Back
PremiumSensex Today | Share Market Live Updates: India's benchmark indexes pared losses and ended higher for the day on Tuesday, largely driven by a rally in Adani Group stocks. A fall in information technology (IT) stocks, however, restricted more gains.
Adani Enterprises and Adani Ports and Special Economic Zone were the top Nifty 50 gainers, rising 7% and 3.6%, respectively.
Globally, traders will be monitoring another batch of economic data this week, including the Fed’s preferred measure of underlying inflation. US sales of new houses fell in October after a downward revision to the prior month as decades-high mortgage rates weighed on demand.
Markets are pricing in a 96.8% likelihood that the U.S. central bank will leave interest rates unchanged next month, with the possibility of a rate cut starting to gain ground in mid-2024, according to CME's FedWatch tool.
In Asia, there are signs that China’s economic recovery remains fragile, with profits at industrial companies rising at a much slower pace than a month earlier as deflationary pressures persisted. The fallout from a criminal probe into shadow banking giant Zhongzhi Enterprise Group Co. continues, with one lawyer estimating investor losses could reach $56 billion.
Buying at the fag end of the session pushed Sensex and Nifty to close with gains on Tuesday, after two days of losses.
Nifty 50 closed 95 points, or 0.48%, higher at 19,889.70 while the Sensex climbed h 204 points, or 0.31%, to end the day at 66,174.20.
On the Nifty, Adani Enterprises, Adani Ports, Tata Motors, BPCL and Coal India were among the biggest gainers, while Eicher Motors, Apollo Hospitals, ICICI Bank, ITC and Cipla fell the most.
Over 300 stocks, including Bharti Airtel, NTPC, Tata Motors and Titan, hit their fresh 52-week highs in intraday trade on BSE.
Energy stocks were among the biggest gainers, while metal, auto and PSU Bank indices rose 1% each. Capital goods, FMCG and pharma stocks saw selling.
BSE midcap index rose 0.3%, while the smallcap index ended flat.
Europe's major stock indices, including the UK's FTSE 100, France's CAC and Germany's DAX, traded lower, exercising caution ahead of the release of clutch of economic data later this week.
Tata Motors, Axis Bank, Bharti Airtel were driving gains on Sensex in the last hour of trade, while ITC and ICICI Bank weighed. Sensex recovered from earlier losses to trade nearly 200 points higher.
SpiceJet promoter Ajay Singh is in discussions with a clutch of global private credit funds to raise up to $100 million to refinance part of promoter debt and potentially infuse fresh equity in the cash-strapped airline, media reports said citing sources.
As part of the project, ATGL will employ the latest technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers at Ahmedabad, Gujarat. GH2 is produced using electrolysis of water with electricity generated by renewable energy. Hydrogen blending is less carbon intensive than burning gas but has the same heating capabilities.
The project is expected to be commissioned by Q1 FY24-25 and the percentage of green hydrogen will be gradually increased in the blend to upto 8% or more, depending on regulatory approvals.
Nasdaq-listed AMD on Tuesday inaugurated its largest global design centre in Bengaluru, marking a milestone in the company's commitment to expand research, development, and engineering operations in India.
The state-of-the-art campus plans to host approximately 3,000 AMD engineers in the coming years, focused on the design and development of semiconductor technology including 3D stacking, artificial intelligence, machine learning, and more.
Welspun Corp on Tuesday said it has appointed Gerald Mosley as chief executive officer of its US-based subsidiary Welspun Tubular LLC, effective 27 November.
Mosley will be responsible for defining the strategy & implementation plan to drive business growth in existing and new markets, thereby retaining the global leadership position, the company said in a regulatory filing.
Europe's main stock markets fell further at the start of trading on Tuesday as investors booked profits before key US inflation data this week.
London's benchmark FTSE 100 index dropped 0.4% to 7,428.78 points.
In the eurozone, Frankfurt's DAX index shed 0.2% to 15,942.60 points and the Paris CAC 40 lost 0.4% to 7,236.12.
STOCK RADAR:- AMARA RAJA ENERGY, current market price - ₹695.
The stock has bottomed out near 600 zone and picked up well recently to move past the 200 period MA at 616 zone and thereafter, with further move above the 50EMA and 100 period MA at 640 zone has improved the bias and also with the indication of a decisive breach above the triangular pattern above 640 zone, it has strengthened the trend anticipating for further rise till 730-740 zone. With the previous peak positioned at around 709 zone, one can anticipate for some consolidation or a slight profit booking and thereafter, carry on the momentum for second round of upward move.
The RSI, which is on the rise, is well placed indicating strength and has immense upside potential to carry on the momentum further ahead. With the chart looking attractive, we suggest to buy and accumulate the stock for an upside target of 750-770 levels keeping the stop loss of 660.
The board of CE Infosystems, now called MapmyIndia, has approved raising of up to ₹500 crore through issuance of equity shares by way of a qualified institutional placement.
Tata Motors on Saturday announced that its subsidiary Tata Technologies has finalised the offer price, including the anchor investor offer price, for its initial public offering (IPO) at ₹500 per equity share.
The IPO, valued at ₹3,042.5 crore, witnessed a subscription of 69.43 times on the last day of subscription on Friday, primarily fueled by significant involvement from institutional buyers. This offering focuses on engineering and product development digital services.
India will launch a first tranche auction of 20 blocks of critical minerals on Wednesday, news agency Reuters reported citing a government statement.
Earlier this month, V.L. Kantha Rao, secretary, ministry of mines, had said that the government will auction 20 blocks of critical minerals, including lithium and graphite, within the next two weeks, as part of a broader effort to harness indigenous technology for mining and processing.
Recently, the government identified a slew of critical minerals including new age minerals like lithium, cobalt, and titanium, important to meet the modern-day needs of sectors like electronics, telecom, transport, and defence.
Annualized revenue crosses ₹1,500 crore
Facilitated over ₹640 crore of loans to its merchants in October on its platform, 36% increase year-on-year.
Nalin Negi, CFO and Interim CEO, BharatPe, said, “... October was a great month for us- we achieved significant growth with loans facilitated on our platform. Also, our digital payments verticals grew considerably, boasting a monthly transaction count exceeding 37 crore. We will continue to cater to the needs of our merchant partners as well as customers and our strategic focus will be to ensure sustained profitability across our business lines. In the coming months, we'll focus on scaling our lending, POS, and soundbox businesses. We will also focus on launching new products tailored for our merchant partners while concentrating on the development of our consumer and NBFC businesses."
Vehicle sales in India rose 19% during a 42-day festive season, boosted mainly by strong demand for two wheelers in rural areas, Reuters reported Tuesday citing data from an auto dealers' body.
Two-wheeler sales surged about 21% in the period to 2.9 million units, data from the Federation of Automobile Dealers Associations (FADA) showed.
"Record-breaking sales were reported in several categories, with rural areas particularly contributing to the surge in two-wheeler purchases," FADA, which provides monthly data on dealer sales, said in a statement.
Sales of three wheelers advanced 41%, while those of passenger vehicles (PVs) climbed around 10% to 547,246 units, FADA added.
Oil edged higher after a string of losses as the market weighed the possibility of deeper output cuts from OPEC against signs global supply is running ahead of demand, news agency Bloomberg reported
Brent crude traded above $80 a barrel, after a four-day streak of losses that saw futures erase 3%. West Texas Intermediate was near $75.
OPEC ’s de-facto leader Saudi Arabia has asked other members to reduce their production quotas to shore up markets, although some members are resisting, delegates said.
Crude oil prices have dropped by around a fifth since late September due to plentiful supplies and concerns about the global economy, putting pressure on the 23-nation alliance to intervene at its online meeting on Thursday.
The International Energy Agency warned earlier this month that markets would move back into surplus next year amid a dramatic slowdown in demand growth.
In a stock exchange filing, the company said that it has secured the largest ever Black Friday weekend online orders worth of ₹20 crors for diamond studded gold jewellery of which includes 50% of orders of lab-grown diamonds.
All Adani group stocks rose between 3% and 16% on Tuesday. The Supreme Court on Friday reserved its judgment in a batch of petitions that sought court-monitored investigations into allegations made by short seller Hindenburg Research against the group, which it has denied.
Market regulator Securities and Exchange Board of India said on Friday that it would not seek an extension to complete the probe into the Adani group.
The Indian rupee ignored gains in its Asian peers on Tuesday and hovered in a tight range, news agency Reuters reported.
The local unit was at 83.3825, little changed from its close at 83.3675 on Friday. Indian markets were shut on Monday.
The dollar index last quoted at 103.15, hovering close to its weakest level in nearly three months after slipping overnight following weaker-than-expected home sales data in the US.
The 10-year U.S. treasury yield fell to a low of 4.38% in New York on Monday and last quoted slightly higher in Asia. Asian currencies climbed with the Korean won leading gains.
In the upcoming truncated week, we expect index to gradually head towards psychological mark of 20000 as it is 80% retracement of Sept-Oct decline (20222-18838), placed at 19945. In the process, volatility to remain high tracking monthly expiry session coupled with state elections verdict which will weigh on market sentiments. Hence, temporary cool off should be utilized as incremental buying opportunity wherein strong support is placed at 19400 which we expect to hold. 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
Sectorally, IT, PSU, Pharma, Auto are expected to outperform while BFSI and metals provide favourable risk-reward setup
On the stock front, in large cap we prefer Axis Bank, Asian Paint Tata Motors, Bajaj Auto, Dr Reddy, HAL, Hindalco while in midcaps Cochin Shipyard , Coforge, NMDC, Indo Count Ltd, Granules India, Exide India, Data patterns. Ashok Leyland are looking good
The sequence of higher lows signifies buying demand at elevated support base that makes us retain support base upward at 19400 as it is 50% retracement of past two weeks rally (18838-19875) coincided with 100 days EMA placed at 19314 and past two week’s low of 19373.
The Delhi high court has granted interim relief to Sun Pharmaceutical Indsutries in a trademark infringement case against Delhi-based nutritional supplement company Protrition Products LLP.
The court has issued a restraining order against Protrition Products, prohibiting them from engaging in the manufacturing, selling, advertising, or dealing of goods under contested marks ABBZORB until the resolution of the trademark infringement case.
However, the observations are prima facie, the court said, and the interim order will not impact the ongoing proceedings in the lawsuit.
Warren Buffett’s Berkshire Hathaway has exited its stake in One97 Communications, the parent entity of Paytm, incurring a loss of approximately ₹507 crore from its initial investment five years ago.
Affiliate BH International Holdings sold its entire 2.46% stake in the fintech firm for ₹1,371 crore to Ghisallo Master Fund and Copthall Mauritius Investment. Ghisallo picked up 42,75,000 shares, while Copthall bought the rest.
At open, Sensex was up 60.93 points at 66,030.97, while the Nifty rose 26.80 points to 19,821.50. About 1,799 stocks advanced, 573 declined, and 199 were unchanged.
Adani Enterprises, BPCL, Adani Ports, Coal India and Power Grid Corp were among the top gainers on Nifty, while M&M, Reliance Industries, ICICI Bank, L&T and Cipla were worst hit.
At pre-open, the Sensex was up 49.67 points at 66,019.71, and the Nifty rose 53.60 points to 19,848.30.
Gold prices climbed to a six-month peak on Tuesday, buoyed by expectations that an end to the U.S. Federal Reserve's interest rate hike cycle would keep the dollar and yields under check, news agency Reuters reported.
Spot gold rose 0.1% to $2,015.65 per ounce, while US gold futures for December delivery rose 0.2% to $2,016.10 per ounce.
The dollar index touched a near three-month low, against its rivals, making gold less expensive for other currency holders.
The Reserve Bank of India (RBI) has slapped penalties totalling ₹71.4 crore in 56 cases in the year so far as it enhanced scrutiny of banks, non-banks and other regulated entities, data compiled by Mint showed. In comparison, the banking regulator levied fines of ₹26 crore across 34 cases in all of last year.
The reasons included non-compliance with guidelines on lending, delay in paying interest to senior citizens, and not specifying the date of interest rate reset on some loans.
The penalty data, available till 24 November, does not include action against cooperative and regional rural banks.
Some of the prominent lenders penalized this year include ICICI Bank, State Bank of India (SBI), Paytm Payments Bank, Bajaj Finance, Citibank and Mahindra & Mahindra Financial Services. (Read here)
The IPO of Gandhar Oil Refinery (India) receieved an overwhelming response. Investors who participated in the offer are now keenly awaiting the share allotment. The basis of allotment of the public issue shares is likely to get finalised by the company reportedly in consultation with the NSE on 28 November.
The bidding for Gandhar Oil's initial public offer ended on 24 November, with the issue subscribed to by 64 times in its three-day bidding process.
The retail portion was subscribed 28.95 times. The non-institutional investor or NII portion was subscribed to 62.23 times, while its qualified institutional buyer or QIB segment was subscribed a whopping 129 times.
Nifty50 Outlook:
NIFTY-50 once again failed to sustain above 19,850 levels and witnessed minor pullback to close flat to negative at the upper end of the range. We believe the next leg of positive momentum will be only above 19,900 levels and on the downside the support is at 19,550-19,600 levels.
RSI is tapering off at the higher range near to its average line and there could be some bout of volatility from current levels with respect to the monthly expiry next week.
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.
The insurance regulator has asked top executives of Care Health Insurance Ltd to explain the issue of stock options to non-executive chairperson Rashmi Saluja despite being told not to do so, two people aware of the matter said.
On 22 November, officials of the Insurance Regulatory and Development Authority of India (Irdai) summoned Anuj Gulati and Anoop Singh of Care Health and questioned them about “excessive" stock options issued to Saluja and Gulati, the people said on the condition of anonymity. While Gulati is managing director and chief executive of Care Health, Singh is chief compliance officer. (Read here to know more)
TCS, Maruti, Paytm, Wipro, PB Fintech, Eicher are among the stocks that could be in focus on Tuesday.
India's benchmark stock indices ended lower for the second consecutive day on Friday. The S&P BSE Sensex closed 48 points, or 0.07%, lower at 65,970.04, while the NSE Nifty 50 fell 7 points, or 0.04%, to end at 19,794.70.
GIFT Nifty on the NSE IX traded a marginal 6 points higher, hinting at a muted start for Indian indices on Tuesday.
Asian stocks witnessed a mixed opening on Tuesday after Wall Street struggled in the wake of a rally that put the S&P 500 near “overbought" levels.
Australian shares opened higher, and Hong Kong shares also ticked up traders brushed off overnight losses in US markets, with eyes on US inflation figures later in the week.
The Shanghai Composite Index dipped 0.10%, and the Shenzhen Composite Index on China's second exchange eased 0.09%.
The benchmark Nikkei 225 index was down 0.04%, at 33,433.26 in early trade, while the broader Topix slipped 0.17%.
On Monday, the S&P 500 slipped 0.2%, and the Dow Jones Industrial Average also closed 0.2% lower. Nasdaq composite dropped 0.1%.
