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Nifty50: 18,414 ▼ 245 (-1.3%)
Sense: 61,799 ▼ 878 (-1.4%)
Namaste, friends!
The holiday crowd is at its peak! Images of serpentine queues at Delhi airport disappear viral on social media platforms. It’s not just you and us, but the bulls seem to be in rest mode too. Probably why they were out of action today while the bears roared. More on that later.
- Markets witnessed widespread selling.
- In the Nifti50 universe, 45 stocks fell.
- Investors were jittery after the Fed said it would continue to raise rates.
Among the Nifti sector indices, all finished in the red, with the biggest losers being IT (-2.1%) and media (-2.0%).
| Top winners | Today’s change |
| Britannia | 4460 ▲ 50 (+1.1%) |
| Hero MotoCorp | 2,769 ▲ 21 (0.79%) |
| NTPC | 172 ▲ 0.7 (+0.4%) |
| Ultimate losers | Today’s change |
| Tech Mahindra | 1024 ▼ 40 (-3.8%) |
| Titan | 2,520 ▼ 70 (-2.7%) |
| Infosys | 1539 ▼ 39 (-2.5%) |
What’s trending
⭐ Sweet offer from Torrent Pharma
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THORNTPHARM (NSE): 1.604 ▼ 18 (-1.1%)
Torrent Pharmaceuticals has entered into a strategic alliance with Boehringer Ingelheim India (BI India) to jointly market SGLT-2 inhibitor, an anti-diabetes drug in India. According to industry reports, the SGLT-2 inhibitor market is valued at INR 1,927 million. The market has grown at a CAGR of 33% over the last four years.
⭐ Ramkrishna Forgings is betting on EV
RKFORGE (NSE): 256 ▼ 0.5 (-0.2%)
Ramkrishna Forgings has approved an investment to acquire a controlling stake (51% voting rights) in TSUIO Manufacturing, which deals in powertrain solutions for electric vehicles. Ramkrishna Forgings will invest around INR 100 million in TSUIO over the next five years to enhance the latter’s product portfolio. TSUIO expects to achieve a turnover of 500 kroner by the end of the fifth year.
⭐ Smokin’ Hot Rally at Sapphire Foods
SAPPHIRE (NSE): 1400 ▲ 39 (+2.9%)
The company that operates the KFC and Pizza Hut chains saw its shares rise 6.3% on the day thanks to the block deal. Almost 10.7% of capital changed hands through this block.
The company has already announced that one of its shareholders, VVD Ruby, intends to ship 31 lakh shares in multiple tranches by December 21. Meanwhile, another promoter and shareholder, Sagista Realty Advisors, is also exploring options to sell 1.5 lakh shares in the company.
The mandatory IPO lock-up period for the company expired in November 2022.
⭐ Airtel has partnered with Tech Mahindra
BHARTIARTL (NSE): 825 ▼ 3.3 (-0.4%)TECHM (NSE): 1024 ▼ 40 (-3.8%)
Airtel has announced a strategic partnership with Tech Mahindra to deploy a private 5G network at Mahindra’s Chakan facility, making it India’s first 5G-enabled car manufacturing unit. Airtel is testing use cases and delivering spectrum with multiple partners and across multiple locations as part of its 5G business solution.
In focus
Indian IT Sector: Downsizing in 2008?
The Indian IT sector has not been favorable to investors this year. The Nifti IT Index, which tracks technology stocks, provides consistent returns to investors. It rose almost three times between 2017 and 2021. However, in 2022, most IT stocks fell from their highs. Why is this happening? Get the full download here.
Big drop
In in 2022, the Nifty IT index has fallen over 24% since the beginning of the year. Shares of Wipro, Tech Mahindra, Mphasis were the headliners, down 42-44% since January this year. Meanwhile, heavyweights TCS and Infosis fell 11.5% and 18% respectively.
Reasons for the decline
One of the key reasons for this is the change in macroeconomic factors in the west. Aggressive interest rate hikes are likely to slow growth in key markets like the US.
Uncertain economic conditions limit the growth prospects of companies, which indirectly leads to a reduction in IT spending. This directly affects the Indian IT sector as IT companies generate almost 60% of their revenue from the US market.
However, this is not the first time that the IT sector will witness such a decline. Back in 2008, when the economic recession was at its peak, the IT index fell by over 54% on an annual basis. But, in the following year, ie 2009, the IT index increased by 166%.
Will the IT sector usher in better times in 2023? Watch this space as we’ll be tracking it for you.
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Its good to know
What is a block deal?
A block deal is a single transaction of at least 5 lakh shares or a minimum value of Rs 5 crore, generally between two institutional players. Due to the large amount of shares involved in the transaction, this is done through a special ‘block deal’ window to prohibit any risks of market volatility. On the NSE, block deals are conducted in two sessions (morning and afternoon) of 15 minutes each. The price range for such a trade should be within +1% to -1% of the current market price or the previous day’s closing price.
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