Sensex, Nifty50 open lower amid mixed market cues – Dabur, Just Dial, Hindustan Zinc among stocks to watch out for
- Domestic benchmark indices opened lower on Tuesday following weak cues from global markets due fears of recession gaining strength.
- The 30-stock
Sensexopened 197 points lower at 61,609, while the 50-stock Nifty50opened 80 points lower at 18,340.
- Dabur, Just Dial, and Hindustan Zinc are amongst the
stocks to watchout for on Tuesday.
AdvertisementDomestic benchmark indices opened lower on Tuesday following weak cues from global markets due fears of recession gaining strength.
The 30-stock Sensex opened 197 points lower at 61,609, while the 50-stock Nifty50 opened 80 points lower at 18,340.
Both the indices snapped their two-day losing streak on Monday after a choppy trading session, ending 0.8% higher, driven by auto, FMCG and metal stocks.
“Indian markets could open flat to mildly lower, in line with mostly lower Asian markets today and lower US markets on Monday,” said Deepak Jasani, head of retail research at HDFC Securities.
Asian markets in the red over Covid concerns
Asian share markets were trading mostly in negative territory on Tuesday, as investors anticipated a somewhat rocky road for China's unwinding of COVID restrictions and the prospect that U.S interest rates will rise higher than expected in 2023. The People's Bank of China kept its key lending rates steady.
Tech stocks pull S&P 500 to its lowest level in a month
The US markets continued to decline amid fears of a recession and rate hikes not abating. The Santa rally fizzled out even before it could gain momentum, with the S&P 500 falling 0.9%, while the Dow Jones Industrial Average fell 0.49%. The tech-heavy Nasdaq declined 1.49% amid fears of an IT slowdown. The fall in US’ tech stocks also dragged the benchmark S&P 500 to its lowest levels in a month.
“Investors seemed worried time is running out for a year-end rally. The S&P 500 closed at its lowest level in more than a month, dragged by declines in big-tech firms including Apple Inc., Microsoft Corp. and Amazon.com Inc,” said Jasani.
Brent crude oil prices edged up 0.7% today to hover around $80.36 per barrel.
Besides, Elin Electronics IPO will open for subscription today (December 20) and will close on December 22. Meanwhile, it is the second day to subscribe to the KFin Technologies IPO.
Stocks to watch out for on Tuesday
Dabur India: The Burman family, promoters of Dabur India, are looking to sell ₹800 crore worth of shares via block deal, according to reports. The transaction is expected to take place at a 4% discount to the stock price.
Just Dial: The company’s promoter Reliance Retail Ventures will sell a 2% stake in the company through an open market sale to achieve minimum public shareholding.
Hindustan Zinc: The Vedanta Group firm Hindustan Zinc is planning to invest over $1 billion (₹8,270 crore) to convert its diesel fired mining vehicles into battery operated ones.
Bharti Airtel: Added 0.8 million subscribers in October, with a total subscriber base of 365 million.
Reliance Industries: Its telecom arm Reliance Jio added 1.4 million subscribers, taking its total subscriber base to 421 million.
Vodafone Idea: Lost 3.5 million subscribers, with its subscriber base falling to 245 million.
Stocks in F&O ban on Tuesday
IRCTC, Punjab National Bank, Balrampur Chini Mills, Indiabulls Housing Finance, Bharat Heavy Electricals, Gujarat Narmada Valley Fertilizers, and Delta Corporation are in the list of stocks under F&O ban on Tuesday.
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