SGX Nifty Down 56 Points | Bharti Airtel Partners Tech Mahindra for 5G Services | Why IT Stocks are Falling | Top Buzzing Stocks Today

Fri, 16 Dec Pre-Open

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On Thursday, Indian share markets extended losses as the session progressed and ended deep in the red.

Indices came under pressure and saw a steep fall, especially in the final hour of trading.

Indian investors shared the pessimistic sentiment with their global peers after Fed maintained its hawkish tone on Wednesday.

US central bankers see the policy rate, now in the 4.25%-4.5% range after Wednesday's 50-basis-point increase, rising to 5.1% by the end of next year.

At the closing bell on Thursday, the BSE Sensex stood inched lower by 879 points (down 1.4%).

Meanwhile, the NSE Nifty closed lower by 245 points (down 1.3%).

Britannia, Hero Motocorp, and NTPC were among the top gainers.

Tech Mahindra, Titan, and Infosys, on the other hand, were among the top losers.

The BSE Midcap inched lower by 1.1% while the BSE SmallCap index dived 0.6%.

If you're looking to invest in midcap stocks that offer growth in the long run, check out these 5 midcap stocks for long term.

Barring oil & gas sector, all sectoral indices ended on a negative note with stocks in the metal sector, realty sector, finance sector and banking sector witnessing most of the selling.

Shares of Britannia, Apollo Tyres, and Federal Bank hit their 52-week highs.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 82.8 against the US$.

Gold prices for the latest contract on MCX were trading lower by 1.1% at Rs 54,674 per 10 grams, at the time of Indian market closing hours on Thursday.

At 8:40 AM today, the SGX Nifty was trading down by 56 points or 0.3% lower at 18,400 levels.

Indian share markets are headed for a negative opening today following the trend on SGX Nifty.

Speaking of stock markets, Rahul Shah talks about 20 stocks to watch out for high dividends in 2023.

In the video, he talks about a market-beating strategy for stock picking without using mathematics.

Tune in to know what exactly this strategy is and how it works.

Top Buzzing Stocks Today

L&T will be among the top buzzing stocks today.

Engineering and construction behemoth Larsen & Toubro's hydrocarbon business has secured two significant orders that ranges between Rs 10 billion (bn) to Rs 25 bn.

Biocon share price will also be in focus today.

Biotechnology major Biocon initiated a clinical study in collaboration with Equillium Inc to evaluate the efficacy of Itolizumab in patients with Ulcerative Colitis.

This study done by the company will cover several tertiary hospitals specialized in handling UC cases

Bharti Airtel collaborates with Tech Mahindra

Bharti Airtel partners with Tech Mahindra to deploy a 5G captive private network at Mahindra's Chakan manufacturing facility.

This facility has become India's first 5G-enabled auto manufacturing unit.

The company's 5G for the business initiative has significantly enhanced Chakan's network connectivity, which has resulted in improved speeds for software flashing, a critical operation for all vehicular dispatches.

The company is spearheading 5G deployment in India. The company has been testing use cases and spectrum delivery with multiple partners and at several locations.

With Tech Mahindra's industry knowledge to provide specialized services to customers, proven system integration capabilities, and 5G enterprise solutions capabilities, the company is planning to accelerate the adoption of transformative network technologies like 5G in India.

This partnership is in line with Tech Mahindra's framework, which aims to enhance the human-centric experience and focuses on investing in emerging technologies and solutions that enable digital transformation.

Bharti Airtel is a global communications solutions provider with over 500 million customers in 17 countries across South Asia and Africa.

Why IT stocks are falling

Shares of most IT companies took a hit yesterday. Shares of Tech Mahindra, Infosys, LTIMindtree, and TCS dived up to 4% yesterday.

The fall was observed after US Fed announced a 50-basis points rate hike.

This fear of an impending recession in the US economy after the US Federal Reserve's most aggressive interest rate tightening cycle in four decades has shrouded the outlook for Indian IT companies in darkness.

Amid these concerns around margins and growth outlook in a weakening global macro backdrop, the year 2022 has been a never-ending winter for tech stocks.

To dig deeper into the IT stock crash, check out why Infosys, TCS, HCL Tech, and other IT stocks are falling.

Abans Holdings IPO

The Rs 3.5 bn initial public offering of Abans Holdings continued to receive a cold shoulder from the investors during the final day of the bidding process.

The issue was subscribed 46% by the end of Thursday.

The company is selling its shares in the range of Rs 256-270 apiece between December 12-15, with a lot size of 55 shares.

The issue comprises the issuance of fresh shares worth Rs 1 bn and an offer for sale (OFS) of Rs 2.4 bn.

The quota for retail bidders was subscribed at 35%, whereas the allocation for non-institutional investors and qualified institutional bidders was booked at 36%.

The allocation for qualified institutional buyers was subscribed 2.2 times.

To know more about IPOs, check out the upcoming IPO section on our website.

Rupee plunges 30 paise

The rupee crashed against the dollar on Thursday after the Federal Reserve projected higher for longer interest rates despite cooling inflation and recession risks which weighed on sentiment.

The rupee was last changing hands at 82.76 per dollar, compared to its previous close of 82.45 on Wednesday down by 30 paise.

The domestic currency dropped 27 paise to close provisionally at Rs 82.76 against the US dollar.

This downfall was on the back of the Fed raising interest rates by half a percentage point.

Further, the FII outflow put additional pressure on the local currency, in addition to solid demand for the greenback from Indian importers.

If you're looking for investing ideas, we suggest watching this video - How to Profit from a Rising US Dollar.

Also, read our recent pieces on how IT stocks benefit from a falling rupee and the 5 stocks that can gain from a falling rupee.

And 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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