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PremiumSensex Today | Share Market Live Updates: Indian equities started off December on a strong footing as better than expected GDP growth in the second quarter aided optimism.
India retained the tag of the world's fastest-growing major economy, with its GDP expanding 7.6% in September quarter, surpassing consensus estimates, on booster shots from government spending and manufacturing.
FPIs snapped a two-month selling streak in November, adding stocks worth ₹90 billion.
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.
Crude prices fell even as the OPEC group of petroleum producing nations agreed to a supply cutback of about 900,000 barrels a day, in a sign traders are skeptical it will be implemented.
The dollar edged lower Friday, snapping two days of gains and posting its worst month in a year. The yen strengthened against the greenback, however prolonged weakness in the Japanese currency was a driver of life insurers cutting currency hedging by the most in more than a decade.
Gold rose after a decline in the prior session. Bitcoin was little changed at around $37,600.
India's benchmark indices ended higher Friday.
Sensex ended the day at 67,481.19, up 493 points. The index is now 446 points away from its all-time high of 67,927.23, hit on 15 September 15. Nifty50 closed 135 points higher at 20,267.90.
World shares were mixed on Friday after Wall Street closed out its best month of the year with big gains in November.
Germany’s DAX rose 0.6% to 16,309.89 and the CAC 40 in Paris added 0.5% to $7,348.88. Britain’s FTSE 100 was up 0.8% at 7,512.94.
The future for the S&P 500 edged 0.1% lower while that for the Dow Jones Industrial Average gained 0.1%.
In Asian trading, Hong Kong’s Hang Seng dropped 1.2% to 16,838.89, hovering around a one-year low, while the Shanghai Composite index edged up 0.1% to 3,031.64.
Back home, BSE Midcap index added 1%, while smallcap index rose 0.4%.
On the Nifty, NTPC, ITC, L&T, Britannia Industries and Axis Bank surged, while Hero MotoCorp, HDFC Life, Wipro, M&M and SBI Life Insurance were the worst hit.
State-owned Coal India Ltd on Friday said its coal production grew 11.5% year-on-year to 460 million tonne during April-November.
Year to date coal stock at Coal India pitheads stands at 45 million tonne, which is around 58% on year.
Total supplies were at 485.4 million tonne during the first eight months of the current fiscal, up 8.7%.
The Indian equity market is in a strong bullish mood and is hitting a fresh all-time high. We may continue our momentum and outperform our other global peers, backed by the strong fundamentals and under-ownership of FIIs. FIIs may become net buyers amid rising US bond yields and the strong macroeconomics of India. State election results may create some kind of volatility, but we are preparing ourselves for a pre-election rally. In terms of level, 21000 looks like an easy task in the near term for the Nifty.
Tata Motors on Friday reported 1.73% year-on-year decline in overall global sales at 74,172 units in November.
Total domestic sales fell 1% on year to 72,647 units last month, Tata Motors said in a regulatory filing.
Overall sales of passenger vehicles, including electric vehicles (EV) were at 46,143 units, down 1%, it added.
Maruti Suzuki India on Friday reported a 3.39% year-on-year rise in its total sales to 164,439 units in November.
Total domestic sales, comprising passenger vehicles, commercial vehicles and third-party supplies, were at 141,489 units last month, up 1.57% on year, Maruti Suzuki India said in a regulatory filing.
Overall domestic passenger vehicle sales stood at 134,158 units last month, a growth of 1.33%.
StrideOne Capital Pvt. Ltd, the non-banking financial company (NBFC) set up by the founders of venture debt fund Stride Ventures, has acquired acquire MoEVing Urban Technologies Ltd, the operator of the electric vehicle (EV) tech startup MoEVing.
The companies did not comment on the deal size.
Mint in September had reported that StrideOne was in talks to acquire MoEVing, which would value the latter at around ₹100-120 crore, in an effort to enter last-mile EV financing.
The Indian rupee rose on Friday, boosted by inflows and data that prompted economists to raise their growth forecasts for Asia's third-largest economy.
The rupee was at 83.3275 to the U.S. dollar, up from 83.3950 in the previous session. The local currency hit an intraday high of 83.2525, likely on dollar inflows.
Specialty chemicals maker Aether Industries on Friday said that it was ordered by the pollution control board of Gujarat on 30 November to stop production at its blast-affected site in Surat until further instructions.
A storage tank blast killed seven people and injured 24 at one of the company's plants in the port city in Gujarat state, Aether Industries confirmed on Thursday.
Shares of Trent, the retail arm of Tata Group, hit a new all-time high of ₹2,826 apiece in Friday's trade. This historic high has propelled the company's market capitalisation to cross the ₹1,00,000 crore mark. When considering the stock's highest price of ₹2,826, its market capitalization touched ₹1,00,464 crore today.
Remarkably, Trent has added 52% to its market cap in 2023 alone. Starting the year at ₹1,358 per share, the stock has experienced an extraordinary surge of 107% to its current level of ₹2,816. According to the latest BSE data, there are currently 62 stocks with a market capitalization exceeding ₹one lakh crore.
Zydus Lifesciences Ltd has received final approval from the US Food and Drug Administration for Ivabradine tablets, 5 mg and 7.5 mg.
Ivabradine is indicated to reduce the risk of hospitalization for worsening heart failure in adult patients with stable, symptomatic chronic heart failure with reduced left ventricular ejection fraction.
It is also used in children aged six months and older for the treatment of stable symptomatic heart failure due to cardiomyopathy.
Ivabradine Tablets, 5 mg and 7.5 mg had annual sales of $136.5 mn in the US for the 12-month period ended October 2023.
Gold prices were set to mark a third straight weekly jump, after data showing cooling inflation cemented bets for a rate cut in the US, with traders looking forward to comments from Federal Reserve Chair Powell later in the day.
Spot gold rose 0.3% at $2,042.58 per ounce on Friday, and is up about 2% for the week so far. The metal rose $60 in November in its second straight monthly gain.
US gold futures for February delivery also rose 0.3% to $2,062.30.
Oil steadied after tumbling on Thursday following an OPEC meeting that promised further output cuts but was hazy on the details.
Brent crude for February traded near $81 a barrel, after sliding 2.4% in the previous session, while West Texas Intermediate was around $76. The alliance announced roughly 900,000 barrels a day of fresh output cuts from January, but the curbs are voluntary, with Angola already rejecting its quota.
Saudi Arabia said it will prolong its separate 1 million barrel-a-day reduction through the first quarter.
The company has secured a contract for civil and hydromechanical works of 500 MW hydel power, pumped storage project worth an estimated ₹1,001 crore.
Mahindra & Mahindra on Friday reported a 21% year-on-year rise in its wholesales to 70,576 units in November.
Utility vehicle dispatches rose 32% on year to 39,981 units last month, the auto maker said in a regulatory filing.
Exports declined 42% on year to 1,816 units in November.
Bajaj Auto on Friday reported a 31% year-on-year rise in its total vehicle sales at 4,03,003 units in November.
Total domestic sales (two-wheelers and commercial vehicles) November grew 69% on year to 2,57,744 units.
Exports during the month under review declined 6% to 1,45,259 units, the company said in a regulatory filing.
The Indian manufacturing industry continued to perform well in November. After slowing in October, growth of output gathered pace as strengthening client demand and more favourable input supply boosted production volumes.
Inflationary pressures retreated, with purchase costs rising at the weakest pace since the current sequence of increases began in August 2020. Charges rose modestly, as the vast majority of firms opted to leave their fees unchanged since October.
Picking up from October's eight-month low of 55.5 to 56.0 in November, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index, indicated a stronger improvement in operating conditions.
The reading was below the average for the second fiscal quarter (57.9), but outpaced the series trend.
A key feature of the latest results was a substantial easing of price pressures. Although average purchasing costs rose again, the rate of inflation eased to the lowest in the current 40-month sequence of increases and was negligible by historical standards.
For the 8-year tenure, Sovereign Gold Bonds delivered a splendid CAGR of around 10.8% with an annual interest rate of 2.5%. This is a testimony to the fact that SGBs are here to stay and deliver stellar returns in the future. With a plethora of benefits like hassle-free storage compared to physical gold, the annual fixed interest of 2.50% payable semi-annually, and scheme value being linked to market price. Being a government-backed investment, it promises security along with other advantages like the flexibility of being tradable in stock exchanges and exemption from capital gains tax, making it a well-preferred investment choice, especially for risk-averse investors who look out for investments that carry minimum risk and give stable returns. Having raised Rs. 245 crore from the investors during the tenure of the first tranche, we anticipate that sovereign gold bonds are here to stay and will keep garnering interest from investors.
Shares of Flair Writing Industries saw a strong market debut, in line with Tata Tech and Gandhar Oil listing.
The stock started trading at ₹490 on the National Stock Exchange and ₹505 on the BSE, against issue price of ₹304.
The ₹593-crore public issue was subscribed 46.68 times on the third and final day of bidding.
The strong growth numbers for Q2 released are a harbinger of interesting times ahead and can in fact reinvigorate the interests of global corporations, policy makers, investment gurus and fund managers across jurisdictions afresh along themes like investments, infrastructure, consumption and markets by going Overweight.
The Indian economy grew 7.6%, better than consensus, in Q2 FY24 (July-September) on the back of buoyant growth in manufacturing (at 13.9%) and construction (13.3%) while the GVA grew by 7.4%. Nominal GDP grew by 9.1% in Q1. Agriculture, the most consistent sector since pandemic, grew by only 1.2% in Q2 (18-quarters low).
Our optimism has been more than vindicated as we have been penciling growth during the current FY sailing above RBI projection at 6.5% for quite some time, despite the vagaries of climate and rain induced asymmetry seeping in of late. That way, as an institution siding with higher trajectory, we remain happily surprised with today’s boisterous display of numbers which is actually better than feeling sorry! This also makes a case for revisiting the forecasted numbers, First by Mint Street coming at 6.8% (6.5% earlier) and applying the same logic our numbers inch towards 7% now (6.7% earlier).
With 7.7% real GDP growth in H1 FY24, the overall growth for full fiscal would be around 7.0% (assuming 6.2-6.4% growth in H2).
Indian indices opened higher Friday, with Nifty hitting an all-time high of 20,228.10, surpassing the 15 September peak of 15 Sep peak of 20222.45.
Gains were fulled by better than expected Q2 GDP data.
At open, Sensex was up 236.59 points at 67,225.03, while Nifty rose 75.10 points at 20,208.30.
In the pre-open, Sensex was up 212.80 points at 67,201.24, while the Nifty rose 98.90 points to 20,232.10.
New Delhi: UltraTech Cement Ltd, the flagship company of Aditya Birla group, has acquired the cement business of Kesoram Industries in a share-swap deal, according to a filing with the exchanges on Thursday. UltraTech will be issuing one share for every 52 shares of Kesoram, implying an offer price of ₹173.15 per share, a 34% premium to Kesoram’s last close.
The deal is estimated to be valued at ₹7,600 crore, including the debt the company will take on from Kesoram. (Read here)
NIFTY-50 is just 100 points away from its all time high 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.
The next two days move will be key to watch with lot of data points and the new series movement, we remain positive unless 19,700 levels is not breached on the downside .
RSI has moved to the higher band of 70 levels trending above the average line and overbought zone on hourly time frame charts.
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.
The Shriram Group will need to shift its focus from its mainstay lending business to insurance amid tighter regulation and rising competition from banks, said R. Thyagarajan, who founded the financial conglomerate as a chit fund nearly half a century ago.
Thyagarajan’s prognosis isn’t uniformly shared across the group, though. While Umesh Revankar, vice-chairman of Shriram Finance, said lending and insurance businesses will have to co-exist, S. Natarajan, a member of the Shriram Ownership Trust (SOT) said the group’s views may be different from that of the founder. (Read here)
Prices of aviation turbine fuel (ATF), or jet fuel, have cut to ₹1.06 lakh/kl from ₹1.11 lakh/kl in Delhi, effective today, according to information available on Indian Oil Corp website.
JSW Group, UltraTech, Kesoram, Biocon, Infosys, Flair Writing are among stocks that could be in focus on Friday.
GIFT Nifty was down a 6.5 points at 20,332.0, indicating a soft start for Indian indices on Friday.
On Thursday, the Sensex rose 86.53 points to close at 66,988.44, while the Nifty added 36.60 points to settle at 20,133.20.
Shares in Asia opened lower after Wall Street saw a late-day rebound in trading, helping the S&P 500 notch one of its biggest November rallies on record. Treasuries were steady, Bloomberg reported.
Equities in Japan were mixed while those in Australia and South Korea fell. A gauge of Asian shares retreated. The S&P 500 climbed 0.4% Thursday, capping one of its best November returns in the past century. US futures pointed slightly lower early Friday.
Investors are trying to assess future interest rate cuts by the US Federal Reserve.
Overnight, the Dow Jones Industrial Average closed at its highest level since January 2022 as investors crossed the finish line of a banner month for stocks and viewed cooling inflation data as a harbinger of easing Federal Reserve monetary policy.
The S&P 500 rose 0.4% after drifting between small gains and losses. The benchmark index rose 8.9% in November, its biggest monthly gain since July 2022.
The Nasdaq composite slipped 0.2%.
