Stock Market Highlights: Bulls take a breather after 8-day winning run; Sensex sheds 415 points, Nifty ends below 18,700
Stock Market Highlights: Bulls take a breather after 8-day winning run; Sensex sheds 415 points, Nifty ends below 18,700
Sensex, Nifty, Stock Market LIVE Today: On the back of weak global market trends, the Indian equity markets snapped an eight-day gaining streak on Friday. The benchmark indices – Sensex and Nifty – each fell by around 0.6 per cent today.
At the market close, the BSE Sensex was down 415.69 points or 0.66 per cent at 62,868.5. While the Nifty slipped by 116.4 points or 0.62 per cent to end at 18,696.1. However, both the frontline indices ended near record-high levels.
Wall Street equities made little progress in Thursday's choppy session as investors digested economic data after a big rally in the previous session from US Federal Reserve signals that it would slow its interest rate hiking pace.
Similarly, Asian indices are also trading in the red during the early morning trade, following negative cues from the US market. Japan’s Nikkei fell most by around 2 per cent, followed by South Korea’s Kospi down over 1 per cent, and Hang Seng trading flat with negative bias.
Latest Updates
Closing Bell: Sensex, Nifty Slip Around 0.6%
Maruti Announces Price Hike
The country's largest carmaker Maruti Suzuki India on Friday said it will increase prices of its models with effect from next month.
In a regulatory filing, the company said it continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase, it added. Read More
Brokerages Upbeat On Paytm
Shares of One97 Communications, the parent company of Paytm, on Friday, zoomed more than 5 per cent as the Dalal Street turned optimistic after the management's strong commentary on growth, profitability. The stock opened at Rs 507.50 on the NSE and rallied 5 per cent to hit day's high of Rs 525.60. At noon, it quoted Rs 522 apiece. Read More
PolicyBazaar Gains After SoftBank Reduces Stake
Shares of new-age company PB Fintech, which runs the insurance aggregator platform Policybazaar, jumped around 6 per cent intraday on Friday, December 2, on the back of a block deal. Japanese conglomerate SoftBank Group Corp offloaded 5 per cent stake in the company via a block deal.
The buying trend in the stock, however, reversed immediately as a result of profit booking in the stock and overall domestic markets. At 11:05 AM, the scrip traded in green to quote Rs 470 apiece on NSE. Read More
Bajaj Auto Shares Fall For 2nd Day In Row
Bajaj Auto share price extended loss for the second straight session on Friday, falling nearly 3 per cent in two days. It has slipped nearly 2 per cent to touch a day’s low level of Rs 3643 per share on the BSE intraday during Friday’s trading session.
The weakness in the stock can mainly be attributed to the poor November numbers as the total sales figures dipped 19 per cent year-on-year to 3.06 lakh units, similarly, the exports of the two-wheeler company declined by 30 per cent YoY to 1.53 lakh units on Thursday, December 1, 2022. Read More
Market Update; Sensex, Nifty Down 0.7%
Stocks To Buy: These 5 Shares Have Upside Potential Of 25%
Brokerage firms have recommended five stocks that can yield up to 25 per cent returns in 3 months. Read More
Energy Stocks Jump 5% - Here's Why?
Energy stocks such as Oil and Natural Gas Corporation (ONGC), Oil India Limited (OIL), Mangalore Refinery & Petrochemicals (MRPL), and Chennai Petroleum Corporation surged up to 5 per cent on the BSE intraday in morning trade on Friday.
The rise in the energy stocks (upstream companies) could mainly be attributed to the government’s move to cut the windfall profit tax on domestically produced crude oil and reduce the levy on diesel.
Trading Picks
BUY MCX Gold Feb At 53500 – Stop Loss 53250; Target 53900
BUY MCX Silver Mar At 65000 – Stop Loss 64350; Target 66200
Buy MCX Crude Oil Dec At 6580 – Stop Loss 6450; Target 6800
Buy MCX Copper Dec At 686 – Stop Loss 681; Target 697
BUY NSE Nifty At 18850 – Stop Loss 18700; Target 19050
BUY Bank Nifty At 43100 – Stop Loss 42700; Target 43900
SELL NSE USDINR At 81.50 – Stop Loss 81.70; Target 81.10
- Anuj Gupta, IIFL Securities
Gold Price Update
Gold prices rallied in the last session and it breached the $1800 level for the first time in 4 months. The rally in precious metals was fuelled by a mainly dovish outlook by Fed from December and a correction in the Dollar Index.
Gold prices remained under pressure this year due to aggressive monetary tightening by Fed which dampened its appeal. Gold has regained its safe-haven appeal backed by geopolitical and recessionary concerns.
Gold is trading near the resistance zone of the $1800 level. A weekly close above the mentioned level may push prices higher toward $1840.
- Deveya Gaglani, Research Analyst, Axis Securities
Rupee And Crude Update
The rupee rises 18 paise to 81.08 against US dollar in early trade after a fall in the dollar index due to comments of Powell that rate hikes will be slower.
The dollar index fell to 105.69 levels while US 10-year yields fell to 3.63% as Dow Jones rose 737 points overnight.
Brent oil was at the $86.83 levels up by about 2% from yesterday's close. Most Asian currencies have risen with USD CNH at 7.0690 and IDR at 15630.
Exporters need to continue selling at all upticks as USDINR could not breach 82.00 levels. Importers may also hedge near 81.20 levels as one watches how much RBI allows the rupee to appreciate.
- Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors LLP
Opening Bell: Sensex, Nifty Drop Marginally - Check Gainers/Losers
Market Pre-Open
Sensex, and Nifty50 snapped an eight-day gaining streak on Friday tracking negative global cues. The former is down over 200 points and the Nifty is below the 18750-level.
Dollar Index Update
The US dollar index fell to its lowest level since August and Treasury yields sank after Fed Chair Jerome Powell said on Wednesday that it was time to slow rate hikes. He also pointed to a protracted economic adjustment to higher borrowing costs and slow decline inflation as well as a chronic shortage of workers in the United States.
The dollar index was last down 1.002% after hitting its lowest point since August 11, while the euro is up 1.12% to $1.0522, hitting its highest level against the greenback since late June.
Stocks In News - Watch Video
US Jobs Data To Be Released Today
Investors are focused on the Labor Department’s report on non-farm payrolls, the unemployment rate, and hourly wages due today.
Friday is the final monthly employment report before the US Fed Reserve’s two-day meeting on December 13 and 14, 2022, in which the central bank is expected to take a rate hike.
NMDC's Nagarnar Steel Plant Stake Sale – Watch Video
Government invites Expression of Interest (EoI) to sell stake in Nagarnar Steel Plant. EoI floated to sell 50.79 per cent stake. It allows to bid in Independent or Consortium in EoI. Read More
How Have Global Markets Performed On Thursday - Watch Video
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