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PremiumSensex Today | Share Market Live Updates: India's benchmark indexes ended at fresh all-time highs on Monday, aided by strong domestic macroeconomic data and elevated bets of a US rate cut in March, while analysts saw momentum picking up in the ongoing rally after the ruling Bharatiya Janata Party's victory in key state elections.
US stocks and bonds rallied Friday as Powell noted policy is “well into restrictive territory," though is ready to hike further if needed. The dollar slid, two-year Treasury yields sank to their lowest since June and traders ratcheted bets on a quarter-point Fed cut in March, with swaps fully pricing in a reduction in May. They project over a full point of easing by December 2024.
Equities markets went on a tear last month as investors increasingly bet that the Fed will begin to cut rates in the first half of 2024, thanks to a string of data suggesting its tightening cycle is finally getting inflation under control.
Oil rose while gold traded at a record level as investors kept watch on geopolitical tensions in the Middle East. Israel has resumed its military operation in Gaza, a US warship was attacked in the Red Sea and Houthi rebels in Yemen said they had carried out operations against two Israeli ships.
India's benchmark indexes ended at fresh all-time highs on Monday, aided by strong domestic macroeconomic data and elevated bets of a US rate cut in March, while analysts saw momentum picking up in the ongoing rally after the ruling Bharatiya Janata Party's victory in key state elections.
The Nifty closed at 20,686.80, up 419 points, while the Sensex added 1,384 points to end at 68,865.12.
Global shares, meanwhile, were mostly lower on Monday as investors awaited a slew of economic data set for release later in the week.
France's CAC 40 shed 0.4% to 7,318.01, while Germany's DAX was flat at 16,307.11. Britain's FTSE 100 declined 0.6% to 7,486.18. US shares were set to drift lower, with the future for the Dow Jones Industrial Average down 0.2%. The future for the S&P 500 lost 0.3%.
Hong Kong’s Hang Seng lost 1.1% to 16,646.05, while the Shanghai Composite edged 0.3% lower to 3,022.91. Japan’s benchmark Nikkei 225 shed 0.6% to finish at 33,231.27. Australia’s S&P/ASX 200 added 0.7% to 7,124.70. South Korea’s Kospi rose 0.4% to 2,514.95.
Back home, all sectoral indices ended higher, barring Nifty Pharma and Nifty Media.
Broader markets also rallied, with BSE Midcap and Smallcap climbing 1% each.
Sprucegrove sold 2.3% stake in the firm between February and November. Sprucegrove held 7.3% stake, which has now come down to 4.99%.
A few days ago, the annual unitholders meeting of PPFAS Mutual Fund happened in Mumbai. It is the only such event that happens in the mutual fund industry where unit holders can come and ask questions about any stock in the portfolio.
The central message at PPFAS Mutual Fund’s annual unitholders meeting, despite its stellar returns, was to temper expectations. (Read here)
Tiger Global-backed business-to-business construction material maker, Infra.Market, has sold around 10% stake in RDC Concrete to investors led by Ashish Kacholia for $20 million, valuing the company at $225 million.
Infra.Market acquired RDC Concrete a ready-mix concrete company, for $ 90 million in 2021. In June this year, the company was in talks to raise $150 million from Varde Partners through issuance of convertible instruments. That round is yet to close.
India’s record-breaking stock market is approaching overheated levels after a victory by Prime Minister Narendra Modi’s party in three state elections spurred a rally on Monday, Bloomberg said.
The Nifty 50 Index’s 14-day relative strength index — a gauge of price momentum — is nearing a two-standard deviation threshold. Declines of more than 9% on average have followed in the five instances going back to 2018 when Nifty punched above this line, data compiled by Bloomberg show.
But, with Indian equities beating other emerging markets this year and foreign investors turning net buyers again, warning signs flashed by technical indicators like the RSI may not dissuade investors from chasing the rally.
DOMS Industries IPO will open on 13 December and it will remain open for bidding till 15 December. The company aims to raise ₹1200 crore from its public offer. The IPO price band is yet to be announced.
The government is expected to disburse ₹79 crore fiscal incentives under PLI for white goods in the last quarter of this financial year as certain selected beneficiary firms have started production, news agency PTI reported on Monday, citing a senior government official.
The production linked incentive (PLI) scheme on white goods seeks to encourage domestic manufacturing of air conditioners and LED light components.
The official also said that the target of ₹11,000 crore incentive disbursement for different sectors under the scheme during the current fiscal may fall short.
The Securities Appellate Tribunal has quashed the market regulator’s 2021 order against Reliance Industries Ltd managing director Mukesh Ambani, Navi Mumbai SEZ, and Mumbai SEZ in a case related to alleged manipulative trades in Reliance Petroleum Ltd shares.
In January 2021, the Securities and Exchange Board of India imposed a penalty of Rs25 crore on Reliance Industries and Rs15 crore on Ambani. It had also asked Navi Mumbai SEZ to pay a penalty of Rs20 crore. Ambani along with RIL and other entities challenged the order before SAT. (Read here)
Warburg Pincus said its long-standing head of India Vishal Mahadevia will assume a newly created position of head of Asia private equity, as part of its effort to promote next-generation leadership within the firm.
Narendra Ostawal, who joined Warburg in 2007, has been appointed head of India, while Anish Saraf and Viraj Sawhney will take on expanded roles, as the firm deepens its focus on cross-border business services and industrials activity, a media statement said.
Warburg Pincus has invested across 80 companies since its first investment in India in 1996. (Read here)
Market capitalisation of BSE-listed firms jumped by ₹4.97 lakh trillion to ₹342.64 lakh crore from ₹337.67 lakh crore on Friday, after benchmark indices jumped 1.5% each to hit life-time highs after the BJP's win in three Hindi heartland states of Madhya Pradesh, Rajasthan and Chhattisgarh.
Robust macroeconomic numbers and unabated foreign fund inflows also aided the rally in domestic markets.
Broader markets also joined the rally, with the BSE Midcap index rising 1.03% and the smallcap index adding 1.09%.
Oil fell, after failing to hold an early gain, amid sustained skepticism that the latest supply cuts by OPEC will turn the market’s tide, Bloomberg has reported.
Global benchmark Brent sank toward $78 a barrel after a six-week losing run, while West Texas Intermediate was below $74. The drop came despite speculation that the US Federal Reserve is done raising interest rates and the possibility US sanctions on Venezuelan supply could be re-tightened.
Oil just posted a back-to-back monthly decline as supplies from non-OPEC countries ballooned, while the outlook for demand growth softened. The retreat came even after a move last week by the Organization of Petroleum Exporting Countries and its allies to deepen production cuts. The proposal followed a difficult meeting that saw internal wrangling as well as a delay.
BUY ATUL LTD CMP: 6754 TRGT: 7800 SL: 6300 - TECHNICAL PICK -
The stock has made a decent correction from the higher levels of 10600 to 6400 where it has taken support multiple times and has almost made a triple bottom formation pattern in the daily chart. The RSI indicator also is recovering from its oversold zone and hence we recommend a positional buy in this stock for an upside target of 7800 keeping a stop loss of 6300.
It was a hushed start for the Indian primary markets in 2023. In the initial months, we saw a muted atmosphere, but as time unfolded, so did the narratives.
In recent months, the number of IPO listings has surged remarkably.
Comparing the current year's IPOs with the preceding year’s, the numbers tell a totally different story. (Read full story here)
L&T Finance Holdings has completed the merger of three of its subsidiaries - L&T Finance, L&T Infra Credit and L&T Mutual Fund Trustee - with itself, the company said on Monday.
With this, all the lending businesses will be housed under the single equity-listed operating entity of L&T Finance Holdings, the company said in a press release.
The respective boards of the companies had approved the merger in January this year.
Bitcoin returned to the spotlight as it rose to the $40,000 level for the first time in over a year on bets that US regulators will soon approve stock-market traded bitcoin funds. It last stood at $41,425, its highest since April 2022.
“Within 24 hours, short positions on Bitcoin contracts worth $54 million were liquidated, significantly weakening the bearish forces. The market may undergo an overall accelerated upward revision. Furthermore, a new asset category within the Bitcoin ecosystem, ORDI, surged over the weekend, indicating a strong speculative sentiment in the market," said Ryan Lee, chief analyst of Bitget Research.
prices bolted to an all-time high above $2,100 per ounce on Monday as Federal Reserve Chair Jerome Powell's remarks elevated traders' confidence that the U.S. central bank could cut interest rates early next year, Reuters reported.
Lower interest rates reduce the opportunity cost of holding a non-interest-bearing bullion.
Spot gold was up 0.8% at $2,087.69 per ounce. Earlier in the session, bullion surged to an all-time high of $2,111.39.
US gold futures rose nearly 1% to $2,107.50.
Indian government bond yields fell at the start of the week, reacting to another drop in their US peers, while sentiment was boosted as India's ruling party won key state elections, Reuters reported.
India's 10-year benchmark bond yield was at 7.2636% as of 10:00 a.m. IST, after ending the previous session at 7.2899%.
US Treasury yields plunged on Friday after comments from US Federal Reserve Chair Jerome Powell fanned optimism that the central bank was done hiking rates, while weak manufacturing sector data also reaffirmed bets of rate cuts.
Indians overall were highly disappointed with the outcome of the ICC Men’s Cricket World Cup 2023. The event though brought cheer in certain sectors such as the online food delivery industry with companies like Zomato Ltd and Swiggy seeing a significant boost.
“The online food delivery segment is likely to have seen a 5-8% year-on-year incremental growth in quarterly gross order value (GOV) during the World Cup," said Karan Taurani, analyst at Elara Securities (India).
Zomato estimates a 25-30% year-on-year GOV growth for the December quarter. The competition between Zomato and Swiggy, however, remains tight. Swiggy's market share in the first half of calendar 2023 stood around 46%, showing a modest increase from 2022, according to calculations made based on the data released by Prosus and Zomato’s disclosed metrics. Prosus holds about 33% stake in Swiggy. (Read here)
For Dixon Technologies, the latest edition of the government’s production-linked incentive scheme is expected to be a significant shot in the arm, especially considering how India’s largest home-grown electronics manufacturer capitalised on the earlier version.
Announced in May, PIL 2 incentivises manufacturers of IT hardware such as laptops, personal computers, tablet devices, and servers. Recently, the government announced a list of 23 beneficiaries under the scheme, with Dixon Technologies being among the primary ones. (Read here)
Stelis Biopharma, an associate company of Strides Pharma, and Syngene International have executed the final agreements to transfer its Unit 3 multi-modal facility in Bengaluru to Syngene.
Following are the transaction updates:
Gross consideration adjusted from ₹7,020 million to ₹6,170 million, on account of among other things Stelis retaining 10 single use of 2KL (20,000 litre) reactors not currently installed in the facility.
Stelis has received today a payment of ₹3,950 million and the balance amount shall be received on completion of certain post-closing actions and final adjustments, if any which is expected in December 2023.
The proceeds received today along with cash and cash equivalents has been deployed to repay Stelis’ lenders to the extent of ₹4,200 million.
The above payment has also resulted in the release/ reduction of corporate guarantees issued by Strides on behalf of Stelis by ₹8,000 million.
Kalpataru Projects International Limited (KPIL) & its international subsidiaries have secured new orders/notification of awards of ₹ 2,263 crore.
The details of the new orders are as follows:
Orders in the T&D business of ₹ 1,564 crore in India and overseas markets
Order in Water business of ₹ 458 crore
Orders in B&F business of ₹ 241 crore
India's benchmark indices opened at fresh record highs on Monday.
The Sensex soared 882.38 points to 68,363.57, while the Nifty was up 276.40 points at 20,544.30. About 2,194 shares advanced, 259 declined, and 119 were unchanged.
Adani Enterprises, Adani Ports, SBI, Bharti Airtel, and ICICI Bank were among the top gainers on the Nifty.
In pre-open, the Sensex surged 1,001.60 points to 68,482.79, and the Nifty was up 310.60 points at 20,578.50, largely led by optimism following the Narendra Modi-led Bharatiya Janata Party (BJP) sweeping three out of four state elections, winning Madhya Pradesh, Rajasthan and Chhattisgarh.
NIFTY-50 scaled and closed above the previous all time high with strong up move across sectors in index pivotal; the potential targets could be 20,600 levels.
It has left multiple gaps over the past few days and the trend reversal levels had moved higher to 19,800 levels with sharp up move.
RSI has moved to the higher band of 75 levels and would continue to move higher trending above the average lines.
Highest call OI has moved to 20,400 strike while on the downside the highest put OI is at 20,000 for the weekly expiry
Sector-wise, we see rural- and healthcare-focused stocks coming back into focus with the BJP’s execution of schemes being more clinical and targeted. The victory should further diminish expectations of a fuel price cut at the retail level and hence should provide a leg-up to performance of oil marketing companies (OMC) stocks.
With focus shifting to election preparedness and related spending, impetus to new ordering activity is moderating even as the private sector adopts a wait-and-watch approach. We see order inflow momentum weakening for capital goods and infrastructure companies at least until Q2FY25.
The Piramal Group, which owns a non-bank financier, is weighing acquisitions to enter the banking space and may look at public sector banks (PSBs) that the government puts on the block, group chairman Ajay Piramal said. “We’ll look at opportunities as and when they come. We’ll see," Piramal said in an interview.
Possible targets could be IDBI Bank Ltd and a couple of other state-run banks. (Read full story here)
In the four recently held state assembly elections, the BJP has turned in a very strong showing, outclassing expectations. The ruling party, locked in three bipolar contests with the Congress, has sealed an emphatic victory in Madhya Pradesh, and regained Rajasthan and Chhattisgarh. For Congress, securing Telangana (ousting BRS) is a small consolation.
The BJP’s decisive wins in the high-decibel bipolar contests in the Hindi heartland imply its firm footing in the 2024 general elections. From an economic standpoint, this lessens the risk of a populist turn and bodes well for continued government capex.
These election results are certainly a cut above market expectations. And markets, to that extent, shall cheer the outcome in the near term in our view. That said, eventually, fundamentals—earnings, liquidity and interest rates—shall have an upper hand in shaping the market outlook over medium term.
The benchmark Nifty index of the National Stock Exchange (NSE) may open higher by 100-150 points and the BSE’s Sensex may set a new record on Monday, analysts said, as investors look to close out bearish bets in futures and options (F&O) following the saffron sweep in the Hindi heartland. The Bharatiya Janata Party’s (BJP) victory in Rajasthan and Madhya Pradesh and surprise sweep in Chhattisgarh exceeded exit poll predictions by a wide margin, reinforcing its likelihood of winning the national election next year, they added.
The Nifty may test 20,500 levels, thanks to short-covering by foreign portfolio investors (FPIs) as well as retail and high net-worth option sellers. (Read here)
Tata Power, GAIL, LIC, Suzlon, Eicher Motors, Hero MotoCorp, among others, will be in focus in today's trade.
On Friday, the Nifty50 surged to a fresh all-time high higher-than-expected GDP data and positive interest outlook in the US.
At close, the Sensex was up 492.75 points, while the Nifty added 134.70 points to end at 20,267.90.
GIFT Nifty futures rose 145 points, or 0.70%, to 20,638.50, indicating a strong open for Indian markets.
Asian shares started strong on Monday while gold hit another record high in a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.
Hong Kong stocks opened slightly higher Monday morning following a positive lead from Wall Street, with traders keeping tabs on a court hearing over a creditor request to wind up battered developer China Evergrande.
Australian shares on Monday hit their highest in 2-1/2 months, as traders found comfort in signs that the U.S. central bank was done with its monetary tightening, while investor focus was also on the Reserve Bank of Australia's policy meeting due this week.
The S&P/ASX 200 index was up 1.2% at 7,157.700 points, as of 0052 GMT, hitting its highest level since Sept. 20. The benchmark closed 0.17% lower on Friday.
Tokyo, however, drifted lower as a higher yen against the dollar weighed on the market.
The benchmark Nikkei 225 index was down 0.34%, or 114.89 points, at 33,316.62 in early trade, while the broader Topix index slipped 0.48%, or 11.44 points, to 2,371.08.
A broad rally on Wall Street closed out a fifth straight week of gains for the market Friday, driving the S&P 500 to its highest level in more than a year.
The benchmark index rose 0.6%, eclipsing its previous high for the year set in July. The Dow Jones Industrial Average closed 0.8% higher, while the Nasdaq composite added 0.6%.
