Sensex, Nifty Snap 4-Day Winning Streak to End 1% Lower; JSW Steel & UltraTech Cement Top Losers

Thu, 6 Jan Closing

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Indian share markets witnessed negative trading activity throughout the day today and ended lower.

Benchmark indices broke their four-day winning streak and ended lower on the back of weak global cues.

Global markets were also under pressure as persistent inflationary pressure and fears of a faster-than-expected rise in US interest rates weighed on riskier assets.

At the closing bell, the BSE Sensex stood lower by 621 points (down 1%).

Meanwhile, the NSE Nifty closed lower by 179 points (down 1%).

UPL and IndusInd Bank were among the top gainers today.

JSW Steel and UltraTech Cement, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,820, down by 152 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended on a flat note today.

Sectoral indices ended on a mixed note with stocks in the IT sector, realty sector and energy sector witnessing most of the selling pressure.

Telecom and auto stocks, on the other hand, witnessed buying interest.

Shares of KPIT Technologies and Balrampur Chini hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended up by 0.7%, while the Shanghai Composite ended down by 0.3%. The Nikkei ended down by 2.9% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading up by 27 points.

The rupee is trading at 74.49 against the US$.

Gold prices for the latest contract on MCX are trading down by 1% at Rs 47,560 per 10 grams.

Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia shares his view on midcaps and smallcaps in 2022.

In a video last year, Brijesh had said midcaps and smallcaps would outperform the Nifty and that's exactly what happened. The broader market created a lot of wealth for traders and investors in 2021.

Will this trend continue in 2022? Brijesh answers this question in the video below.

In news from the energy sector, Reliance Industries was among the top buzzing stocks today.

Reliance Industries (RIL) today announced that it has raised US$4 bn in US dollar bond issuance in three-tranches.

It has been the largest ever foreign currency bond issuance from India, the company said.

The notes were nearly 3 times oversubscribed with a peak orderbook aggregating around US$11.5 bn and were priced through RIL's secondary curve.

The conglomerate raised US$1.5 bn in a 10-year tranche, US$1.8 bn in a 30-year and US$750 m in a 40-year deal.

Part of the cash will be used to refinance US$1.5 bn worth of debt due to mature in February.

'Interest on the notes will be payable semi-annually in arrears and the notes shall rank pari passu with all other unsecured and unsubordinated obligations of RIL. The bond proceeds will be primarily used for refinancing of existing borrowings', RIL informed in an exchange filing today.

The notes received orders from over 200 accounts in Asia, Europe and the United States. In terms of geographic distribution, the notes were distributed - 53% in Asia, 14% in Europe and 33% in the United States.

The notes were distributed to high quality fixed income accounts - 69% to fund managers, 24% to insurance companies, 5% to banks and 2% to public institutions.

Reliance Industries share price ended the day down by 2% on the BSE.

Moving on to news from the retailing sector...

Future Group Shares Jump After Court Halts Arbitration with Amazon

Shares of Future Group companies jumped today, a day after an Indian court halted arbitration proceedings between the conglomerate and estranged partner Amazon.com Inc.

A two-judge bench of the Delhi High Court on Wednesday agreed with Future Group that there was no legal basis for the arbitration between the two sides to continue given India's antitrust agency had suspended a key 2019 deal used by Amazon to assert rights over Future.

The Delhi court's decision is a setback for the U.S. e-commerce giant, which had for months used the terms of its US$200 m investment in Future Group in 2019 to block the Kishore Biyani-owned company's attempt to sell retail assets to Reliance Industries, until the antitrust agency's suspension of the deal last December.

Future Group previously said if the Reliance asset sale deal fails, it will likely face liquidation as its retail businesses were hit hard during the pandemic.

The court will reconvene on 1 February 2021 to hear the case again. A source familiar with the case said Amazon was likely to legally challenge the decision.

The dispute between Future Group, Amazon and Reliance is seen as a battle for dominance in the Indian retail market between Amazon's Jeff Bezos and Reliance's Mukesh Ambani.

Shares of Future Enterprises, Future Consumer, Future Retail and Future Lifestyle ended the day up by 5.2%, 5.5%, 4.6% and 5.5%, respectively.

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If you're interested to know how a stock's life cycle can offer you the opportunity to make money in every phase, you can read about it in one of the recent editions of Profit Hunter: One Cycle That Defines Everything in the Markets

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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