Share Market Highlights- Nifty, Sensex snap 4-day losing streak, Bank Nifty hits record high on weekly F&O expiry

Share Market Highlights: Nifty, Sensex snap 4-day losing streak, Bank Nifty hits record high on weekly F&O expiry

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices ended the session mildly in the green after a day of flat trade on weekly F&O expiry amid weak global cues. Sensex closed over 180 points higher at 62,570, while Nifty settled at 18,613, up by 0.28%. The broader markets ended marginally higher as well, with Nifty Midcap 100 gaining 0.6%. Sectorally, Nifty Pharma was the biggest laggard of the day, while Nifty PSU Bank soared 3.55%. Larsen and Toubro, Eicher Motors, IndusInd Bank, Axis Bank and Hindalco were among major gainers on the Nifty, while Sun Pharma, Power Grid, Divis Lab, HDFC Life and TCS were the laggards. Live Updates 15:47 (IST) 8 Dec 2022 Nifty PSU Bank rises 4% intraday

“PSU Banks fired up markets for the fourth consecutive day this week as the PSU Bank Index rose 4% today as positive tailwinds coupled with under ownership stepped up momentum in several stocks. With indices at record highs, investors were seen actively accumulating several state owned banks with vast reach and trust available at reasonable valuations.”

– S Ranganathan, Head of Research, LKP Securities

15:41 (IST) 8 Dec 2022 Top gainers, losers

Larsen and Toubro, Eicher Motors, IndusInd Bank, Axis Bank and Hindalco were among major gainers on the Nifty, while Sun Pharma, Power Grid, Divis Lab, HDFC Life and TCS were the laggards.

15:35 (IST) 8 Dec 2022 Domestic indices end mildly in green

Domestic markets BSE Sensex and NSE Nifty end marginally in the green. Sensex closed over 180 points higher at 62,570, while Nifty settled at 18,613, 0.28% higher.

14:56 (IST) 8 Dec 2022 Bank Nifty hits record high

Bank Nifty hit a record high at 43,598.25, gaining over 1% in trade intraday. Its constituents Bank of Baroda, Punjab National Bank, Federal Bank and IndusInd Bank are leading the gains.

12:32 (IST) 8 Dec 2022 Hinduja Global arm acquires 100% stake in HGS CX Technologies

The Board of Directors of HGS CX Technologies Inc., USA, a step down subsidiary of Hinduja Global Solutions approved acquisition of 100% equity stake in Teklink International Inc., USA.  Further, the Board of Directors of the company also approved to enter into Business Transfer Agreement to acquire certain assets/ contracts on going concern basis including employees from Teklink Software India Private Limited, a subsidiary of Teklink International Inc., USA.

12:10 (IST) 8 Dec 2022 LTIMindtree down 2%

Shares of LTIMindtree, the merged entity of Larsen and Toubro Infotech (LTI) and Mindtree, were 2 per cent down to Rs 4,588.95 on the BSE in Thursday’s otherwise firm market. The stock has fallen 9% in four days after its market debut.

11:26 (IST) 8 Dec 2022 Axis Bank hits fresh record high

Axis Bank hit a fresh lifetime high as the shares gained 3% in three days on stable outlook. Analysts at ICICI Securities have a 'Buy’ rating on Axis Bank with a target price of Rs 1,000 per share valued at 2.3x FY24E adjusted book value (ABV). Focus on risk-adjusted business growth and improving margin trajectory is seen aiding return ratios with sustainability of performance to drive valuation ahead, the brokerage firm said.

11:24 (IST) 8 Dec 2022 Sun Pharma top loser, slips 4%

Sun Pharma shares slipped nearly 4% as USFDA issued import alert on Halol facility. The import alert implies inter alia, that all future shipments of products manufactured at this facility are subject to refusal of admission to the US market until the facility becomes compliant with Current good manufacturing practices (cGMP) standards. The USFDA has excluded 14 products from this Import Alert subject to certain conditions, the company said.

11:22 (IST) 8 Dec 2022 IT Sector outlook post the massive lay-offs

“Major U.S. IT companies felt the burn of macroeconomic headwinds and prepared by trimming their employee strength through massive layoffs to improve margins. However, the revenue of the major Indian IT companies in the last quarter (Q2 FY23) was consistent with the estimates with healthy outlook commentary. The average margins of top IT companies expanded by 60bps on improving operational efficiencies. Despite the macroeconomic headwinds that prevailed in the global markets, most of the revenue was supported by cloud, engineering, and digital services. Going forward, healthy deals in the areas are estimated to drive growth. With fresh hires, a return to office policies, and improved cost-cutting measures, margins are likely to normalise in the coming quarters. After a major correction the valuation of IT stocks have moderated by 1/3rd, which is marginally above average and accommodative on the long term basis though volatility can prevail in the short term due to global slowdown.”-Vinod Nair, Head of Research at Geojit Financial Services

10:13 (IST) 8 Dec 2022 Dharmaj Crop Guard shares debut at 12% premium over IPO price

Dharmaj Crop Guard shares listed at a 12% premium over IPO price on NSE and BSE amid flat domestic market. Dharmaj Crop Guard stock made its market debut at Rs 266 on the BSE, as compared to the public issue price of Rs 237. The scrip shortly thereafter rose to Rs 279 per share. A stellar listing was expected as ahead of the market debut, Dharmaj Crop Guard shares were trading at a premium of Rs 55 in the grey market.

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10:11 (IST) 8 Dec 2022 Nifty could plunge towards the next support of 18400

“Technically speaking, a sign of timidness is evident as there is no cue of follow-up buying in the index to levitate the sentiments. The recent developments construe a motion of tentativeness among the market participants as Nifty plunged to test the critical support zone. However, till the sacrosanct of 18500 is withheld, the view of buy on dip and sell on rise remains unscathed. The lack of firm buying is the only worrisome, signifying the indecisiveness among the bulls to retract the market. On the higher end, a decisive closure above 18700 could only bring some cheer back into the market, and then we may expect the northward journey to continue. Meanwhile, any breach below 18500 could dampen the sentiments further and Nifty could plunge towards the next support of 18400.”

– Sameet Chavan, Chief Analyst – Technical and Derivatives, Angel One

09:57 (IST) 8 Dec 2022 Derivative view

“Nifty weekly contract has highest open interest at 18800 for Calls and 18500 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18600 for Calls and 18350 for Puts in weekly and at 18600 for Calls and 18500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -5.06%, increased future index shorts by 10.26% and in index options by 7.95% in Call longs, 1.58% in Call short, 16.02% in Put longs and 0.12% in Put shorts.”

– Anand James, Chief Market Strategist, Geojit Financial Services

09:55 (IST) 8 Dec 2022 Gold prices dip marginally

Gold rate was negative on Thursday as a result of negative global cues, while silver rate was down 0.27%. On Multi Commodity Exchange, gold February futures were trading at Rs 53,957 per 10 grams, down Rs 30 or 0.06%. Silver March futures were trading Rs 180 down at Rs 66,087 per kg on MCX.

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09:48 (IST) 8 Dec 2022 Bank Nifty firmly in green

Bank Nifty was trading nearly 200 pts higher at 43142 level, led by gains in Bank of Baroda (up 2.5%), Punjab National Bank (up 2.34%), Federal Bank (up 1.97%).

09:38 (IST) 8 Dec 2022 F&O expiry: Nifty likely to trade in slender range, 18500 key level to watch; stick to stock-specific approach

Technically speaking, a sign of timidness is evident as there is no cue of follow-up buying in the index to levitate the sentiments. The recent developments construe a motion of tentativeness among the market participants as Nifty plunged to test the critical support zone. However, till the sacrosanct of 18500 is withheld, the view of buy on dip and sell on rise remains unscathed. The lack of firm buying is the only worrisome, signifying the indecisiveness among the bulls to retract the market.

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09:35 (IST) 8 Dec 2022 PSU Bank stocks rise

Nifty PSU Bank index rose 1 percent, led by gains in Central Bank of India, UCO Bank, Bank of India

09:20 (IST) 8 Dec 2022 Nifty gainers, losers

Larsen and Toubro, Eicher Motors, Bajaj Finserv, M&M and Apollo Hospitals were among major gainers on the Nifty, while Kotak Mahindra Bank, SBI Life Insurance, Tata Motors, HDFC Life and TCS were the laggards.

09:17 (IST) 8 Dec 2022 Nifty, Sensex open flat

Benchmark indices opened flat amid weak global cues. BSE Sensex was down 0.04% at 62378, while NSE Nifty was down 0.06% at 18547 level.

09:16 (IST) 8 Dec 2022 Rupee open higher

Indian rupee opened 20 paise higher at 82.28 per dollar on against previous close of 82.48.

09:14 (IST) 8 Dec 2022 Weak market sentiment to persist

“Weak market sentiment is likely to persist in early trades Thursday, as overseas key US and Asian indices exhibited a range-bound trend with a negative bias. All eyes will be on the poll outcome in the two states of Gujarat and Himachal Pradesh, which can have a sentimental impact on the markets. Besides, the recession fear is fast building up in the US amidst slowing growth forecasts and a hawkish Federal Reserve. This will definitely weigh on global markets, including India, as any such fear could prompt investors, mainly FIIs, to pull out funds from the emerging markets. Also, the Reserve Bank of India’s monetary policy indicated that the concerns on inflation are far from over.”-Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

09:12 (IST) 8 Dec 2022 Buy on dips in this range

“Look to buy in this dip in the range of 18450-18500 with stop loss placed at 18130 and positional target of 19000 and 19200. Position Sizing Guide: Large; Nifty Support: 18500 and 18450; Nifty Resistance: 18670 and 18723.”-Rahul Sharma, Head-Research, JM Financial Services.

09:09 (IST) 8 Dec 2022 Pre-Open: Nifty, Sensex mildly in green

Benchmark indices are trading mildly in green in the pre-opening session. The Sensex is up 133.68 points or 0.21% at 62544.36, and the Nifty is up 5.20 points or 0.03% at 18565.70.

09:07 (IST) 8 Dec 2022 Trade Setup

DII: Bought in Cash & Covering in shorts in IF

FIIs Bought: NIL | Sold: Cash, IF, SF, IO and SO

Retail added some longs in IF,

Shorts: Tata Motors, SBI Life and NTPC

Long Unwinding: Bajaj Finserv, Hero MotoCorp, Hindalco

09:05 (IST) 8 Dec 2022 Trade setup

COI: Nifty +0.7% | No change, flat volume

COI: Bank Nifty -0.7% | No change, high volumes

Nifty Options: bearish | PCR: 0.76%

Bank Nifty Options: Bearish below 42900 | PCR: 0.77

“PCR in oversold territory for Nifty which means a turnaround can be expected soon.”-Rahul Sharma, Head-Research, JM Financial Services

08:50 (IST) 8 Dec 2022 Bank Nifty may move towards 43500

“Bank Nifty closed on a flat to negative note after oscillating in the given range (43,300-42,900 levels). The key technical indicators are positively poised on weekly timeframe chart, while its daily and hourly indicators turned neutral. As mentioned earlier, either side breakout will set the trend. In case of a breakout, the index could move towards 43,500-level initially and 43,800-mark subsequently. However, a breakdown could drag the index towards 42,500-level. As for the day, support is placed at around 42,922 and then at 42,746 levels, while resistance is observed at 43,301 and then at 43,504 levels”-Reliance Securities

08:49 (IST) 8 Dec 2022 Derivatives Snapshot

– Nifty Dec futures end with 110 point premium at 18,670 mark while on other hand, Bank Nifty Dec futures ended with the premium of 233 point at 43,332 mark.

– NIFTY50 has closed at 5 day low and on the downside it has support near 18,450 levels and we expect some volatility with respect to the weekly expiry.

– Sectoral Activity: Amongst sectoral index Auto and Media remained in focus with negative momentum.

– Stock Activity: Tata Motors and Sun TV have witnessed long unwinding in today’s trade.

08:47 (IST) 8 Dec 2022 Nifty may fall to 18400; resistance at 18643

“Nifty invalidated probable up-move, as the index violated 18,600-level and slipped to 7-day low. The index formed a bearish engulfing pattern right after a small real body formation on the daily chart. The key technical indicators are neutral to negative on short-term as well as near-term timeframe charts. Overall market breadth remained negative, while bearish trend witnessed across the board. As mentioned earlier, near-term decline cannot be ruled out, as the index violated crucial support of 18,600-level. This could drag the index towards 18,400 level. However a fresh up-move could lead the index towards 18,900-level initially and 19,000- mark subsequently. As for the day, support is placed at around 18,503 and then at 18,446 levels, while resistance is observed at 18,643 and then at 18,726 levels.”-Reliance Securities

08:46 (IST) 8 Dec 2022 Market likely to consolidate around current levels till FOMC meet next week

“Even while reaffirming that “the Indian economy is doing well in a world of slowing growth and inflation fears” RBI Governor Saktikanta Das indicated that “the global spillovers are slowing down India’s economic momentum”. In this context the sharp dip in Brent crude below $78 has come as a shot in the arm of the economy. This has the potential to act as a fiscal stimulus for the economy while the monetary policy is tightening. Next week will be significant for global equity markets since we will have the US inflation print and the FOMC meet. The market is likely to consolidate around the current levels till then. The PSU banking space, particularly the leading names, is likely to continue to remain resilient. Capital goods stocks are showing strength.”- VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

08:45 (IST) 8 Dec 2022 Nifty outlook negative, may fall below 18300 if 18459 support breached;

On Daily chart, we observe that Nifty has broken out of a downward-sloping trend line that has held down the highs of 2021 and 2022. In the process, the index is now comfortably trading above the 20 and 50-day SMA. However, Nifty has been correcting in the last few sessions after touching a new life high of 18888. On the 30 min chart, we can also observe a negative MA crossover as the 20-period MA has moved below the 50-period MA and the index has been making lower tops and lower bottoms over the last few sessions. We, therefore, believe that the Nifty index could test the 20-day SMA at 18459 in the very near term. A larger correction towards the 18365-18294 supports is likely if the Nifty fails to hold above the 20-day SMA.

Sell these two stocks in near-term

08:17 (IST) 8 Dec 2022 Oil prices steady after hitting 2022 lows

Oil prices steadied in early Asian trade on Thursday after sinking to their lowest level this year as U.S. production and gasoline inventories ticked up at the same time concerns grew that economic slowdowns would weaken fuel demand. Brent crude futures were up 62 cents or 0.8% at $77.79 per barrel by 0130 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 69 cents or 1% to $72.70 per barrel. Brent had settled on Wednesday below the year's previous closing low touched on the first day of 2022, while U.S. West Texas Intermediate crude had fallen to a fresh yearly low.

08:06 (IST) 8 Dec 2022 Nifty could plunge towards next support of 18400

The lack of firm buying is the only worrisome, signifying the indecisiveness among the bulls to retract the market. On the higher end, a decisive closure above 18700 could only bring some cheer back into the market, and then we may expect the northward journey to continue. Meanwhile, any breach below 18500 could dampen the sentiments further and Nifty could plunge towards the next support of 18400. Going forward, the market is likely to remain in a slender range. We reiterate to keep a close tab on the mentioned levels. Also, one should continue with the stock-specific approach, as even though the indices may not be doing much, the individual stocks are not at all short of action. Also, one should stay abreast with global developments.”- Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One

08:05 (IST) 8 Dec 2022 Market trading at premium valuations

“As the economy deals with the global headwinds, the RBI has become more realistic, lowering FY23 GDP growth forecast from 7% to 6.8%. The focus remains on fighting inflation which will lead to increase in interest rates in future. Along with a global slowdown corporate earnings forecast for H2FY23 & FY24 can downgrade. The market is currently trading at premium valuations, a slowing earnings growth will impact market sentiment.”-Vinod Nair, Head of Research at Geojit Financial Services

08:04 (IST) 8 Dec 2022 Bank Nifty resistance on upside at 43,500

“The Bank Nifty index after the key RBI policy event did not witness any direction movement and ended on a flat note by forming a doji candle on the daily chart. The index faces stiff resistance on the upside at the 43,500 level where aggressive call writing has been observed. The immediate support on the downside is visible at 42,800 and if breached will lead to a further downside towards 42,500 levels.”-Kunal Shah, Senior Technical Analyst at LKP Securities

08:03 (IST) 8 Dec 2022 Nifty trend likely to remain negative going forward

“Nifty remained under the grip of the bears as investors booked profits post the rate hike by the RBI governor. The index slipped below its recent consolidation on the hourly chart, suggesting a waning bullishness. The momentum oscillator is in a bearish crossover. The trend is likely to remain negative going forward; support on the lower end is pegged at 18,500/18,350. On the higher end, resistance is visible at 18,670/18,750.”-Rupak De, Senior Technical Analyst at LKP Securities

08:01 (IST) 8 Dec 2022 Bulls have potential to fight back

“The Nifty witnessed volatile action on December 07 & ultimately broke 18600 on a closing basis. This is a breach of first line of defense for the index. Going ahead 18500 will be the key level that will decide further course of action for the index. If that is breached on a closing basis then the index will get into a short-term consolidation. Till then the bulls have a potential to fight back. On the higher side, the immediate resistance zone shifts downward to 18650-18670. The Bank Nifty, on the other hand, is still holding on to its short-term support zone of 43000-42900.”-Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

08:01 (IST) 8 Dec 2022 Nifty headed towards 18442 in the near term

“Nifty closed lower for the second consecutive session on Dec 07 after RBI monetary policy committee's decision to hike interest rates by 35 bps to 6.25%. Nifty after rising in the first hour of trade, fell making lower tops lower bottoms through the day. It closed 0.44% or 82.25 points lower at 18560.5. Broad market indices fell in line with the Nifty even as advance decline ratio ended at 0.65:1. World stocks eased on Wednesday after a chorus of Wall Street bankers warned about a likely recession ahead, tempering optimism about China's major shift in its tough zero-COVID policy. Poor China trade data for November also did not help matters. Nifty is now headed towards 18442 in the near term. On upmoves 18591 could offer resistance.”-Deepak Jasani, Head of Retail Research, HDFC Securities

07:59 (IST) 8 Dec 2022 Correction wave likely to continue till Nifty below this level

“Markets extended losses for the 4th straight session as investors dumped realty and automobile stocks on worries that higher EMI outgo post the RBI's repo rate hike could dent demand going ahead. Although the rate hike came on expected lines, the RBI showing no signs of letting off in its fight against inflation raised concerns that more hikes could be in the offing going ahead which would hurt growth. Technically, on intraday charts the Nifty is still holding a lower top formation and also formed a small bearish candle on daily charts which is broadly negative. For traders, as long as the index is trading below 18650 the correction wave is likely to continue. Below the same, the index could slip till 18500-18425. On the other hand, above 18650 the index could move up to 18750-18800.”- Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd

07:56 (IST) 8 Dec 2022 Nifty to fall below 18450 or bulls to bounce back?

Indian benchmark indices are likely to open on a tepid note amid weak global cues. SGX Nifty hinted at a flat to negative start for domestic equities as Nifty futures traded lower at 18665 level on the Singapore Exchange. In the previous session, the BSE Sensex fell 216 points to 62,411, while the NSE Nifty 50 slipped 82 points to 18,560. “Market is likely to remain consolidative given the bigger event of US Fed monetary policy due next week. Post the strong services PMI data and the jobs data, investors are worried that the Fed might continue with its aggression for some more time,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

7 things to know before share market opens

07:51 (IST) 8 Dec 2022 Asia Pacific markets mixed

Asia-Pacific shares were mixed on Thursday with recession fears weighing on continued negative sentiment. The Hang Seng index was 1.2% higher and the Hang Seng Tech index added 2.17%. In mainland China, the Shenzhen Component fell 0.218% while the Shanghai Composite lost 0.17%. The Nikkei 225 in Japan was down 0.67% and the Topix was 0.68% lower. South Korea’s Kospi lost 0.86%. In Australia, the S&P/ASX 200 fell 0.68%. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.16%%

07:50 (IST) 8 Dec 2022 US stocks fall

The S&P 500 and Nasdaq closed down on Wednesday after a choppy session on Wall Street, as investors struggled to grasp a clear direction as they weighed how the Federal Reserve's monetary policy tightening might feed through into corporate America. The S&P 500 lost 7.34 points, or 0.19 percent, to close at 3,933.92 and the Nasdaq Composite dropped 56.34 points, or 0.51 percent, to finish at 10,958.55. The Dow Jones Industrial Average was flat, ending on 33,597.92.

07:50 (IST) 8 Dec 2022 SGX Nifty in red

SGX Nifty hinted at a flat to negative start for domestic equities as Nifty futures traded lower at 18665 level on the Singapore Exchange.