The Indian equity market closed lower today. At market close, the Sensex fell 0.07% at 65,970.04, and the Nifty was down 0.04% at 19,794.70 points. At 3:19 pm IST, the share price of LIC was seen trading 9.87% higher at Rs 678.75 per share. Today's rally in LIC share price can be attributed to the fact that Investors are optimistic about the company's plans to launch around 3-4 new products in the upcoming months. Most IT stocks performed miserably today.
BSE Sensex gained 15 points to 66,033 and Nifty50 soared 15 points to 19,817 at 9:40 am on Friday. Shares of Honasa Consumer, parent company of Mamaearth, gained nearly 9% to 459.00 per share today after the company on November 22 declared a surge of 93% in its net profit to Rs 29.4 crore for the quarter ended September 30, 2023 as against Rs 15.2 crore reported in the corresponding period of last year.
Nifty Bank soared 40 points to 43,617 and Nifty Midcap jumped 74 points to 42,101 at 9:43 am today.
The top gainers from the pack of Sensex include NTPC, M&M, Sun Pharma, UltraTech Cement, and HDFC Bank while HCL Tech and Tata Motors turned out to be the laggards today.
If the index manages to secure a weekly gain, it would mark the fourth consecutive weekly advance-a feat last observed in June and July of the current year. Despite the lacklustre performance, a glimmer of positivity emerges as bulls fiercely defend the 19,800 mark. Additionally, foreign institutions displayed confidence by becoming net buyers on Thursday, marking the third such instance in the past 10 days.
The Nifty Bank, however, has underperformed this week. Although the index closed higher on Thursday, it merely offset the deficit for the week. To register a weekly gain, the index needs to close above 43,583 but fell six points short of that level on Thursday.
Stocks to Watch on Friday: Indian Hotels data breach exposes information of 15 lakh users at Taj Hotels. The company claims the exposed data is non-sensitive and continues to monitor its systems. NMDC fixes lump ore prices at 5,400 per tonne, and fines at 4,660 per tonne.
JSW Steel successfully concluded a strategic investment of 750 crore in JSW Paints. Now holds a 12.84% stake in JSW Paints. Lupin gets tentative US FDA approval for canagliflozin tablets to improve glycemic control in adults with type 2 diabetes mellitus.
Indian Hotels invests Rs 55 crore in Genness Hospitality and Rs 35 crore in Qurio Hospitality via a rights issue. Prestige Estates launches residential project Prestige Glenbrook in Bengaluru.
Power Finance Corporation plans to raise up to 3,500 crore through a bond issuance. L&T Finance ADB provides a $125 million long-term loan to L&T Finance. Funds to support financing in rural and peri-urban areas in India, especially for women borrowers.
Asian markets opened mostly higher, assessing inflation data from Japan. The Nikkei 225 surged by 0.9% on its return from a holiday, and the Topix rose by 0.7%, despite Japan's core inflation hitting 2.9% in October-above the Bank of Japan's 2% target. South Korea's Kospi and Kosdaq gained 0.2% and 0.3%, respectively, in early trade. However, Hang Seng's futures hinted at a slightly negative start.
The absence of cues from Wall Street, closed for Thanksgiving, leaves global markets in suspense. Wall Street will resume trading for a half-day on Friday. GIFT Nifty trades flat against Nifty Futures Thursday close, suggesting a muted start for the Indian market.
As the week concludes, the Nifty's resilience around the 19,800 mark and global market dynamics will likely influence the trajectory of Indian markets. Investors will keenly observe the mentioned stocks for any potential market-moving developments.
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Nov 24, 2023, 3:13 pm IST
LIC Shares Jump Almost 10%, Best Single Day Gain Since Listing
The share price of Life Insurance Corporation (LIC) jumped 9.31% at Rs 675.30 per share at 3:09 pm IST on Friday. At one point during the day, the stock jumped almost 10% recording best single-day gain since listing.
Nov 24, 2023, 2:46 pm IST
Defence Stocks In Green Today: HAL, BDL, Mazagon Dock
The Defence stock traded in green on Friday as media reports highlighted that India is set to give preliminary approval to three mega indigenous projects which together would be approximately Rs 1.4 trillion. At the time of writing this article, HAL share price was up 4.38% at 2,241.55, BDL was up almost 5% at 1,160.55, while Mazagon Dock shares were up 2.38% at 2,037.95 per share.
The share price of Adani group companies including Adani Enterprises, Adani Power and Adani Green Energy traded in the green on Friday as the bench led by the Chief Justice of India DY Chandrachud heard the Adani Hindenburg case today. The share price of Adani Enterprises was spotted trading 1.79% higher at Rs 2213.15 per share at 2:04 pm IST. Adani Green Energy shares were up 1.05% at Rs 940.35 per share while the share price of Adani Power was up almost 2% at Rs 389.05 per share at 2:04 pm today.
IndusInd Bank Partners With Indraprastha Gas Limited (IGL) To Enable Digital Rupee Transactions In Delhi NCR
The Central Bank Digital Currency (CBDC), which the Reserve Bank of India launched in 2022, will be easier to accept thanks to a partnership between IndusInd Bank and Indraprastha Gas Limited (IGL). Customers will be able to use the Digital Rupee to make payments at a few IGL stations in Delhi NCR, encouraging the use and acceptance of India's digital currency. Additionally, because of UPI interoperability, customers will be able to scan any UPI QR using the Digital Rupee App at all IGL stations.
As one of the pilot banks taking part in the RBI's CBDC project, IndusInd Bank hopes to give customers a smooth and all-inclusive payment experience by using digital currency. The bank believes in the value provided by CBDC. The Digital Rupee solution ensures a user-friendly experience and offers a range of capabilities, including peer-to-peer (P2P) and peer-to-merchant (P2M) payments with complete UPI QR compatibility. It is accessible on both the iOS and Android platforms.
Nov 24, 2023, 1:29 pm IST
Suprajit Engineering Purchased Industrial Property On The Outskirts of Bangalore
The company stated on Friday that it completed an outright purchase of 70,000 square foot buildings and 1,75,000 square feet of land in the Jigani Industrial Area. Located outside of Bangalore and in close proximity to some of Suprajit's most important customers, Jigani is one of Karnataka's premier industrial areas.
Nov 24, 2023, 1:04 pm IST
Persistent Has Been Selected For Inclusion in 3 Prestigious Capital Market Indices − MSCI India Index, S&P BSE 100 and S&P BSE SENSEX Next 50 Indices
Persistent Systems on Friday announced that it has been selected for inclusion in the MSCI India Index, S&P BSE 100 and S&P BSE SENSEX Next 50 indices. With a CAGR of 27% during the previous three years, the company nearly doubled its sales to over a billion USD for the fiscal year that ended in March 2023. The company was listed on the Nifty Midcap 50, Nifty IT, and Nifty MidCap Liquid 15 indices of the National Stock Exchange of India in FY23. S&P BSE 100, S&P BSE SENSEX Next 50, and MSCI India Index inclusions serve as additional confirmation of Persistent's dedication to building long-term value for its stakeholders.
Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent said, “We are thrilled to be included in these three key market indices, which marks an important milestone in Persistent’s 30+ year storied journey. I would like to express my sincere gratitude to our clients, employees, partners, and shareholders for their strong support and trust, without whom, this achievement would not have been possible. We believe these inclusions add significantly to our credibility as a pioneering Digital Engineering and Enterprise Modernization company, and this gives us further motivation to continue to invest in fortifying our position.”
Nov 24, 2023, 12:55 pm IST
RailTel Corporation of India Wins Order Deal From Gujarat Informatics
Under the flagship initative "Video Integration and State Wide Advance Security-VISWAS"-Phase-II, RailTel Corporation of India Ltd has received a work order from Gujarat Informatics Limited for the supply, installation, operations, and maintenance of a state-wide surveillance and ITMS project throughout the state of Gujarat. Rs. 52.87 crore is the projected revenue for the next five years.
Nov 24, 2023, 12:48 pm IST
Gland Pharma Receives EIR From USFDA For Company's Pashamylaram Facility
The company has received an Establishment Inspection Report (EIR) from the US FDA indicating the closure of the Pre-Market Inspection, which covered the US FDA's Quality System/Current Good Manufacturing Practise regulations for Medical Devices (21 CFR Part 820) at the company's Pashamylaram Facility in Hyderabad between 23rd and 26th Aug, 2023.
Nov 24, 2023, 12:16 pm IST
Bank of Baroda (BoB) Announces Infrastructure Bonds of Up To Rs.10,000 Cr
Infrastructure Bonds with a maximum value of Rs. 10,000 crore (base issue of Rs. 2000 crore and Green Shoe Option of Rs. 8000 crore) and a maximum maturity period of seven years were launched by Bank of Baroda (BoB) on Friday. The Bank then made the decision to issue Infrastructure Bonds up to Rs. 5,000 Cr in the first tranche, with a tenor of seven to ten years for the Base Issue of Rs. 1000 Cr and the Green Shoe Option of up to Rs. 4000 Cr.
Nov 24, 2023, 12:11 pm IST
SIS Shares Gain On Acquisition Deal
Following an investment of up to Rs. 3.5 crores in Entitled Solutions Private Limited through the subscription to compulsorily convertible debentures for the acquisition of a minimum of 4.73% shareholding, the shares of SIS were trading 1.31% higher at Rs. 444.10 on Friday during the afternoon deals. Due to the fact that it offers blue-collar employees significant benefits, this investment falls within the employee category. It is anticipated that the first tranche will be finished by March 31, 2024. Within 180 days following the first tranche's closure, SIS is able to finish the second tranche. With the option to allocate up to an additional Rs. 1.50 crore, SIS would initially contribute up to Rs. 3.50 crore.
Nov 24, 2023, 11:24 am IST
Top 5 Gainers and Losers Today
Source:NSE
Nov 24, 2023, 9:48 am IST
Mamaearth Jumps 9% After Robust Q2 Results
Shares of Honasa Consumer, parent company of Mamaearth, gained nearly 9% to 459.00 per share today after the company on November 22 declared a surge of 93% in its net profit to Rs 29.4 crore for the quarter ended September 30, 2023 as against Rs 15.2 crore reported in the corresponding period of last year. The company stated in its BSE filing that its EBITDA stood at Rs 40 crore, up 53% year-on-year (YoY). It is worth mentioning that Honasa Consumer emerged as largest digital-first BPC company that provides a unique proposition of six brands.
Nov 24, 2023, 9:10 am IST
Morning View On The Market
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The dominant trend in the market this year is the huge outperformance of the mid and small caps. While Nifty is up only 8.82% YTD, Nifty midcap index and Nifty Smallcap index are up 33.38% and 41.66% YTD. It is important to understand that Nifty is depressed by the poor performance of banks which have the largest weightage in Nifty. The Nifty Bank index is almost flat this year with measly growth of 0.87%.
Banks are underperforming despite very good results because they are over-owned and sustained FII selling is weighing on bank stocks. Mid and smallcaps are under-owned and retail exuberance is largely driving these stocks. There is no valuation comfort in the broader market but valuations are fair in large caps.
Therefore, the next leg of the rally, driven by institutional money - both foreign and domestic- will be driven by large caps."
Nov 24, 2023, 9:05 am IST
Morning Market Outlook
Mr. Aditya Gaggar, Director of Progressive Shares said, "Rangebound trade continued for yet another session and Index settled the weekly expiry at 19,802. To start a fresh round of rally, a compelling close above 19,840 is a must. The positive side is that the support levels are shifted upwards and forming an Ascending Triangle Formation on an hourly chart. Currently, the immediate support is placed at 19,740. Traders should book partial profits and can trail stop loss for the remaining quantity in 2-wheeler Auto stocks, as they are about to enter an overbought condition while long-term investors can carry their positions. OMC's from the Energy sector are advancing as per our anticipation, one can opt to buy on dips (BPCL-Cup and Handle Breakout and HPCL-Symmetrical Triangle Breakout). Heavyweight ITC is likely to lead the FMCG sector rally ahead as the stock is on the verge of giving a reversal from the lower end of the rising channel."
Nov 24, 2023, 8:46 am IST
Taj Hotels Data Breach Exposes Information of 15 Lakh Users
Today's Spotlight will be on Indian Hotels as Taj Hotels Data Breach Exposes Information of 15 Lakh Users, Available for Purchase on the Dark Net. Indian Hotels Spokesperson Acknowledges Awareness, Emphasizes Limited Non-Sensitive Data, and Ongoing System Monitoring.
Nov 24, 2023, 8:46 am IST
L&T Finance ADB Extends Inaugural Loan
L&T Finance ADB Extends Inaugural 5 Million Long-Term Loan to Foster Rural and Peri-Urban Financing, with Emphasis on Women Borrowers.
Nov 24, 2023, 8:45 am IST
Lupin Gets US FDA Nod For Diabetes Drug
Pharmaceutical Firm, Lupin secures USFDA Approval for Bromfenac Ophthalmic Solution and Receives Tentative Approval for Canagliflozin Tablets for Diabetes Control in Adults.
Nov 24, 2023, 8:38 am IST
GIFT Nifty Indicates Muted Start For Indian Market
GIFT Nifty Holds Steady in Line with Thursday's Nifty Futures Close, Pointing to a Subdued Kickoff for the Indian Market.
Nov 24, 2023, 8:36 am IST
Asian Stocks Rise, Treasuries Dip Post-Thanksgiving Break; Oil Continues Slide"
Equities in Asia edged upward, and Treasuries experienced a decline in the region following the Thanksgiving holiday. Japanese benchmarks made gains at the opening, catching up after a national holiday, and Australian equities saw an opening surge. Meanwhile, futures for Hong Kong stocks retreated after a Thursday rally. The fluctuating trends suggest a nuanced post-holiday market landscape in the region.
Nov 24, 2023, 8:34 am IST
Nifty 50 Navigates Consolidation, Nifty Bank Underperforms In The Week
In a week dominated by consolidation, the Nifty 50 index has experienced limited fluctuations, confined to a narrow 200-point range. Thursday's trading session mirrored the prevailing sentiment, as the Nifty retraced its steps to the November 16 swing high of 19,875 but encountered challenges in maintaining momentum beyond that threshold.
In contrast, the Nifty Bank has underperformed this week. Despite closing higher on Thursday, it only managed to offset the deficit for the week. For the index to achieve a weekly gain, it must close above 43,583, falling short of that critical level by six points in Thursday's session.
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