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PremiumSensex Today | Share Market Live Updates: Benchmark equity indices were in the red for much of Wednesday, after the RBI flagged the risks of contagion to banks from NBFCs, but climbed into possitive territory and closed in the green.
At close, the Sensex was up 92.47 points or 0.14% at 66,023.24, and the Nifty was up 28.40 points or 0.14% at 19,811.80.
Top gainers on the Nifty were BPCL, Cipla, NTPC, Infosys and Power Grid Corporation, while losers included IndusInd Bank, Hindalco Industries, Kotak Mahindra Bank, Adani Enterprises and Adani Ports.
Power Grid, Titan, NTPC and Bajaj Finserv were notable winners among the Sensex 30, while IndusInd Bank dropped 2.3%. Other major losers included Kotak Bank, ICICI Bank and Tata Motors. The BSE MidCap index was flat, while SmallCap index shed around 1%.
The BSE Midcap index rose 0.3%, while the SmallCap index was down 0.7%.
Major European equity markets opened in the green on Wednesday as investors shrugged off a tepid Asian performance before a key budget update in Britain. London's benchmark FTSE 100 index rose 0.3% to 7,501.98 points ahead of UK finance minister Jeremy Hunt's budget update, known as the Autumn Statement.
Earlier, stocks in Asia dropped as the rally in US stocks stalled and Big Tech fell, with the S&P 500 and the Nasdaq both snapping five-day winning streaks. Nvidia slipped in late trading after investors were underwhelmed by its latest quarterly update.
Meanwhile gold touched a two-week high, while minutes from the Federal Reserve’s most recent meeting showed the central bank is "in a position to proceed carefully".
As many as four IPOs opened for subscription today – Tata Technologies, Gandhar Oil Refinery, Flair Writing Industries and Fedbank Financial Services.
"Among the 4 to 5 IPO's, Tata Tech's is high in demand due to its legacy and business performance. We like the company's strong established brand and diverse product portfolio across different product categories. Valuations are reasonably priced and we strongly recommend all set of investors to subscribe to the issue for the long term."
The rupee ended flat at 83.32 per dollar on Wednesday, against Tuesday's close of 83.35.
At close, the Sensex was up 92.47 points or 0.14% at 66,023.24, and the Nifty was up 28.40 points or 0.14% at 19,811.80.
"The rupee strengthened slightly today on IPO-related inflows. However, a recovery in the US dollar and weak domestic markets capped sharp gains. The dollar recovered after the FOMC was slightly hawkish. Though the minutes showed most members holding rates, they left the door open for more tightening if progress on inflation falters.
“We expect the rupee to trade with a slight positive bias towards dollar inflows due to IPOs in the domestic markets. However, a positive tone in US dollar and expectations that crude oil prices may also surge may cap sharp upside. Traders may take cues from weekly unemployment claims and durable goods orders data from the US. USDINR spot price is expected to trade in a range of ₹83 to ₹83.60."
Tata Technologies’s ₹3,042.51-crore IPO, the first public issue in over 20 years from the Tata Group, has been subscribed 5.11 times already, with investors buying 23 crore equity shares against an offer size of 4.5 crore.
At 3 pm the Sensex was up 101.77 points or 0.15% at 66,032.54, and the Nifty was up 30.40 points or 0.15% at 19,813.80.
The Nifty PSU Bank index is the top loser among sectoral indices, down 1.37%.
Major European equity markets opened in the green on Wednesday as investors shrugged off a tepid Asian performance before a key budget update in Britain. London's benchmark FTSE 100 index rose 0.3% to 7,501.98 points ahead of UK finance minister Jeremy Hunt's budget update, known as the Autumn Statement.
Dr Reddy's Laboratories, Glenmark Pharma and Zydus are recalling products in the US market for manufacturing issues, the US Food and Drug Administration (USFDA) has said. In its latest enforcement report, the health regulator said Princeton-based Dr Reddy's Laboratories Inc, a unit of the Hyderabad-based drug firm, is recalling 1,656 bottles of Montelukast sodium tablets.
At 2 pm the Sensex was down 147.36 points or 0.22% at 65,783.41, and the Nifty was down 41.90 points or 0.21% at 19,741.50.
Tata Technologies’s ₹3,042.51-crore IPO has been subscribed 3.64 times, with investors buying 16.37 crore equity shares against an offer size of 4.5 crore shares.
Gandhar Oil Refinery's ₹198-crore IPO was fully subscribed on day 1, with bids coming in for 5.38 crore shares, against a total of 2.12 crore shares on offer. The public issue was subscribed 2.53 times, with the retail quota subscribed 3.18 times.
Shares of CG Power and Industrial Solutions Ltd surged almost 20% after the company said it has applied to the union government to set up an outsourced semiconductor assembly and test facility.
At 1 pm the Sensex was down 165.73 points or 0.25% at 65,765.04, and the Nifty was down 45.60 points or 0.23% at 19,737.80.
Flair Writing Industries’s ₹593-crore IPO was subscribed 0.71 times by noon. The company received bids for 1.01 crore of the 1.44 crore shares on offer. Retail investors bid for 1.1 times their quota, while non-institutional investors bid for 73% of the shares reserved for them.
The portion for retail investors for subscribed 1.85 times, but no bids were received from qualified institutional buyers. Earlier, the Tata Technologies IPO was fully subscribed within two hours.
Japan's Nikkei index gained on Wednesday, rebounding from early declines as a weaker yen buoyed exporter shares, even as chip stocks dragged. It closed up 0.29% at 33,451.83.
Aurobindo Pharma shares are up 2% to a fresh 52-week high of ₹1,042.95 after the company said its subsidiary Acrotech Biopharma, along with Evive Biotech, received approval from the USFDA for the Ryzenuta injection, used to treat chemotherapy-induced neutropenia.
Reliance Industries chairman and managing director Mukesh Ambani said at the Bengal Global Business Summit that the company plans to invest ₹20,000 crore in West Bengal over the next three years. It is also planning to build a compressed biogas plant in the state.
At noon the Sensex was down 79.73 points or 0.12% at 65,851.04, and the Nifty was down 18.30 points or 0.09% at 19,765.10.
Sam Altman will return as CEO of OpenAI after vercoming an attempted boardroom coup that sent the company into chaos over the past several days, The Verge and others are reporting. The company has just tweeted that it has an “agreement in principle" for Altman to return alongside a new board composed of Bret Taylor, Larry Summers, and Adam D’Angelo. D’Angelo is a holdover from the previous board.
Shares of IDBI Bank fell more than 4% to ₹59.50 on the NSE after a bidding process to hire an asset valuer for the government's planned share sale in the lender was cancelled.
Tata Technologies’s ₹3,042.51-crore IPO was subscribed 1.88 times within hours, with investors bidding for 8.44 crore equity shares against 4.5 crore on offer.
Retail investors had bid for 1.56 times their quota of shares, while the portion set aside for high-networth individuals (HNIs) was subscribed 2.62 times and qualified institutional buyers (QIB) 1.98 times, data from the exchanges showed.
Headline inflation remains vulnerable to recurring and overlapping shocks due to overseas and domestic factors, RBI Governor Shaktikanta Das said at the start of his address at a FICCI event on Wednesday. He added there is evidence that household inflation expectations are becoming more anchored.
At 11 am the Sensex was up 53.31 points or 0.08% at 65,984.08, and the Nifty was up 19.90 points or 0.10% at 19,803.30.
Tata Motors, the third-highest-valued Tata Group company, has seen its stock rise 77% so far this year, making it the top-performing stock on the Nifty 50. This is also the stock’s second-best annual performance since 2009. It rose 163% in 2021.
Shares of GMR Power and Urban Infrastructure jumped 5% to ₹42 after the company acquired an additional 29.2% percent stake in its subsidiary GMR Energy.
Texmaco Rail launched its qualified institutions placement (QIP) issue on 21 November to raise ₹750 crore, including a green shoe option of ₹200 crore. The floor price for the issue has been fixed at ₹135.90 a share. The company plans to use the proceeds for capex, repayments, and as working capital.
Jio Financial Services has applied to the Reserve Bank of India (RBI) to convert itself from a non-banking financial company (NBFC) into a core investment company (CIC) following a regulatory mandate, according to an exchange filing dated 21 November.
At 10 am the Sensex was up 94.49 points or 0.14% at 66,025.26, and the Nifty was up 31.40 points or 0.16% at 19,814.80.
Life Insurance Corporation of India has bought 24.39 lakh shares in Bank of Baroda, taking its stake from 4.984% to 5.031%.
Cipla shares hit an all time-high of ₹1,279.9 today, having gained 38.2% in the past six months. Tata Motors and Sun Pharma also hit all-time highs today.
Bharat Petroleum Corporation has said the board of directors will meet on November 29 to consider declaring an interim dividend for FY24.
“Gold prices surged, reaching a three-week pinnacle and reclaiming the $2,000 mark on Tuesday. Silver prices also experienced significant gains. The upswing in precious metals was driven by futures traders covering short positions, along with discouraging data on US home sales and leading economic indicators unveiled yesterday. However, the US Federal Reserve indicated in its November month meeting minutes, released on Tuesday, a potential for maintaining higher interest rates for a longer period, which could potentially limit the gains of precious metals. A pause in further rate hikes, however, could provide support for gold and silver prices."
Suzlon shares are down for the third straight day today after rising over six sessions. The stock is already down almost 5% today but has still gained 303.8% in the past six months.
Indian indices opened flat amid mixed global cues.
The Competition Commission of India has approved Titan’s acquisition of an additional 27.18% stake in CaratLane Trading. Titan will acquire the shares from Mithun Padam Sacheti, Siddhartha Padam Sacheti and Padamchand Sacheti.
Fedbank Financial Services raised ₹324.68 crore through its anchor book on Tuesday. It is one one of four companies launching their IPOs today.
Asian stocks backed away from two-and-a-half-month highs on Wednesday and the dollar found support as enthusiasm about the prospect of an end to US rate hikes faded. MSCI's broadest index of Asia-Pacific shares outside Japan has gained more than 3% since a week ago and hit its highest since September on Tuesday, but fell 0.2% in early trade on Wednesday. Japan's Nikkei rose 0.5%.
Maruti Suzuki India: The automobile major said the board of directors will meet on 24 November to consider allotting 1,23,22,514 equity shares of the company to Suzuki Motor Corporation on a preferential basis.
Titan Company: The Competition Commission of India has approved Titan’s acquisition of an additional 27.18% stake in CaratLane Trading. Titan will acquire the shares from Mithun Padam Sacheti, Siddhartha Padam Sacheti and Padamchand Sacheti. Read more.
