Indian Share Markets Trade Lower; Banking and Finance Stocks Under Pressure

Fri, 24 Dec 10:30 am

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Asian stock markets are trading on a steady note today after US shares reached an all-time high amid optimism that the economic recovery will shrug off the outbreak of the omicron virus strain.

The Hang Seng is up 0.3%, while the Shanghai Composite is trading down by 0.4%. The Nikkei is trading up by 0.1%.

In US stock markets, Wall Street's main indexes posted solid gains for a third straight session on Thursday, with the S&P 500 marking a record-high close, as encouraging developments gave investors more ease about the economic impact of the Omicron coronavirus variant.

Economic data painted a picture of solid US growth. Consumer sentiment improved, new home sales increased, durable goods orders beat forecasts and jobless claims signaled further labour market healing.

Sentiment was helped by a UK study suggesting omicron infections are less likely to lead to hospitalization.

The Dow Jones Industrial Average rose 197 points while the S&P 500 gained 29 points. The Nasdaq Composite added 132 points, or 0.9%.

US stock markets will be closed today in observance of Christmas.

Back home, Indian share markets are currently trading marginally lower.

Benchmark indices opened in green today tracking global cues but erased gains as the session progressed.

Meanwhile, market participants are tracking FII activity as reduced FII outflows in the last few days have improved sentiment.

Data Patterns, a defence sector player, made its debut on the bourses today. It raised Rs 5.9 bn between 14-16 December by selling its shares in the range of Rs 555-585 apeice.

The BSE Sensex is trading down by 256 points. Meanwhile, the NSE Nifty is trading lower by 88 points.

HCL Tech and ITC are among the top gainers today.

IndusInd Bank, on the other hand, is among the top losers today.

Broader markets are under pressure today. The BSE Mid Cap index is down 0.8%. The BSE Small Cap index is trading lower by 0.6%.

Sectoral indices are trading mixed with stocks in the banking sector and finance sector witnessing selling pressure.

IT stocks, on the other hand, are trading in red.

Shares of Persistent Systems and Allcargo Logistics hit their 52-week highs today.

The rupee is trading at 75.09 against the US$.

Gold prices are trading on a flat note at Rs 48,140 per 10 grams.

Meanwhile, silver prices are trading up by 0.1% at Rs 62,316 per kg.

Note that bullion has benefitted in the last few sessions from a weakening US dollar as Omicron fears recede and risk assets appreciate.

In the previous session, gold edged higher tracking a weaker US dollar. Although, renewed risk appetite fueled by an encouraging Omicron study and increased optimism around the global economic outlook kept gains in check.

Physical gold demand in India showed a modest improvement this week as some buyers rushed to stores anticipating a further rise in domestic prices, while customers in other Asian hubs started bullion shopping for Christmas.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

In news from the energy sector, Indian Oil Corporation (IOC) will invest Rs 90.3 bn to build a new crude oil pipeline between Mundra in Gujarat and Panipat in Haryana.

India's largest refiner will set up this pipeline which will have a capacity of 17.5 m metric tonnes per annum. The company will also build 9 crude oil tanks of 60,000 kilolitres each at Mundra which would help in enhancing crude oil storage capacity in the country.

Here's what the company said in a statement,

• The new pipeline system and crude oil tank storage would help in meeting the enhanced need of crude oil requirement due to the expansion of the Panipat refinery.

The crude oil pipeline project is expected to be completed in synchronization with the commissioning of Panipat refinery expansion.

The company aims to raise the capacity of the Panipat refinery from 15 m tonnes per annum to 25 m tonnes by the second quarter of 2024-25.

Indian Oil operates a network of more than 15,000 km long crude oil, petroleum product, and gas pipelines.

IOC share price is currently trading down by 0.5%.

To know more, check out IOC's 2020-21 annual report analysis.

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Moving on to news from the IT sector, Wipro announced that it has inked an agreement to acquire Edgile, a transformational cybersecurity consulting firm based in Austin, Texas.

Wipro will pay US$230 m in cash to acquire the company in order to strengthen its foothold in the constantly advancing cybersecurity services industry.

Edgile's experienced cybersecurity and risk management professionals would empower Wipro to significantly expand its cybersecurity and risk consulting expertise for the benefit of its customers, the Indian IT major said in a regulatory filing.

The company's filing also states that Wipro and Edgile will team up to build Wipro CyberTransform, an integrated suite that will facilitate enterprises to strengthen boardroom governance of cybersecurity risk, reap the benefits of practical security in action and invest in robust cyber strategies.

Note that the acquisition of Edgile will be the eighth acquisition for the Bengaluru-based IT services behemoth since Thierry Delaporte took over as CEO in October 2020.

Under Delaporte, the company also completed its largest-ever acquisition of Capco, a London based technology consultancy to the banking and financial services industry for US$1.45 bn.

Shares of Wipro are currently trading up by 0.2%.

To know more, check out Wipro's 2020-21 annual report analysis.

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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