Indices close flat; Cons Durable, IT lag; PSU Bank, Energy shine

Indices clawed back towards the end to close flat; Sensex sheds 50 pts and Nifty remained perfectly flat

Indices closed flat as Indian investors remained cautious at the start of the week keeping an eye on the Fed’s decision on the interest rate hike. IT stocks continued their downward journey amidst negative global cues and fear of recession.

Sensex closed 51 points lower at 62,130, while Nifty just gained a mere 0.55 points to end at 18,497.

BPCL jumped 3% followed by Divi’s Lab and Coal India, each gaining more than 1.5%. Asian Paints, Infosys and Kotak Bank shed more than a per cent.

Among sectoral indices, IT continued to drag along with Consumer Durables. Oil & Gas and PSU Bank gained more than a per cent each. Realty also made decent gains in today’s session.

Unlike expectations, Uniparts India Ltd made a tepid debut at the bourses today.

Shares in Asia retreated overall ahead of a consumer price report from the US on Tuesday and the Fed policy decision the following day. Friday’s Wall Street drag and US data showing sticky inflation raised worries that the Federal Reserve may keep interest rates higher for longer.

Japan’s Nikkei share average retreated on Monday from a one-week high as tech and other growth shares sagged. The Nikkei ended the day 0.21% lower.

Chinese stocks slid on Monday amid some profit-taking following their sharp recent gains and as general caution prevailed in equity markets. China’s onshore benchmark CSI 300 Index closed down 1.1%, while Hong Kong’s Hang Seng Index fell 2.2%.

European shares fell on Monday as investors braced for interest rate decisions from the Fed and the European Central Bank due this week. The continent-wide STOXX 600 index was down in the morning session.

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Gold falls ₹109; silver climbs ₹934

Gold price fell by ₹109 to ₹54,461 per 10 gram in the national capital on Monday amid weak global trends, according to HDFC Securities.

In the previous trade, the precious metal had closed at ₹54,570 per 10 gram.

Silver, however, climbed ₹934 per kg to ₹68,503 per kilogram.

“Gold prices traded lower on Monday amid a firmer dollar,” said Dilip Parmar, Research Analyst at HDFC Securities.

In the international market, gold was quoting lower at USD 1,789.4 per ounce while silver was up at USD 23.48 per ounce. (PTI)

India’s Tata Group to open 100 exclusive Apple stores -report

Indian salt-to-software conglomerate Tata Group plans to open 100 stores across the country that will only sell Apple Inc products, the Economic Times newspaper reported on Monday, citing two people aware of the matter.

Tata Group’s Infiniti Retail, which runs the consumer electronics store chain Croma, will be an Apple-authorised reseller and set up stores at shopping malls, high-street and neighbourhood locations, the report said.

Tata has begun talks with premium malls and high streets and the lease terms include details of brands and stores that cannot be opened near these outlets, a retail consultant aware of the matter told the publication.

Apple and Tata Group did not immediately respond to Reuters’ calls and emails seeking comment. (Reuters)

Direct tax collection grows 24% to ₹8.77 lakh cr; nears 62% of Budget estimates

The Ministry of Finance today said the net direct tax collection rose 24% to ₹8.77 lakh crore in the April-November of the current financial year. This accounts for 61.79% of the full-year Budget Estimates (BE) of direct tax collection for FY23 (April-March).

Taking to Twitter, the ministry wrote, “Direct tax collection net of refund stands at ₹8.77 lakh crore as of November 30, which is 24.26% higher than the net collection for the corresponding period last year.” (Read More)

RBI offloads $33.42 bn in Apr-Sep FY23 to curb rupee volatility

The Reserve Bank of India (RBI) has net sold $33.42 billion in the foreign exchange market in the first six months of current fiscal year to defend the rupee from excessive volatility.

The central bank closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band. (Read More)

BPCL shines towards the end, gains 2% and leads the Energy Index rally

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Samir Arora’s Helios Capital has zero allocation in stocks of this sector for the first time ever

Samir Arora, founder and fund manager at Helios Capital, remains negative on IT stocks. “For the first time in our history, we have zero allocation in IT,” the fund manager told Reuters. The slowdown in the global economy will have a significant bearing on their business, leading to earnings disappointments, he said.

After a significant outperformance last year vis-a-vis broader markets, IT stocks have been under pressure this year on fears that global economic uncertainty will crimp IT spending. The Nifty IT index is down 25% year to date, against 6% gain in broader Nifty50 index. (Read More)

Microsoft to buy 4% stake in London Stock Exchange

Microsoft is to take a 4% equity stake in London Stock Exchange Group as part of a 10-year commercial deal to migrate the exchange operator’s data platform into the cloud, the British company said on Monday.

As part of the deal, LSEG has made a contractual commitment for minimum cloud-related spend with Microsoft of $2.8 billion over the term of the partnership. (Read More)

Consumer Durable index drags; sheds 1% with most stocks in red

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Multibagger pharma stock’s buyback of shares to open soon. Details here

Shares of Jenburkt Pharmaceuticals Ltd are one of those stocks that have given stellar returns to its shareholders in the post-Covid stock market rebound. After bottoming out in April 2020, Jenburkt Pharmaceuticals’ share price has ascended to the tune of 641 apiece. In fact, it retraced after making a 52-week high of ₹699.70 on BSE. so, it is one of the multibagger stocks that the Indian stock market has produced in the last three years. But, long-term investors have another opportunity to make money out of their position. (Read More)

India’s steel output grows 5 pc to 10.34 MT in Nov: SteelMint report

India’s crude steel output rose by about 5 per cent to 10.34 million tonne (MT) in November 2022, according to SteelMint India.

As per the research firm, the top six steel makers — SAIL, Tata Steel, JSW Steel, JSPL, AMNS India and RINL — produced 6.28 MT steel and the rest 4.06 MT came from the secondary sector.

The country had produced 9.88 MT of steel during the same month of 2021, the SteelMint data showed.

In November 2021, large producers jointly manufactured 6.09 MT steel, while the secondary industry produced 3.79 MT, it added. (PTI)

NCLAT sets aside liquidation of Febris Multispeciality Hospital; orders probe into RP’s conduct

The NCLAT has set aside the liquidation of a Delhi-based hospital and directed the Insolvency and Bankruptcy Board of India (IBBI) to investigate the conduct of the resolution professional for “many infirmities and illegalities committed” by him.

The appellate tribunal has set aside an order passed by NCLT for the liquidation of Febris Multispeciality Hospital and said, the “matter is remitted back to NCLT to reexamine the issue and consider changing the RP (resolution professional)”.

A two-member National Company Law Appellate Tribunal (NCLAT) observed that meetings of the Committee of Creditors (CoC) was held “in the premises of the financial creditor and also joint filing of the reply by RP and financial creditor…reflects that something was going on in between the parties”. (PTI)

Japan’s Nikkei falls as tech stocks drag ahead of Fed meet

Japan’s Nikkei share average retreated on Monday from a one-week high, as U.S. data showing sticky inflation raised worries that the Federal Reserve may keep interest rates higher for longer.

Tech and other so-called growth shares sagged after U.S. producer price data on Friday suggested inflation could prove more persistent than previously thought, ahead of a consumer price report on Tuesday and the Fed policy decision the following day.

However, Toshiba bucked the trend, rising almost 2% amid reports that Japan Industrial Partners has moved…