Sensex Today | Share Market Live Updates: India's benchmark indices closed higher on Wednesday on hopes of interest rate cuts in the US as early as March 2024. Gains were led by banks, IT and auto stocks. Mid-caps and small caps also rallied, while Adani Group stocks extended gains
Sensex Today | Share Market Live Updates: Indian indices closed higher on Wednesday, after dovish commentary from a Federal Reserve official fulled bets of rate cuts in the US as early as March 2024.
IT companies, which earn a significant share of their revenue from the US, rose after Fed Governor Christopher Waller flagged the possibility of lowering the interest rate in the months ahead if inflation continued to come down.
The dollar weakened and Treasuries extended their November rally on speculation the Federal Reserve is done with interest-rate hikes and will be able to ease policy next year.
Fed swaps are anticipating over 100 basis points of rate cuts by the end of 2024 after Governor Christopher Waller said the bank is well positioned to push inflation to a 2% target.
European shares were mostly higher on Wednesday.
In Asian trading, Japan's benchmark Nikkei 225 declined 0.3% to finish at 33,321.22. Australia's S&P/ASX 200 gained 0.3% to 7,035.30. South Korea's Kospi shed nearly 0.1% to 2,519.81. Hong Kong's Hang Seng dropped 2.1% to 16,993.44, while the Shanghai Composite fell 0.6% to 3,021.69.
Bitcoin traded back above $38,000.
Wall Street stocks rebounded Tuesday behind solid retail data and reassuring comments from Federal Reserve officials, while oil prices rose and the dollar slid.
Equities worldwide, including in New York, have made robust gains in recent weeks on hopes that the US central bank is done with hiking rates and could cut borrowing costs next year as inflation cools.
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29 Nov 2023, 03:48 PM ISTSensex Today Live: Sensex ends over 700 pts higher, Nifty near 20,100
Domestic benchmark equity indices ended higher on Wednesday, led by banks, information technology (IT), and auto stocks, with Nifty above the 20,000-mark for the first time since 20 September.
At the end of the session today, Sensex was up 727.71 points at 66,901.91, while the Nifty soared 206.90 points to close at 20,096.60.
On the Nifty, Hero MotoCorp, M&M, Axis Bank, Wipro and Tata Motors were among the top gainers, while ONGC, Nestle India, Eicher Motors, Adani Enterprises and Divis Lab were the worst hit.
29 Nov 2023, 03:27 PM ISTSensex Today Live: Auto index hits all-time high of 39,775
The BSE Auto index hit an all-time high of 39,774.93 on Wednesday following record vehicle sales during India's peak festival season.
According to the Federation of Automobile Dealers Associations (FADA), vehicle sales surged 19% over the last year to 37.93 lakh in the festive period this year.
On Tuesday, FADA had released the vehicle retail data for the 42-day festive period from 15 October, the first day of Navaratri, to 26 November, 15 days after Dhanteras.
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29 Nov 2023, 03:15 PM ISTSensex Today Live: Adani Power to blend green ammonia with coal to run 330-MW boiler at Mundra plant
Adani Power Ltd on Wednesday said that it will use green ammonia along with conventional fuel coal to run the boiler of 330 MW at its Mundra plant in Gujarat.
The quantum of green ammonia will be up to 20% of the total fuel requirement, the company said in a filing with the exchanges.
Green ammonia, produced from green hydrogen, which in turn is produced through electrolysis using renewable energy, would be a feedstock for the boilers.
Ammonia does not contain carbon and there will be no CO2 emission from its combustion, making it a long-term carbon-neutral alternative to fossil fuels.
29 Nov 2023, 02:48 PM ISTSensex Today Live: India stocks get rare downgrade from SocGen on election risks, Bloomberg reports
India’s upcoming general election will bring volatility to its stock market at a time when the economic growth outlook is moderating, Societe Generale SA strategists wrote, downgrading the nation’s equities to neutral from overweight, Bloomberg has reported.
The South Asian market will see a “pause in outperformance" until the polls are over, strategists including Frank Benzimra and Rajat Agarwal wrote in a 29 November note.
SocGen’s downgrade is a rare move that runs counter to Wall Street’s optimism. Goldman Sachs Group Inc. strategists upgraded India to overweight earlier this month, saying the nation has the best structural growth prospect in the region. The market has been a top pick for many asset managers this year, attracting foreign inflows.
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29 Nov 2023, 02:19 PM ISTSensex Today Live: Cabinet nod for ₹1,261 cr scheme to provide drones to 15,000 women SHGs for 2 years
The Union Cabinet has approved a central scheme for providing drones to 15,000 women Self Help Groups (SHGs), with an outlay of ₹1,261 crore for two years beginning 2024-25 fiscal year.
The approved initiatives under the scheme will provide sustainable business and livelihood support to 15,000 SHGs and they would be able to earn additional income of at least ₹1,00,000 per annum, an official release said.
29 Nov 2023, 01:52 PM ISTSensex Today Live: Tata Motors shares hit ₹700 apiece ahead of Tata Tech listing:
Tata Motors shares witnessed buying interest on Wednesday as investors waited for the announcement of subsidiary Tata Technologies IPO allotment status.
The Tata Motors stock hit a new all-time high of ₹702.80 per share on NSE. Market experts still see room for upside and expect Tata Motors share price to touch ₹945 apiece in the medium to long term.
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29 Nov 2023, 01:39 PM ISTSensex Today Live: Bharti Airtel shares hit ₹1,007 apiece
Shares of Bharti Airtel, India’s leading telecommunications services provider, hit a record ₹1,007 apiece, earlier in the day. At its share price of ₹1,007, the company's market capitalisation stood at ₹5,71,291 crore.
29 Nov 2023, 01:27 PM ISTSensex Today Live: Centre extends PMGKAY scheme
Under the scheme, the central government will provide 5 kg of free food grains per month to 81 crore poor for another five years from 1 January 2024.
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29 Nov 2023, 01:14 PM ISTSensex Today Live: Aster DM Healthcare jumps 15%, hit 52-week high on sale of Gulf business
Leading hospital chain Aster DM Healthcare Ltd on Tuesday said it will separate its mainstay Gulf business and sell it to its Indian promoters (Moopen family) and a Dubai consortium for $1.001 billion, in a move it said will unlock shareholder value and attract more institutional investors.
A consortium led by United Arab Emirates government-backed Fajr Capital will own 65% of the Gulf entity, while Azad Moopen, the promoter of Aster, will own 35%, once the transaction is concluded.
29 Nov 2023, 12:41 PM ISTSensex Today Live: Gold at near 7-mth peak as dollar, yields dip on Fed rate-cut bets
Gold prices hit a nearly seven-month high on Wednesday, boosted by a decline in the U.S. dollar and bond yields as investors grew confident that the Federal Reserve would likely cut interest rates by the first half of next year.
Spot gold rose 0.2% to $2,044.69 per ounce, after hitting its highest since May 5. US gold futures for December delivery rose 0.3% to $2,045.30 per ounce.
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29 Nov 2023, 12:34 PM ISTSensex Today Live: BPCL board declares interim dividend of ₹21/equity share
The board of Bharat Petroleum Corp Ltd has declared an interim dividend of ₹21 per quity share of face value ₹10 each for the financial year 2023-24.
29 Nov 2023, 12:19 PM ISTSensex Today Live: Aurobindo Pharma gets US FDA nod to manufacture and market HIV infection drug
Aurobindo Pharma on Wednesday said that it has received final approval from the US Food & Drug Administration (FDA) to manufacture and market Darunavir Tablets, 600 mg and 800 mg, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Prezista Tablets, 600 mg and 800 mg, of Janssen Products, L.P. The product will be launched on 29 November.
The approved product has an estimated market size of $274.8 million for the twelve months ended October 2023, according to IQVIA.
Aurobindo now has a total of 500 ANDA approvals (478 Final approvals and 22 tentative approvals) from US FDA.
Darunavir Tablets, 600 mg and 800 mg, in combination with other antiretroviral agents, is indicated for treatment of human immunodeficiency virus (HIV-1) infection in adult and paediatric patients 3 years of age and older.
29 Nov 2023, 11:51 AM ISTSensex Today Live: BHEL could be headed for a big turnaround if it can resolve its receivables
As of end of September 2023, Bharat Heavy Electricals Ltd (BHEL) boasted an impressive order pipeline of ₹1.14 trillion. This figure is nearly five times their FY23 sales of ₹23,365 crore, indicating a strong and sustained revenue stream for the coming years.
BHEL's substantial order backlog and expected order inflows make for a compelling investment case, reflecting in the near doubling of its stock price over the past year. However, challenges remain. (Read more here)
29 Nov 2023, 11:37 AM ISTSensex Today Live: Why the October surge in gold imports should be watched
India has historically been a gold-loving nation, though there’s been some tempering of those tendencies. In 2010, India accounted for 30% of the world’s gold demand, according to the industry body World Gold Council. Since then, India’s gold demand has dropped even in absolute terms, and its global share fell to 23% in 2022. This has helped India on key fiscal management metrics. But in October, gold imports spurted at a rate that, if it continues, could undo some of the previous gains from the drop in gold demand. (Read here)
29 Nov 2023, 11:27 AM ISTSensex Today Live: Cumulative market cap of BSE-listed firms hit $4 trillion
The combined market valuation of all listed companies on the BSE hit record $4 trillion.
The 30-share Sensex climbed 305.44 points to 66,479.64. The Sensex had hit a record 67,927.23 on 15 September this year.
Market capitalisation of BSE-listed companies reached ₹3,33,26,881.49 crore as of 1100am, or $4 trillion at the exchange rate of 83.31.
(BSE)
29 Nov 2023, 11:06 AM ISTSensex Today | Share Market Live Updates: Adani Group stocks extend rally
Analysts said that updates from the Supreme Court hearing in the Adani- Hindenburg have aided ositive sentiment for the Adani Group stocks, which rose between 0.4% and 17% on the day, extending the rally from Tuesday's session.
(Adani Stocks)
29 Nov 2023, 10:53 AM ISTSensex Today | Share Market Live Updates: Bitcoin breaches the $38,000 mark
Views from Shivam Thakral, CEO of BuyUcoin, India’s second-longest-running digital asset exchange:
The crypto market witnessed impressive growth with Bitcoin breaching the $38,000 mark on growing optimism around ETF approval. In the latest prediction by banking giant Standard Chartered, Bitcoin is well-positioned to touch the $100,000 mark by the end of 2024. An early approval of Bitcoin ETF will act as a catalyst and may result in a significant surge in Bitcoin prices. US Central may go for a reduction in interest rates if inflation shows signs of cooling down, this may add to the optimism in the market and drive the momentum in the coming weeks.
29 Nov 2023, 10:40 AM ISTSensex Today | Share Market Live Updates: Nifty IT index surges most among all sectoral indices
IT companies, which earn a significant share of their revenue from the US, surged on Wednesday after Fed governor Christopher Waller flagged the possibility of lowering the interest rate in the months ahead if inflation continued to come down.
(Nifty IT index)
29 Nov 2023, 10:27 AM ISTSensex Today | Share Market Live Updates: Ireda shares list at 56% premium
Shares of renewable energy financing company Ireda listed at a 56.25% premium to the issue price on the exchanges on Wednesday.
The stock made its debut at ₹50 apiece on both the National Stock Exchange and the BSE compared with the IPO price of ₹32.
29 Nov 2023, 10:09 AM ISTSensex Today | Share Market Live Updates: Rupee rises 6 paise to 83.28 against US dollar in early trade
The Indian rupee rose for the second straight session, gaining 6 paise to 83.28 to a dollar in early trade on Wednesday, as the US greenback fell against global peers, news agency PTI reported.
A rebound in Indian equity markets and easing crude oil price also boosted the Indian currency, said Forex traders.
At the interbank foreign exchange, the rupee opened stronger at 83.30 against the dollar but slipped to 83.33. It later traded at 83.28 against the greenback, up 6 paise over its previous close.
On Tuesday, the rupee rebounded from record low levels and settled 6 paise higher at 83.34 against the US dollar.
29 Nov 2023, 09:58 AM ISTSensex Today | Share Market Live Updates: Nifty technical outlook by Reliance Securities
NIFTY-50 has closed above the critical resistance of 19,850 levels and at 2 month high trending near the high point of the range for the current expiry. We continue to remain positive till 19,580 is not breached on the downside which is the band of averages on the daily charts.
RSI is moving higher from the lower range and trending above the average line and there could be some bout of volatility with respect to the rollover movement.
Highest call OI has moved to 20,000 strike while on the downside the highest put OI has moved higher to 19800 for the weekly expiry.
29 Nov 2023, 09:46 AM ISTSensex Today | Share Market Live Updates: Zomato shares rise after block deal
An estimated 29 crore shares of Zomato changed hands on the exchanges at a floor price of ₹112 apiece in a block deal on 29 November. The transaction value was ₹3,248 crore.
On Tuesday, the stock had closed ₹113.80.
Ant Group’s payments platform Alipay was set to offload shares of Zomato Ltd in a $395 million block deal on Wednesday, according to a term sheet reviewed by Mint.
Alipay’s share sale follows a partial stake sale by Softbank Group in the food delivery aggregator last month where the Japanese investor sold 1.1% stake for ₹1,200 crore.
29 Nov 2023, 09:31 AM ISTSensex Today | Share Market Live Updates: Indices soar at open; Zomato shares in focus
At open, the benchmark Sensex was up 258.32 points or 0.39% at 66,432.52, and the Nifty was up 83.50 points or 0.42% at 19,973.20. About 1,705 shares advanced, 463 declined, and 108 were unchanged.
29 Nov 2023, 09:07 AM ISTSensex Today | Share Market Live Updates: Sensex up, Nifty above 19950 in pre-open
In pre-open, the benchmark Sensex was up 206.90 points at 66,381.10, while the Nifty 50 rose 98.80 points, or 0.5% to 19,976.70.
(Nifty at pre-open)
29 Nov 2023, 08:51 AM ISTSensex Today | Stock Market LIVE Updates: Dollar drops to near four-month low on bets of Fed rate cuts
The dollar slid to the weakest level since early August as swap traders ramp up bets the Federal Reserve will cut interest rates as early as May, news agency Bloomberg reported.
The Bloomberg Dollar Spot Index fell for a fifth day as fears of a recession and dovish Fed commentary spurred investors to wager the central bank will have to reverse its most aggressive tightening cycle since the 1980s.
Elsewhere, New Zealand’s dollar led gains among Group-of-10 peers after the nation’s central bank warned more hikes may be coming next year, while the yen strengthened to a two-month high as jitters over higher US rates waned
29 Nov 2023, 08:45 AM ISTSensex Today | Stock Market LIVE Updates: Gold hits six-month high as Fed’s rate-cut momentum swells
Gold extended gains after rising 1.3% to the highest level since May on Tuesday, as comments from Federal Reserve officials bolstered bets it will start cutting interest rates next year, news agency Bloomberg reported.
The dollar weakened and Treasuries added to their November rally after Governor Christopher Waller, one of the most hawkish Fed officials, said policy is well positioned to return inflation to the central bank’s 2% goal, suggesting rates may not need to rise again. Lower borrowing costs are typically negative for non-yielding bullion.
Bullion has rallied more than 12% since early October, initially fueled by haven buying in the wake of the Israel-Hamas conflict. This week, investors will monitor watching US economic data, including the Fed’s preferred measure of underlying inflation, for further clues on the direction of interest rates.
29 Nov 2023, 08:22 AM ISTSensex Today | Stock Market LIVE Updates: Charles T. Munger, Warren Buffett's long-time partner, dies at 99
Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.
He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. (Read here)
29 Nov 2023, 08:11 AM ISTSensex Today | Stock Market LIVE Updates: DOMS Industries and lender Jana Small Finance Bank, 3 others get Sebi nod for IPOs
India Shelter Finance, pencil maker DOMS Industries and lender Jana Small Finance Bank, have received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs).
Vadodara-based Shiva Pharmachem and FMCG firm Onest Ltd. have also secured approvals to float public issues, according to information available on the Sebi website.
29 Nov 2023, 07:49 AM ISTSensex Today | Stock Market LIVE Updates: Adani group’s m-cap posts biggest rise since Hindenburg report
On Tuesday, the Adani Group of stocks showed its biggest increase in market capitalization of over a trillion rupees for the first time since the Hindenburg report surfaced, days after the Supreme Court reserved its judgement on a bunch of public interest litigations pleading for a court-monitored investigation into allegations of corporate malfeasance and manipulation against the ports to renewables conglomerate.
The market, which was closed for the Guru Nanak Jayanti holiday on Monday, reacted to the conclusion of the SC hearing on Friday as investors interpreted some of the SC’s observations as its having confidence in Sebi’s investigation pertaining to the Hindenburg report that was released on 24 January. (Read here)
29 Nov 2023, 07:43 AM ISTSensex Today | Stock Market LIVE Updates: GIFT Nifty up marginally amid mixed global cues
GIFT Nifty on the NSE IX rose 23 points, or 0.11 per cent, at 20,150.50, indicating a flat to positive start for Indian indices on Wednesday.
29 Nov 2023, 07:41 AM ISTSensex Today | Share Market Live Updates: Asian equities mixed as traders look for cues
Asian equities looked headed for another mixed session on Wednesday.
Japan's benchmark Nikkei 225 index was down 0.33%, or 109.57 points, at 33,298.82 in early deals, while the broader Topix slipped 0.21% to 2,371.81.
Australia’s benchmark rose after monthly inflation gauge snapped two months of acceleration in October, bolstering the case for the Reserve Bank to resume pausing interest rates next week.
Hong Kong shares were barely moved at the open of business Wednesday following another unremarkable day on Wall Street as traders kept their powder dry ahead of inflation data later in the week.
The Hang Seng Index inched up 4.94 points to 17,359.08.
The Shanghai Composite Index was also flat, dipping 0.09 points to 3,038.46, and the Shenzhen Composite Index on China's second exchange eased 0.06% to 1,903.65.
Overnight, stocks in the US drifted to a mostly higher close Tuesday following a strong report on consumer confidence and a boost to hopes that the Federal Reserve is finished with its aggressive interest rate hikes.
The S&P 500 edged up 0.1% after hovering between small gains and losses. The Dow Jones Industrial Average rose 0.2% and the Nasdaq composite eked out a 0.3% gain.
Gains in technology stocks, retailers and other sectors helped temper declines elsewhere in the market.