The key equity indices traded with modest losses in early trade on a bit of a selling pressure in index pivotals. Negative global cues dented the investors sentiment. The Nifty traded below the 18,750 mark. Oil & gas, realty and media stocks advanced while auto, financial services and bank shares declined.
At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 307 points or 0.49% to 62,977.19. The Nifty 50 index shed 86.95 points or 0.46% to 18,725.55.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index added 0.22%.
The market breadth was strong. On the BSE, 1,680 shares rose and 1,031 shares fell. A total of 141 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,565.93 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,664.98 crore in the Indian equity market on 1 December, provisional data showed.
Economy:
The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which CGST is Rs 25,681 crore, SGST is Rs 32,651 crore, IGST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and Cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods). The revenues for the month of November 2022 are 11% higher than the GST revenues in the same month last year, which itself was Rs 1.31,526 crore. During the month, revenues from import of goods were 20% higher and the revenues from domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year.
Stocks in Spotlight:
Hero MotoCorp declined 0.68%. The 2-wheeler major sold 390,932 units of two-wheelers in November 2022, a growth of 12% over the corresponding month of the previous year (November 2021), when the company had sold 349,393 units.
Godrej Properties added 0.49%. The company announced that it has, on an outright basis, acquired around 18.6-acre land parcel in Kandivali, Mumbai. The project will have a developable potential of approximately 3.72 million square feet with an estimated revenue potential of approximately Rs 7,000 crores.
PB Fintech rallied 3.23%. SoftBank is reportedly likely to sell a 5% stake in PB Fintech via a block deal today, 2 December 2022. The stake that would be offloaded would be worth Rs 1,000 crore, the report said.
NLC India rose 1.08%. An MoU was signed between NLC India & GRIDCO (Grid Corporation of Odisha) for the purpose of setting up Ground Mounted/Floating Solar Power Projects, Pumped Hydro Storage Projects, Green Hydrogen Projects and any other renewable projects.
SML Isuzu gained 1.73%. The company sold 729 units of cargo and passenger vehicles in November 2022, up 21%, as against 603 units sold in same month last year.
Ashiana Housing added 1.79% after the company said that it has entered into a development agreement to develop a group housing project with approximate saleable area of 4 lakh sq. ft at Village Murlipura, Jagatpura, Jaipur (Rajasthan).
Global Markets:
Asian stocks were trading lower as investors looked for clarity after China signaled slight easing of its stringent Covid restrictions.
South Korea's consumer prices rose 5% in November from a year earlier, government data showed on Friday. The November inflation rate compared with 5.7% in October. The country's inflation rate has been falling since hitting a 24-year high of 6.3% in July as global energy prices eased and the economy slowed.
US stocks ended mixed on Thursday as investors awaited jobs data coming Friday that could determine the pace of the Federal Reserve's future rate tightening.
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