Wednesday, December 21, 2022

STOCK MARKET OUTLOOK FOR TOMORROW 22-12-22

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The Indian market's volatility increased as a result of spiraling coronavirus cases in China and the Bank of Japan's decision to keep interest rates elevated for a longer period of time. After opening on a positive note, the market became caught in the negative sentiment. The 30-pack BSE Sensex was down 635 points, or 1.03%, at 61,067 at the close, and the Nifty lost 186 points, or 1.01%, to finish the volatile day at 18,199. Indian shares opened higher on positive global cues, but as reports of a worsening COVID situation in China began to come in, sentiment quickly turned negative. The government and its think tank, Niti, sounded concerned about the COVID situation that was developing and the repercussions of it, which made the mood even worse. The Covid scare in China and elsewhere caused another drop in benchmark indices, but today's drop was more obvious to participants because pathology labs, hospitals, and a few pharma counters that sell Covid-related drugs were all covered in red. Even though developed markets continued to trade in the green in the early sessions, all sectoral indices ended in the red, with the exception of healthcare and IT.

Today Nifty IT gained half a percentage point, while the Nifty Pharma gained 2.4%. Financials and metals were the biggest losers, both losing more than 2%. Both automobiles and real estate ended the day down 1.6% and 1.4%, respectively. The Nifty's biggest losers were Adani Enterprises, Adani Ports, IndusInd Bank, Bajaj Finserv, and UltraTech Cement, all of which lost between 2.1 and 6.3%. Divis Labs led the gainers with a 5% increase, while Apollo Hospital, Cipla, Sun Pharma, and HCL Tech also saw gains of one to 3.7 % on the nifty.

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