KEY HIGHLIGHTS
US Futures Rise
As of 3:31 p.m., the Dow Jones Industrial Average and S&P 500 futures rose 0.39% and 0.43%, respectively. The Nasdaq 100 futures was 0.33% higher.
Events, Economic Data Later Thursday
UK: Monetary Policy Summary
UK: MPC Official Bank Rate Votes
UK: Official Bank Rate
UK: BOE Quarterly Bulletin
US: Final GDP
US: Unemployment Claims
US: Final GDP Price Index QoQ
US: Philly Fed Manufacturing Index
US: Existing Home Sales
US: CB Leading Index MoM
US: Natural Gas Storage
Nifty, Sensex Close At Three-Week Lows As IT, Bank Stock Weigh Most: Closing Bell
Benchmark equity indices of India ended lower for a fourth consecutive session and recorded their lowest closing since November 28 as they tracked global negative sentiment following hawkish commentary by the US Federal Reserve after it cut benchmark interest rate by 25 bps in its December meet.
The sentiment was dampened as FOMC indicated just two quarter-point cuts next year and upward revision of US inflation projection for the end of 2025. Investors will now be looking at the country's GDP along with unemployment claims to be released later Thursday. UK's monetary policy summary will also be watched.
Nifty ended 1.02% or 247.15 points down at 23951.70 and Sensex closed 1.2% or 964.15 points lower at 79218.05. Intraday, both of them had declined 1.4% each.
"Around its 200DMA support, the Index has formed a probable double bottom formation (not yet confirmed)," said Aditya Gaggar, director of Progressive Shares. "A strong move above 24,200 is necessary to validate the reversal whereas a break below 23,900 will drag the Index further lower to 23,760."
Share prices of ICICI Bank Ltd., Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., and Tata Consultancy Services Ltd. dragged the Nifty the most.
While those of Dr Reddy's Laboratories, Sun Pharmaceutical Industries Ltd., Cipla Ltd., Bharat Petroleum Corp. Ltd., and Apollo Hospitals Enterprises Ltd capped the fall.
Except Nifty Pharma, which rose nearly 2%, all sectoral indices fell.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.30% and 0.28% down, respectively.
On BSE, 20 sectors declined and one advanced out of 21. The BSE Focused IT declined the most and the BSE Healthcare rose the most.
Market breadth was skewed in favour of sellers. Around 2,299 stocks declined, 1,693 stocks advanced, and 103 stocks remained unchanged on BSE.
Rupee Ends At Record Closing Low Against US Dollar
-Rupee closed 13 paise lower at 85.08 against the US dollar.
-It touched a record low of 85.09 a dollar
-It closed at 84.95 on Wednesday.
Source: Cogencis
Markets At Close
Nifty and Sensex fell for a fourth consecutive session to close at lowest since November 28
Intraday, both Nifty and Sensex had declined 1.4% each
Nifty ends 1.02% or 247.15 points down at 23951.70
Sensex ends 1.2% or 964.15 points lower at 79218.05
Broader indices outperformed. Nifty Midcap 100 ended 0.3% down; Nifty Smallcap 250 closed 0.3% lower
Except Nifty Pharma, which rose nearly 2%, all sectoral indices fell
Dr Reddy's Labs and Cipla were top Nifty gainers
Bajaj Finserv and Asian Paints fell the most
JK Cement Emerges As Lowest Bidder For MP Coal Mine
JK Cement has emerged as successful bidder for Mahan Coal Mine in Madhya Pradesh, an exchange filing said.
Infosys Gets Regulatory Nod From Europe Authority
Infosys has got regulatory nod for Binding Corporate Rules from EU Data Protection Authorities, an exchange filing said.
Share Market News: Vodafone Idea Gets Order For Penalty Of Rs 8 Crore
Vodafone Idea has been penalised Rs 8 crore for alleged disallowance of transitional credit carried forward to GST, an exchange filing said. "The maximum financial impact is to the extent of tax demand, interest and penalty levied," the company said. "The Company does not agree with the Order and will take appropriate legal action(s) against the same."
Stock Market Live: Acme Solar's Arm Commissions Solar Capacity
Acme Solar's wholly-owned arm has commissioned capacity aggregating to 1023.05 MW of solar power projects in Rajasthan, an exchange filing said.
Trading Ideas: Sell Axita Cotton, Hold Piramal Pharma, Siemens, Skipper, Experts Say
Market experts suggested to 'Sell' Axita Cotton Ltd. A 'hold' is recommended for Piramal Pharma Ltd., Siemens Ltd., and Skipper Ltd. Kush Bohra, founder of Kushbohra.Com and Shahina Mukadam, an independent market expert, shared their views on specific stocks. Read below their insights.
Read here.
Europe Market Open: Indices Fall Tracking Losses In Global Markets; BOE Decision Eyed
Indices in the Europe tracked the fall in global markets after US Federal Reserve hinted at less than expected benchmark interest rate cuts as it cut it by 25 bps in the December meeting.
Investors now await Bank of England's monetary policy decision. At 2:14 p.m., Pan European Stoxx 50 and UK's FTSE 100 traded 1.1% down each, while Germany's DAX and France CAC 40 was 0.9% lower.
Asia Market Close: Indices End Lower After US Fed's Hawkish Comments
Indices in the Asia Pacific region ended in the red on Thursday tracking losses from their US peers after hawkish commentary by US Federal Reserve. Australia's ASX 200 and South Korea's Kospi ended 2% lower each, while Japan's Nikkei and Hong Kong's Hang Seng fell 0.6%.
100 Not Out: Demergers Setting Raymond Group Up For The Future, Says Gautam Singhania
A century ago, Raymond was weaving blankets for soldiers. Today, it's building a legacy as a conglomerate as it becomes one of the rare Indian brands to hit the 100-year milestone.
Read here.
Zomato, ICICI Bank, Kotak Mahindra Bank Shares Could Turn Volatile Tomorrow — Here's Why
Friday is setting out to be a volatile day for stocks entering the Sensex and FTSE indices, as the rebalancing coincides with Sensex's weekly options expiry. Shares of food delivery platform Zomato Ltd. and frontline private lenders ICICI Bank, Kotak Mahindra Bank and Bajaj Finance will be in demand on in the last leg of trading tomorrow, with their entry to the gauges.
Read here.
ONGC-NTPC Green JV Seeks Offshore Wind Projects On Nomination After VGF Disappoints
The joint venture between ONGC and NTPC's renewable energy arms is seeking government allocation of viability gap-funded offshore wind projects in Gujarat and Tamil Nadu on a cost-plus basis. This comes after the projects failed to attract developers’ interest due to high setup costs.
Tata Motors Gets Additional Order From Bengaluru Metropolitan Transport Corporation
Tata Motors has received additional order for 148 electric buses from Bengaluru Metropolitan Transport Corp., a press release said. Arm TML Smart City Mobility Solutions will supply, operate & maintain Tata Starbus EV for 12 years.
Share Market Live: SpiceJet Jumps Over 7% After Three-Day Fall
SpiceJet share price came out of its losses for three consecutive sessions and surged by more than 7% after an exchange filing by the company said it has reached an amicable settlement with Genesis, resolving their over $16 million dispute. "Under the agreement, SpiceJet will pay Genesis $6 million (or Rs 51.03 crore) and Genesis will acquire $4 million (or Rs 34.02 crore) in SpiceJet equity at a price of Rs 100 per share," it said.
Share Market News: Zydus Life Gets US FDA Approval For Topical Anaesthetic Cream
Zydus Lifesciences has received US FDA Approval for Lidocaine & Prilocaine cream, used for topical anaesthetic, an exchange filing said.
Stock Market News: CLSA On Oil & Gas
On Crude Oil Prices, CLSA said oil markets remain trading with bearish sentiment and OPEC's discipline is key to protecting the floor price of crude oil. It may have to further delay unwinding of supply to support oil prices.
On Indian Oil Marketing Margins, the brokerage said IOCL, BPCL, HPCL are expected to see bumper margins in Q3FY25 and higher integrated margins for OMCs in Q3 to offset impact of LPG losses.
Among stocks, the brokerage continues to prefer ONGC despite weak oil prices as it is trading at attractive valuation vs Oil India and peers.
Stock Market Live: VA Tech Wabag Extends Fall To Day Two
VA Tech Wabag share price extended its sharp fall to a second consecutive session following the news of its Saudi Water Authority' order cancellation. On Wednesday, the stock had recorded its worst fall since March 17, 2020.
RBL Bank, PNB Target Revisions By Morgan Stanley Signal Downside As Brokerage Retains 'Underweight'
Morgan Stanley Research has revised its price targets for RBL Bank Ltd. and Punjab National Bank Ltd., signalling downside risks for both lenders amid differing earnings challenges and operational trajectories.
Stock Market Slump: Sensex Tanks 1,000 Points, Nifty Down 1.2% — Three Reasons Why
Indian financial markets' 30-stock gauge Sensex slumped over 1,000 points as markets opened on Thursday morning reacting to global macroeconomic events. The Nifty50 fell 321 points and in the last five trading sessions, both the benchmarks have fallen over 2% with the Nifty50 now trading below the 24,000 mark.
What drove Dalal Street lower on Thursday morning? Three factors primarily.
MobiKwik Versus Paytm: Valuation Comparison Between The Fintech Rivals
One MobiKwik Systems Ltd. made a remarkable debut on the stock exchanges on Wednesday with nearly a 90% premium over the IPO price, which itself was subscribed 119.38 times. The company is now the only other listed entity in the pure-play fintech space besides Paytm parent One 97 Communications Ltd.
Read here.
One MobiKwik Share Price Continues Steller Run After Listing
One MobiKwik Systems Ltd.'s share price rose over 14% during the day after listing at a premium following an initial public offering. The stock had closed on the National Stock Exchange at Rs 528 apiece on Dec. 18, an 89.25% premium over the issue price of Rs 279.
Mamata Machinery, Transrail Lighting Among Five IPOs Open Today: Analysts Divided Over Retail Participation
The initial-public-offering market is set to witness a flurry of activity on Thursday as retail investors are gearing up for subscribing to the five companies launching their IPOs. DAM Capital Advisors Ltd., Transrail Lighting Ltd., Sanathan Textiles Ltd., Concord Enviro Systems Ltd. and Mamata Machinery Ltd. are all set to hit the market, and analysts predict retail subscriptions to be dynamic yet divided.
Read here.
Share Market Update: Yatharth Hospital Share Price Rises After Board Approves QIP
Yatharth Hospital & Trauma Care Services Ltd.'s share price rose over 3% after the company approved raising funds via qualified institutional placement. Equity shares of face value of Rs 10 will be issued in the QIP.
Bank Of Baroda Share Price Slumps; Lender Approves Rs 10,000 Crore Fundraise Through Infra Bonds
Shares of Bank of Baroda slumped in early trade on Thursday after the lender approved raising up to Rs 10,000 crore through the issuance of long term bonds, as per a disclosure to the exchanges on Wednesday.
Stock Market News: JSW Steel Arm Merges Holding Co
JSW Steel's step-down arm Purest Energy, LLC has merged with holding Company Periama Holdings LLC. Step-down Caretta Minerals, LLC has also merged with holding company Planck Holdings, LLC, an exchange filing said.
Swiggy Gets Strong 'Buy' As JPMorgan Initiates Rating With Eye On Instamart, Food Delivery Strengths
JPMorgan began covering Swiggy Ltd. with an 'Overweight' rating with a target price of Rs 730, which implied a 27% upside from Wednesday's closing price. The investment bank sees several positive catalysts for the company over the next six quarters. Swiggy may also witness rising momentum on the year and catch up on profit vs Zomato Ltd. in both the food delivery and quick commerce businesses.
Inventurus Knowledge Solutions Shares List At 43% Premium Over Issue Price
Shares of Rekha Jhunjhunwala-backed Inventurus Knowledge Solutions Ltd. debuted on the National Stock Exchange at Rs 1,900 apiece, at a premium of 42.96% over issue price of Rs 1,329. The stock listed on the BSE at Rs 1,856 per share, marking a premium of 39.65%.
Dr Reddy's Labs Share Price Hits One-Month High As Nomura Upgrades To 'Buy'
Dr Reddy's Laboratories share price rose to hit its highest in over a month following Nomura's rating upgrade to buy from neutral earlier. The stock gained the most among Nifty stocks as it fell 1%.
Nifty, Sensex Fall Over 1% At Open After FOMC Outcome
Benchmark equity indices tracked losses of its its global peers and opened lower after US Federal Reserve hinted at lower rate cuts and raised inflation projection.
At pre-open, Nifty 50 was at 23877.15, down 1.33% or 321.70 points and Sensex was at 79029.03, down 1.44% or 1,153.17 points.
The central bank cut interest rate by 25 basis points to the target range of 4.25%–4.50%. IFA Global Research said, "Global cues are all negative with aggressive selling seen across the U.S. markets as the FED sounded hawkish and the interest rate cut expectations for 2025 curbed further. Asian equities are also trading lower."
"We expect the Nifty to trade with some volatility between 23,500 and 24,150," he said. "Bank Nifty is also likely to remain jittery between 51,000 and 52,150."
Share prices of HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and State Bank Of India dragged the most. While those of Hindustan Unilever, ITC, and Dr Reddy's Labs limited the fall.
All sectoral indices opened lower with Nifty Metal, IT, and PSU Banks losing the most.
Nifty, Sensex Fall Over 1% At Pre-Open; Brigade Enterprises, SBI, Asian Paints In Focus
At pre-open, Nifty 50 was at 23877.15, down 1.33% or 321.70 points and Sensex was at 79029.03, down 1.44% or 1,153.17 points.
Stock Market Live: Rupee Hits 85-Mark For The First Time
Rupee opened at record low. It weakened by eight paise to open at 85.04 against the US dollar after closing at 84.96 on Wednesday.
Source: Bloomberg
Live Market Updates: Bank Of Japan Meeting Outcome
BoJ has kept overnight call rate at 0.25% and has left monetary policy statement title unchanged. It said high uncertainties remain over activity and prices and there is a need to watch impact of market moves on economy and inflation.
Source: Bloomberg
Asia Market Open: Indices Lower Tracking FOMC Outcome
Indices in the Asia-Pacific region were trading lower tracking losses in US markets as FOMC hinted at few rate cuts and raised inflation projection. As of 8:40 a.m., Australia's ASX 200 and South Korea's Kospi traded nearly 2% down, Japan's Nikkei and Hong Kong's Hang Seng fell 1%.
US Market Close: Indices Lower After FOMC Outcome
On Wednesday, indices in the US fell as Federal Reserve signaled fewer rate cuts and raised inflation projection. The central bank cut interest rate by 25 basis points to the target range of 4.25%–4.50%. Dow Jones Industrial Average and S&P 500 ended 2.58% and 2.95% down, respectively. The Nasdaq Composite ended 3.56% down.
GIFT Nifty Trades Above 23,900; Brigade Enterprises, SBI, Asian Paints In Focus
The GIFT Nifty was trading 0.1% or 18.5 points up at 23,915.00 up by 18.5 as of 7:43 a.m. Among others, share prices of Brigade Enterprises, SBI and Asian Paints will remain in focus tracking news flow.
The benchmark equity indices declined nearly 2% in the last three days as market participants look forward to the policy decisions from the US Federal Open Market Committee. Private bank stocks weighed on the Indian benchmarks the most in the last three sessions.
The NSE Nifty 50 ended 137.15 points or 0.56% lower at 24,198.85 and the BSE Sensex closed 502.25 points or 0.62% down at 80,182.20.
Overseas investors stayed net sellers of Indian equities for the third straight day on Wednesday. Foreign portfolio investors net sold stocks worth Rs 1,316.8 crore, whereas domestic institutional investors were net buyers of equities worth Rs 4,084.1 crore, according to provisional data shared by the National Stock Exchange.
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