The Indian major indices finished flat on Friday after a tumultuous session, snapping a three-day gain streak. However, the Nifty50 gained for the second week in a row, powered by financial, oil and gas, auto, and metal sectors.

The 50-scrip index has formed a small positive candle with upper and lower shadows, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. This pattern suggests the formation of a high wave-type candle. he said. 

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“The Nifty showing rangebound movement at 17,550-17,600 levels could be a positive indication for the bulls to make comeback. The consolidation movement at this important hurdle could eventually result in an upside breakout of resistance in the near term,” he said.

The broader indices ended in green; the BSE Midcap index rose 0.39%, while the Small cap index was up by 0.85%. The top gaining sectoral indices on the BSE were Realty up by 2.90%, Oil & Gas up by 0.86%, Consumer Discretionary up by 0.74%, Power up by 0.73%, Utilities up by 0.56%, while Consumer Durables down by 0.28%, Telecom down by 0.19%, Bankex down by 0.08%, Finance down by 0.04% and TECK down by 0.02% were the top losing indices on BSE.

According to pivot charts, the key support levels for the Nifty are placed at 17,432.9, followed by 17,354.5. If the index moves up, the key resistance levels to watch out for are 17,562 and 17,612.7.

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Indian Indices

Sensex fell 20.46 points or 0.03% to 58,786.67 while Nifty was down by 5.55 points or 0.03% to 17,511.30. Sensex touched high and low of 58,859.91 and 58,414.76, respectively and there were 13 stocks advancing against 17 stocks declining on the index while Nifty traded in a range of 17,534.35 and 17,405.25 and there was 20 stocks advancing against 29 stocks declining, while 1 stock remains unchanged on the index.

SGX Nifty

The trends on SGX Nifty indicate a flat opening for the index in India with a 35-points gain. The Nifty futures were trading at 17,646.20 on the Singaporean Exchange around 06:30 hours IST.

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Asian Markets

Asian markets finished broadly lower on Friday with shares in Hong Kong leading the region. The Hang Seng was down 1.07% while Japan’s Nikkei 225 was off 1.00% and China’s Shanghai Composite was lower by 0.18%.

US Markets

The Dow Jones Industrial Average gained 216 points, or 0.6%, with the S&P 500 rising 1% and ending the day at 4,712 points. The Nasdaq Composite advanced 0.7%.

European Markets

European markets finished lower on Friday with shares in London leading the region. The FTSE 100 was down 0.40% while France’s CAC 40 was off 0.24% and Germany’s DAX was lower by 0.10%.

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India will be one of the few economies to return strongly, and the impact of Omicron will be less severe: Report

India will be among only a few economies in the world to rebound strongly from COVID-19 induced economic contraction of 2020-21, a Finance Ministry report said assuaging that the Omicron variant’s impact on the economy will be less severe due to rapid vaccination. Real GDP in Q2 of FY2021-22 has grown by 8.4 percent YoY, recovering more than 100 percent of the pre-pandemic output in the corresponding quarter of FY2019-20, said the monthly Economic Review prepared by the Finance Ministry. “India is among the few countries that have recorded four consecutive quarters of growth amid Covid-19 (Q3, Q4 of FY21 and Q1, Q2 of FY22) reflecting the resilience of the Indian economy. The recovery was driven by a revival in services, full-recovery in manufacturing, and sustained growth in agriculture sectors,” it said. The recovery suggests kick-starting of the investment cycle, supported by surging vaccination coverage and efficient economic management activating the macro and micro drivers of growth, the report said.

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India’s foreign exchange reserves fell by $1.783 billion to $635.905 billion

India’s foreign exchange reserves declined for the second consecutive week, ending $1.783 billion down at $635.905 billion for the week ended December 3, RBI data showed on Friday. In the previous week, the reserves had slid by $2.713 million to $637.687 billion. In the reporting week ended December 3, the dip in the forex kitty was mainly on account of a decline in foreign currency assets (FCA), a major component of the overall reserves. The FCA dropped by $1.483 billion to $573.181 billion in the reporting week, the data showed.

The Vedanta Board of Directors has approved a second dividend of Rs 5,019 crore for the fiscal year 2021-22

Vedanta Limited on December 11 informed that the company’s board has approved an interim dividend of Rs 13.50 per equity share for the financial year 2021-22. The record date for the purpose of payment of dividend has been set as December 18, while the total interim dividend will amount to Rs 5,019 crore, the firm informed in a regulatory filing. As part of the second dividend, its promoters, who have a shareholding of 65.18 percent, would be able to see an inflow of Rs 3,271 crore. Earlier on September 1, Vedanta approved an interim dividend of Rs 18.50 per equity for the financial year 2021-22. This amounted to an outgo of Rs 6,877 crore, out of which promoters took home Rs 4,482 crore.

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Fairfax Group sells shares for Rs 490 crore to offload its 4.27% holding in IIFL Finance

Fairfax Group has divested a 4.27 percent stake, amounting to shares worth Rs 490 crore, in IIFL Finance Ltd, CNBC TV 18 reported citing regulatory disclosures on December 10. The shares were offloaded by Fairfax Group through its affiliate Hamblin Watsa Investment Counsel (HWIC) Asia Fund. HWIC Asia Fund sold 57 lakh shares at a price of Rs 312.65 each on December 8 via a bulk deal, the news channel reported, adding that the remaining 1.04 crore shares were offloaded at a price of Rs 300.17 each on December 9.

Lupin launches diagnostics business in India

Lupin Limited on December 10 announced the launch of its diagnostics business, with its subsidiary commencing operations in the country. Lupin Diagnostics, a 100 percent subsidiary of Lupin Limited, has set up a state-of-the-art 45,000 sq ft National Reference Laboratory in Navi Mumbai, the company said in a regulatory filing. “With healthcare playing an increasingly important role, Lupin Diagnostics’ goal is to provide quality diagnostics services to doctors, patients, and consumers,” the company said. With world-class equipment, experienced doctors assisted by trained technologists, and stringent quality control protocols, Lupin Diagnostics would provide a comprehensive range of diagnostic tests, it said. The tests “would include molecular diagnostics, cytogenetics, flow cytometry, microbiology, serology, histopathology and cytology, hematology, immunology, amongst others”, it said.

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Bulk Deal data

Anand Rathi Global Finance Ltd sold 2,35,000 equity shares in Premier Limited at Rs 9.55 per share on the NSE, the bulk deals data showed.

Bright Solar Limited saw maximum traction in an otherwise flat market, as Piyushkumar Thumar sold 5,94,000 shares at Rs 5.02 per share on the NSE.

Kapil Mahesh Kothari sold 5,16,900 equity shares in Jump Networks Limited at Rs 9.41 per share on the NSE

Anumolu Bharat sold 2,94,667 equity shares in Beardsell Limited at Rs 13.25 per share, Anish J Saraf HUF sold 1,22,355 equity shares in Libas Consu Products Ltd at Rs 31.55 per share, LTD. 

First Overseas Capital Nidan Labs and Health Ltd sold  71,000 equity shares in subsidiary Nidan Labs and Health Ltd at Rs 57.32 per share, according to bulk deals data.

Ankita Vishal Shah sold 2,72,247 equity shares in Patel Inte. Rs. 2.5 ppd up at Rs 6.05 per share on the NSE, the bulk deals data mentioned.

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DII and FII data

Foreign institutional investors (FIIs) sold shares worth net Rs 1,092.40 crore, while domestic institutional investors (DIIs) bought shares worth net  Rs 386.63 crore in the Indian equity market on December 10, as per provisional data available on the NSE.

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NSE F&O Ban

Escorts, Indiabulls Housing Finance, and Vodafone Idea – are under the F&O ban for December 13. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.