 12:20 pm.
Titan Co., IndusInd Bank Ltd., Maruti Suzuki India Ltd., Mahindra and Mahindra Ltd., and NTPC Ltd. were the top gainers amongst the NSE Nifty 50 constituents.
Whereas, Apollo Hospitals Enterprise Ltd., Bharti Airtel Ltd., Hindalco Industries Ltd., Bajaj Finserv Ltd., and Divi's Laboratories Ltd. were the top losers in the gauge.
The broader market indices outperformed their larger peers; S&P BSE MidCap was up by 0.26%, whereas S&P BSE SmallCap was higher by 0.50%.
Fourteen out of the 20 sectoral indices compiled by BSE advanced, while six declined.
The market breadth was skewed in favour of the bulls. About 2,131 rose, 1,199 declined, and 152 remained unchanged on the BSE.
Adani Transmission Incorporates Subsidiary For Smart Metering Business
The company acquired 10,000 equity shares of Rs 10 apiece valued at an aggregate amount of Rs 1,00,000 from BEST Smart Metering Ltd.
BSML is incorporated in Ahmedabad, Gujarat and and is yet to commence its business operations.
Shares of Adani Transmission Ltd. rose 1.97% in trade on Monday. The stock was trading at 2.1 times its 30-day average volume.
Out of the two analysts tracking the company, one maintains a 'buy' rating and one suggests to 'sell' the stock.
Source: Bloomberg, Exchange filing
Adani Enterprises Completes SIBIA Analytics and Consulting Services Acquisition For Rs 14.80-Crore
SIBIA Analytics and Consulting Services Pvt. is an analytics and decision support solutions company.
Acquisition will help Adani Group enhance its artificial intelligence and machine learning capabilities.
Source: Exchange filing
Hester Acquires ICAR-NIHSAD Technology For Vaccine Production
Hester acquires ICAR-NIHSAD technology to develop vaccine against low pathogenic avian influenza (H9N2 strain) for poultry.
To launch the vaccine by the end of 2023 after completing the required field studies.
Shares of Hester Bioscience rose 1.43% in trade on Monday. The stock was trading at 3.7 times its 30-day average volume.
The one analyst tracking the company suggests to 'hold' the stock.
Source: Bloomberg, Exchange filing
India Pesticides Rises As Subsidiary Shalvis Specialties Receives Environmental Clearance
Shares of the India Pesticides Ltd. rose 9.13% in trade on Wednesday, after the company’s subsidiary Shalvis Specialties received environmental clearance for setting up manufacturing plant of agrochemicals and intermediates, API ingredients and intermediates, and fine chemicals manufacturing unit in Hamirpur, Uttar Pradesh.
The stock rose 11.07%, the most in five months since July 27. It trades at 35 times its 30-day average volume.
Out of the three analysts tracking the company, two maintain a 'buy' rating and one recommends a 'hold' on the stock.
Source: Bloomberg, Exchange filing
Hariom Pipe Industries Hits Lifetime High After Asset Purchase
Shares of the Hariom Pipe Industries Ltd. rose 16.55% in trade on Wednesday to a lifetime high of Rs 403.55, after the company announced the asset purchase of galvanized pipe and cold roll coil manufacturers from R.P.Metal Sections Pvt.
The purchased unit is spread across 13.83 acres of land and located at SIPCOT Industrial growth centre, Perundurai, Tamilnadu. This purchase is for an all cash consideration of Rs 55 crore.
The stock trades at 15 times its 30-day average volume. The one analyst tracking the company maintains a 'buy' rating.
Source: Bloomberg, Exchange filing
Stocks Of Consumer Durable Companies Rise
Shares of the consumer durable companies rose in trade on Wednesday. The NSE Nifty Consumer Durables Index was up 1.17% in trade.
Out of the 15 constituents of the index, about 12 advanced while three declined.
The top gainers of the gauge were Titan Co., Crompton Greaves Consumer Electricals Ltd., Orient Electric Ltd., Relaxo Footwears Ltd., and TTK Prestige Ltd., rose more than 1%.
Amber Enterprises India Ltd., Blue Start Ltd. and Dixon Technologies India Ltd., declined in trade.
Source: NSE
Power Grid Corp of India Up After Bunch Trade
Shares of Power Grid Corp of India Ltd. rose 1.43% in trade on Wednesday after 2.04 million changed hands in a bunched trade.
The stock gained as much as 2.70%, the most since Dec. 19. It trades at 4.7 times its 30-day average volume.
Out of the 23 analysts tracking the company, 17 maintain a 'buy' rating, five suggest 'hold' and one recommends to sell the stock.
Source: Bloomberg, Brokerage report
Jubilant Pharmova Advances In Trade
Shares of Jubilant Pharmova Ltd rose 1.66% in trade on Wednesday. It gained as much as 5.75%, the most since Dec. 9. The stock trades at 10.6 times its 30-day average volume.
Nirmal Bang Institutional Equities maintained a 'buy' rating on the scrip with a target price of Rs 432, implying an upside of 15% from the current price.
As per the brokerage, Jubilant Pharmova's radiopharma business is back to pre-covid level and is expected to grow in double digits from the next fiscal with new launches.
Out of the seven analysts tracking the company, four maintain a 'buy' rating, two suggest 'hold' and one recommends to sell the stock.
Source: Bloomberg, Brokerage report
Opening Bell
The Indian benchmark indices opened lower on Wednesday, tracking the weak global cues as the U.S. and Asian stocks declined.
The S&P BSE Sensex opened down by points 116 or 0.19% at 60,811.52, while the NSE Nifty 50 was 48 points or 0.26% lower at 18,084.75.
Power Grid Corp of India Ltd., Titan Co., Britannia Industries Ltd., NTPC Ltd. and Divi's Laboratories Ltd. were the top gainers amongst the NSE Nifty 50 constituents.
Whereas, ONGC Ltd., Tata Steel Ltd., Bajaj Finserv Ltd., BPCL Ltd., and TCS Ltd. were the top losers in the gauge.
The broader market indices traded lower on Wednesday; S&P BSE MidCap was down by 0.43%, whereas S&P BSE SmallCap was lower by 0.44%.
Ten out of the 20 sectoral indices compiled by BSE advanced, while eight declined and two remained unchanged.
The market breadth was skewed in favour of the bulls. About 1,214 rose, 1,064 declined, and 106 remained unchanged on the BSE.
Yield On The 10-Year Bond Rises
The yield on the 10-year bond rose three basis points to open at 7.33% on Wednesday.
It closed at 7.31% on Tuesday.
Source: Bloomberg
Rupee Opens Flat Against The U.S. Dollar
The local currency opened flat at 82.86 on Wednesday. It closed at the same level on Tuesday.
Source: Bloomberg
Markets Witnessing Value Buying In Quality Stocks | Trade Setup For Wednesday
Global Cues
U.S. Dollar Index at 104.34.
U.S. 10-year bond yield at 3.85% on Tuesday.
Brent crude up 0.49% to $84.33 per barrel.
Nymex crude at $79.72 per barrel.
SGX Nifty down 0.39% to 18,077 as of 8:10 a.m.
Bitcoin down 0.07% to $16,681.15.
Offerings
Radiant Cash Management Services: The IPO was subscribed 0.53 times, or 53% on the closing day. The QIB portion was subscribed 1.01 times, whereas the non-institutional investors placed bids for 66% of their portion. The retail portion was subscribed 21%.
Bulk Deals
SP Refractories: SK Growth Fund bought 48,000 (0.21%), Aryaman Capital Markets sold 48,000 (0.21%) at Rs 85 apiece.
Yasho Industries: Jignesh Amrutlal Thobhani sold 61.500 shares (0.54%) at Rs 1,613.35 apiece.
Stocks To Watch
Hindustan Petroleum Corporation: Amit Garg appointed as director (marketing) on the board of the company till March 31, 2027.
Punjab & Sind Bank: The board will meet on Dec. 30 to consider raising Rs 250 crore within 12 months.
Aditya Birla Capital: Sanchita Mustauphy appointed chief risk officer of the company, with effect from April 1, 2023, for five years.
Rail Vikas Nigam: The company has been appointed as the implementation agency for the UTF Harbor Project in Maldives, worth Rs 1,544.60 crore. This is a strategic project of the Government of India.
MOIL: Ajit Kumar Saxena has been appointed as chairman and managing director of the company till Dec. 31, 2025.
Suryoday Small Finance Bank: The RBI approved reappointment of Baskar Babu Ramachandran as the managing director and chief executive officer of the bank for three years, starting Jan. 23, 2023.
India Pesticides: The company’s subsidiary Shalvis Specialties has received environmental clearance for setting up manufacturing plant of agrochemicals and intermediates, API ingredients and intermediates, and fine chemicals manufacturing unit in Hamirpur, Uttar Pradesh.
SGX Nifty Indicates Weak Opening For The Benchmarks
Stocks in Asia fell Wednesday after US shares dropped and Treasury yields rose on fears that the relaxing of pandemic measures in China would add further inflation to the global economy.
Stocks in Japan and Australia declined and South Korea’s Kospi benchmark tumbled as much as 2%.
At 8:10 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.39% to 18,077.
U.S. markets faltered as bond yields weighed on investor sentiment. The S&P 500 was little changed till mid-day, while the tech-heavy Nasdaq 100 fell 0.8%. The yield on 10-year Treasuries advanced nine basis points to 3.84%.
Meanwhile, crude rose 1.7%, while gold futures increased 1.4%. Bitcoin declined 0.4% to trade around the $16,800 level.
Overseas investors in Indian equities remained net sellers for the third day in a row on Tuesday.
Foreign portfolio investors offloaded equities worth Rs 867.6 crore, while domestic investors remained net buyers for the 15th day in a row, mopping up Rs 621.8 crore worth of stocks, according to NSE data.
India benchmark indices Sensex and Nifty continued their rally for a second day to close higher at the end of a volatile day on Tuesday.
The rupee depreciated against the U.S. dollar amid month-end dollar demand among importers and forex outflows.