Stock Market LIVE: Sensex below 63k, Nifty down 100 pts; Auto, Pharma drag

EU edges closer to USD 60-per-barrel Russian oil price cap

The European Union was edging closer to setting a USD 60-per-barrel price cap on Russian oil — a highly anticipated and complex political and economic maneuver designed to keep Russia’s supplies flowing into global markets while clamping down on President Vladimir Putin’s ability to fund his war in Ukraine.

EU nations sought to push the cap across the finish line after Poland held out to get as low a figure as possible, diplomats said on Thursday.

“Still waiting for white smoke from Warsaw,” said an EU diplomat, who spoke on condition of anonymity because the talks were still ongoing.

The latest offer, confirmed by 3 EU diplomats, comes ahead of a deadline to set the price for discounted oil by Monday, when a European embargo on seaborne Russian crude and a ban on shipping insurance for those supplies take effect. (PTI)

IRCTC share price dips after giving breakout. Opportunity for bargain buying?

After hitting a 52-week low of ₹557 apiece on NSE in July 2022, shares of Indian Railway Catering and Tourism Corporation (IRCTC) have bounced back strongly from there onwards. The Indian Railway’s PSU stock has been in an uptrend for the last four to five months and on the technical chart pattern, it has delivered a breakout at ₹720 per share level. However, the stock has retraced after hitting over ₹750 apiece levels — attracting the attention of the bargain hunters of Dalal Street.

According to stock market experts, IRCTC share price has made a double bottom formation at ₹720 apiece levels and it has given a breakout above this level recently on an hourly chart pattern. They said that IRCTC shares may go up to ₹930 apiece levels once it breaks the immediate hurdle placed at ₹770 to ₹780 apiece levels. They advised IRCTC shareholders to accumulate at current levels whereas one can buy the stock at current levels with strict stop loss at ₹700 apiece levels. (Read More)

After a few dull sessions, PSU Bank is going strongly today

India’s Reliance makes rare buy of Russian naphtha, ups fuel oil imports

India’s Reliance Industries, operator of the world’s largest refining complex, is snapping up Russian refined fuels, including rare purchases of naphtha, after some Western buyers stopped Russian imports, trade flows data from Refinitiv showed.

Western sanctions against Russia over its invasion of Ukraine have led to an emergence of rare trade routes for Russian crude and refined products that were mainly sold to European countries.

India imported about 410,000 tonnes of naphtha, used for making petrochemicals, in Sept-Oct, the Refinitiv data showed.

Of this figure, Reliance received about 150,000 tonnes from the Russian ports of Ust-Luga, Tuapse and Novorossiysk during the two months, the data showed. (Reuters)

Godrej Properties acquires over 18 acres land in Mumbai to build premium residential apartments

Realty firm Godrej Properties on Friday said it has acquired 18.6 acres of land parcel in Kandivali, Mumbai. According to the company’s statement, “The project will have a developable potential of 3.72 million sq feet (approx) with an estimated revenue potential of around ₹7,000 crore”. The company informed exchanges that the development will comprise primarily premium residential apartments with supporting retail spaces. (Read More)

Apollo Hospitals is one of the prominent gainers in today’s session, adds 1%

LKP Securities on Auto index: Volumes fall sequentially yet again, yoy growth looks robust

LKP Securities’ Auto Roundup – November 2022: Volumes fall sequentially yet again, yoy growth looks robust

We believe November was sequentially low due to the high base of October despite a muted festive season. However, we believe the rest of the second half of the year to witness stronger growth in the PV segment as the chip shortage issue eases further and new launches on both the ICE and EV sides do take place. 2Ws shall further gain strength on the low base of last year, EV launches and good monsoon leading to better rural demand on the back of solid Rabi crop. CVs shall be back with their good run; however, increasing interest rates may act as a spoiler. Tractors shall report decent growth this year on good monsoon, Rabi sowing and improvement in the rural economy. We remain positive on the entire automobile sector. Our choice is in the following order – PVs, CVs and 2Ws. Stocks specifically, within the 2Ws, we like Hero Motocorp as we believe it is almost free from the exports weakness and is also led by strong monsoons barring a few eastern states, improvement in the rural economy and upcoming EV launches. We even like Bajaj Auto on its domestic strength despite exports weakness (which witnessed a recovery for the second consecutive month) and then TVS for its volume excellence and margin revival. While on the PV side, we like M&M because of its thrust on rural markets through its leadership in the tractors business, prudent capital allocation and robust growth strategy in UVs, EVs and CVs. We like MSIL second based on its huge order book and new launch pipeline. We like Ashok Leyland within CVs as it has a diversified revenue base deriving from LCVs, Defence, MHCVs, exports and spares. Tata Motors is seeing a strong PV business, along with a very healthy revival in CVs and improvement in the JLR business. Concerns are however around its JLR business. Every dip in the stocks mentioned above shall provide good opportunities for investors to enter into them from a medium to long-term perspective.

Rupee gains 18 paise to 81.08 against US dollar

The rupee appreciated 18 paise to 81.08 against the US dollar in early trade on Friday supported by a weak dollar in the overseas market.

Forex traders said weak domestic equities and foreign fund outflows weighed on the local unit and restricted the appreciation bias.

At the interbank foreign exchange, the domestic unit opened at 81.11 against the dollar, then gained further ground to touch 81.08, registering a rise of 18 paise over its previous close. (PTI)

Eicher Motors sheds 2% at open; amongst the biggest laggards 

Geojit Financial Services on today’s market: Even though there is momentum in our markets, valuations are at elevated levels

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: A major market positive that has helped equity markets globally during the last several days has been the steady decline in the dollar index and US bond yields. This trend continues. The dollar index is now below 105 and the US 10- year bond yield is around 3.43 %. Another important data is the declining manufacturing activity in the US in November. This negative economic news is paradoxically positive news from the market perspective since it indicates that the US economy is responding to the monetary tightening by the Fed. So, US inflation is likely to decline further enabling the Fed to slow down rate increases and perhaps pause in Q1 of 2023. This is market positive. Back home, even though there is momentum in our markets, valuations are at elevated levels. The scope for further PE expansion is limited. Therefore, the market is likely to consolidate around the present levels.

Auto index tanks at open on Friday with most stocks in red

RIL, ONGC, Oil India to BPCL — why oil stocks will be in focus today

Oil stocks are expected to trend today when the market opens for Friday deals. The reason behind this is Government of India (GoI) further reducing the windfall tax on exports of locally produced oil and diesel. This is expected to boost oil refining margins of the oil-producing companies that are in oil export business. So, oil stocks like Reliance Industries Ltd (RIL), Indian Oil Corporation Limited or IOCL, Hindustan Petroleum Corporation Limited or HPCL, Bharat Petroleum Corporation Limited or BPCL, etc. are expected to remain in focus during Friday morning deals. (Read More)

Indices opens in red with Sensex down 200 pts and Nifty 70

China’s inflation expected to be moderate in 2023, c.bank chief says

China’s consumer inflation is expected to be in a moderate range in 2023, People’s Bank of China Governor Yi Gang said on Friday.

The central bank’s accommodative policy will help support China’s economic recovery, Yi said in a video speech to the Bank of Thailand-BIS conference in Bangkok. (Reuters)

Odisha receives 145 investment proposals worth ₹7.26 lakh crore so far in biz conclave

The Odisha government said it has so far received 145 investment proposals worth over ₹7.26 lakh crore in the current edition of the business summit.

The Naveen Patnaik government signed 21 MoUs with various companies on the second day of the ‘Make In Odisha’ Conclave 2022 on Thursday.

The JSW Group alone committed an investment of ₹1 lakh crore in the state, an official said.

Odisha Industry secretary Hemant Sharma stated that the investment intents worth ₹7,26,128.45 crore, if grounded, would create employment opportunities for over 3.20 lakh people. (PTI)

Sensex in red at preopen; PB Fintech, ONGC, Yes Bank, PNB in focus

Reliance Securities Stock in Focus for Today: Wipro

STOCK IN FOCUS

Wipro (CMP 414): In view of strong deal wins and attractive valuation, we have a BUY recommendation with a target price of Rs455, valuing the stock at a P/E multiple of 18.5x FY24E earnings.

Intraday Picks

DIVIS LABS (PREVIOUS CLOSE: 3409) BUY

For today’s trade, long position can be initiated in the range of ₹3370-

3390 for the target of Rs. 3480 with a strict stop loss of ₹3330.

BHARTI (PREVIOUS CLOSE: 849) BUY

For today’s trade, long position can be initiated in the range of ₹835-

845 for the target of Rs. 866 with a strict stop loss of ₹825.

M&M (PREVIOUS CLOSE: 1293) SELL

For today’s trade, short position can be initiated in the range of Rs

1305-1315 for the target of Rs. 1268 with a strict stop loss of ₹1328.

Baheti Recycling IPO: GMP signals strong debut ahead of share allotment date

After closure of subscription for Baheti Recycling Industries Limited, bidders and market observers are eagerly waiting for share allotment date, which is most likely on 5th December 2022. The public issue proposed for listing on NSE SME exchanged received strong response by retail investors as the public offer got subscribed over 435 times in retail portion. Meanwhile, following strong global cues after dollar index slipping to three-month low, grey market has remained steady on Baheti Recycling Industries Limited shares. According to market observers, shares of Baheti Recycling Industries Limited are available at a premium of ₹34 in grey market today. (Read More)

Stocks to Watch: PB Fintech, ONGC, Yes Bank, Britannia, PNB, NMDC, Nazara Technologies, Hero MotoCorp, Orchid Pharma, Bank of India

NSE has continued to keep Bhel, Delta Corp, Punjab National Bank and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Friday trading as they have crossed 95% of the market-wide position limit. (Read More)

Bitcoin, ether, other crypto prices today fall while Uniswap, Polkadot gain

In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today slipped below the $17,000 mark was trading more than a per cent lower at $16,928. The global cryptocurrency market cap today remained below the $1 trillion mark, as it was down over a per cent in the last 24 hours to $887 billion, as per the data by CoinGecko.

The value of bitcoin peaked at nearly $69,000 in November 2021 before falling to around $17,000 by mid-June 2022, where it is still hovering now. (Read More)

Govt invites bids for privatisation of NMDC’s Nagarnar Steel Plant

The government on Thursday invited preliminary bids for the strategic sale of NMDC’s Nagarnar Steel Plant.

The last date for submitting bids for NMDC Steel Ltd is January 27, 2023, while the last date for submitting queries is December 29, 2022, the Department of Investment and Public Asset Management (DIPAM) said.

NISP is in the process of being demerged from NMDC into a separate company NMDC Steel Ltd (NSL). Subsequent to the demerger, shares of NSL will be listed on BSE, National Stock Exchange of India Limited and Calcutta Stock Exchange.

NSL will have a mirror shareholding to NMDC i.e. government of India (GoI) shareholding of 60.79 per cent and public shareholding of 39.21 per cent. (PTI)

Dharmaj Crop Guard IPO: What GMP signals as all eyes set on allotment date

After the closure of the subscription for the initial public offering (IPO) of Dharmaj Crop Guard Limited, bidders and market observers are eagerly waiting for the finalisation of the share allotment date, which is most likely on 5th December 2022. Meanwhile, following strong global cues and positive Dalal Street sentiments, the grey market has managed to remain bullish on Dharmaj Crop Guard IPO. According to market observers, shares of Dharmaj Crop Guard Ltd are available at a premium of ₹56 in the grey market today. (Read More)

Alternative benchmarks critical for stability of financial system: RBI Dy Gov

RBI Deputy Governor T Rabi Sankar has talked about the reforms undertaken in financial benchmark administration in India as the LIBOR era is set to end. London Interbank Offer Rate (LIBOR) is the global reference rate for unsecured short-term borrowing in the interbank market.

Speaking on ‘Financial Benchmarks in India: A Coming of Age’, he said robust alternative benchmarks instead of LIBOR will promote financial stability by improving transparency in pricing and reducing information asymmetry. (Read More)

Uniparts India IPO: Subscribed 2 times on the second day of subscription

The Initial Public Offer (IPO) of engineering systems and solutions provider Uniparts India was subscribed 2 times on the second day of subscription on Thursday. The issue opened for public subscription on Wednesday and concludes on Friday, December 2, 2022.

As per market observers, Uniparts India shares are available at a premium (GMP) of ₹45 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE on Monday, December 12, 2022. (Read More)

Buy or sell: Vaishali Parekh recommends 2 stocks to buy today

Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today. Here we list out full details in regard to those two day-trading stocks:

1] Piramal Enterprises: Buy at ₹863, target ₹8885, stop loss ₹850; and

2] SBI Cards: Buy at ₹834, target ₹860, stop loss ₹820. (Read  More)

Govt cuts windfall tax on locally produced crude, diesel exports

Centre has reduced the windfall tax on sale of domestic crude oil to ₹4,900 per tonne from the current tax of ₹10,200 crore.

A finance ministry notification on Thursday also said that the tax on export of diesel has been lowered to ₹6.5 per litre. The changes will come into effect from December 2, 2022. Along with the levy of ₹1.5 per litre of road infrastructure cess, the tax would now be ₹8 per litre.

When the levy was first introduced, a windfall tax on export of petrol alongside diesel and ATF too was levied. The special additional excise duty on aviation turbine fuel has been kept unchanged at ₹5 a litre. But the tax on petrol was scrapped in subsequent fortnightly reviews. (Read More)

Rupee rises by 4 paise to 81.26 on weak dollar, fall in crude oil

The rupee appreciated by 4 paise to close at 81.26 against the US dollar on Thursday on broad dollar weakness after Federal Reserve Chairman Jerome Powell pointed towards slower interest rate hikes.

Forex traders said a fall in crude oil and a rally in domestic equities boosted investor sentiments while foreign fund outflows capped the rupee gains.

At the interbank foreign exchange market, the local unit opened at 81.08 and touched an intra-day high of 80.98 and a low of 81.32 against the greenback.

The local unit finally settled at 81.26, registering a rise of 4 paise over its previous close. On Wednesday, the rupee closed at 81.30 against the US dollar, on month-end exporter dollar selling and MSCI rebalancing-related inflows. (PTI)

India’s unemployment rate rises to three-month high at 8% in Nov: CMIE

India’s unemployment rate increased to a three-month high at 8 per cent during November, said a data by the Centre for Monitoring Indian Economy (CMIE) on December 1.

The CMIE further said that the unemployment rate in urban India was higher at 8.96 per cent, while in rural areas, it was at 7.55 per cent.

In October 2022, the urban joblessness was at 7.21 per cent and the rural unemployment rate was at 8.04 per cent. (Read More)

SoftBank plans to sell 5% stake in Policybazaar via block deal tomorrow: Report

Japanese conglomerate SoftBank Group Corp is planning to sell a 5% stake in PB Fintech, the parent of online insurance marketplace Policybazaar, via a block deal on Friday, reported Reuters citing a report. Citi is the sole broker to the deal.

Tomorrow’s block deal, through which Softbank is aiming to raise ₹1,000 crore, could be at a base price of ₹440 a share, at a discount of 4.5% to today’s closing price, according to reports. (Read More)

Wall Street takes a breath after Powell rally while dollar falls

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 U.S. Federal Reserve signals that it would slow its interest rate hiking pace.

The U.S. 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 a slow decline in inflation as well as a chronic shortage of workers in the United States.

The Dow Jones Industrial Average fell 194.76 points, or 0.56%, to 34,395.01, the S&P 500 lost 3.54 points, or 0.09%, to 4,076.57 and the Nasdaq Composite added 14.45 points, or 0.13%, to 11,482.45.

The S&P had rallied 3% on Wednesday after Powell’s comments while Nasdaq had gained more than 4% and the Dow had risen 2%. (Reuters)