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PremiumStock Market Close: Sensex and Nifty ended higher on Friday led by gains in pharma and metal companies. Barring information technology, all sectors ended in the green. Nifty 50 closed the day at 19,637.05, up 114 points, or 0.58%, while Sensex closed at 65,828.41, up 320 points. Hindalco Industries, NTPC, Hero MotoCorp, Dr Reddy's Laboratories were the top gainers, while Adani Enterprises, Infosys and LTI Mindtree were the main laggards. European shares gained at open, while Asian stocks closed mixed. The Indian rupee ended at 83.04 per dollar against Thursday's close of 83.19.
Nifty 50 closed the day at 19,637.05, up 114 points, or 0.58%, while Sensex closed at 65,828.41, up 320 points. Among stocks Hindalco Industries, NTPC, Hero MotoCorp, and Dr Reddy's Laboratories were the top gainers, while Adani Enterprises, Infosys and LTI Mindtree were the main laggards. Midcap and smallcap indices also rose in line with the benchmarks.
The Income Tax department will create a panel of professionals for conducting cost auditing on enteprises to ensure the correctness of the tax returns reported, said an official order. Cost auditing will be mandated only on select businesses facing tax proceedings. (Full report)
Shares rose in Europe on Friday after a day of mixed and sparse trading in Asia, where many markets were closed for public holidays. Germany, Paris, and London rose. Tokyo lost, Australia rose, while Bangkok declined.
According to the news agency, the shift in strategy helped states in reducing costs by more than 40 basis points (bps) over the past 15 months.
The stock has witnessed a decent rally with a strong uptrend maintained and recently after peaking out near 280 zone has slightly slipped with profit booking and has taken support near the significant 50EMA level with 254 forming a good base where it has consolidated quite well and is well poised for further rise with signs of positive bias witnessed. The RSI is well placed currently cooling off from near the overbought zone and has indicated a trend reversal to signal a buy. We suggest to buy and accumulate the stock for an upside target of 295 keeping the stop loss of 248.
Hindustan Zinc plans to create separate legal entities for its zinc & lead, silver, and recycling businesses.
"This transaction was expected to be completed by the end of the first half of fiscal year 2023, but based on the current state of preparation, we expect completion within the next few months," Sony said in a statement.
Company to raise funds not exceeding Rs10bn, through Equity Shares and/or equity linked instruments, including convertible preference shares, non convertible debt instruments along with warrants, fully convertible debentures, partly convertible debentures, and/or any other securities convertible into equity shares (including warrants or otherwise), global depository receipts, American depository receipts, foreign currency convertible bonds or any combination of Securities, in accordance with applicable law.
Implication: Assuming this as fresh equity issue, there can be likely dilution of ~2.8% promoter holding (promoter holding to come down to 57.9% from 60.6%), at current market price. We believe capital raise can be utilised for further capex plan (which can be over and above the current capex plan of ~Rs3.5bn), working capital enhancement and strengthening balance sheet.
PL View: We believe, APR’s focus towards value added products and strong traction in domestic market and long term positive view on exports will drive strong topline and profitability in the long run. The stock is trading at PE of 35.8x/28.8x FY24/25E. We have Accumulate rating on stock with TP of Rs5,418, valuing Conductors/Cables/Speciality Oil segment at 25x/32x/12x Sep25E.
Emami: The homegrown FMCG major announced entering the health juice category, with the acquisition of a 26% stake in Axiom Ayurveda Pvt Ltd., which markets a range of beverages under the brand name AloFrut. The deal size was not disclosed.
Sebi has asked MCX to keep its commodity derivative platform launch in abeyance. MCX said that the matter is related to technical issue and SEBI's technical committee will soon discuss the matter.
A combination of relatively muted supply of residential property and firm demand has aided in faster absorption of housing unit inventory in key Indian markets. Thus, the unsold residential unit inventory is falling, a trend well captured by the inventory months data. But there is a catch. A gush of supply or new launches is expected to come into the market in the second half of FY24. (Read more)
MCX has rallied 20% since its announcement of migration on 19 October to two-year highs of ₹2135 before closing at ₹2096.55 on Thursday. It will give up significant gains on account of the abeyance.
Oil India Ltd has appointed legal and tax consultants to explore ways to repatriate its $150 million in dividend stuck in Russia, the state-run firm’s chairman and managing director Ranjit Rath said in an interview.
"Nifty tanked heavily after opening on a positive note in the morning session resisting near 19,750 zone and as the day progressed breached below the significant 50EMA level of 19,550 to turn the bias once again weak indicating a “Bearish Engulfing Candle" on the daily chart. The index would have the next major support zone of 19,250 if it sustains below the 19,550 zone in the coming session.
Bank Nifty also witnessed resistance near the important 50EMA level of 44,800 zone and with profit booking seen slipped down to end near 44,300 levels to erase the gains witnessed in the previous session. The index would have the next major support zone of 43,600 levels of the previous bottom made where it should sustain and witness some improvement. The support for the day is seen at 19,400 levels while the resistance is seen at 19,700 levels. Bank Nifty would have the daily range of 44,000 to 44,700 levels."
Stocks to buy today
-Power Grid Corporation: Buy at ₹200.75, target ₹212, stop loss ₹196;
- CIE India Automotive: Buy at ₹484, target ₹517, stop loss ₹476; and
- Syngene: Buy at ₹778, target ₹820, stop loss ₹765.
Oil prices declined on Friday after a recent rally as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday.
US crude was up 0.09% to $91.79 per barrel and Brent was at $95.17, down 0.22%.
Sun Pharma, Adani Green, Adani Energy, Emami, Uno Minda, NLC India, SBI Life, Happiest Minds are among the stocks that will be in news on Friday.
Asian shares were mixed on Friday as worries over high interest rates dragged on sentiment. Tokyo was trading in red, while Australia and Hong Kong opened higher on Friday. Markets in mainland China are closed today.
US stocks rebounded after nearing oversold territory this week, Treasury yields fell while Federal Reserve Chair Jerome Powell sidestepped investor concerns over the outlook for interest rates at an event. Oil prices fell in early trade on Friday
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