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Stock Market LIVE: Indices turn flat; Auto, FMCG shed; IT shines

Higher valuations in India and attractive valuations in markets like China are nudging the FIIs to sell in India and move money to cheaper markets

US Inflation data in focus as World Bank warns of global recession in 2023

Stock markets turn flat once again Wednesday as Sensex is below 60,100 mark and Nifty at around 17,900. Airtel and Cipla are down, while Hindalco, TCS and Infosys gain. IT remains strong; Auto, Pharma and FMCG indices drag. 

The US CPI is expected to show December’s headline inflation at 6.5% versus 7.1% in November, which might give the Fed a reason to be less concerned about inflation. Meanwhile, the World Bank slashed its growth forecasts for most countries and warned that new adverse shocks could tip the global economy into a recession.

Multibagger SME IPO jumps 550% in 4 month. Declares bonus shares, stock split

The initial public offering (IPO) of Rhetan TMT Ltd was launched in August 2022 and the Rhetan TMT shares were listed on the BSE SME exchange on 5th September 2022 at ₹70 apiece level, exactly at its price band of ₹70 per equity share. However, it ended at ₹66.50 apiece level, below its price band. But, those allottees who remained invested in the stock backing their conviction, have got strong returns in the last four months of its listing. Rhetan TMT share price today is 447 per share, around ₹540 per cent higher than its issue price of ₹70 per equity share.

Auto Index sheds as most stocks are trading lower in today’s session

Hindalco stock has a strong start as it gains 2% in early trading

SBI shares a ‘good structural bet’, other 2 PSU bank stocks near-term bets: Analysts.

PSU banks outperformed Bank Nifty by 46%/107% over the last 1/2 years driven by improving loan growth, expanding net interest margins (NIMs) and improving asset quality, highlighted domestic brokerage and research firm Ambit.

“Moreover, most PSBs are losing market share in loans/deposits/payments and their asset quality performance during Covid does not indicate structural improvement in under-writing capabilities. That said, higher liquidity buffers and a floating rate loan book should benefit PSBs in the short term in maintaining loan growth/NIMs. Also, a benign asset quality cycle should keep credit costs low. Combining short-term earnings drivers and structural strength of the franchise, State Bank of India (SBI), Bank of Baroda (BOB) and Bank of India (BOI) are better placed PSBs,” the note stated.

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