Stock Market Closing Update: Sensex, Nifty End Over 1% Higher; Banks, IT Stocks Lead Rally

Bulls dominated the Indian equity market on Wednesday, with the benchmark index Sensex surging 1.10% at 66,901.91 points and Nifty ending at the 20,096.60 mark, up 1.04% compared to the previous close. The rally in the broader market was led by banks, information technology (IT), and auto stocks. In a new milestone, the market capitalization of all BSE-listed companies' on Wednesday hit a record-breaking $4 trillion mark.

BSE Sensex gained 457 points or 0.69% to 66,630 and Nifty50 surged 135 points or 0.68% to 20,024 at 11:52 am on November 29, 2023. Nifty Bank rose 391 points to 44,271 and Nifty Midcap rallied 314 points to 42,592 at 11:53 am today. Meanwhile, shares of Adani Total Gas soared 11.9% to Rs 720.75 per share today. Shares of Torrent Power also surged 10% to Rs 90.40 per share.

Aster DM Healthcare shares surged nearly 10% after the company's Board approved the sale of GCC entities to Alpha GCC Holdings for $1.01 billion. From the pack of Sensex, the major gainers are Hero Motocorp, Wipro, Tech Mahindra, M&M, HCL Tech, and Bharti Airtel.

Shares of Titan Company, Nestle, NTPC, and ITC are the top laggards.

The Nifty 50 climbed above the crucial 20,000 mark today for the first time since September 20. The top contributors to Nifty's rally are HDFC Bank, Infosys and Reliance Industries. It took Nifty 47 trading sessions to attain back the 20,000 level.

Driving the broader market's outperformance were Adani Group stocks, Oil PSUs, and other state-run companies, with the Nifty Midcap Index recording a decline only on November 1 throughout the month. On the banking front, the Nifty Bank index faced a more turbulent session, struggling to overcome the 44,000 barrier, reverting from levels of 43,960 on Tuesday.

Investors will be closely monitoring several stocks as they head into Wednesday's trading session:

Aster DM Healthcare is set to sell its Gulf business to Fajr Capital & Aster DM promoters for a substantial $1.01 billion. Zomato, in a block deal, plans to sell 29.6 crore shares, equivalent to 3.4% of total equity, at Rs 111.28 per share, aiming to raise $395 million or Rs 3,290 crore.

Siemens reported a robust performance in the fourth quarter, with a 49.8% increase in net profit and a 24.7% rise in revenue. PCBL's board approved the acquisition of Aquapharm Chemicals for Rs 3,800 crore, marking the company's entry into specialty segments of water treatment and oil & gas chemicals.

Tata Power Renewable Energy secured a letter of award for a 200 MW renewable energy project, expected to offset 9 lakh metric tonnes of CO2 emissions annually. BHEL is exploring the maximization of the Jaitapur Nuclear Power Plant with Electricite de France, while Havells India introduces its consumer durable brand "Lloyd" in the Middle East market.

Despite comments from Fed governor Christopher Waller hinting at potential rate cuts if inflation eases over the next 3-5 months, Asian markets are trading lower. The Nikkei 225 and Topix are down 0.2% and 0.3%, respectively, while South Korea's Kospi has also experienced a similar dip. Hang Seng opened 0.5% lower, and the CSI 300 in mainland China is marginally above the flatline.

The GIFT Nifty is trading at a premium of nearly 100 points from Nifty Futures' Tuesday close, indicating a promising gap-up opening for the Indian market, with the Nifty likely to open above 20,000. Wall Street indices ended with modest gains overnight, with the Dow rising 0.2% and the Nasdaq closing 0.3% higher.

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Nov 29, 2023, 3:37 pm IST

Bank of Commerce Selects Infosys Finacle Suite for its Core Banking Transformation; Stock Gains 1%

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Bank of Commerce, an affiliate of San Miguel Corporation (SMC) group and one of the fast-growing universal banks in the Philippines, today announced the bank’s decision to select Infosys Finacle Suite for its core banking transformation. The Infosys Finacle Suite of offerings, which includes Finacle Core Banking, Finacle Liquidity Management and Finacle Customer Data Hub solutions, will replace BankCom’s legacy platform and help the bank engage, innovate, and operate better to keep pace with evolving market expectations. Today, Infosys shares were up 1% at Rs 1458.60 per share at 3:32 pm IST.

Nov 29, 2023, 2:51 pm IST

Modi Govt Extends Free Ration Scheme PM Garib Kalyan Anna Yojana Till 2029

The union government has decided to extend the PMGKAY scheme for another five years till 2029. Union minister Anurag Thakur said on Wednesday that the scheme provides food grains free of cost to more than 800 million Indians. Thakur said the extension will cost the exchequer Rs 11.8 lakh crore.

Nov 29, 2023, 2:45 pm IST

Top 5 Gainers and Losers Today

Source:NSE

Nov 29, 2023, 2:10 pm IST

Bitcoin Breaches USD38,000 Mark, Global Crypto Market Cap Up 2.32%

Bitcoin price surged 3.11% higher at ,157.22 per token on Wednesday. Most cryptocurrencies traded higher today contributing to the gains in the digital asset market. Today, the global crypto market cap was up 2.32% at .43 Trillion.

Nov 29, 2023, 1:47 pm IST

Vikramjit Singh Resigns As President of Lemon Tree Hotels

In order to take on an entrepreneurial role, Mr. Vikramjit Singh has resigned as the company's president. His employment with the company will come to an end on January 31, 2024. The resignation is effective as of November 29, 2023, and it will take effect on January 31, 2024, at the end of working hours.

Nov 29, 2023, 1:44 pm IST

BHEL Secures Rs 2956.89 crore Contract With Ministry of Defence (MoD)

On Wednesday, Bharat Heavy Electricals Limited (BHEL) secured a contract with the Ministry of Defence (MoD) for 16 nos. SRGMs against the LOI. The Indian Navy's freshly constructed and in-service ships would be equipped with the upgraded SRGMs, according to the ministry. The deal has a total value of Rs 2,956 crore. "The Ministry of Defence has signed a contract with M/s Bharat Heavy Electricals Limited (BHEL), Haridwar on Nov. 28 for procurement of 16 Upgraded Super Rapid Gun Mount (SRGM) along with associated equipment/accessories for Indian Navy under Buy (Indian) category at a total cost of Rs 2956.89 crore," BHEL said in a statement.

Nov 29, 2023, 1:06 pm IST

Shelter Pharma Secures Rs 1 Cr Order From Taha Drugs & Chemicals Co

Taha Drugs & Chemicals Co. Ltd. placed a significant order with Shelter Pharma Limited for the Joemega Capsule Nutraceutical 60000 box and Allvitamins Tablet Nutraceutical 60000 box, which are estimated to be worth Rs 1 Crore. The order is proposed to be executed within 4 months.

Nov 29, 2023, 1:00 pm IST

Capacit'e Infraprojects Wins Rs 101 Cr Order Deal From Tridhaatu Aranya Developers LLP

Tridhaatu Aranya Developers LLP (Tridhaatu) has placed an order with Capacit'e Infraprojects Limited for Project - Aranya Phase-II in Chembur, with a total contract value of Rs 101 Crore (excluding GST). Additionally, the company has completed Phase 1 of Project Aranya. Mr. Rahul Katyal, Managing Director & Chief Executive Officer said, “We are delighted to announce that Tridhaatu Aranya Developers LLP has once again reinforced their trust and confidence in CAPACIT'E for their project – Aranya Phase-II Project at Chembur. We will continue to foster enduring relationships with existing clients to generate more repeat orders. The order inflow for the current financial year, along with our existing orders book give us confidence to deliver good growth in the coming quarters. At Capacit'e, it is our continuous endeavour to add quality orders from existing and new clients and we are confident in the growing execution capabilities of the Company.”

Nov 29, 2023, 12:51 pm IST

BPCL Declares Interim Dividend For FY 2023-24

At its meeting on November 29, 2023, the Bharat Petroleum Corporation Ltd (BPCL) Board of Directors decided to declare an interim dividend for the 2023–2024 fiscal year of Rs 21/–per equity share with a face value of Rs 10/–each, or 210%. Furthermore, the record date for determining a shareholder's eligibility to receive the aforementioned interim dividend has been set by the Board of Directors for Tuesday, December 12, 2023. The above-mentioned dividend will be paid on or before 28th December 2023.

Nov 29, 2023, 12:39 pm IST

Aurionpro Solutions Wins Award For Best Transaction Banking Implementation At IBS Global FinTech Awards 2023

The 5th IBS Intelligence Global FinTech Innovation Awards awarded Aurionpro Solutions Limited with the "Best Transaction Banking Implementation: Most Impactful Project" title. This award honours Aurionpro's innovative collaboration with Punjab National Bank (PNB) in transforming transaction banking services. Aurionpro Solutions and PNB are honoured by the IBS Intelligence Global FinTech Innovation Awards, which are known for highlighting excellence in financial technology deployments and innovations. The title of "Best Transaction Banking Implementation: Most Impactful Project" was given to Aurionpro Solutions Limited by the 5th IBS Intelligence Global FinTech Innovation Awards. This award honours Punjab National Bank (PNB) and Aurionpro's creative partnership in revolutionising transaction banking services. The prestigious IBS Intelligence Global FinTech Innovation Awards, which celebrate outstanding financial technology developments and implementations, honoured Aurionpro Solutions and PNB.

Nov 29, 2023, 12:30 pm IST

Adani Power Hits 52W-High On Collaborating With IHI Corporation & Kowa Corporation To Decarbonize Its Own Thermal Power Plants

After working with IHI Corporation and Kowa Corporation to decarbonize its own thermal power facilities, beginning with the 4,620 MW Mundra Power Plant, Adani Power's shares hit a new 52-week high of Rs 470.90 on Wednesday during the morning trades. The largest private sector power plant in India, the Mundra Plant, would co-fire up to 20% green ammonia in the boiler of a conventional coal-fired 330 MW unit as part of the project. To execute the pilot and explore expanding to other APL units and stations, Adani Power has teamed up with IHI and Kowa-Japan. IHI is a heavy industrial corporation with ammonia firing technology, whereas Kowa is focused on manufacturing products that save and generate energy. At IHl's plant in Japan, combustion experiments using a 20% ammonia blend have started, simulating the machinery of the Mundra Power Station. "Adani Power is fully committed to reducing its carbon footprint through adoption of latest technologies and proactive measures across our business value chain. In furtherance of this vision, we are happy to partner with IHI and Kawa for blending green ammonia for our Mundra plant, which will reduce CO2 emissions. We will continue to integrate cutting-edge technologies increasingly to reduce emissions in the intermediate term," said Mr. Anil Sardana, Managing Director, Adani Power Ltd.

Nov 29, 2023, 12:17 pm IST

Deloitte India Announces Strategic Partnership With Ramco Systems To Enhance The Landscape of Payroll Platform

A strategic alliance has been formed between Deloitte Touche Tohmatsu India LLP and Ramco Systems Limited, a top supplier of payroll systems worldwide. Through this cooperation, Deloitte's professional consulting and managed services team up with Ramco's cutting-edge payroll technology. Together, they are dedicated to providing a comprehensive payroll solution that can be accessed through a single, unified payroll platform that guarantees operating services, compliance, a seamless user experience, and broad coverage covering more than 150 countries. Through this cooperation, companies may take advantage of a wide range of services, including enhanced visibility, faster delivery, performance optimisation, and risk reduction through seamless integration. It also gives companies the opportunity to establish continuous, self-sustaining governance, which promotes innovation, scalability, and efficiency in the digital environment.

Nov 29, 2023, 12:12 pm IST

Aurobindo Pharma Receives USFDA Approval For Treatment of HIV-1

Aurobindo Pharma Limited announces that it has been given final approval by the US Food & Drug Administration (USFDA) to produce and distribute Darunavir Tablets, 600 mg and 800 mg. These tablets are bioequivalent and therapeutically equivalent to Janssen Products, L.P.'s reference listed drug (RLD), Prezista Tablets, 600 mg and 800 mg. The launch day for the product is November 29, 2023. IQVIA estimates that the authorised product will have a market size of US$ 274.8 million for the year ending in October 2023. As of now, Aurobindo has received 500 ANDA approvals from the USFDA—478 final approvals and 22 tentative clearances. Darunavir 600 mg and 800 mg tablets are prescribed to treat HIV-1 infection in adults and paediatric patients three years of age and older when used together with other antiretroviral drugs.

Nov 29, 2023, 12:05 pm IST

Ultracab India Wins An Order From Sterling & Wilson of Approx Rs.47.78 Cr

Ultracab India secured an order from Sterling & Wilson of Approx. Rs.47.78 Cr for LT AB Cables for the project under the government scheme of RDSS for South Bihar Power Distribution Company Limited, Nalanda and Gaya District. The Supply will be completed on or before March 2025.

Nov 29, 2023, 11:58 am IST

Rs 10/Share Dividend: Siemens Reports 50% Growth In Net Profit

Large cap company operating in Engineering sector, Siemens Ltd on November 28 announced a surge of 49.8% year-on-year (YoY) in its net profit to Rs 571.6 crore for the 4th quarter ended September 30,2023. It is worth mentioning here that Siemens follow Oct-Sept financial year. The company declared its net profit at Rs 381.7 crore in the similar quarter last year, as per its BSE filing. Siemens’ revenue from operations soared 24.7% to Rs 5807.7 crore as compared to Rs 4,657.1 crore in the corresponding quarter of last fiscal. Siemens also recommended a dividend of Rs 10/- per equity of Rs 2/- each (500%) for the FY ending Sept 30, 2023. Check details below:

Nov 29, 2023, 10:53 am IST

IREDA Shares List At 56% Premium Over IPO Price

Shares of renewable energy financing company IREDA listed at a 56.25% premium over the issue price on the exchanges on November 29, 2023. The stock made its debut at Rs 50 on both NSE and BSE compared with the IPO price of Rs 32. Ahead of the listing, IREDA’s shares traded at a premium of Rs 12.25 in the unlisted market. The IPO obtained a good response from investors as it was oversubscribed by 38.8 times.

Nov 29, 2023, 9:56 am IST

Nifty Breaks Above 20,000 For The First Time In Over 2 Months

The Nifty 50 climbed above the crucial 20,000 mark today for the first time since September 20. The top contributors to Nifty's rally are HDFC Bank, Infosys and Reliance Industries. It took Nifty 47 trading sessions to attain back the 20,000 level.

Nov 29, 2023, 9:39 am IST

Morning Market Outlook Today

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Since the global market backdrop continues to be favourable, the rally in India is likely to continue. The drop in US 10-year bond yield to 4.3% and the dollar index dropping below 103 are positive for equity markets. FIIs have turned buyers responding to the changed reality. What should investors do now? Investors should take cues from the wisdom of the investment legend Charlie Munger who died yesterday. Munger advised investors: “don’t be gamblers, be patient investors.”There is a lot of gambling happening in the market now in low grade stocks. These should be avoided. Investors should buy quality stocks which are fairly priced, and wait patiently. There is value in largecap banking, IT and autos for patient investors. A big move in the market is likely after the state election results are known. Perhaps the exit polls tomorrow evening may provide some clues."

Nov 29, 2023, 9:37 am IST

USD-INR Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services said, "Upside attempts persisted on Friday, but 83.4 stood firm. Look for a pull back, but not exceeding 83.26, followed yet another attempt to overcome 83.4. Slippage below 83.26 could signal loss in strength, calling for consolidation inside 83.19 - 83.02 again."

Nov 29, 2023, 9:37 am IST

Nifty Realty Hits Record High

The Nifty Realty index reached a fresh high of 712.95. Reflecting a 0.3% increase at 709.2. With the exception of Sobha, Brigade, Prestige, and Oberoi Realty, the remaining six stocks in the index are showing positive growth.

Nov 29, 2023, 9:37 am IST

Nifty Derivative Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services said, "Nifty weekly contract has highest open interest at 19900 for Calls and 19800 for Puts while monthly contracts have highest open interest at 19900 for Calls and 19800 for Puts. Highest new OI addition was seen at 19800 for Calls and 19450 for Puts in weekly and at 19800 for Calls and 19450 for Puts in monthly contracts. FIIs increased their future index long position holdings by 8.58%, increased future index shorts by 1.24% and in index options by 22.67% in Call longs, 18.21% in Call short, 27.17% in Put longs and 28.89% in Put shorts."

Nov 29, 2023, 9:36 am IST

Nifty Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services said, "Last week, we were willing to extend the target to 19960 or 20100, despite momentum fizzling out on test of 19850. We are still hopeful of the same, but there is a sense that distribution is in play, that is poised to unfold a downswing towards 19591, the 50dma. Towards this end, downside marker may be placed to 19750 for all upside views for the week."

Nov 29, 2023, 9:32 am IST

Zomato Shares Rise Following Large Trade

Zomato shares recorded gaining trend for the third consecutive day, currently showing a 1% increase. The food delivery company witnessed a block deal of 29.7 crore shares, equivalent to 3.4% of its total outstanding equity. The shares were traded at an average price of Rs 112 per share, resulting in a total transaction value of Rs 3,326 crore, as per data available on the exchanges.

Nov 29, 2023, 9:23 am IST

Market Opens With Healthy Gains, Nifty Above 19,950

Indian indices saw a positive opening on November 29, with the Nifty surpassing the 19,950 mark. The Sensex experienced a gain of 258.32 points or 0.4%, reaching 66,432.52, while the Nifty showed an increase of 83.50 points or 0.4%, standing at 19,973.20. Among the stocks, 1705 witnessed advances, 463 saw declines, and 108 remained unchanged. Major gainers on the Nifty included Adani Enterprises, Adani Ports, Tech Mahindra, HCL Technologies, and Bharti Airtel. On the flip side, Divis Labs, Sun Pharma, Coal India, and Britannia Industries were among the top losers.

Nov 29, 2023, 9:16 am IST

Rupee Opens 3 Paise Stonger At 83.31/$ Vs Previous Close

The Indian rupee commenced trading 3 Paise higher at 83.31 per dollar compared to the previous closing rate of 83.34per Dollar.

Nov 29, 2023, 8:49 am IST

US Market Ends With Marginal Gains, Nasdaq Up 0.3%

The Wall Street indices concluded the night with marginal gains, witnessing a 0.2% increase in the Dow Jones and a 0.3% higher closing for the Nasdaq.

Nov 29, 2023, 8:46 am IST

GIFT Nifty Trades Higher, Indicates A Gap-Up Start For Indian Market

The GIFT Nifty is currently trading with a premium of almost 100 points compared to Tuesday's closing levels of Nifty Futures. This suggests a favorable gap-up opening for the Indian market, with the Nifty anticipated to commence trading above the 20,000 mark.

Nov 29, 2023, 8:43 am IST

Asian Markets Open Lower, Hang Seng Slips 0.5%

Despite of suggestions from Federal Reserve Governor Christopher Waller about potential rate cuts should inflation ease in the next 3-5 months, Asian markets are showing a downward trend. The Nikkei 225 and Topix have both declined by 0.2% and 0.3%, respectively, with South Korea's Kospi also witnessing a comparable dip. Hang Seng started 0.5% lower, and the CSI 300 in mainland China is holding just above the flatline.

Nov 29, 2023, 8:13 am IST

Nifty Surpasses Key Resistance Level, Likely To Open Above 20,000

The Nifty kicked off the week by not just surpassing the 19,875 mark but also reaching above 19,900, marking the first time since September 20. Nevertheless, it concluded just below the 19,900 threshold. Fueling the broader market's strong performance were Adani Group stocks, Oil PSUs, and other state-run companies. The Nifty Midcap Index saw a decline only on November 1 throughout the entire month. On the banking front, the Nifty Bank index had a more tumultuous session, facing challenges in surpassing the 44,000 barrier and retracting from levels of 43,960 on Tuesday.