Sensex, Nifty open in red on Thursday; SBI shares rise, KFintech shares in focus today Domestic equity benchmarks opened in red on Thursday amid negative sentiment in global markets. The BSE Sensex fell 296.34 points or 0.49% to 60,613.94 and NSE Nifty 50 dropped 83 points or 0.46% to 18,039.50. The top gainers of the Sensex were Sun Pharma, Bharti Airtel and State Bank of India while Hindustan Unilever, Bajaj Finserv, Kotak Bank, Bajaj Finance and Maruti were the top losers.SBI, KFintech shares in focus today State Bank of India (SBI) shares rose marginally 0.13% to Rs 602 on Thursday after the bank said in a regulatory filing that it will have a board meeting next week to consider taking “approval for raising of Infrastructure Bonds up to an amount of Rs 10,000 crore through a public issue or private placement during FY23.” On the other hand, KFintech shares are going to debut on the stock exchanges today and were oversubscribed 2.59 times prior to its listing. The issue raised Rs 1,500 crore through a complete offer for sale by one of the promoters, General Atlantic Singapore Fund, which will receive all the issue proceeds. In other Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were all trading in the red. On Wednesday, the US stock market ended lower. Foreign institutional investors (FII) sold shares worth a net Rs 872.59 crore while domestic institutional investors (DII) purchased shares worth a net Rs 372.87 crore on Wednesday, December 28, 2022, according to the data available on NSE. Balrampur Chini Mills and Indiabulls Housing Finance are the stocks/securities placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Thursday, December 29, 2022.
However, that doesn’t take into account the fact that geopolitical tensions on the Middle East are undeniably rising again which will mean limited downside.”
In the U.S., oil drilling rigs were up by one at 501 last week, Baker Hughes said in its weekly report.JPMorgan forecasted 26 oil rigs to be added this year, most of them in the Permian during the first half of the year.
“The timing of drilling is paramount, as rig additions at the start of the year will contribute to 2H24 production growth,” the bank’s analysts said in a note.
“Despite an impressive 1 mbd of crude and condensate production growth in 2023, we expect 2024 supply to increase by only 400 kbd due to lower completions activity levels vs 2023.”