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Indian stock markets close high even after choppy trade

By Anoop Agrawal


Bull and bear with Indian flag as background - Concept of investment in Indian equity Sensex share market
Indian benchmarks NSE and BSE end high – Photo: Shutterstock

Indian stocks completed weekly gains closing high on Friday as concerns over rising Omicron cases across the world were assuaged by positive macroeconomic data from the US.

The Bombay Stock Exchange’s 30-share Sensitive Index, or Sensex, ended 2.3% higher at 57,147.63 points from its previous close a week ago. The most-traded National Stock Exchange’s (NSE) Nifty50 index closed at 17,008 points or 2.3% stronger from its close a week ago.

Ten out of the 11 sectoral indices ended in the negative territory, a reversal from the trend yesterday, with the Nifty PSU Bank index falling as much as 1.94% and the Nifty Realty index weakening 1.48%.

The advance-decline share ratio – the number of advancing shares divided by the number of declining shares – on the NSE was 749-1,281 today. India VIX, the index that measures volatility in the market, today surged 2.03% to 16.14.

Trimming early gains

“A range-bound day of trading ahead of Christmas to end the week as this month quite clearly belonged to the software sector which stood tall amidst extreme volatility as cost-push inflation across sectors is keeping street worried on the impact in the hands of the consumer,” said S Ranganathan, head of research at LKP Securities. 

Indices ended lower in the day as gains of the past three days were trimmed due to profit sales. The Sensex ended 0.33% weaker from its previous close and the Nifty50 index was 0.38% lower.

“Weighed by muted global markets and continued foreign investors’ selling, domestic indices erased its mid-day gains to slip into red led by selling pressure in index heavyweights. The markets remain highly volatile amid rising omicron cases, higher monetary policies and inflationary woes,” said Vinod Nair, head of research at Geojit Financial Services.

Biggest deal, new listing

“While buoyancy in exports and tax collections coupled with the success of the PLI (production-linked incentive) schemes are positives, there are many sectors where consolidation is waiting to happen which is where longer-term investors need to focus in the present corrective phase,” Ranganathan added.

In one of the biggest deals in the Indian mutual fund industry, L&T Finance Holdings entered into an agreement to sell 100% equity shares of its wholly-owned mutual funds arm L&T Investment Management to its rival HSBC Asset Management (India) for $425m.


15,964.10 Price
+0.090% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8


0.61 Price
-0.810% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Oil - Crude

79.49 Price
+1.330% 1D Chg, %
Long position overnight fee -0.0163%
Short position overnight fee -0.0056%
Overnight fee time 22:00 (UTC)
Spread 0.040


37,726.00 Price
+0.030% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Shares of L&T Finance Holdings ended 6.66% lower at INR77.1 on the National Stock Exchange before noon.

The defence and aerospace electronics solutions provider Data Pattern’s shares made a stellar trading debut at INR856, a 46% premium to the issue price of INR585.

The company’s issue earlier this month got subscribed 120 times indicating strong demand for the company. The stock ended 29% higher at INR755.

Concerns over Omicron

The spread of the coronavirus variant Omicron weighed on the market sentiment since its discovery last month. The spread of the variant has been a concern even as the UK reported nearly 100,000 cases daily earlier this week.

Cases of the new variant have been detected in 17 provinces with Maharashtra recording 88, the highest number of cases among states followed by Delhi where 67 cases have been recorded so far, according to the health bulletin issued by the ministry.

According to Deepak Jasani, head of retail research at HDFC Securities, Asian stocks were mixed on Friday after failing to harness a tailwind from the US and European shares last evening which were nominally higher amid expectations that the Omicron variant won’t derail the economic recovery.

“After a three-day rise, the Nifty expectedly corrected, though it did not close at the intra-day low. A move below today’s low could result in a faster fall in the coming week which also may see low volumes as most institutional players are on year-end leave. However, a breach of 17118-17155 on the upside could result in better momentum on the upside,” Jasani added.

Read more: HDFC sees financial, auto, metal stocks underperforming

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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