Share Market Highlights- Nifty, Sensex settle marginally higher, Bank Nifty tops 44100; US Fed meet outcome eyed

Share Market Highlights: Nifty, Sensex settle marginally higher, Bank Nifty tops 44100; US Fed meet outcome eyed

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity indices BSE Sensex and NSE Nifty end mildly in the green amid positive global cues. Sensex added over 100 points, settling at 62,677, while Nifty gained 0.28% to close at 18,660. Bank Nifty hit a fresh high intraday for the second consecutive session, tops the 44,100 level and ended 100 points higher. Nifty IT recouped some losses, ending over 1% higher.

After four consecutive hikes of 75 basis points, the market is expecting Fed Chair Jerome Powell to moderate the pace of hikes to 50 bps amid early signs of moderation in inflation. The outcome of the two-day meeting of the Federal Open Market Committee (FOMC)’s last meeting of 2022, would be known this midnight. “Any upside surprises to the November US CPI inflation print, due just before the FOMC, would trigger a more hawkish bias to the Fed Chairs’ statement in the press conference. The robust labour market and other activity indicators continue to point towards a possibility of a higher terminal Fed rate in the coming FOMC,” Kotak Mahindra Bank said in a note.

Live Updates 16:12 (IST) 14 Dec 2022 Nifty remains range-bound

“Nifty remained range-bound following a start with an upside gap. On the higher end, however, it failed to move beyond the resistance of 18,700. The trend remains positive as long as it holds above 18,500. On the higher end, the directional up move may come above 18,700 only. Till then, Nifty may remain within the range of 18,500-18,700.”

– Rupak De, Senior Technical Analyst, LKP Securities

15:54 (IST) 14 Dec 2022 Top gainers, losers

Hindalco, JSW Steel, ONGC, UPL and Eicher Motors are the top gainers on the NSE Nifty 50 index, while Nestle India, ICICI Bank, Bharti Airtel, Asian Paints and Hindustan Unilever are the index's laggards.

15:35 (IST) 14 Dec 2022 Nifty, Sensex settle higher

Sensex added over 100 points, settling at 62,677, while Nifty gained 0.28% to close at 18,660. Bank Nifty hit a fresh high intraday for the second consecutive session, tops the 44,100 level and ended 100 points higher.

14:23 (IST) 14 Dec 2022 Bank Nifty clear outperformer

“Technically, Bank Nifty’s make-or-break support is at 43589. On the upside, Bank Nifty’s immediate goal post is seen at 44750-45400 zone. All eyes will be on the Fed outcome to be wired today. The positive takeaway is that Bank Nifty on daily charts is now signalling a massive intraweek-breakout in the backdrop of the recent sequence of higher high/low remaining intact on all-time-frames. Bank Nifty stands as a clear star outperformer against the benchmark Nifty over the past one month.”

– Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

13:37 (IST) 14 Dec 2022 Will Bank Nifty hit 45,000 in near-term?

Banking stocks have generated exceptional returns over the past two to three months, since banks, PSU banks in particular, are going through a cycle of excellent credit growth, good NII growth, good NIMs, while cleaning up their balance sheet. There may be further momentum that might continue in these stocks,” said Naveen Mishra, Senior Research Analyst – Equity Research, CapitalVia Global.

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13:00 (IST) 14 Dec 2022 WPI below estimates

“The WPI inflation print is a pleasant surprise, after several months of high double-digit levels, it has hit a 21-month low of 5.85%. The WPI print is way below most estimates. We have a situation where CPI as well as WPI is below the 6% mark after several months of elevated prices. The fall in commodity and food prices are the major reasons for the WPI cooling off. The fall in WPI inflation needs to be consistent and durable for the policymakers to take note of it and change their view and soften their stance on it. WPI cooling off will percolate well in terms of ease in the prices of industrial goods.”

– Raheel Shah, Director, BDR Pharmaceuticals

11:49 (IST) 14 Dec 2022 Upmove likely to continue

“Bullish candle on daily carts and promising reversal formation indicating continuation of uptrend wave in the near future. We are of the view that, uptrend texture is likely to continue in the near future and 18700-18725/62800-63000 would be the next resistance zone for the bulls. On the other side, a fresh selloff possible only after dismissal of 18450/62000 below the same, traders may prefer to exit out from the trading long positions.”

– Shrikant Chouhan, Head of Research (Retail), Kotak Securities

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10:56 (IST) 14 Dec 2022 Nifty Derivative view

“Nifty weekly contract has highest open interest at 19,000 for Calls and 18,500 for Puts while monthly contracts have highest open interest at 19,000 for Calls and 18,000 for Puts. Highest new OI addition was seen at 19,050 for Calls and 18,550 for Puts in weekly and at 18,900 for Calls and 18,500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.80%, increased future index shorts by -3.81% and in index options by -6.42% in Call longs, 2.32% in Call short, -14.58% in Put longs and 14.95% in Put shorts.”

– Anand James – Chief Market Strategist, Geojit Financial Services

10:20 (IST) 14 Dec 2022 Nifty outright collapse less likely

“Last two days uppish bias has acted out on anticipated lines. While directional moves are not yet within sight, extension of upsides into the 18,700-770 region is likely. Alternatively, slippage below 18,560 would render the trend sideways though, with an outright collapse less likely for now.”

– Anand James – Chief Market Strategist, Geojit Financial Services.

10:11 (IST) 14 Dec 2022 Paytm sinks over 2%

Paytm parent, One 97 Communications, falls over 2% intraday as the company's board approves plans of a share buyback.

09:50 (IST) 14 Dec 2022 Gold trades higher

Gold rate was positive on Wednesday as traders await rate hike decision from the US Fed, while silver rate was up 0.36%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,848 per 10 grams, up Rs 105 or 0.19%. Silver March futures were trading Rs 245 higher at Rs 69,020 per kg on MCX topping the 69,000 level.

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09:45 (IST) 14 Dec 2022 Indices start session higher

BSE Sensex and NSE Nifty start the day's session higher amid positive global cues. Nifty trades higher 0.35% at 18,666, as Sensex is adds over 150 points to trade at 62,697. The Bank Nifty index hits a fresh record high for the second consecutive session, tops the 44,000 level, with constituents AU Bank and Kotak Bank leading the gains.

09:08 (IST) 14 Dec 2022 Nifty, Sensex trade higher during pre-open

Indian benchmark equity indices NSE Nifty and BSE Sensex traded higher in the day's pre-open session. Nifty rose 0.3% to settle at 18671, while Sensex was up over 100 points at 62690.

09:04 (IST) 14 Dec 2022 Market is unlikely to surge

“The lower-than-expected November CPI inflation in the US which came at 7.1 % YoY and only 0.1% MoM confirms the market expectation that the Fed will hike rate by only 50bp today. The consensus terminal Fed fund rate is now slightly below 5%, which is market positive. However, since recession in the US in 2023 is a high probability event, the market is unlikely to surge. In India, the bank index, and within the bank index the PSU bank segment, is the strongest segment and this can continue to remain resilient. HDFC twins exhibit strength. The recovery in the IT segment has some more steam to go. The resumption of FII buying is another positive. However, Nifty is unlikely to break out of the 18,400-18,800 range and sustain at higher levels. High valuations are likely to cap the rally.”

– Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

08:55 (IST) 14 Dec 2022 Nifty support at 18365

“Markets are likely to be in a strong position in early trades Wednesday, as uptick in the US and Asian indices would help the mood stay bullish. All eyes will be on today's US FOMC meeting on interest rate later in the day, as the outcome would set the tone for the rest of the equity markets across the globe. If the rate hike is on expected lines, the likely optimism could continue in the next few sessions, although other concerning factors like recessionary fears and slowdown in global growth could test markets in the long term. Technically, Nifty has support at 18365 and 18117 levels, while the index may have resistance at 18888 and 19001.”

– Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

08:32 (IST) 14 Dec 2022 Auto ancillaries and Metal may outperform

“Bears remain in trap as 18350 levels are sustained. Volume profile indicates these levels are strong support for the coming days and stock-specific action would drive the market. On the derivatives front, the highest call OI is at 18700 strike price, followed by 18800 strike prices. While on the put side, highest OI remains at 18500, followed by 18400 strike price. On the other hand, Bank Nifty has support at 43300 levels while resistance is placed at 44600. Auto ancillaries and Metal may outperform in the near term,” said Om Mehra, Technical Associate, Choice Broking.

08:29 (IST) 14 Dec 2022 US inflation subsides

US consumer prices rose less than expected for a second straight month in November, resulting in the smallest annual increase in inflation in nearly a year and giving the Federal Reserve cover on Wednesday to start scaling back the size of its interest rate increases. The consumer price index increased 0.1% last month after advancing 0.4% in October.

08:12 (IST) 14 Dec 2022 Stocks under F&O ban on NSE

BHEL, Delta Corp, and GNFC are the three stocks under the NSE F&O ban list for 14 December. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.

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08:03 (IST) 14 Dec 2022 US stocks rising on back of cooling inflation

US stocks rose overnight after an unexpectedly small consumer price increase buoyed optimism that the Federal Reserve could soon dial back its inflation-taming interest rate hikes, but concerns remained that Fed could stay aggressive.

08:02 (IST) 14 Dec 2022 FIIs net buyers

Foreign institutional investors (FIIs) net bought shares worth Rs 619.92 crore, while domestic institutional investors (DIIs) net bought equities worth Rs 36.75 crore on 13 December, according to the provisional data available on the NSE.

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07:58 (IST) 14 Dec 2022 Asian market watch

Asia-Pacific markets traded higher on Wednesday, tracking gains in Wall Street indices. Japan’s Nikkei 225 gained 0.26% while the Topix was 0.24% higher. South Korea’s Kospi also rose 0.7%.