Informist, Thursday, Dec 8, 2022

By Apoorva Choubey and Padmini Dhruvaraj 

MUMBAI - Absence of major triggers and risk aversion before the US Federal Reserve's policy review kept benchmark indices restricted to a narrow range today, marking yet another lacklustre session in the typically listless month of December. 

With the RBI's credit policy overhang now behind, investors bought selectively in banking, metal and automobile stocks, although the undertone remained cautious ahead of the Fed's interest rate decision next week, said Shrikant Chouhan, head of retail equity research at Kotak Securities. 

Central banks have given more hints recently that interest rate hikes would continue next year, which investors fear could lead to a recession in Western countries, he said.

The weakening global outlook dented risk appetite across global markets and drove investors towards safe havens like the dollar. 

The Nifty 50 and Sensex ended marginally higher after witnessing a choppy session. Both benchmarks have fallen about 1.5% from their all-time highs hit last week. They closed with 0.3% gains each at 18609.35 points and 62570.68 points. 

"Trade in December is often dull and limited due to the holiday season," said a technical analyst. "Foreign institutional investors stay low around Christmas and unless there is a huge trigger, the market will be range-bound," he said.

The Bharatiya Janata Party is set to sweep the Gujarat Assembly elections, but this did not provide any major boost to market sentiment, said participants. Broader market indices displayed strength and all the smallcap and midcap indices on the National Stock Exchange closed with 0.3-0.6% gains.

Today's gains were supported by banks. The Nifty Bank hit a record high and closed 1.2% higher. Public sector banks also shone, taking the Nifty PSU Bank to an almost eight-year high, after which the index closed with 3.8% gains. 

Besides the improvement in asset quality and strong credit growth, what is supporting banking sector is the view that higher interest rates will drive deposit growth for lenders higher, helping their liquidity at a time when easy money isn't available any more, a sales trader at a local brokerage house said. 

Among the laggards, shares of information technology and pharmaceutical companies fell as fears of slowdown in the US and Europe dented prospect for these companies.

Sun Pharmaceutical Industries tanked nearly 4%, hitting a one-month low, as the US Food and Drug Administration listed the company's Halol unit under an import alert.

* Among Nifty 50 stocks, 27 rose, 23 fell 

* Among Sensex stocks, 13 rose, 17 fell   

* On the BSE, 1,853 stocks rose, 1,634 fell, and 132 were unchanged

* On the NSE, 1,211 stocks rose, 987 fell, and 458 were unchanged

* Nifty Bank: Up 1.2%; Nifty PSU Bank: Up 3.8%; Nifty Pharma: Down 1.1%

BSE                                                National Stock Exchange
Sensex: 62570.68, up 160 pts (0.3%)                 Nifty 50: 18609.35, up 48.85 pts (0.3%) 

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 63583.07 (Dec 1, 2022)           :  Lifetime High: 18887.60 (Dec 1, 2022)
Record Close High: 63284.19 (Dec 1, 2022)       :  Record Close High: 18812.50 (Dec 1, 2022)

2022 1st day close: 59183.22 (Jan 3)            :  2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1)             :  2022 Closing High: 18812.50 (Dec 1) 
2022 Closing Low: 51360.42 (Jun 17)             :  2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1)          :  2022 High (intraday): 18887.60 (Dec 1)

2022 Low (intraday): 50921.22 (Jun 17)          :  2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14)            :  2021 Closing High: 18338.55 (Oct 14) 
2021 Closing Low: 46285.77 (Jan 29)             :  2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14)         :  2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29)          :  2021 Low (intraday): 13596.75 (Jan 29)-

2020 Closing High: 47751.33 (Dec 31)            :  2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23)             :  2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31)         :  2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24)          :  2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20)         :  2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19)          :  2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28))         :  2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23)           :  2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26)         :  2017 High(intraday): 10515.10 (Dec 26)

End

Edited by Vandana Hingorani

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2022. All rights reserved.

Informist, Thursday, Dec 8, 2022

By Apoorva Choubey and Padmini Dhruvaraj 

MUMBAI - Absence of major triggers and risk aversion before the US Federal Reserve's policy review kept benchmark indices restricted to a narrow range today, marking yet another lacklustre session in the typically listless month of December. 

With the RBI's credit policy overhang now behind, investors bought selectively in banking, metal and automobile stocks, although the undertone remained cautious ahead of the Fed's interest rate decision next week, said Shrikant Chouhan, head of retail equity research at Kotak Securities. 

Central banks have given more hints recently that interest rate hikes would continue next year, which investors fear could lead to a recession in Western countries, he said.

The weakening global outlook dented risk appetite across global markets and drove investors towards safe havens like the dollar. 

The Nifty 50 and Sensex ended marginally higher after witnessing a choppy session. Both benchmarks have fallen about 1.5% from their all-time highs hit last week. They closed with 0.3% gains each at 18609.35 points and 62570.68 points. 

"Trade in December is often dull and limited due to the holiday season," said a technical analyst. "Foreign institutional investors stay low around Christmas and unless there is a huge trigger, the market will be range-bound," he said.

The Bharatiya Janata Party is set to sweep the Gujarat Assembly elections, but this did not provide any major boost to market sentiment, said participants. Broader market indices displayed strength and all the smallcap and midcap indices on the National Stock Exchange closed with 0.3-0.6% gains.

Today's gains were supported by banks. The Nifty Bank hit a record high and closed 1.2% higher. Public sector banks also shone, taking the Nifty PSU Bank to an almost eight-year high, after which the index closed with 3.8% gains. 

Besides the improvement in asset quality and strong credit growth, what is supporting banking sector is the view that higher interest rates will drive deposit growth for lenders higher, helping their liquidity at a time when easy money isn't available any more, a sales trader at a local brokerage house said. 

Among the laggards, shares of information technology and pharmaceutical companies fell as fears of slowdown in the US and Europe dented prospect for these companies.

Sun Pharmaceutical Industries tanked nearly 4%, hitting a one-month low, as the US Food and Drug Administration listed the company's Halol unit under an import alert.

* Among Nifty 50 stocks, 27 rose, 23 fell 

* Among Sensex stocks, 13 rose, 17 fell   

* On the BSE, 1,853 stocks rose, 1,634 fell, and 132 were unchanged

* On the NSE, 1,211 stocks rose, 987 fell, and 458 were unchanged

* Nifty Bank: Up 1.2%; Nifty PSU Bank: Up 3.8%; Nifty Pharma: Down 1.1%

BSE                                                National Stock Exchange
Sensex: 62570.68, up 160 pts (0.3%)                 Nifty 50: 18609.35, up 48.85 pts (0.3%) 

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 63583.07 (Dec 1, 2022)           :  Lifetime High: 18887.60 (Dec 1, 2022)
Record Close High: 63284.19 (Dec 1, 2022)       :  Record Close High: 18812.50 (Dec 1, 2022)

2022 1st day close: 59183.22 (Jan 3)            :  2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1)             :  2022 Closing High: 18812.50 (Dec 1) 
2022 Closing Low: 51360.42 (Jun 17)             :  2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1)          :  2022 High (intraday): 18887.60 (Dec 1)

2022 Low (intraday): 50921.22 (Jun 17)          :  2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14)            :  2021 Closing High: 18338.55 (Oct 14) 
2021 Closing Low: 46285.77 (Jan 29)             :  2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14)         :  2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29)          :  2021 Low (intraday): 13596.75 (Jan 29)-

2020 Closing High: 47751.33 (Dec 31)            :  2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23)             :  2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31)         :  2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24)          :  2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20)         :  2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19)          :  2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28))         :  2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23)           :  2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26)         :  2017 High(intraday): 10515.10 (Dec 26)

End

Edited by Vandana Hingorani

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2022. All rights reserved.