Stock Market Updates: Sensex, Nifty Open Flat; Suven Pharma jumps 5%

Last Updated: December 26, 2022, 09:29 IST

FILE PHOTO: A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui

Sensex Today: Domestic markets opened on a positive note on Monday, snapping four days of losing streak, amid mixed global cues.

Sensex Today: Domestic markets opened on a positive note on Monday, snapping four days of losing streak, amid mixed global cues. Key indices Nifty50 declined over 10 points to trade flat below 17,800 levels and the S&P BSE Sensex lowered over 20 points to trade at 59,817 levels.

Anand James – Chief Market Strategist at Geojit Financial Services, said: “Rise in VIX may allow for a pull back, without quite confirming an upside reversal. The 18,000 region is a critical level to such an event, which could again force a turn lower. If such declines do not force beyond 17670 oreven 18800, expect a turn higher again which could aimfor 18,100 or even 18,250.”

Broader markets, too, were subdued in trade as Nifty MidCap 100 and Nifty SmallCap 100 indices fell up to 0.1 per cent.

Barring Nifty IT index, which held marginal gains, all sectors nosedived in the sea of red. Nifty Media and Nifty Auto indices declined the most, up to 0.8 per cent.

Private equity major Advent International will buy a 50.1% stake in Suven Pharmaceuticals Ltd from its promoter Jasti family and consider merging it with a peer in its portfolio, the Indian drugmaker said on Monday. Suven said Advent would make an additional open offer for up to 26% of the voting share capital held by public shareholders at a price of 495 rupees per share. Shares rose as much as 4.8% to 520 rupees in early trading.

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Global Cues

Globally, the US equity markets edged higher on Friday as investors assessed cooling inflation and consumer spending data. Dow Jones, NASDAQ Composite, and the S&P 500 rose up to 0.5 per cent.

Asia-Pacific markets, meanwhile, inched lower this morning after core inflation in Japan rose 3.7 per cent in November, highest in over 40 years. Key indices like Nikkei 225, Topix, Kospi, the S&P 200, Hang Seng, and Shanghai Composite fell up to 1 per cent.

In the commodities markets, prices of Brent Crude and WTI Crude climbed up to 3 per cent each to $83 per barrel and $79 per barrel, respectively.

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