Along with pharmaceuticals, all major sector indexes advanced, with the metal up 1% after falling 4% in the previous session.
Asian markets recovered from a mixed start to the year’s final week, with the MSCI Asia index ex-Japan rising 0.23%.
Wall Street was marginally higher on Friday after data showed U.S. consumer spending barely rose in November, while annual inflation rose at its slowest pace in 13 months.
However, demand probably won’t cool fast enough to prompt the Fed from raising rates next year, which investors fear could send the economy into recession.
Capping the gains in domestic assets were also higher oil prices, which rose after Russia said it may cut crude oil production in response to G7 price levels on Russian exports. Brent oil was around 84 dollars. [O/R]
High oil prices hurt oil-importing countries, such as India, where crude oil makes up the majority of the country’s import bill.
!1 New UpdateClick here for the latest updates
Aurionpro Fintech announced an $18 million order in the United States.
Price as of December 26, 2022 10:37 AMClick on the company names for their live prices.
STOCK BUZZING: ZOMATO
#StocksInNews | Zomato – Snaps 3-day losing streak; At one point, the stock was up 11% — its biggest one-day gain… https://t.co/zmqfwPSPPq
— ET NOW (@ETNOWlive) 1672028604000
Bitter pill! Pharma stocks are seeing gains after last week’s sharp rise
Price as of December 26, 2022 10:22 AMClick on the company names for their live prices.
Inox Green presents term paper to acquire majority stake in Independent O&M Wind Utility. Target company has a fleet of 230+MW operating mostly in South India. With this acquisition, Inox Green enters the multi-brand OEM Wind Turbine O&M business.
Price as of December 26, 2022 10:17 AMClick on the company names for their live prices.
LIVE market updates: Compuage Infocom becomes Bosch value added distributor to supply Bosch CCTV surveillance
Price as of December 26, 2022 10:07 AMClick on the company names for their live prices.
Suven Pharmaceuticals announces an open offer to acquire up to 6,61,86,889 fully paid equity shares of Rs 1 face value.
Price as of December 26, 2022 09:50 AMClick on the company names for their live prices.
L&T Construction’s Water and Wastewater Treatment business has bagged orders worth Rs 1,000-2,500 crore from Tumakuru Industrial City (TITL).
Price as of December 26, 2022 09:48 PMClick on the company names for their live prices.
SENSEX TODAY LIVE: Index rises 400 points in morning trade
LIVE Market Updates: NDTV shares rise after founders sell Adani stake
Shares of Indian news broadcaster New Delhi Television Ltd rose 4 percent on Monday after founders Prannoy Roy and Radhika Roy said they would transfer their 27.26% stake in the company to the Adani Group. (Source: Reuters)
The market sell-off on Friday was the result of the cumulative effect of Covid fears, valuation concerns and margin calls in many momentum stocks. It is important to note that the 320-point cut in the Nifty in one day resulted in DIIs buying heavily at Rs 3398 crore and FIIs selling at just Rs 706 crore. This meant that selling was initiated by HNIs and retailers, which, in turn, triggered margin calls in fast stocks that led to sharp cuts in these segments. Heavy FII selling in call options in the derivatives segment suggests recovery will be slow and difficult. Long-term investors can track high-quality stocks in real estate, telecom, banking and pharmaceuticals.
The biggest winners and losers in morning trading
Price as of December 26, 2022 09:27 PMClick on the company names for their live prices.
Sector Watch: Baring Nifty financial services all sectors open in green
Private equity major Advent International will buy a 50.1 percent stake in Suven Pharmaceuticals Ltd from promoter Jasti family and consider merging it with a partner, the Indian pharmaceuticals giant said on Monday. Suven said Advent will make an additional open offer of 26% of the voting share capital held by public shareholders at a price of 495 rupees per share. Shares rose as much as 4.8% to 520 rupees in early trade.
Price as of December 26, 2022 09:24 PMClick on the company names for their live prices.
Page opens 0.11% at 82.7700 per US Dollar; previous closing 82.8575
Alembic Pharmaceuticals Receives Final USFDA Approval for Fulvestrant Injection
Price as of December 26, 2022 09:22 AMClick on the company names for their live prices.
A rise in the VIX may lead to a pullback, without ensuring a reversal. The 18,000 area is a critical level for such an event, which could force a turn again. If such declines do not go beyond 17670 and 18800, expect another turn higher which could target 18,100 or even 18,250.
– Anand James – Chief Market Strategist at Geojit Financial Services
Opening Bell: Sensex, Nifty flat; Suven Pharma drops 5%, M&M drops 2%
Pre-open session: Sensex down 100 points; Nifty below 17,840
SGX Nifty is showing a positive start
Nifty futures on the Singapore Stock Exchange closed 22 points, or 0.12 per cent, higher at 17,886, indicating that Dalal Street is off to a positive start on Monday.
Technology View: Nifty is making a long bullish candlestick this week.
While cutting lows for the last seven trading sessions, the Nifty today fell below the 200-DEMA (double moving average) and formed a bullish candle on the daily scale.
Tokyo shares open higher
Tokyo shares opened higher on Monday, buoyed by gains on Wall Street last week, although the spread of Covid in China weighed on investor sentiment. The benchmark Nikkei 225 rose 0.49 percent, or 128.75 points, to 26,364.00 in early trade, while the broader Topix index added 0.33 percent, or 6.35 points, to 1,904.29. .
Wall Street closes as investors eye data for rate outlook
The S&P 500 closed higher on Friday, in a light day of trading ahead of a long weekend, as investors weighed inflation data against rate hikes and recession fears while energy shares rose on higher oil prices.
The rupee falls 3 paise to 82.82 against the US dollar
The rupee fell 3 paise to 82.82 against the US dollar on Friday on firm crude oil prices and heavy losses in domestic stocks amid heightened concerns over interest rate hikes.
Sensex, Nifty on Friday
The Sensex ended 981 points lower at 59,845.29, while the Nifty50 ended at 17,806.80 on Friday.