The S&P BSE Sensex rose 0.46% to 62,792.40, touching record high levels for the fourth day in a row, as of 1055 IST. The NSE Nifty 50 index gained 0.45% to 18,647.15, hitting a record high for the second straight day.
Both indexes had notched closing highs for the third straight session on Monday.
Nifty 50 could rise to 20,000 in 12 months, said Yogesh Nagaonkar of Rowan Capital Services LLP. “Banking and cement stocks will support the index over the next 12 months.”
Nifty FMCG rose the most among sectoral gauges, adding 1.5%, with 13 of the 15 constituents logging gains. The Nifty metal index rose over 1%.
Asian markets had earlier shrugged off a weak start on Tuesday after China lifted its ban on equity refinancing for listed property firms. The MSCI Asia ex-Japan index rose 1.96%.
Shares of New Delhi Television rose 5% to hit an upper circuit after the company’s promoter group RRPR Holding issued shares constituting 99.5% of its share capital to the Adani Group-owned Vishvapradhan Commercial.
Shares of Paytm-parent One 97 Communications Ltd. rose nearly 4% after CLSA upgraded the stock to ‘buy’ from ‘sell’, citing that the cash burn could likely end in 4-6 quarters.
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Demand in the current quarter generally remains soft for ACs due to seasonality, however, stocking for the same to happen in Q3FY23. In the longer run housing/home improvement led demand for appliances/ consumer durables to continue. The demand being led by commodity softening, soft channel inventory, pick up in B-B and infra activities. The primary demand for fans might be impacted in Q3FY23 due to the imposition of BEE rating from Jan 2023. This demand should get shifted to Q4FY23. The medium to long term macro continues to be strong, with B-C sustaining multiple growth drivers along with recovery in industrial Capex driving B-B/B-G demand. With RM pressure easing, margin expected to improve ahead.
– Avinash Pathak, Research Analyst at LKP Securities
Indian online travel agency EaseMyTrip is looking to step up acquisitions to bolster its non-air travel business, its co-founder said on Tuesday, as a pick up in demand sets it on course for a strong third quarter. “We are looking to acquire profitable, asset-light and tech-driven businesses in travel,” Prashant Pitti, co-founder of EaseMyTrip, said in an interview on Reuters’ Trading India chatroom. (Source: Reuters)
Price as on 29 Nov, 2022 02:42 PM, Click on company names for their live prices.
State Bank of India approved raising up to Rs 10,000 cr via infrastructure bonds
Price as on 29 Nov, 2022 02:40 PM, Click on company names for their live prices.
European shares rise as China COVID optimism lifts mood
The pan-European STOXX 600 index rose 0.3% by 0805 GMT. The index marked its worst session in almost two weeks on Monday on protests in China and worries about COVID curbs hitting economic growth in the world’s second-largest economy.
Britannia Industries entered into a joint venture agreement with Bel SA, France and Britannia Dairy.
Price as on 29 Nov, 2022 02:10 PM, Click on company names for their live prices.
Drug firm AstraZeneca India on Tuesday said it has received approval from the country’s drug regulator to market anti-diabetes medication Dapagliflozin. The company said it has received approval from the Central Drugs Standard Control Organization (CDCSCO) for the drug indicated for diabetes patients with chronic kidney disease (CKD).
Price as on 29 Nov, 2022 02:08 PM, Click on company names for their live prices.
FMCG gainers
Price as on 29 Nov, 2022 02:07 PM, Click on company names for their live prices.
Gold fell to lowest level in more than a week as the dollar rose from session lows on hawkish comments from members of the U.S. Federal Reserve reiterating their fight against inflation. Yesterday, a couple of Fed members stated that there was a long way to go to fight inflation, with Bullard stating that rates should be held high “throughout next year and into 2024.” Officials expect inflation to remain moderate, but flagged drivers of underlying inflation, particularly in a red-hot labor market with “rapid” wage growth, as the most challenging. Treasury yields appear to have been pricing in the increasing prospect of a recession as a key part of the yield curve – the 2-year treasury yield over 10-year treasury yield remains deeply inverted.
– Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services
THESE STOCKS SURGED TO 52-WEEK HIGHS IN TRADE TODAY
These stocks gain the most in the market today
Price as on 29 Nov, 2022 01:37 PM, Click on company names for their live prices.
Japan’s Nikkei ends at one-week low on China concerns
U.S. stocks closed sharply lower overnight after protests in major Chinese cities against strict COVID-19 policies sparked concerns about economic growth. “The Japanese market’s decline is all due to the China issue. The ongoing protests could trigger a slowdown in global economic growth,” said Shuji Hosoi, a senior strategist at Daiwa Securities.
STOCK IN FOCUS: CONCOR
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Billionaire Guo Guangchang’s Shanghai Fosun Pharmaceutical Group Co. is considering a sale of Indian drugmaker Gland Pharma Ltd. after receiving interest from potential buyers, people familiar with the matter said. Fosun Pharma, a listed arm of Chinese conglomerate Fosun International Ltd., has been working with an adviser as it informally gauges interest in its controlling stake in Gland, the people said. Companies in the industry and buyout firms are in the early stages of studying the business, the people said, asking not to be identified because the matter is private.
Price as on 29 Nov, 2022 12:16 PM, Click on company names for their live prices.
These metal & mining stocks gained the most
Price as on 29 Nov, 2022 12:15 PM, Click on company names for their live prices.
Kotak Securities downgrades Laurus Labs to sell
Price as on 29 Nov, 2022 11:40 AM, Click on company names for their live prices.
Tata Motors announced that it has joined hands with IndusInd Bank to offer an exclusive Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers.
Price as on 29 Nov, 2022 11:40 AM, Click on company names for their live prices.
S&P Global lowers 2023 growth forecast for emerging markets
“The downward revision to growth comes from all EMs (emerging markets) excluding China and Saudi Arabia, with most economies poised to expand below their longer-run trend rates,” it said, adding that forecasts for 2024 and 2025 remain broadly unchanged, averaging at 4.3%.
IT company HCL Tech has signed a multi-year contract with Switzerland-based maintenance, repair and overhaul service provider SR Technics to digitally transform its operations, the company said on Monday.
Price as on 29 Nov, 2022 11:11 AM, Click on company names for their live prices.
Management Talk: Sapphire Foods
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Drug firm Lupin on Monday said its Brazil-based unit has inked a pact to acquire rights nine products from a subsidiary of Bausch Health Companies Inc. The company’s wholly-owned subsidiary in Brazil, MedQuimica Industria Farmaceutica, has signed a definitive agreement to acquire all rights to nine medicines from BL Industria Otica Ltda, Lupin said in a statement.
Price as on 29 Nov, 2022 10:42 AM, Click on company names for their live prices.
State-owned construction firm NBCC (India) Ltd on Monday said it has got work orders worth Rs 271.62 crore in projects of erstwhile realty firm Amrapali Group.In a regulatory filing, the company informed that it has got an order of Rs 42.44 crore for construction of balance works /left out works of Amrapali corporate Hub at IMT Manesar, Gurugram in Haryana.
Price as on 29 Nov, 2022 10:35 AM, Click on company names for their live prices.
TMRW, a lifestyle brand from the Aditya Birla Group, on Monday picked up significant minority stakes in eight digital-first lifestyle brands for Rs 290 crore.
Price as on 29 Nov, 2022 10:15 AM, Click on company names for their live prices.
Ami Organics is in focus as the Norges Bank buys 10.92 lakh shares worth Rs 100 cr
Price as on 29 Nov, 2022 10:13 AM, Click on company names for their live prices.
Rupee gains 8 paise to 81.60 against US dollar
The rupee appreciated 8 paise to 81.60 against the US dollar in early trade on Tuesday as foreign capital inflows and a firm trend in the domestic equity market boosted investor sentiments. Besides, a weak American currency in the overseas market helped the local unit, forex dealers said.At the interbank foreign exchange, the domestic unit opened strong at 81.58 against the dollar, then inched lower to quote at 81.60, registering a rise of 8 paise over its previous close.In the previous session on Monday, the rupee rose 3 paise to end at 81.68 against the dollar.
STOCK IN FOCUS: PAYTM
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Muthoot Finance plans to raise at least Rs 75 crore ($9.19 million) through the public issue of non-convertible debentures, according to a term sheet. The gold financier’s public issue opened for subscription on Monday and will close on Dec 19.
Price as on 29 Nov, 2022 09:35 AM, Click on company names for their live prices.
Entertainment Network (India) says Us unit issued termination notice to counterparty
Price as on 29 Nov, 2022 09:34 AM, Click on company names for their live prices.
IT stocks may regain mojo, index could see price breakout soon
IT stocks might be on the verge of a technical breakout in the near-term, said analysts. With the Nifty IT Index emerging out of a tight band that it has been moving within for most of 2022, analysts expect the benchmark to advance 12.8% from current levels.
Top movers in opening trade
Price as on 29 Nov, 2022 09:21 AM, Click on company names for their live prices.
Nifty rising to a new record of 18,614 is indicative of the underlying bullishness in the market. But the global market construct is not very favourable for the rally to continue unabated. Also the high valuation in India is becoming a matter of concern. The troubles in China are a matter of concern but it is too early to judge its impact on the global economy. This is an issue that has to be watched closely. Meanwhile, domestic economic cues continue to be positive. The September quarter credit growth has risen to an impressive 17.2 % and the employment by listed companies has crossed the 10m mark in 2021-22. Banking stocks can remain resilient in spite of record levels. Comments and indications on the trajectory of US interest rates are more likely to impact global equity markets more than anything else.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Opening Bell: Sensex gains 100 points, Nifty near 18,600; TeamLease rallies 6%, IRFC 5%
Pre-open session: Sensex, Nifty trade marginally lower
Rupee likely little changed on hawkish Fed, yuan uptick
The Indian rupee is expected to open little changed to the U.S. dollar on Tuesday amid hawkish comments from U.S. Federal Reserve officials and a recovery in the Chinese yuan. The rupee is tipped at around 81.66-81.70 to the dollar, compared with 81.67 in the previous session. The local has been in a narrow range mostly over the last few sessions, supported at the 81.90 level and facing resistance at near 81.50.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 75 points or 0.44 points lower at 7.15 am, signalling a negative start for Dalal Street.
Asian stocks trade mixed
Stocks painted a mixed picture in Asia as a heavy police presence deterred Covid protests in China and traders weighed comments from Federal Reserve officials stressing the need for more interest rate hikes. Equities rose in Hong Kong and mainland China, fell in Japan and fluctuated in Australia.
US stocks end sharply lower
S&P 500 declined 1.54%
Nasdaq Composite Index lost 1.58%
Dow Jones Industrial Average fell 1.45%
Dollar rebounds on Fed expectations
The dollar clawed back earlier losses on Monday as a hawkish Federal Reserve official laid out the case for further rate hikes, while the Australian dollar sank on concerns about unrest over COVID-19 restrictions in China. The greenback was last down 0.23% to 138.82 Japanese yen. The euro dipped 0.62% to $1.0403.
Oil prices slide further
Brent crude futures fell 45 cents, or 0.5%, to trade at $82.74 a barrel at 0113 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 51 cents, or 0.7%, to $76.73 a barrel.
Stocks in F&O ban today
Bharat Heavy Electricals, Delta Corp, and Indiabulls Housing Finance. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors (FPIs) on Monday net bought shares worth Rs 936 crore, provisional data showed. DIIs also purchased shares to the tune of Rs 88 crore.
Rupee ends marginally higher
A fall in the dollar index helped the Indian unit erase the intraday losses and end marginally higher against the greenback on Monday. The rupee settled at 81.67 a dollar, against 81.68 on Friday.
Sensex, Nifty on Monday
The 30-share Sensex ended 211 points higher at 62,504, while its broader peer Nifty 50 ended above the 18,550 level after touching a new peak of 18,614.
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