Sensex Today Falls 250 Points; IT & Energy Stocks Under Pressure; Tata Steel, Policybazaar Shares Up 3%
Asian share markets are higher today as investors hoped steps to unwind pandemic restrictions in China would eventually brighten the outlook for global growth and commodity demand.
The Nikkei is up 0.1% while the Shanghai Composite gained 1.6%. The Hang Seng zoomed over 3.3%.
In US stock markets, Wall Street indices ended mixed on Friday, although major indexes rallied off their worst levels of the day, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation.
The Dow Jones gained 0.1% while the Nasdaq fell 0.2%.
Here's a table showing how the top US stocks and indices performed on Friday.
| Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
|---|---|---|---|---|---|---|---|
| Alphabet | 100.8 | -0.5 | -0.44% | 101.2 | 99.2 | 152.1 | 83.5 |
| Apple | 147.8 | -0.5 | -0.34% | 148.0 | 145.7 | 182.9 | 129.0 |
| Meta | 123.5 | 3.1 | 2.53% | 124.0 | 117.6 | 352.7 | 88.1 |
| Tesla | 194.9 | 0.2 | 0.08% | 196.3 | 191.1 | 402.7 | 166.2 |
| Netflix | 320.4 | 3.5 | 1.09% | 322.0 | 310.0 | 632.5 | 162.7 |
| Amazon | 94.1 | -1.4 | -1.43% | 95.4 | 93.8 | 177.5 | 85.9 |
| Microsoft | 255 | 0.3 | 0.13% | 256.1 | 249.7 | 344.3 | 213.4 |
| Dow Jones | 34,429.9 | 34.9 | 0.10% | 34,483.2 | 34,039.7 | 36,952.7 | 28,660.9 |
| Nasdaq | 11,461.5 | -21 | -0.18% | 11,492.3 | 11,296.7 | 16,212.2 | 10,088.8 |
Source: Equitymaster
Back home, Indian share markets opened on a flat note following the trend on SGX Nifty.
Benchmark indices fell today as the session progressed, extending its previous day's decline amid profit-taking after rallying to all-time high levels last week.
The BSE Sensex is trading down by 227 points. Meanwhile, the NSE Nifty is trading lower by 64 points.
Hindalco and Tata Steel are among the top gainers today. SBI Life and Adani Enterprises, on the other hand, are among the top losers today.
The BSE Mid Cap index is up 0.1% while the BSE Small Cap is trading higher by 0.4%.
Sectoral indices are trading on a mixed note with stocks in the metal sector witnessing buying.
IT and energy stocks, on the other hand, are trading in the red.
Shares of SJVN and IDFC hit their 52-week highs today.
The rupee is trading at 81.42 against the US$.
Gold prices are trading up by 0.7% at Rs 53,265 per 10 grams.
Meanwhile, silver prices are trading by 1.7% at Rs 65,878 per kg.
Crude oil prices rose today after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude.
Bajaj Holdings Share Price Under Pressure
Indian benchmark indices have been hitting record highs in recent sessions despite weak global cues.
Amid this bullish sentiment, shares of various companies have fallen. Bajaj Holdings and Investments is one of them.
Maruti Suzuki to Increase Vehicle Prices
Automaker Maruti Suzuki India said that it plans to increase prices across models from January 2023, citing cost pressures due to inflation and regulatory requirements.
The automaker reported a 14% YoY rise in its total sales in November 2022. Maruti Suzuki sold 1,59,044 units in November this year versus 1,39,184 in the same period last year.
The figure comprises domestic sales (1,35,055 units), sales to other OEMs (4,251 units), and exports (19,738 units).
While sales were on the rise, the production of domestic models was impacted due to the electric component shortage.
The company's domestic sales went up 18% to 1,39,306 units versus 1,17,791 units in November last year. Sales of mini cars (Alto, S-Presso) went up to 18,251 units from 17,473 units in the same month the previous year.
Exports, on the other hand, dropped to 19,738 units as against 21,393 units in the same month last year.
Pharma Companies Under Pressure
Drug majors Dr Reddy's Laboratories and Sun Pharma are recalling different products in the US market for manufacturing issues, according to the US Food and Drug Administration.
As per the enforcement report by the US health regulator, the US-based arm of Dr Reddy's Laboratories is recalling over 48,000 cartons of a drug used to treat sneezing, runny or stuffy nose. It is recalling 25,176 cartons of 30-count tablets and 22,968 cartons of 20-count tablets.
According to USFDA, Dr Reddy's Laboratories recalls the affected lot due to failed stability specifications.
New Jersey-based Dr Reddy's Laboratories, Inc initiated the Class III recall on 21 November this year. As per USFDA, a Class III recall is initiated in a situation in which the use of, or exposure to, a violative product is not likely to cause adverse health consequences.
The health regulator further said the US-based arm of Sun Pharma is recalling 14,064 cartons of a medication to treat erosive esophagitis or heartburn caused by gastroesophageal reflux disease (GERD). The company is recalling the affected lot, produced at its Mohali plant, due to discoloration.
Sun Pharma commenced the Class II voluntary recall in the US on 25 July this year.
As per USFDA, a Class II recall is initiated in a situation in which the use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.
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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...
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