Benchmarks trade with limited losses; European markets decline

The domestic equity benchmarks traded below the flat line, with limited losses, in afternoon trade. The Nifty traded tad above the 18,450 mark after hitting the day's high at 18,521.55 in mid-morning trade. Consumer durables, IT and auto stocks led the losses while metal, PSU banks and oil & gas stocks managed to trade in the green.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 167.54 points or 0.27% to 62,014.13. The Nifty 50 index lost 39.55 points or 0.21% to 18,457.05.

In the broader market, the S&P BSE Mid-Cap index shed 0.04% while the S&P BSE Small-Cap index added 0.09%.

The market breadth was negative. On the BSE, 1,711 shares rose and 1,802 shares fell. A total of 197 shares were unchanged.

Investors turned ahead of the US Fed's last meeting of 2022 scheduled this week, with the central bank widely expected to hike rates further in its fight with inflation.

On the domestic macro front, the industrial production and manufacturing production data for October will be released today, 12 December 2022. Inflation rate for November will also be declared today.

New Listing:

Shares of Uniparts India were currently trading at Rs 551.75 on the BSE, at a discount of 4.38% to the issue price of Rs 577 per share.

The scrip was listed at Rs 575, at a discount of 0.35% to the issue price. So far, the stock has hit a high of 577 and a low of 539. On the BSE, over 4.23 lakh shares of the company changed hands at the counter so far.

IPO Update:

The initial public offer (IPO) of Sula Vineyards received bids for 25.81 lakh shares as against 1.88 crore shares on offer, according to stock exchange data at 13:27 IST on Monday (12 December 2022). The issue was subscribed 0.14 times.

The issue opened for bidding on Monday (12 December 2022) and it will close on Wednesday (14 December 2022). The price band of the IPO is fixed at Rs 340-357 per share. An investor can bid for a minimum of 42 equity shares and in multiples thereof.

The initial public offer (IPO) of Abans Holdings received bids for 5.97 lakh shares as against 1.28 crore shares on offer, according to stock exchange data at 13:27 IST on Monday (12 December 2022). The issue was subscribed 0.05 times.

The issue opened for bidding on Monday (12 December 2022) and it will close on Thursday (15 December 2022). The price band of the IPO is fixed at Rs 256-270 per share. An investor can bid for a minimum of 55 equity shares and in multiples thereof.

Stocks in Spotlight:

Bharti Airtel lost 0.90%. The special committee of directors for fund raising has approved the allotment of 1,188,917 fully paid-up equity shares of face value Rs 5 each at a conversion price of Rs 521 per equity share to holders of FCCBs upon conversion.

One 97 Communications (Paytm) declined 1.40%. The company said its lending business witnesses a 150% year on year (YoY) growth during the two months ended November 2022. The number of loans disbursed through the company's platform zoomed 150% YoY to 6.8 million cumulative loans in two months ended November 2022, while the value of loans disbursed grew 374% YoY to Rs 6,292 crore ($774 million).

Adani Total Gas added 0.35%. The company announced the receipt of letter of award (LoA) from Convergence Energy Services for setting up and operating electric vehicle charging stations across various cities. The contract involves supply, installation, testing, commissioning, operation and maintenance of electric vehicle charging stations in eight cities (Ahmedabad, Bengaluru, Chennai, Delhi, Kolkata, Mumbai, Pune and Surat) on build, own and operate (BOO) model for a period of eight years.

Global markets:

European markets edged lower while most markets in Asia traded lower on Monday as investors looked ahead to a Fed meeting and U.S. inflation data this week.

The U.K. economy grew by 0.5% month-on-month in October, staging a rebound from September's 0.6% contraction. The previous month's figures were affected by a one-off public holiday to mark the funeral of Queen Elizabeth II. The Bank of England projects that the economy is already in a recession that could endure throughout 2023.

US stocks fell Friday after wholesale inflation rose more than expected last month, raising concerns that the Federal Reserve will keep rates higher for longer.

The Federal Reserve Is set to begin its two-day meeting on Tuesday. Economists widely expect the U.S. central bank to raise rates by half a percentage point Wednesday. The latest reading for the U.S. consumer price index is also slated for Tuesday.

Powered by Capital Market - Live News