Share Market News Highlights: Sensex, Nifty settle lower; HCL Tech, TechM, Infosys top drags

Share Market Updates Today: Indian equity benchmarks settled lower on Friday, dragged by losses in information technology (IT) and state-owned bank stocks. In contrast, Asian shares climbed as Japan's Nikkei rose 1.18 per cent, South Korea's Kospi gained 0.76 per cent, China's Shanghai Composite climbed 0.30 per cent and Hong Kong's Hang Seng index moved 2.32 per cent higher. Overnight, Wall Street finished higher. All three major US stock indexes, which had come under pressure in recent days, rose. US stock futures moved higher, indicating a positive opening for Wall Street later today. S&P futures rose 0.25 per cent, Nasdaq futures crawled 0.10 per cent up and Nasdaq futures gained 0.33 per cent. Back home, foreign institutional investors sold a net of Rs 1,131.67 crore equities on Thursday, while domestic investors purchased Rs 772.29 crore worth of shares, as per provisional NSE data.

Here are the share market highlights:

Market view - Vinod Nair, Head of Research at Geojit Financial

"Today's downfall in the domestic market was sparked by IT stocks extending their losses after warning of a potential slowdown in business on global recession fears. This was further aggravated by banks losing their grip as PSBs suffered heavy sell-offs. However, global bourses were largely positive, although the Fed is expected to raise interest rates by 50 basis points next week."

Share market breadth

The overall market breadth stood weak as 1,220 shares advanced while 2,300 declined on BSE. The market capitalization (m-cap) of BSE-listed companies stood at Rs 287.70 lakh crore.

Bank stocks outperform

11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty IT and Nifty PSU Bank underperformed the NSE platform by falling as much as 3.14 per cent and 1.77 per cent, respectively. In contrast, Nifty FMCG and Nifty Pharma fell 0.86 per cent and 0.36 per cent, each.

Expert Comment on Impact of RBI's MPC Announcement on Real Estate Sector

Vishal Raheja, MD, InvestoXpert.com says, “The decision of a 35 bps rate hike by the RBI is on the expected lines with an intent to tame high inflation. The real estate sector had started seeing gradual recovery across key property markets and low-interest rates have been the biggest factor in the resurgence of real estate demand in the last few years. The continuous rate hikes may lead to short-term turbulence in the overall housing demand when buyers are optimistic. However, the previous hikes earlier this year haven’t left any significant impact and the demand remained stronger throughout the year across all the segments in the residential market which reflects the strong fundamentals for the sector."

Mid and small-cap stocks

Mid- and small-cap shares finished on a lower note as Nifty Midcap 100 shed 0.40 per cent and small-cap shed 1.10 per cent.

Top gainers & losers on NSE

On the stock-specific front, HCL Technologies was the top Nifty loser as the stock cracked 6.50 per cent to close at Rs 1,029.80. Tech Mahindra, Infosys, Wipro and TCS were also among the laggards. In contrast, Nestle India, Sun Pharma, ITC, Dr Reddy's and Titan were among the top gainers.

Share market closing

Sensex falls 389 points or 0.62 per cent to close at 62,182, Nifty moves 113 points or 0.61 per cent to settle at 18,497

J&K Bank falls 9%

Shares of Jammu & Kashmir (J&K) Bank slumped 9.34 per cent to trade at Rs 55.80. The stock hit a day low of Rs 53.60. A total of 41.28 lakh shares changed hands today, amounting to a turnover of Rs 23.82 crore. The company's market capitalisation or m-cap stood at Rs 5,374.67 crore.

Share market update

Sensex dives 502 points or 0.80 per cent to trade at 62,068, Nifty moves 142 points or 0.76 per cent lower to trade at 18,467; HCL Tech, TechM, Infosys, Wipro, TCS among top drags

Bank of India falls 6%

Shares of Bank of India dropped 5.99 per cent to trade at Rs 94.25. The stock hit a day low of Rs 93.70. A total of 43.03 lakh shares changed hands today, amounting to a turnover of Rs 42.34 crore. The company's market capitalisation or m-cap stood at Rs 38,758.18 crore.

Most active stocks

Yes Bank, PNB, Central Bank of India, Suzlon, IOB, HCC, Bank of Baroda, UCO Bank, South Indian Bank and Bank of Maharashtra were among the most active stocks on NSE, in terms of volume.

Share market update

Sensex falls 235 points or 0.38 per cent to trade at 62,336, Nifty moves 62 points or 0.33 per cent down to trade at 18,547; HCL Tech, Infosys, Tech Mahindra, Wipro and TCS among top drags

Yes Bank shares jump 15%

The stock jumped as much as 14.93 per cent to hit a day high -- also its 52-week high -- of Rs 20.40 as against its previous close of Rs 17.75. (Read more)

Share market breadth

The overall market breadth stood strong as 1,904 shares were seen advancing while 819 were declining on BSE.

Sectoral indices' performance

14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty PSU Bank and Nifty Pharma were outperforming the NSE platform by rising 1.68 per cent and 0.50 per cent, respectively. On the flip side, Nifty IT slipped 0.73 per cent.

Mid & small cap indexes

Mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.73     per cent and small-cap climbed 0.39 per cent.

Top gainers and losers on NSE

IndusInd Bank, Tata Steel, Eicher Motors, Grasim and Adani Ports were among the top gainers on the NSE platform today with their shares up as much as 1.66 per cent. In contrast, HCL Tech, Tech Mahindra, SBI Life, Infosys and Axis Bank were among the top losers.

Share market opening

Sensex rises 119 points or 0.19 per cent to trade at 62,690; Nifty moves 36 points or 0.19 per cent higher to trade at 18,645

Stocks to watch

Paytm: One 97 Communications Ltd, Paytm's parent, said it would hold a board meeting on December 13 to consider a proposal for buyback of equity shares.

Sun Pharma: The pharma giant has issued additional details after the US drug regulator imposed an import alert on future shipments of products made at the plant in Halol, Gujarat.

HUL: Hindustan Unilever Ltd (HUL) said it has entered into the 'Health and Wellbeing (Vitamins, Minerals and Supplements)' category via investments in Zywie Ventures Private Ltd and Nutritionalab Private Ltd.

Max Financial Services: The company has completed acquisition of balance 5.17 per cent stake in Max Life Insurance Company, from Mitsui Sumitomo Insurance Company, Japan. After this transaction, the company's shareholding in Max Life would be increased to 87 per cent.

Lupin: The global pharma major has appointed Spiro Gavaris as President of its US Generics business. The company said Gavaris would be responsible for the overall strategy, implementation and growth of Lupin's US Generics business

Oil prices rise

Brent crude futures rose 74 cents or 0.97 per cent to $76.89 per barrel, while US West Texas Intermediate crude futures moved 81 cents or 1.13 per cent higher to $72.27.

Stocks in F&O ban

Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) and Indiabulls Housing Finance are in F&O (Futures and Options) ban period today. Stocks are placed under F&O ban when the derivative contracts in their securities cross 95 per cent of the market-wide position limit.

FII-DII data

Foreign institutional investors (FIIs) sold Rs 1,131.67 crore worth of shares, while domestic institutional investors (DIIs) purchased Rs 772.29 crore worth of shares on December 8, provisional NSE data showed.

SGX Nifty

Trends on SGX Nifty indicated a higher opening for the domestic markets. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures rose 49.5 points or 0.26 per cent to trade at 18,777.

US stocks

The Dow Jones Industrial Average rose 183.56 points or 0.55 per cent to close at 33,781.48; the S&P 500 gained 29.59 points or 0.75 per cent to finish at 3,963.51; and the Nasdaq Composite added 123.45 points or 1.13 per cent to settle at 11,082.00.

Previous session

The benchmark BSE Sensex had climbed 160 points or 0.26 per cent to close at 62,571 on Thursday, while the broader NSE Nifty had moved 49 points or 0.26 per cent higher to settle at 18,609.