The Sensex and Nifty 50 indices are experiencing a strong bullish trend today, with the Sensex surging by 964.58 points, or 1.25%, and reaching 78,120.37. Similarly, the Nifty 50 has gained 291.85 points, also up by 1.25%, bringing it to 23,641.75. The positive momentum is reflected across all sectoral indices, with notable gains in the PSU Bank, IT, metal, energy, and realty sectors. market movement currently is caused by the Adani Enterprises, Adani Ports, Adani Green Energy, Paytm, and Axis Bank., SBI which are in focus today.
Earlier, Indian stock market opened in green with Sensex hitting an intraday high of 77,446.60, and Nifty surging to touch the day's high of 23,427.30. Stocks like ICICI Bank, SBI, NTPC, Tech Mahindra, Axis Bank and Tata Motors emerged as top gainers. However, Adani Ports, Titan, TCS, and Tata Steel dropped, becoming top bears.
Bank Nifty surged by 326 points with PSU bank stocks outperforming. Sharp gains were seen in realty, financial services, private banks, oil and gas, and auto stocks.
Bidding in NTPC Green Energy IPO to be open for the last time on November 22, before listing on BSE and NSE next week. Adani stocks will be once again in focus after billionaire Gautam Adani was roped into allegations of bribery and fraud in the USA.
Also, positive global cues will likely influence the surge as well. In the early trade, Asian stocks climbed following overnight gains in US market as investors took comfort in Nvidia's earnings which curbed the impact of geopolitical concerns.
Experts believe the selling pressure in Adani stocks will continue temporarily, however, it is the macro factors that will play a key role in guiding sentiments on BSE and NSE.
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Nov 22, 2024, 3:40 pm IST
Nifty Prediction Today By Akshay Chinchalkar, Head of Research At Axis Securities
With the Nifty falling to a new low for this decline, the focus is now squarely on a major node near 23,200. This area is offering supports from multiple indicators including a key Fibonacci retracement from the election day lows, a rising trendline from the October '23 trough, a falling channel currently in play and the so-called daily Ichimoku cloud. We are also close to a time-reversal area which covers the early part of next week, with both daily and weekly momentum now deeply oversold. Still, unless prices show bullish behaviour at price and time support, bears will have the upper hand.
Nov 22, 2024, 3:07 pm IST
Nifty Derivative Outlook Today
Anand James, Chief Market Strategist, Geojit Financial Services said, “Nifty weekly contracts have the highest open interest at 24000 CE and 23500 PE while monthly contracts have the highest open interest at 24000 CE and 23000 PE. The highest Ol addition was seen at 23300 CE and 23200 PE in weekly contracts and at 23300 CE and 22500 PE in monthly contracts. Flls increased their future index long holdings by 0.09%, increased future index shorts by 3.30% and in index options, 34.38% decrease in Call longs, 16.77% decrease in Call short, 24.42% decrease in Put longs and 7.37% decrease in Put shorts.”
Nov 22, 2024, 2:32 pm IST
Gold - Haven Demand Lifts Gold For The Fifth Straight Day
Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said, “Spot gold is currently changing hands at 22, up around 0.75% on the day, as it builds on its rally sparked by safe haven demand on disconcerting developments in the ongoing Russia- Ukraine war. Yesterday, Ukraine reported that Russia fired an ICBM on Ukraine, the first time ever in this war. Yesterday's US data were mixed as initial jobless claims improved but continuing claims surged to the highest level in nearly three years. Philadelphia Fed Business Outlook Index data disappointed. Today being the global PMI data, traders will closely watch the PMIs out of the US, UK and the Eurozone. Gold is ignoring a firmer US Dollar today. The yellow metal, after clearing the crucial resistance at 61, is eyeing the next major resistance at 11. For now, buying the dips is preferable.”
Nov 22, 2024, 1:58 pm IST
USDINR: A fresh record high
Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said, “The USDINR pair, after hitting a fresh record high of Rs 84.52 today, is trading steady at Rs 84.50 currently. The Indian PMIs data released today were mixed as the manufacturing PMI eased a bit in November to 57.30 from 57.50 in October, whereas the services PMI improved to 59.20 in November from 58.50 in October. Geopolitical tensions, portfolio outflows, and rallying US Dollar Index are likely to keep the domestic currency under pressure, though the RBI's intervention is leading to a gradual and orderly decline. The India's central bank defends its forex market policy. The pair is expected to rise to Rs 85 eventually. Support is at Rs 84.25.”
Nov 22, 2024, 1:45 pm IST
SBI Shares In Focus
The largest bank in the nation, State Bank of India, has launched a specially tailored vehicle loan program for Uber's fleet partners. This loan makes it possible for Uber fleet partners to receive hassle-free loan disbursement and affordable, customized financing options.
The improving risk appetite pointed out yesterday did not quite prevent the opening slippage, but did succeed in ensuring that the rest of the day did not see any more cuts. This should prompt further upside attempts today aiming 23390 initially, but would require 23480-565 band to be cleared before strength is spotted. Inability to float above 23390 could reopen the chances of 23100- 22800.
Nov 22, 2024, 12:24 pm IST
Nifty Outlook Today By Sameet Chavan, Head Research, Technical and Derivative - Angel One
The underlying weakness, combined with unpleasant news flow, fueled bearish sentiment. The chart structure construes further weakness as the Nifty maintains the lower lows formation. The 200 DSMA around 23580-23600 is emerging as a significant challenge that will require strong momentum to overcome. While there are questions about sustainability, it is clear that until we see a decisive break of the zone at 23800-24000, any pullbacks should be seen as opportunities to exit long positions. Given the current circumstances, 23200-23100 is likely to be tested during this comparable period. Therefore, a strong risk management strategy is recommended to address the current situation. The geopolitical concerns and the recent developments hampering the sentiments of equity markets need to be watched closely, which may dictate the near-term sentiment for our markets. At the same time, it is crucial not to get overly enthusiastic during any pullbacks and to wait for the volatility to settle before making decisions.
Nov 22, 2024, 12:01 pm IST
Reliance Naval and Engineering Limited appoints new CFO
Reliance Naval and Engineering Limited has appointed Mr. Rajesh Bhardwaj as the Chief Financial Officer (CFO) and Key Managerial Personnel, effective from November 23, 2024. Mr. Bhardwaj brings over 28 years of extensive experience in areas such as Treasury, Finance, Accounts, Taxation, and Commercial operations, strengthening the company’s financial leadership.
Nov 22, 2024, 11:41 am IST
Adani Stocks In Focus, Rs 2 Lakh Crore Valuation Wiped Out after US Indictment
Adani Enterprises shares, along with other group stocks like Adani Green, Adani Power, and Adani Energy, adani energy are in the spotlight in today's trading session after plunging by more than 23% in Thursday's trade. Adani Group stocks faced a turbulent session as allegations of a USD 250 million bribery scheme involving Chairman Gautam Adani and his nephew Sagar Adani surfaced.
Nov 22, 2024, 11:28 am IST
Praj Industries Looks At New opportunities For 3 times revenue growth by 2030
Praj Industries is eying opportunities in multiple sectors including sustainable aviation fuel (SAF), biopolymers and the energy transition & climate actions (ETCA) and is expecting to triple its revenues by 2030. During a Press Conference held in the city today Dr Pramod Chaudhari along with his team comprising Atul Mulay, President, Bioenergy Business and Ghanshyam Deshpande, President Technology interacted with the media about the possible opportunities and Praj’s preparedness to grab the same. Speaking on the occasion Dr Pramod Chaudhari said, “The energy transition & climate actions (ETCA) sector which has a global potential and contains segments like blue and green hydrogen, green ammonia and west to energy solutions is expected to drive the growth. Globally, the energy majors are likely to invest close to INR 25 Lakh Crore in the clean energy sector by 2030, whereas the traditional oil and gas market will continue to attract new investments to the tune of 21 Lakh Crore in the next 10 years' time on the global front.”
Nov 22, 2024, 11:26 am IST
Big Jump In Gold Prices India, Nov-22
Gold prices in India saw an impressive rise on Friday, November 22, following the escalation of the conflict between Russia and Ukraine and geopolitical tensions that have rekindled consumer interest in safe haven investments. Gold currently costs Rs 7,225 per gramme for 22 carat gold and Rs 7,882 per gramme for 24-carat gold in India. While 22k of 100 grammes of gold prices in India today jumped to Rs 7,22,500 from Rs 7,14,500 yesterday, signifying a more expensive rate of Rs 8,000, 22k of 10 grammes of gold prices on Friday reached Rs 72,250, which was Rs 71,450 on Thursday, marking a price rise of Rs 800.
Indian stock market opened in green with Sensex hitting an intraday high of 77,446.60, and Nifty surging to touch the day's high of 23,427.30. Stocks like ICICI Bank, SBI, NTPC, Tech Mahindra, Axis Bank and Tata Motors emerged as top gainers. However, Adani Ports, Titan, TCS, and Tata Steel dropped, becoming top bears. Check Out Latest Price
Nov 22, 2024, 9:21 am IST
Market Live Updates: Top Performers Of Opening Bell
Bank Nifty surged by 326 points with PSU bank stocks outperforming. Sharp gains were seen in realty, financial services, private banks, oil and gas, and auto stocks.
Nov 22, 2024, 9:18 am IST
Rupee At 84.45
As dollar rebounded, Indian rupee is expected to be under pressure due to persistent outlook. At the forex market, in the early trade, the rupee stood at 84.5 level against US dollar.
Nov 22, 2024, 8:56 am IST
Market Live Updates: Stocks In Focus
The Adani Group saw its sharpest decline since the Hindenburg controversy, with a ₹2.2 lakh crore loss in market cap. Adani Enterprises plunged 23%, while Adani Ports dropped 14%. GQG Partners, holding stakes between 1.5% and 2% in six Adani companies as of September 2024, is under scrutiny. NTPC Green Energy’s IPO was 88% subscribed on day two, while exit polls predict a BJP-led Mahayuti win in Maharashtra and Jharkhand. Nifty is poised for further downside as FIIs continue their sell-off, unloading ₹39,669 crore in November. Bearish sentiment remains strong on stocks like SRF, Bajaj Finance, and Voltas, as per Prashant Tapse, Senior VP (Reseaerch), Mehta Equities
Nov 22, 2024, 8:28 am IST
Stock Market Live Update: Adani Stocks Lost Billion On Bribery Case
As much as billion was wiped out on November 21 in Adani Group shares after Gautam Adani along with other executives was booked for alleged bribery case and fraud in the federal court of US. After the closing bell of November 21, Adani Group's flagship company, Adani Enterprises shed nearly 23%, followed by 20% and 10% lower circuit in Adani Energy Solutions and Adani Wilmar share price. Adani Ports closed lower by 13.5%, while Adani Green Energy shares dipped by 18.80%, Adani Power shed 9.15%, Adani Total Gas declined by 10.40%, while cement stocks like ACC and Ambuja Cements fell by 7.3% and 11.98% respectively.
Nov 22, 2024, 8:27 am IST
Stock Market Update: Sensex, Nifty In Previous Close
In the closing bell of Thursday, the Indian stock market made some recovery including a slowdown in selling Adani stocks. Sensex dipped 423 points to close at 77,156 and the Nifty dropped 169 points to 23,350, marking a five-month low for the latter.
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