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SGX Nifty Down 40 Points | Auto Industry Registers Highest Sales | Lupin Launches Joint Pain Drugs in US | Top Buzzing Stocks Today
Mon, 12 Dec Pre-Open

Auto Industry Registers Highest sales| Lupin launches Joint Pain Drugs in US | Top Buzzing Stocks Today

On Friday, Indian shares reversed early gains to end the day 0.6% lower.

Bucking the global trend, domestic equity markets fell on Friday bogged down by profit booking in IT stocks, and heavyweights like Reliance Industries, L&T, and financials.

At the closing bell on Friday, the BSE Sensex stood lower by 389 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 113 points (down 0.6%).

Nestle, Titan, Sun Pharma were among the top gainers.

HCL Tech, Tech Mahindra, and Infosys, on the other hand, were among the top losers.

Broader markets settled on a negative note. The BSE MidCap inched 0.5% lower while the BSE SmallCap index ended 1% lower.

Sectoral indices ended on a mixed note with stocks in the FMCG sector, and healthcare sector witnessing heavy buying.

While stocks in the IT sector, realty sector, and energy sector witnessed selling.

Among the IT sector stocks HCL Tech, and Tech Mahindra fell over 3%.

Shares of HUL, V Guard Industries, Cummins India hit their 52-week highs.

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The rupee was trading at 82.3 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 54,145 per 10 grams, at the time of Indian market closing hours on Friday.

At 7:50 AM today, the SGX Nifty was trading down by 40 points or 0.2% lower at 18,550 levels.

Indian share markets are headed for a negative opening today following the trend on SGX Nifty.

Speaking of stock markets, the Bank Nifty is looking good on the charts for December.

December is usually the best month of the year for the benchmark indices. This year seems to be no different. The markets are at life highs.

Amid the bullishness, the Bank Nifty is looking strong on the charts. It could be a prime candidate for a Santa Claus rally.

The index has already hit a new high.

In the below video Chartist Brijesh Bhatia explains all about the Santa Claus rally in bank stocks. Watch now.

Top Buzzing Stocks Today

HCL Tech will be among the top buzzing stocks today.

The shares of the IT major tumbled 5.8% after Credit Suisse, an international brokerage firm, said that it expects India's top four Indian IT companies to witness a 10-27% valuation-led correction, with HCL Tech likely to be the worst hit.

Bajaj Consumer Care share price will also be in focus today.

Smallcap FMCG company on Friday announced a buyback of Rs 808.9 million (m) at Rs 240 per share through the open market route.

On an absolute basis, the maximum buyback price is at a premium of nearly 35% to Thursday's closing price.

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Indian auto industry clocks highest retail sales

Indian auto industry registered the highest sales in its history in November 2022. It witnessed a YoY growth of 26%.

According to the Federation of Automobile Dealers Associations (FADA), three-wheelers sales notched a massive jump in November, with sales surging 80%, followed by tractor sales, which grew 56.8%.

Sales of commercial vehicles rose 32.8%, while the smallest gains were in two-wheelers and passenger vehicles, at 23.6% and 21.3%, respectively.

The tremendous growth has been attributed to the positive run of festive sales and the great Indian wedding season from 14 November 2022 to 14 December 2022.

In comparison to pre covid sales, total vehicle retail closed 1.5% above the territory except for the two-wheeler category.

The two-wheeler segment saw a marginal dip of 0.9%, while all the other categories were in the green, with three-wheelers, passenger vehicles, heavy vehicles and commercial vehicles growing by 4%, 5%,61% and 6%.

Since auto stocks interests you, check out The Auto Stock Rally is Just Getting Started. Here's How to Pick the Winners of 2023.

Why crude oil fell last week

Oil prices were stable on Friday, but both benchmarks were headed for a weekly loss on worries over weak economic outlooks in China, Europe, and the United States, weighing on oil demand.

Brent crude futures were at US$76.2 a barrel. Brent hit 2022 low this week.

US West Texas Intermediate crude inched up 7 cents to US$71.5 a barrel.

News of an accident closing Canada's TC Energy's Keystone pipeline in the United States prompted a brief rally on Thursday, but prices finally eased as the market took a view that the closure would be brief.

More than 14,000 barrels of crude oil spilt into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade.

This has set the oil price for the biggest weekly drop in months.

Since oil price movements interest you, explore stocks benefitting from falling crude oil prices.

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Lupin launches generic joint pain drugs in the US

Global pharma major Lupin on Friday announced that it has launched a generic version of Pennsaid used to treat pain in the knees caused by osteoarthritis in the American market.

The company's product Diclofenac Sodium Topical Solution 2%, is the generic version of Horizon Pharma Therapeutics Pennsaid.

The drug came into medical use in the United States in 1988. In 2020, it was the 72nd most commonly prescribed medication in the United States, with more than 9 m prescriptions.

Equity mutual fund inflow drops

According to the data released by the Association of Mutual Funds in India, the net inflow in equity mutual funds plunged 76% to Rs 22.6 bn in November over the preceding.

This was on the back of a sharp up move in the stock market that made investors wary of higher valuation.

However, the SIP book had a different story to tell. In November, the SIP inflow was at an all-time high at Rs 133.1 bn vs Rs 130 bn recorded in October.

Across all mutual fund schemes, the net inflow in November stood at Rs 132.6 bn vs inflow of Rs 140.5 bn on a month-on-month basis.

Since mutual funds interest you, check out 10 stocks fund managers are loading up on.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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