KEY HIGHLIGHTS
US Futures Decline Before PCE Data Release
Futures contract of Dow Jones fell 0.6%, that of S&P 500 fell 0.8%, and Nasdaq 100's contract fell over 1% as of 3: 39 p.m.
Economic Data Releases And Events For Dec 20
UK: Confederation of British Industry Realised Sales — 4:30 p.m.
UK: Bank of England Quarterly Bulletin
US: Federal Reserve Bank of San Francisco President Mary Daly will speak in an interview conducted by Bloomberg TV
US: Core PCE Price Index — 7:00 p.m.
US: Personal Income — 7:00 p.m.
US: Personal Spending — 7:00 p.m.
Europe: Consumer Confidence — 8:30 p.m.
US: University of Michigan Revised Consumer Sentiment — 8:30 p.m.
US: University of Michigan Inflation Expectation — 8:30 p.m.
Australia: Conference Board Leading Index — 9:00 p.m.
Nifty, Sensex End At The Lowest Level In Over One Month; Tech Mahindra, Axis Bank Top Losers: Market Wrap
The NSE Nifty 50 and BSE Sensex recorded the worst week months as hawkish outlook from the US Federal Reserve rattled global markets across the globe. The benchmark indices ended at the lowest in over a month on Friday.
The Nifty 50 ended 364.20 points or 1.52% down at 23,587.50, and the Sensex ended 1,176.45 points or 1.49% down at 78,041.59.
During the session, the Nifty 50 declined 1.15% to the day's low of 23,676.20, and the Sensex fell 1.15% to 78,07.73.
The market–cap of Nifty 50 companies declined Rs 2.9 lakh crore to Rs 186.97 lakh crore, according to data on NSE.
The US Fed reduced the federal fund target range by 25 basis points to 4.25–4.50% after its two-day policy meeting on late Wednesday. The US central bank raised the inflation and economic growth outlook. It also reduced rate cut projection to 50 basis points in 2025 compared to 100 basis points earlier.
The Dollar index is trading at over two–year high, and the US treasury yield above 4%. A rise in safe–haven assets prompts investors to take out their money from risky assets like emerging markets equities and currencies.
Following the hawkish outlook, equity markets in the US, Asia, and Europe slumped, which weighed on the Indian equities.
The Indian rupee depreciate beyond 85 a dollar mark against the US to a record low of 85.11 tracking dollar strength.
"The Nifty-50 Index and Sensex ended down around 4.25% down in the past week. Both the mid-cap index and small-cap index lost around 2% outperforming large-caps. Global equity markets witnessed various degrees of sell-off (Brazil down 10%, Japan down 5%, S&P-500 down 4%) in the past week, in the aftermath of the US Fed policy meeting, where the US Fed cautioned on the pace of future rate cuts." said Shrikant Chouhan, head, equity research, Kotak Securities.
HDFC Bank Ltd., Reliance Industries Ltd., Axis Bank Ltd., Tata Consultancy Services Ltd., and Larsen & Toubro Ltd. dragged the Nifty 50 index.
ICICI Bank Ltd., Dr. Reddy's Laboratories Ltd., JSW Steel Ltd., and Nestle India Ltd. added to the benchmark index.
Shares of Tech Mahindra, Mahindra & Mahindra Ltd., IndusInd Bank Ltd., Axis Bank Ltd., and Adani Enterprises Ltd. dragged the benchmark the most.
Dr. Reddy's Laboratories, JSW Steel, ICICI Bank, Nestle, and HDFC Life Insurance Co. were top gainers.
On NSE, all 12 sectors closed lower on Friday with the NSE Nifty Realty declining the most.
Broader indices underperformed. BSE Midcap closed 2.4% down and BSE Smallcap closed 2.1% down.
All sectoral indices on the BSE fell. BSE Power fell the most.
Market breadth was skewed in the favour of sellers. As many as 2,929 stocks fell, 1,061 rose, and 95 remained unchanged on the BSE.
On a weekly basis, the NSE Nifty 50 fell 4.77%, which the most since Sept 30. The BSE Sensex fell 4.98%, which is the worst decline since June 13.
This week, 11 sectors declined and one advanced out of 12. The NSE Nifty Metal rose the most, and the NSE Nifty Pharma outperformed other sectoral indices.
Rupee Closes Stronger Against Dollar
Rupee strengthened by six paise to close at 85.02 against the US dollar. It closed at 85.08 on Thursday, according to data on Bloomberg.
Market At Close
The NSE Nifty 50 recorded the worst weekly decline since Sept 30.
The BSE Sensex posted the worst week since June 13.
The Nifty 50 and Sensex declined nearly 5% on the week ended on Dec 20.
Tech Mahindra Ltd., Axis Bank Ltd. and IndusInd Bank Ltd. were top loser in the benchmark index.
Dr. Reddy's Laboratories Ltd., JSW Steel Ltd., and ICICI Bank Ltd. top gainer in the benchmark Nifty 50 index.
The NSE Nifty Midcap 150 ended 2.41% down at 21,050.60.
The NSE Smallcap 250 ended 2.01% down at 17,693.65.
Stock Market Today: Tech Mahindra Gets Sanction To Merge Its Subsidiaries
Tech Mahindra Ltd. has received sanction from the National Company Law Tribunal for the merger of four of its subsidiaries with the company, according to an exchange filing.
Stock Market Live: Restaurant Brands Asia Approves Raising Funds Upto Rs 500 Crore
Restaurant Brands Asia Ltd.'s board has approved raising funds of up to Rs 500 crore through a Qualified Institutional Placement, according to an exchange filing.
Stock Market Today: Shilpa Medicare Gets GMP Certification
Shilpa Medicare has received Good Manufacturing Practice certification after the completion of an inspection by the Europe-based EMA at its unit in Telangana, according to an exchange filing.
The GMP certification is system in which a product is manufactured consistently according to quality standard.
Indian Benchmarks Near Day's Low
The NSE Nifty 50 and BSE Sensex decline dover 1% to trade near day's low.
Europe Market Open: Share Indices Slide Tracking Asia Losses
European share indices dropped on Friday tracking losses in Asian peers. Market participants await release of US Core Personal Consumption Expenditure data release later today.
The Euro Stoxx 50 fell 0.98% and FTSE 100 declined 0.40% as of 2:04 p.m.
Asia Market Close: S&P ASX 200 Settles At Three–Month Low
Australia's benchmark index closed at the lowest level since Sept 16 as risk-off sentiment after hawkish outlook from the Federal Reserve continued to fuel worries. The S&P ASX 200 ended 1.24% down at 8,066.93.
The Nikkei 225 closed 0.29% at 38,701.90 after data showed inflation accelerated in the country, which increased expectation of rate hike by the Bank of Japan.
The CSI 300 closed 0.45% down after the People's Bank of China held one–year loan prime rate at 3.1% and and five–year loan prime rate at 3.6%.
Stock Market Today: GAIL To Form Company To Operate In IFSC
GAIL(India) Ltd. has accorded approval for the formation of a company unit to operate as a finance company in the IFSC, with the unit set to undertake ship leasing and treasury activities, according to an exchange filing.
Nifty 50 To Correct Another 10%, Says Marcellus Investment's Saurabh Mukherjea
Indian equity markets are currently seeing a cyclical downturn, according to Marcellus Investment Managers' Founder and Chief Executive Officer Saurabh Mukherjea. He expects the Nifty 50 to correct by another 10% for it to be sensibly valued.
No Evidence Or Basis To US DoJ Indictment, Jethmalani Says
There was no evidence or basis to the indictment by the US Department of Justice against the Adani Group officials. Adani Group case in US courts was already a very diluted case, said Mahesh Jethmalani, a senior advocate and former member of Parliament.
There is inadequate knowledge or data to decide the strength of the data. Huge noise made in Indian Parliament is baseless. It seems as if the indictment was politically charged and motivated indictment, said Jethmalani.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
Stock Market Live Updates: Alembic Pharmaceutical Gets US FDA Nod For Drug Used In Seizure Treatment
Alembic Pharmaceutical Ltd. has received the US Food And Drug Administration final approval for Divalproex Sodium Delayed Release Capsules, which are used to treat seizures, according to an exchange filing.
Stock Market Today: Shriram Finance Consolidates Green Finance Business
Shriram Finance Ltd. Consolidates Green Finance Business Under Shriram Green Finance
Aims To Achieve AUM Of `5,000 Cr Within Next 3-4 Years For Vertical
Green Finance Portfolio To Be Built Via Financing EVs, Battery Charging Stations, Renewable Energy Products & Solutions, Energy Efficient Machinery, Etc
Source: Exchange Filing
Stock Market Live: Steel Strips Wheels Gets Steel Wheel Business
Steel Strips Wheels has received a nomination for its steel wheel business worth approximately Euro 15 million from a European Original Equipment Manufacturer , to be executed over the next 6 years, according to an exchange filing.
NBCC Gets Order Worth Rs 200 Core
NBCC(India) Ltd. has received an order worth Rs 200 crore from Oil India for the construction of a new OIL hospital in Assam, according to an exchange filing.
Stock Market Today: NBCC's Arm Gets Order Worth Rs 98.17 Crore To Set Up E–Library
NBCC (India) Ltd.'s wholly–owned subsidiary HSCC (India) Ltd. received an order worth Rs 98.17 crore. As a part of the order, HSCC (India) will build E–Library as unified platform for students and 22 faculties of Government Medical College in Mumbai. The order is from the Medical Education, Department, Maharashtra.
Stock Market Live: Axis Securities On Shriram Finance
Axis Securities initiated coverage with a target price Rs 3,825, which implied a 30% upside.
Dominant Position in Used CV Financing; Market Share Gains Likely
Merger Enables Portfolio Diversification; Helps Reduce CV Cyclicity
Asset Quality to Remain Steady
Healthy RoA/RoE Delivery to Continue
Value the stock at 2.2x FY27E ABV
Stock Market Live: Bajaj Auto Claims Chetak As India's No. 1
Bajaj Auto claims that the Chetak has become India's No.1 electric scooter in December 2024, having clocked 1 lakh units in two years, the next lakh in eight months, and the third lakh in just four months.
Stock Market Today: TCS Expands Deal With Bank Of Baroda To Continue End–To–End Financial Inclusion
Tata Consultancy Services Ltd. has expanded its deal with Bank of Baroda to continue implementing an end-to-end financial inclusion solution over the next five years, the company said in an exchange filing.
Stock Market Today: Tata Power's Renewable Energy Arm Partners With Canara Bank
Tata Power Co. Ltd.'s arm, Tata Power Renewable Energy Ltd, has partnered with Canara Bank to promote the adoption of rooftop solar systems under the PM Surya Ghar Scheme, according to an exchange filing.
Stock Market Live: Maruti Suzuki India Teases Its First Electric Vehicle
Maruti Suzuki india Ltd. teases its first eBorn electric sports utility vehicle, and signaled robust electric ecosystem for seamless ownership experience, the company said in an exchange filing.
It will introduce the eBorn - e VITARA, in India at Bharat Mobility Global Expo 2025, the exchange filing said.
Stock Market Today: International Gemmological Institute Lists At Rs 510 On NSE
International Gemmological Institute (India) Ltd. has listed at Rs 510 on the NSE, compared to the issue price of Rs 417, marking a premium of 22.3%. On the BSE, it listed at Rs 504.85, also above the issue price of Rs 417, reflecting a premium of 21.1%.
Stock Market Today: Schaeffler India Appoints Head For Vehicle Lifetime Solutions Business
Schaeffler India has appointed Sharad Bhatia as the Head of the Vehicle Lifetime Solutions Business Division in India, according to an exchange filing.
Most Adani Group Stocks Advance
Most Adani Group stocks advanced during open at Friday. Adani power Ltd., and Adani Green Energy Ltd. shares were leading the gains among peers.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
Stock Market Today: Nifty, Sensex Fall After Muted Open; ITC, L&T Top Losers
The NSE Nifty 50 and BSE Sensex declined after flat open As HDFC Bank Ltd., and ITC Ltd. share prices dragged. At open, ITC Ltd., and Larsen & Toubro Ltd. were top losers in the Nifty 50 index.
As of 09:17 a.m., the Nifty 50 was trading 46.35 points or 0.19% down at 23,905.35, and the Sensex was trading 189.98 points or 0.24% down at 79,028.06.
"The Nifty 50 has closed below 24,000 levels and sustenance below these would put pressure in index pivotal and high beta sectors. On the higher side crossover of the 20 day average at 24,200 could witness a reversal on the upside while the 200 day average at 23,800 will be a support, said Vikas Jain, head, research at Reliance Securities.
"The RSI is trending below the average line and other key technical indicators are oversold and would witness some bounce from current levels. The highest call OI has moved lower to 24,300 strikes while the downside the highest put OI moved lower to 23,800 for the weekly expiry."
HDFC Bank Ltd., ITC Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., and Mahindra & Mahindra Ltd. weighed on the Nifty 50 index.
Tata Consultancy Services Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., Bharti Airtel Ltd., and Bajaj Auto Ltd. limited losses to the Nifty 50 index.
Out of 12 sectors, six advanced, five declined, and one remained flat out of 12. The NSE Nifty Media rose the most, and the NSE Nifty Metal declined the most.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.24% and 0.30% higher, respectively.
On BSE, 16 sectors advanced, and five declined out of 21. The BSE Utilities rose the most, and the BSE BANKEX declined the most.
Market breadth was skewed in favour of buyers. Around 1,982 stocks advanced, 781 stocks declined, and 112 stocks remained unchanged on BSE.
Rupee Hits Fresh Low Against US Dollar
The rupee declined 2 paise to a record low of 85.10 against the US Dollar. The local currency opened flat at 85.08 a dollar, according to data on Bloomberg.
Stock Market Today Live Updates: Nifty, Sensex Flat At Pre–Open
At pre–open, the NSE Nifty 50 was 0.03% higher at 23,960.70, and the BSE Sensex was 0.16% higher at 79,347.48.
"Global cues are mostly negative with the U.S. markets closing lower and Asian markets trading slightly lower currently. FIIs have remained net sellers for the last 4 trading sessions," said IFA Global Research Academy.
IFA Global Research Academy expects Nifty to consolidate between 23,600 to 24,150 with a neutral bias. Bank Nifty underperformed marginally yesterday and that is expected to continue today. We expect it to trade between 50,900 and 51,800.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 6.79%.
Source: Bloomberg
Rupee Flat Against US Dollar
The local currency opened flat at 85.08 against the US Dollar
Source: Bloomberg
Stock Market Live Updates: Mtar Tech Gets Order Worth Rs 226 Crore
Mtar Technologies Ltd. has received an order worth Rs 226 crore for the supply of various products in the clean energy and aerospace sectors, according to an exchange filing.
Brokerages On Accenture Results
Goldman Sachs
Q1 Results well above Street
Managed services revenue were slightly above,
Consulting revenues were well above.
FY25 CC revenue guidance raised, with 2Q CC guidance above.
Accenture guided for 5%-9% in CC revenue with negative 2.5% FX impact.
BofA
BofA maintains Buy Target Price $388 upside 12% from CMP
Accenture F1Q better than anticipated,
Constant Currency revenue growth beat at 8% against 2-6% guide
Consulting booking ahead of estimates.
Accenture reiterated FY25 operating margin expansion of 10-30 bps.
Cash fLow guide for FY25 was unchanged.
Nuvama
Accenture reported strong Q1FY25 results
Guidance upgrade augurs well for Indian IT
Improvement in Outsourcing growth is positive for Indian IT
Accenture results reinforces our positive stance.
Maintain positive stance on sector
Expect sustainable strong demand environment
Expect opportunities from Gen AI to drive healthy earnings growth over next three years
Stock Market Live Updates: Nuvama Research Keeps 'Buy'
Nuvama Research maintained a 'Buy' on SRF Ltd, hikes target to Rs 2672 vs Rs 2628 earlier, which implied a 17% upside
While Q3FY25 results may not be exhilarating, Q4 looks promising
Expects SRF’s Specialty Chemicals to expand at a 20–25% CAGR over 5 years
Management confident of in speciality chemical industries' overall volume growth
Active Ingredients to support next leg of growth in speciality chem
Trim FY25/26 EBITDA estimates by 2%/3% to reflect gradual vs faster improvements in chemicals business
Stock Market Live Update: Gravita India Closes QIP
Gravita India Ltd. has closed its qualified institutional Placement and approved the allocation of 47.8 lakh shares at an issue price of Rs 2,096.2 per share, with the issue priced at a 5% discount to the floor price of Rs 2,206.49 per share, according to an exchange filing.
Stock Market Live Updates: Waaree Energies' US Arm Starts Trial Production Of Solar Modules
Waaree Energies' arm, Waaree Solar Americas, has commenced trial production of a 1.6 GW solar module line at its Brookshire unit, according to an exchange filing.
Stock Market Today: Jefferies On Sagility
Initiates coverage with a Buy with a target price Rs 52, which implied a 19% upside.
Leading business process management firm focused on US Healthcare
Well positioned to deliver double digit growth
Normalisation of Depreciation & Amortisation costs and deleveraging to spur EPS growth
Offers better growth than peers at the same valuation multiple
Value at 31x Price to Earnings
Stock Market Live Update: Nomura On Indian IT
Clients continue to prioritize large-scale transformation projects
Strong recovery of discretionary demand may take few quarters, but unlikely to worsen
Expect revenue growth for covered large-caps to improve in FY26
Interest rate cut cycle from Sep 2024, a potential thaw in decision-making by US corporates could provide a fillip to demand
Asia Market Update: Most Markets Decline Before PBOC's Rate Decision
Most markets declined in Asia–Pacific markets before the People's Bank of China's loan prime rate decision. Both the S&P ASX 200 and KOSPI were trading 0.97% down as of 07:05 a.m.
The Nikkei 225 was 0.13% higher after data showed consumer price, which excludes fresh foods, rose 2.7% in November, against 2.6% estimate by analysts.
Most US Share Indices End With Marginal Loss
Most US share indices ended Thursday with marginal loss as impact of the Federal Reserve's hawkish outlook for 2025 settle. The S&P 500 and Nasdaq Composite ended 0.09% and 0.10% down, respectively.
The Dow Jones Industrial Avera ended 0.04% higher on Thursday.
GIFT Nifty Near 23,900; Bharti Airtel, Nestle, Mazagon Dock, IndiGo Share Prices In Focus
The GIFT Nifty was trading near 23,900 in early trade on Friday. Bharti Airtel Ltd., Nestle India Ltd., Mazagon Dock Shipbuilders Ltd., and InterGlobe Aviation Ltd. share prices are likely to react.
The GIFT Nifty was trading 0.33% or 78.50 points down at 23,928 as of 6:34 a.m.
The benchmark equity indices ended lower for the fourth consecutive day on Thursday and recorded the lowest closing since Nov. 28, tracking global negative sentiment following hawkish commentary by the US Federal Reserve.
The NSE Nifty 50 closed 247.15 points or 1.02% down at 23,951.70 and the BSE Sensex ended 964.15 points or 1.2% lower at 79,218.05.
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