Indian equity indices clinched modest gains during the last trading week of calendar year 2022, snapping three-week losing streak. Broader markets managed to stage outperformance as compared to the frontline indices. Market edged higher in three out of five trading sessions in the week. The Nifty settled a tad above the 18,100 level. Global stock markets are rounding off a tumultuous and difficult year, as governments and central banks grappled with sky-high inflation arising from the fallout from Russia's war in Ukraine, and persistent Covid-19 restrictions in China. Investors remain wary of the prospect of persistently high inflation, monetary policy tightening from central banks and a potentially prolonged period of sluggish economic growth. In the week ended on Friday, 30 December 2022, the S&P BSE Sensex gained 995.45 points or 1.66% to settle at 60,840.74. The Nifty 50 index rose 298.5 points or 1.68% to settle at 18,105.30.The BSE Mid-Cap index rallied 887.71 points or 3.63% to settle at 25,314.50. The BSE Small-Cap index gained 1,674.11 points or 6.14% to settle at 28,926.79.

In the year ended on Friday, 30 December 2022, the S&P BSE Sensex spurted 2,586.92 points or 4.44% to settle at 60,840.74. The Nifty 50 index advanced 751.25 points or 4.33% to settle at 18,105.30. The BSE Mid-Cap index rose 1.38% to settle at 25,314.50. The BSE Small-Cap index shed 1.80% to settle at 28,926.79.

Weekly Index Movement:

The key equity indices ended with major gains after an up-trending session on Monday. The barometer index, the S&P BSE Sensex advanced 721.13 points or 1.20% to 60,566.42. The Nifty 50 index added 207.80 points or 1.17% to 18,014.60.

The headline equity indices settled with firm gains on Tuesday, rallying for the second consecutive session. Investors resorted to value buying after last week's steep correction. Global cues were positive after China announced further ease in COVID-19 restrictions. The barometer index, the S&P BSE Sensex advanced 361.01 points or 0.60% to 60,927.43. The Nifty 50 index added 117.70 points or 0.65% to 18,132.30.

The benchmark equity indices settled with minor losses after a lackluster trading session on Wednesday. The barometer index, the S&P BSE Sensex slipped 17.15 points or 0.03% to 60,910.28. The Nifty 50 index lost 9.80 points or 0.05% to 18,122.50.

Domestic stock market ended a volatile session with decent gains on Thursday. Trading was volatile due to expiry of monthly F&O contracts on the NSE. The barometer index, the S&P BSE Sensex advanced 223.60 points or 0.37% to 61,133.88. The Nifty 50 index added 68.50 points or 0.38% to 18,191.

The key equity benchmarks ended with minor cuts as the bourses witnessed bouts of volatility on the last trading session on 2022. The barometer index, the S&P BSE Sensex declined 293.14 points or 0.48% to 60,840.74. The Nifty 50 index lost 85.70 points or 0.47% to 18,105.30.

Stocks in Spotlight:

Reliance Industries (RIL) rose 1.86%. Reliance Consumer Products (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures (RRVL) will acquire 51% controlling stake in Lotus Chocolate Company, for Rs 74 crore, and make an open offer to acquire upto 26%. RRVL is a subsidiary of RIL.

Separately, RIL informed that Reliance Jio announced the launch of its True 5G services in Indore and Bhopal. With the launch, Reliance Jio has become the first and the only operator in MP to launch 5G services in the city of Indore and Bhopal. Reliance Jio Infocomm is a subsidiary of RIL.

Tata Motors gained 2.59%. The company announced that Delhi Transport Corporation (DTC) has signed a definitive agreement with its fully owned subsidiary, TML CV Mobility Solutions for operation of 1500 electric buses in the city of New Delhi.

Larsen & Toubro (L&T) added 1.18%. L&T Construction secured significant contracts for its water & effluent treatment business. As per L&T's classification, the value of the said contract lies between Rs 1,000 crore and Rs 2,500 crore.

Adani Ports and Special Economic Zone rallied 3.1%. The company announced that Adani Harbour Services (TAHSL), Wholly Owned Subsidiary (WOS) of the company has incorporated a WOS in the name of The Adani Harbour International DMCC on 22 December 2022.

NTPC advanced 1.96%. The state-run power major said that it declared commercial operation of second part capacity of 50 megawatt (MW) out of 300 MW Nokhra Solar PV project at Bikaner, Rajasthan.

Meanwhile, the nation's largest energy conglomerate said that it has signed a non-binding memorandum of understanding (MOU) with Tecnimont, Indian Subsidiary of Maire Tecnimont Group, Italy. The objective of the MOU is to jointly evaluate and explore the possibility to develop commercial scale Green Methanol Production facility at a NTPC project in India.

Dr Reddy's Laboratories declined 1.64% after a US court dismissed all claims against the pharma major in an anti-trust complaint pertaining to cancer drug Revlimid.

Tata Power jumped 5.43%. Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power has received the letter of award (LoA) from Tata Power Delhi Distribution (Tata Power -DDL), a joint venture of Tata Power and the Govt. of NCT of Delhi, for setting up a 255 MW hybrid (wind and solar) power project in Karnataka. The project will be commissioned within 24 months from the PPA execution date.

Tata Steel surged 10.23%. The steel maker has acquired 1.15 crore equity shares at an issue price of Rs 12.81 per share of Tata Steel Advanced Materials (TSAML), for an amount aggregating to approximately Rs 14.80 crore. On completion of the acquisition, TSAML will continue to be a wholly owned subsidiary of the company.

State Bank of India (SBI) spurted 6.84%. The bank's board on January 3 will consider a proposal for raising of infrastructure bonds up to an amount of Rs. 10,000 crores through a public issue or private placement, during FY23.

Eicher Motors rallied 1.55%. The company's board of directors has approved an investment of 50 million euros that translates to a close to 10.35% equity stake in Stark Future S.L. (Stark Future). Stark Future is a European electric motorcycle manufacturer.

Cipla slipped 3.72%. The drug major said its wholly-owned UK subsidiary, Cipla (EU), has signed definitive agreements for equity investment of 15 million euros in Ethris GmbH (Ethris). Cipla said the investment will facilitate a long-term strategic partnership between the company and Ethris for the development of messenger RNA (mRNA)-based therapies and fast-track Cipla's participation in the mRNA space, enabling it to provide access to cutting-edge solutions developed by Ethris for the developing countries.

Global Markets:

China will no longer publish daily figures for COVID-19 cases and deaths, the National Health Commission (NHC) said on Sunday, ending a practice that began in early 2020.

China will stop requiring inbound travellers to go into quarantine starting from January 8. It will also downgrade the seriousness of COVID-19 as it has become less virulent and will gradually evolve into a common respiratory infection.

The U.S. government is considering imposing new Covid rules for travelers from China, as per reports. Separately, Japan announced on Tuesday it would require a negative Covid test for visitors from China starting December 30.

The U.S. government announced it will require airline passengers arriving from China, Hong Kong and Macau to show a negative Covid test starting January 5 regardless of nationality of vaccination status.