Stock Market Weekly Updates. Catch up on all that’s trending in the last week and get ready for the Monday markets with insights from our expert research team.
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In last week’s newsletter, we saw that the global banks had been increasing interest rates signalling that tighter monetary policies are here to stay. This week, the Bank of Japan sent shock waves across the globe by adjusting its bond yields to reduce the effects of its monetary easing. Simply put, this is the bank’s way of tightening its policy, this change of stance was completely unexpected by economists worldwide.
Talking about shock waves from the East, China has noted a rising number of covid cases putting a mask on the year-end festivities. Will the next year also be damped by a covid outbreak? Let’s hope not!
With the year-end around the corner, it seems the equity investors in India are either spooked by the global uncertainties or are just taking a break as the Indian stock markets show record-breaking low levels of volume at the last trading week.
No Merry this Christmas
The BSE 30-pack barometer was down 2.43% ending the week at 59,845, whereas the NSE Nifty fell below the psychological mark of 18,000. On Friday, Nifty was down 2.53% ending at 17,807. With bears on a slay-ride investors lost close to 12 lakh crores in wealth during the week in BSE stocks.
This was inevitable, but there are some financial mistakes you can avoid in your journey to build your wealth. Read “5 financial mistakes I wish I avoided in my 20s” by Shruti Jain, CSO Arihant Capital Markets Ltd.
–Mr. Ratnesh Goyal, Senior Research Analyst, Arihant Capital.
If we look at the technical chart of Nifty we can observe a “Doji” candlestick formation on a daily chart. On the weekly chart, we can see a breakout of the consolidation phase. If we combine and analyze both data then it seems that the market can remain on an uptrend. Nifty can face resistance around the 18,550 level if it starts trading above then it can touch 18,650-18,800 levels, while on the downside, support is 18,400; if it starts trading below then it can taste the level of 18,250 and 18,100 levels.
If we look at the daily chart of Bank Nifty we can observe the “Doji” candlestick pattern formation. In the weekly chart of Bank Nifty, we can see a breakout of the consolidation phase. If we analyze both charts, it appears that Bank Nifty may continue to outperform Nifty. In the coming trading sessions, if it trades above 43,100 then it can touch 43,500 and 43,800 levels, however, the downside support comes at 42,500; below that we can note 41,800-41,500 levels.
- The US Senate passed a $1.7 trillion government funding bill that includes more aid for Ukraine and changes to the way presidential elections are counted.
- FPIs invest ₹10,555 cr in Indian equities in December.
- Microfinance loans up 11% to 71,916 cr in Q2 FY23.
- In India, 2,613 air incidents were reported due to technical snags in the last 5 years.
- India received $3.21 mn Foreign Direct Investment (FDI) in defense industries during Apr-Sep 2022. The sector received a $2.36 mn investment in 2021-22.
- The yield on 10-year treasuries advanced one basis point to 3.69%.
- SGB 2022-23 Series III was opened for subscription from 19th Dec-23rd Dec at an issue price of ₹ 5,359 /gram.
- The retail industry saw a 19% rise in sales over pre-pandemic levels during the April-November 2022 period.
- Shyam Metalics buys Mittal Corp to enter the stainless steel business.
Banking and Finance
- HDFC hikes lending rate by 35 bps to 8.65%.
- Banks like UCO Bank, PNB, and IDBI Bank hike FD interest rates by up to 0.25% across tenures.
- RBI finds divergence of ₹259 cr. in NPA provisioning by City Union Bank for FY22.
- IndusInd Bank raised lending rates by 0.05%-0.15% across tenures.
- Canara Bank hits a business milestone of ₹ 20L crore.
Energy and Infrastructure
- Around 20,980 base station services have been installed in 14 states and union territories till Nov 26 this year for the provision of 5G services.
- Mazagon delivers the fifth submarine to the Indian navy.
- BPCL will invest ₹ 35,355 cr for laying piped gas network and building and operating 8 city gas distribution projects.
- HPCL entered the petrochemical business by launching ‘HP Durapol’.
- JK Cement acquired a majority stake in Acro Paints for ₹153 cr.
IT and Telecommunication
- Reliance’s JioCinema recorded 32mn viewers on the day of the FIFA final.
- Govt. approved a ₹ 58.29 cr incentive for the Dixon Technologies’ subsidiary Padget Electronics under the Production-Linked Incentive (PLI) scheme for mobile phones.
- Dabur promoters have offloaded a 1% stake in the company through block deals.
- KEC International won orders worth ₹ 1,313 cr across various businesses.
- LIC hikes stake in GAIL to 6.83%.
- Wipro acquires packaged food and spices brand Nirapara
- Sah Polymers Limited IPO will be open from 30 Dec till 04 Jan.
- Landmark Cars got listed on the NSE at ₹ 506 – a 6.92% discount as compared to its issue price.
- Abans Holdings got listed on the NSE at ₹ 273 – a 1.11% premium over its issue price.
- Elin Electronics IPO was subscribed 0.95 times till day 2 of the subscription; Retail investors subscribed to the issue 1.33 times.
- Tata Group-owned BigBasket may go for an IPO by 2025; The company raised $200 million this week from Tata Digital.
- Kfintech IPO was subscribed 0.55 times at the end of day 1; Retail investors subscribed 0.26 times the reserved portion.
- Sula Vineyards was listed on the NSE at ₹ 361 per share – a 1.1% premium compared to its offer price of ₹ 357; On BSE, it was listed with a premium of 0.28%.
- Bharat Highways InvIT files draft papers for IPO.
- Radiant Cash Management IPO open from 23 Dec to 27 Dec. For more details, click here.
- HZL to spend over $1 bn on shift to battery-operated mining vehicle.
- NTPC, including its joint ventures and group companies, crossed 3 GW of operational renewable energy capacity.
- Tata Motors has given a green signal to the punch EV project. It will also add “.EV” suffix to all its electric models.
- Battery swapping policy to play a critical role in the growth of electric vehicles in the country – Nitin Gadkari.
- Hyundai Motor launches IONIQ 5 in India.
- iRasus Technologies raises an undisclosed amount in seed funding from marquee investors.
- Greaves Electric Mobility to accelerate electric vehicle development with Siemens Xcelerator.
- BYD India inaugurates its passenger vehicle showroom in Lucknow.
- Trucknetic launches India’s first EV truck platform, ‘EVolev’.
- e-TRNL Energy raises ₹ 7.5 Crore in the pre-seed funding round.
- Vedanta rolls out a unique EV policy for its employees.
- Statiq installs its first EV charging station at Nexus Mall, Amritsar.
- Statiq wins a tender to supply 18 chargers to Indian Oil Corporation(IOC) across India.
- Evera to provide EV cab services at terminal 3 of Indira Gandhi International Airport.
- EKA Mobility partners with NuPort Robotics to launch electric buses with level 2 autonomy.
- Fortum Charge & Drive India launches RuPay pre-paid card with Pine Labs for charging vehicles.
- AutoNxt Automation Designs and creates smart electric tricycles in India.
- Mahindra & Mahindra has unveiled XUV400verse, the metaverse platform for Mahindra’s all-electric XUV400 in the virtual world, powered by Metadome.ai.
Also read: ESG Investing & Its Emergence in India