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The frontline indices traded with minor cuts in afternoon trade. The Nifty traded below the 18,700 mark after hitting the day's high of 18,728.60 in early trade. Metal, PSU bank and realty shares were in demand while oil & gas, healthcare and IT shares declined. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 147.24 points or 0.23% to 62,721.26. The Nifty 50 index added 42.55 points or 0.23% to 18,653.55. In the broader market, the S&P BSE Mid-Cap index shed 0.05% while the S&P BSE Small-Cap index added 0.32%. The market breadth was positive. On the BSE, 2,069 shares rose and 1,449 shares fell. A total of 192 shares were unchanged. Investor sentiment took a hit after November US payrolls report instilled expectations that the US Fed would stick to its rate hike path to combat the high inflation. Nonfarm payrolls climbed more than anticipated by 263,000, while wage growth ran higher despite recessionary pressures ahead. Meanwhile, oil prices rose sharply on Monday, thanks to relaxations of strict Covid measures in China, while the OPEC kept production steady at its latest meeting. The Reserve Bank of India (RBI) is all set for its bi-monthly policy review with the Monetary Policy Committee (MPC) meeting starting today. The bi-monthly policy review is expected to come out on 7 December 2022. More than the quantum of rate hikes, domestic investors would watch out for the Central Bank's commentary as it ramps up its efforts to curb inflation and push growth. On the political front, Gujarat Assembly Elections will be closely watched. The second phase of polling is being held today, 5 December 2022. The first phase of assembly polls in Gujarat was held on 1 December 2022. The results will be declared on 8 December 2022. Economy: Indian services firms continued to benefit from accommodative demand conditions in November. New business inflows rose markedly and at the quickest pace in three months, supporting a sharp expansion in output and further job creation. There was another substantial increase in input costs, the second-fastest since July, which underpinned the strongest upturn in selling charges in just under five-and-a-half years. Rising from 55.1 in October to 56.4 in November, the seasonally adjusted S&P Global India Services PMI Business Activity Index indicated a sharp increase in output that was the quickest in three months. Survey participants linked the latest expansion to demand strength, successful marketing and a sustained upturn in sales. Gainers & Losers: Hindalco Industries (up 3.55%), Tata Steel (up 2.77%), UPL (up 1.76%), JSW Steel (up 1.45%) and ONGC (up 1.24%) were top Nifty gainers. Adani Enterpeises (down 1.90%), Apollo Hospitals Enterprise (down 1.56%), Tata Motors (down 1.32%), Dr. Reddy's Laboratories (down 1.09%) and Reliance Industries (down 1.64%) were major Nifty losers. Stocks in Spotlight: Adani Ports and Special Economic Zone (APSEZ) skid 0.15%. The company said that it handled a cargo volume of approximately 25.3 million metric tonnes (MMT) in November 2022, registering a growth of 2.26% from 24.74 MMT recorded in November 2021. The rise in total cargo volume factors year on year (YoY) growth of 6% in container volumes and 2% in dry bulk cargo. Hatsun Agro Product gained 2.24% after the company announced that its board has approved raising Rs 301 crore through rights issue of equity shares. In an exchange filing, the company said that its board has approved issuing upto 71,85,444 fully paid-up equity shares at Rs 419 each, aggregating to Rs 301,07,01,036. The issue will open on Monday, 19 December 2022, and it will close on Monday, 9 January 2023. The record date is fixed on Thursday, 8 December, 2022. The rights entitlement ratio is set at 1:30 (one rights equity share for every thirty fully paid-up equity shares held by the shareholders, as on the record date). Mahindra & Mahindra Financial Services rallied 5.72% after the NBFC said that it has recorded a disbursement of approximately Rs 4,500 crore in November 2022, delivering a 75% year on year (YoY) growth. The counter hit a 52 week high of Rs 243.60 in intraday today. SpiceJet rose 2.05% after the company said its operations, safety processes and systems were found to be strong by the International Civil Aviation Organisation (ICAO). ICAO is a specialized agency of the United Nations to promote the safe and orderly development of international civil aviation around the world. Indian Energy Exchange (IEX) added 0.70%. IEX announced that it has recorded 7,392 MU electricity volume in November 2022, registering a 9% year on year (YoY) growth. The power exchange said that it achieved 7,764 MU total volume in November 2022, including Green Power trade of 354 MU, and 3.72 lac RECs (equivalent to 372 MU). However, the overall volume reduced 16% YoY, as the corresponding month last year had high REC volumes of 24.4 lacs to fulfil the pent-up demand caused by a 16-month gap of trading, the company said. Global Markets: Most Asian stocks advanced on Monday as China relaxed virus testing rules in some cities, signaling more easing may come in the nation, which has been under strict Covid-related restrictions for more than two years. China's services activity shrank to six-month lows in November as widening COVID containment measures weighed on demand and operations, a private-sector business survey showed on Monday, pointing to a further hit to economic growth. The Caixin/S&P Global services Purchasing Managers' Index for November came in at 46.7, representing the lowest reading in six months. The print also marks the third consecutive month of contraction in output and new work, after October's reading came in at 48.4, while September's print was 49.3. The figure echoed weak data in a larger official survey on Wednesday, which showed services activity fell to seven-month lows. US stocks cut much of their earlier losses Friday as investors looked past hotter-than-expected labor data to the upcoming Federal Reserve meeting. Job growth was stronger than expected in November despite the Federal Reserve's efforts to cool the labor market. Nonfarm payrolls grew by 263,000 last month while the unemployment rate was unchanged at 3.7%, according to the Labor Department on Friday. Powered by Capital Market - Live News
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