Domestic flgship indices looked to snap three-day winning run amid losses in banking stocks and RIL. Broader markets too declined, trading in tandem with benchmarks Sensex and Nifty. Inflation and higher interest rates will emerge as major headwinds for stock markets in 2022, believe analysts.
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IT Index holds firm in weak market
Data Patterns makes stellar debut; CEO Rangarajan shares growth outlook
Sensex off day’s low
SBI Card raises Rs 650 crore via bond issue
SBI Cards and Payment Services (SBI Card) on Friday said it has raised Rs 650 crore by issuing bonds on a private placement basis. “We hereby inform that stakeholders’ relationship and customer experience committee of the company has approved the allotment of 6,500 fixed rate, unsecured, rated, taxable, redeemable, senior, listed non-convertible debentures (NCDs) aggregating to Rs 650 crore on private placement basis,” SBI Card said in a release.
Mphasis’ UK subsidiary inks deal with Ardonagh; acquires 51% in Mrald Ltd
Price as on 24 Dec, 2021 02:32 PM, Click on company names for their live prices.
Rupee could depreciate up to 3% in 2022: Fitch
Fitch Solutions on Friday revised its forecast for the Indian rupee to average Rs 76 per US dollar in 2022, slightly stronger than its previous outlook of Rs 76.50. According to the agency, the rupee will mostly trade sideways in the coming quarters.In the long term, it expects the Indian currency to remain weak–it may average Rs 78 in 2023. However, any depreciation will be gradual given strong economic fundamentals, it added. In the current year, the rupee has averaged around Rs 73.
Infosys hits Rs 8 lakh cr market cap
Shares IT major Infosys hit a record high of Rs 1,913 on Friday and became the second IT firm in India to cross the market value of Rs 8 lakh crore. The stock’s market value was neck-to-neck with HDFC Bank, the third most valued stock on Dalal Street.
5 stocks that scaled 52-week high in weak market
Price as on 24 Dec, 2021 01:54 PM, Click on company names for their live prices.
Shares of Data Patterns (India) made a solid debut on Dalal Street as the defence sector player listed at Rs 864 on BSE, a premium of 47.69 per cent, over its issue price of Rs 585. On the National Stock Exchange, the counter listed at Rs 856.05. Following the listing pop, the counter witnessed a sharp profit booking as the stock dropped 10 per cent to hit a low of Rs 781 on BSE and trimmed the gains to 34 per cent. Interestingly, it did not cross its listing price on BSE.
European stock futures dip on Christmas eve
European shares look set to ease slightly after rising this week amid expectations that the Omicron variant won’t derail the economic recovery, although activity should remain thin as most cash and derivatives markets are either closed or open half day. Some analysts argue that the recent “revival in risk appetite” seen in thin volume the week before Christmas may have limited shelf life in 2022 as central banks will taper their monetary stimulus. In Europe, London and Paris will shut around midday today, while Frankfurt, Milan and Madrid are closed. UK and France’s stock futures were last down 0.3% and 0.1% respectively. (Source: Reuters)
Calendar 2021 saw the BSE Smallcap index delivering a strong return of 55 per cent, three times more than Sensex (18 per cent), taking its outperformance over the largecap peer for the second year in a row. This outperformance meant some 221 out of 707 index stocks doubled investor money and went on to zoom up to 2,755 per cent!
Bank stocks down as market falls
Price as on 24 Dec, 2021 01:14 PM, Click on company names for their live prices.
FCMG stocks trade firm in a weak market
Price as on 24 Dec, 2021 12:51 PM, Click on company names for their live prices.
PM Modi to hold Council of Minister meet on Dec 29: Agencies
IN FOCUS: Airline stocks
#ETNOWExclusive | As per sources, ban on international passenger flights may go beyond 31st Jan 2022.… https://t.co/G4e4aWLtby
— ET NOW (@ETNOWlive) 1640328266000
JUST NOW: Bajaj Consumer launches new product; stock up 2%
NEWS ALERT: Ipca Lab board fixes Tuesday, 11th January, 2022, as the ‘Record Date’ for sub-division of shares
Price as on 24 Dec, 2021 12:01 PM, Click on company names for their live prices.
Monetary policy by design is financially inclusive. Minimising inflation volatility, is the aim of monetary policy
– Michael Patra, RBI Deputy Governor
Top 10 gainers in a weak market
Price as on 24 Dec, 2021 11:30 AM, Click on company names for their live prices.
Sensex recovers from day’s low
Tesla rises back to over $1 tn valuation: Report
Elon Musk-owned electric vehicle company Tesla has surged 7 per cent to rise back to over $1 trillion in market valuation, media reports said. According to the auto-tech website Electrek, ever since Musk announced that he will sell 10 per cent of his stake in Tesla, the company’s stock has been suffering.
Rupee rises 14 paise to 75.12 against US dollar in early trade
— Press Trust of India (@PTI_News) 1640321423000
With US and Europe in a Santa Claus rally, the domestic market is likely to remain resilient in the short run. Since the Omicron virus is spreading fast some restrictions on economic activity are likely after Christmas and New Year. 2022 is likely to witness central banks struggling to rein in inflation even while supporting growth. Recent trends indicate that inflation and higher interest rates will emerge as major headwinds for stock markets in 2022. Since the current high stock valuations are supported by exuberant retail participation and abundant cheap money, retail investor response will be crucial since money is going to be tight in 2022 and beyond. Even while riding this bull, investors can use market rallies to book some profits and move part of the money to fixed income and gold.
– Dr. VK Vijayakumar, Cheif Investment Strategist at Geojit Financial Services
Investors book profit in Data Patterns; stock still up 38% over issue price
Price as on 24 Dec, 2021 10:17 AM, Click on company names for their live prices.
Shares of L&T Finance Holdings lost 4 per cent in early trade on Friday after foreign lender HSBC said its asset management arm will be acquiring L&T Mutual Fund from L&T Finance Holding for $425 million (about Rs 3,192 crore) in a bid to grow its franchise in the country. L&T Finance Holdings’ share price dropped to a low of Rs 79.25 as against the previous close of Rs 82.60 on the National Stock Exchange.
Lupin receives tentative approval from US FDA for Azilsartan Medoxomil tablets
Price as on 24 Dec, 2021 09:52 AM, Click on company names for their live prices.
Data Patterns likely to list at 47% premium
Sensex off day’s high, slips 200 points
Top movers on NSE in early trade
Price as on 24 Dec, 2021 09:29 AM, Click on company names for their live prices.
BLOCK DEAL: HCL Tech; stock up 4%
#StocksInNews | HCL Tech has 2.6 mn shares change hands in a bunched trade @hcltech #StocksToWatch #HCLTech… https://t.co/tRjnQuFZu5
— ET NOW (@ETNOWlive) 1640317757000
Barring IT and Media, all sectors in the red
OPENING BELL: Sensex rises 100 points, Nifty above 17,100; HCL Tech, Ajanta Pharma jump 4% each
Pre-open session: Sensex rises nearly 300 pts, Nifty50 at 17,125
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 70 points, or 0.41 per cent, higher at 17,142, signaling that Dalal Street was headed for a positive start on Friday.
Tech View: Nifty bulls are getting exhausted
The Nifty50 on Thursday reclaimed the 17,000 mark but formed an indecisive Doji candle on the daily chart, as the index closed almost where it opened. Analysts said the index needs to sustain above the bullish gap area of 17,015-16,971 to sustain the positive momentum. The bulls are getting exhausted, they said. For the day, the index closed at 17,072.60, up 117.15 points or 0.69 per cent.
Hong Kong stocks rise in opening trade
Hong Kong stocks rose at the open of a shortened pre-holiday session Friday following strong gains on Wall Street as fears over the Omicron coronavirus variant faded. The Hang Seng Index climbed 0.45 percent, or 105.08 points, to 23,298.72. The Shanghai Composite Index added 0.08 percent, or 2.89 points, to 3,646.23, while the Shenzhen Composite Index on China’s second exchange eased 0.02 percent, or 0.62 points, to 2,524.12.
Tokyo stocks open higher, extending US gains
Tokyo stocks opened higher on Friday, extending US rallies amid optimism that the Omicron strain of Covid-19 will not significantly weigh on growth. The benchmark Nikkei 225 index was up 0.21 percent or 59.63 points at 28,858.00 in early trade, while the broader Topix index rose 0.28 percent or 5.59 points to 1,995.02. “Japanese shares are supported by US gains as worries over the Omicron strain recede,” said senior market analyst Toshiyuki Kanayama of Monex.
US stocks end at record high
The S&P 500 notched a record-high close on Thursday, with oil prices also rising, as investors and traders were optimistic about positive economic data and discounted the impact of the Omicron coronavirus variant on the economy, even as COVID-19 case counts soar. The Dow Jones Industrial Average rose 0.55% to 35,950.56 and the S&P 500 gained 0.62% to 4,725.79. The Nasdaq Composite added 0.85% to 15,653.37.
Rupee strengthens for sixth day, up 28 paise
Rising for the sixth straight session, the rupee climbed 28 paise to close at 75.26 against the US dollar on Thursday as abating concerns over the Omicron variant improved risk appetite globally. At the interbank forex market, the local unit opened at 75.43 against the greenback and witnessed an intra-day high of 75.22 and a low of 75.44. On Wednesday, the rupee had appreciated by 5 paise to close at 75.54 against the US dollar.
Sensex, Nifty on Thursday
The BSE Sensex defied gravity for the third session on the trot on Thursday, propelled by robust buying in IT, finance and power stocks amid a rally in global equities. A strengthening rupee further shored up investor confidence, traders said. The 30-share BSE benchmark Sensex jumped 384.72 points or 0.68 per cent to end at 57,315.28. Similarly, the NSE Nifty advanced 117.15 points or 0.69 per cent to 17,072.60.