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PremiumSensex Today | Share Market Live Updates: India's benchmark indexes ended higher on Thursday, having traded in the red through most of the session.
Asian markets also largely ticked higher, with focus on the release of key US inflation data that comes as traders ramp up bets the Federal Reserve will cut interest rates next year.
Bond bulls again latched onto comments from Fed officials, juicing a rally in November that has placed a gauge of global sovereign and corporate debt on track for the best month since 2008.
The rise in bonds followed a ramping up of expectations the Fed will cut rates quicker than previously expected. Swaps pricing now reflects market forecasts that the central bank will cut by 25 basis points in May, bringing forward prior expectations for a June cut.
Elsewhere, Japan industrial production in October was stronger than expected, while retail sales for the month fell short of estimates. South Korea’s central bank will hand down a monetary policy decision. Later Thursday, inflation and unemployment data for the Eurozone will be released, as will US jobless claims and the PCE deflator.
Indian equities ended higher on Thursday, the day of expiry, after trading the red through most of the session.
Nifty 50 closed the day at 20,134, up 37 points, or 0.19%, while the Sensex closed at 66,988.98, up 87 points, or 0.13%.
Globally, stock markets were mostly higher Thursday ahead of an update on U. consumer inflation and a meeting of oil producers in Vienna.
US futures rose and oil prices also advanced.
Germany's DAX edged 0.1% higher to 16,189.89 and the CAC 40 in Paris also gained 0.1% to 7,277.03. Britain's FTSE 100 picked up 0.3% to 7,448.08.
Later today, the US government is due to release its October data on the Federal Reserve’s preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022. The Federal Reserve is expected to keep its benchmark interest rate steady when it meets in December and to eventually begin paring rates down if inflation remains under control.
On the Nifty, UltraTech Cement, HDFC Life, Sun Pharma, Apollo Hospitals and Eicher Motors were the top gainers, while IndusInd Bank, Adani Enterprises, Adani Ports, Reliance Industries and Power Grid Corp. were among the worst hit.
PSU Bank fell over 1%, while pharma, capital goods, realty and oil & gas indices added 1-1.5% each. Miscaps and smallcaps surged.
India proposes to invite expression of interest from global players to manufacture hydrogen-powered trains in the country based on technology being developed indigenously.
Indian Railways is developing a prototype of a train that will be powered by hydrogen fuel cells–making for a more environment-friendly locomotive than traditional diesel-powered ones.
A call for expressions of interest will be made next year once the prototype of the emissions-free train is developed, likely by March
Tata Power subsidiary Tata Power EV Charging Solutions and Kanpur Municipal Corporation have partnered to install 12 electric vehicle (EV) charging stations across six strategic locations in Kanpur.
The Uttar Pradesh government aims to set up EV charging stations across various municipal cities, including Agra, Lucknow, Kanpur, and Prayagraj, with an additional 100 at heritage sites and around 200 at popular tourist destinations like Mathura-Vrindavan and Varanasi-Ayodhya.
Sterlite Power on Thursday said it has secured a transmission project, which will aid evacuation of 8 GW renewable energy to Rajasthan, Haryana and Uttar Pradesh.
The company has secured the order for Rajasthan REZ Ph-IV (Part-1-Bikaner Complex): Part-B Transmission project, a company statement said.
Sterlite Power will be building this project on a BOOT (Build, Own, Operate, Transfer) basis, for a period of 35 years. The project was bid out through tariff-based competitive bidding (TBCB) process.
At current market price, adjusted for GCC stake the India business is trading at 19x and 15x EV/EBITDA on FY25E and FY26E respectively which is at 15-30% discount to listed peers. We maintain ‘Buy’ rating with revised TP of Rs.430 (earlier Rs. 345) valuing India hospital segment at 20x (18x earlier) EV/EBITDA on Sept 2025E EBITDA. Timely closure of GCC divestment and utilization of proceeds will be key monitorable in near term.
European shares rose on Thursday, led by miners and energy stocks, as investors geared up for key inflation prints out of the United States and euro zone to back expectations global interest rates have peaked, Reuters reported.
The pan-European STOXX 600 was up 0.1%, eyeing its biggest monthly gain since January.
Miners gained 0.4% tracking higher copper prices, while energy stocks rose 0.9% as oil prices climbed ahead of an OPEC meeting.
SMCP is the parent company of the brands Sandro, Maje, Claudie Pierlot & Fursac.
A truce between Israel and Hamas was extended on Thursday just before it was due to expire, the two sides announced, with mediator Qatar saying it would continue for one day under the same conditions that saw hostages released in exchange for prisoners, agencies reported.
Minutes before the halt in fighting was due to expire at 0500 GMT, Israel's military said the truce would be prolonged.
"In light of the mediators' efforts to continue the process of releasing the hostages and subject to the terms of the framework, the operational pause will continue," it said.
As per the resolution plan, Dalmia Bharat Sugar will infuse ₹140.19 crore through equity and unsecured loan in Baghauli Sugar, media reports said
Eugia Pharma, a wholly-owned subsidiary of the Aurobindo Pharmay, has received USFDA approval for Budesonide Inhalation Suspension.
The product is expected to be launched in FY25. The approved product has an estimated market size of $226.4 million for the twelve months ended September 2023, according to IQVIA.
Japan's Nikkei share average rose on Thursday to book its best month in three years, as bets that U.S. interest rates have peaked buoyed equities globally, Reuters reported.
Japanese stocks also got a boost from a robust corporate earnings season earlier this month, as a weaker yen buoyed exporters and retailers successfully passed on higher costs to consumers.
The Nikkei ended the day up 0.5% at 33,486.89, rallying in the afternoon session after spending most of the morning slightly lower.
That extended the benchmark index's gain for the month to 8.52%, the most since November 2020.
The broader Topix added 0.44% on the day, for a monthly gain of 5.38%.
The Enforcement Directorate on Thursday searched six places related to the Jammu and Kashmir Bank in connection with a ₹250 crore money laundering case, news agency PTI reported citing officials.
The searches included the premises of the former bank chairperson, they said. The fraud was in the name of a fictitious housing society, the River Jhelum Cooperative Housing Building Society, the officials added.
In line with our view, the recent consolidation breakout led to an acceleration of upward momentum that makes us believe Nifty would challenge the all-time high of 20222. However, in the upcoming sessions, volatility would remain high tracking monthly expiry session coupled with state elections verdict which will weigh on market sentiments. Hence, any temporary breather should be utilized as incremental buying opportunity wherein strong support is placed at 19600. Following are the key monitorable for the upcoming week:
Constant improvement in the market breadth signifies strength in the broader market
Declining Brent prices, yields along with positive global setup and strong breadth internals support the bullish chart setup.
Post recent decline in bond yields and inflation, US equity majors have formed bullish reversal patterns on medium term charts. Positive global setup would also help domestic indices.
The sequence of higher lows signifies buying demand at elevated support base that makes us confident to revise support base upward at 19600 as it is 61.8% retracement of past two weeks rally (19414-19916) coincided with 50 days.
DLF Ltd is mulling its first sale of bonds in three years amid a revival in the country's real estate market, Reuters reported on Thursday citing three merchant bankers.
DLF may look to raise around 10 billion rupees ($120 million) through the bond issue but has yet to receive the board approval for its fundraising plan, the bankers said.
The real estate company may look to raise funds for two years to five years, they added.
Shares of Tata Technologies, a subsidiary of Tata Motors, continued to trade higher after a stellar debut.
The company, which provides engineering and technology services to auto, aero and heavy machinery makers, surged past its initial public offer (IPO) price of ₹500 to debut at ₹1,200 rupees, and then proceeded to scale a high of ₹1,400 per share.
Shares of Fedbank Financial Services witnessed a tepid debut on the stock exchanges today, listing at a 1.61% discount to the IPO price. The stock opened at ₹137.75 on the National Stock Exchange and at ₹138 on the BSE, against the issue price of ₹140.
Shares of Gandhar Oil Refinery (India) listed at a 75% to its issue price on the exchanges on Thursday.
The stock started trading at ₹295.40 apiece on the BSE and ₹298 on the National Stock Exchange, against the issue price of ₹169 per share.
The ₹500.69 crore IPO was subscribed 64.07 times on the third and final day of bidding.
Shares of Tata Technologies had a strong debut on the bourses today
On NSE, the stock listed at ₹1,200 per share, 140% higher than the issue price of ₹500, and on the BSE shares listed at ₹1,199.95 apiece.
Market analysts had forecast a premium listing.
The ₹3,042.51 crore IPO was subscribed 69.43 times on the third and final day of bidding
At open, the Sensex was up 92.52 points at 66,994.43, while the Nifty rose 32.30 points to 20,128.90. About 1,548 stocks advanced, 502 declined, and 143 were unchanged.
In pre-open, the Sensex was down 25.34 points at 66,876.57, while Nifty fell 88.50 points to 20,008.10.
Fitch Ratings has affirmed IT services major Tata Consultancy Services' (TCS) long-term foreign- and local-currency Issuer Default Ratings (IDRs) at 'A'. The outlook is stable.
The affirmation reflects Fitch's expectation that TCS will maintain its solid global market position, technology leadership in key industry verticals, diversified operations, robust and resilient profitability, strong operating cash flow generation and highly conservative capital structure with a large net cash position.
NIFTY-50 has closed just 1% from its all time high with key positive moves in index pivotal and on the higher side the potential targets could be 20,400 levels.
We expect volatility to increase over the next two days with respect to the exit polls and actual outcome in the weekend on the downside 19,700 is the support and trend reversal levels.
RSI has moved to overbought zone on hourly time frame charts and monthly expiry could give wider moves in the last one hour of trade.
Highest call OI has moved to 20,200 strike while on the downside the highest put OI has moved higher to 20,000 for the monthly expiry.
At a time when worries over a slowdown in global economic growth are far from over, high inflation is still a risk, and extreme weather conditions have hurt farm output, India’s GDP growth in the July-September quarter is likely to come in at 6.8%, according to a Mint poll of 18 economists, who put the growth in the range of 6.4-7.2%. The data is set for release on Thursday.
The prediction is higher than the Reserve Bank of India’s (RBI’s) 6.5% forecast—but both indicate a moderation from the June quarter’s 7.8% growth, primarily because the favourable base effect is fading out. Sequentially, economic activity is likely to have remained strong despite the risks, economists said. (Read here)
Tata Tech, Gandhar Oil, Thomas Cook, JSW Infra, Zomato are among stocks that will be in focus today.
Hindustan Copper and Manappuram Finance are in the NSE F&O ban list for 30 November
Oil steadied after a two-day advance as traders count down to a key meeting that may see OPEC extend or deepen production cuts, Bloomberg reported.
West Texas Intermediate traded below $78 a barrel, after rising 4% over the previous two sessions. Global benchmark Brent was above $83.
OPEC heavyweight Saudi Arabia is pressing fellow members to join it in restraining output to stave off a renewed oil surplus next year, but is facing pushback from nations including Angola and Nigeria before a virtual meeting later Thursday.
A deeper collective cutback of 1 million barrels a day or more may be considered, delegates said. The absence of group-wide reductions may spur more weakness in oil prices — after a 14% drop over the past two months — amid plentiful supplies from outside the producer group, including record exports from the US.
GIFT Nifty futures traded 36.50 points lower at 20,105, indicating a subdued start for Indian indices.
Shares in Asia were little changed, mirroring a flat day on Wall Street as bonds extended a rally on bets that the Federal Reserve may start cutting interest rates in the first half of 2024, Bloomberg reported.
Australian and Japanese stocks were flat at the open while equity futures for Hong Kong were slightly higher, even as the Golden Dragon index of US-listed Chinese companies slipped 1.3%. A small gain for US futures in early Asian trading eroded Wednesday declines for the S&P 500 and tech-heavy Nasdaq 100.
Wall Street capped a choppy day of trading with a mixed finish Wednesday as a late-afternoon pullback among several Big Tech companies offset gains elsewhere in the market.
The S&P 500 closed 0.1% lower after having been up by 0.7% earlier in the day. The Dow Jones Industrial Average had been up 0.5% before finishing with a gain of just 0.1%. The tech-heavy Nasdaq composite fell 0.2%.
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