KEY HIGHLIGHTS
Events, Economic Data Later Friday
Europe: Core CPI Flash Estimate EUR
Europe: CPI Flash Estimate
Europe: Italian Prelim CPI m/m
UK: BOE Financial Stability Report
UK: FPC Meeting Minutes
UK: FPC Statement
UK: BOE Gov Bailey Speaks
Europe: German Buba President Nagel Speaks
Nifty, Sensex Rally Nearly 3% During Two Consecutive Week Of Gains: Closing Bell
Benchmark equity indices gained for a second consecutive week adding nearly 3% in two weeks. Share prices Adani Enterprises and Bharat Electronics added over 10% this week.
On Friday, both the indices recovered from their steep falls in the previous session as Airtel and Reliance share contributed the most. They had witnessed steepest intraday fall in over last three weeks on Thursday.
Globally, investors will look forward to key inflation data from Europe along with UK's financial policy committee meeting. Intraday, the both Nifty and Sensex rose 1.1%.
The Nifty ended 0.91% or 216.95 points higher at 24131.10 and Sensex closed 0.96% or 759.05 points up at 79802.79.
"The Indian market is increasingly witnessing severe bouts of volatile trading, as the gyration from positive to negative zones has been very sharp owing to stretched valuation concerns and the lingering selloffs from foreign investors," said Prashanth Tapse, senior VP (Research), Mehta Equities Ltd. "Despite the recovery, there is no firm trend visible due to lack of fresh positive triggers. For the up move to sustain, FII offloading of Indian shares needs to cool down before we see any signs of an upward bias."
Share prices of Bharti Airtel Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd., and Larsen & Toubro Ltd. contributed the most to the gains.
While those Powergrid, Shriram Finance Ltd., Hero MotoCorp Ltd., HDFC Life Insurance Co. Ltd., and Nestle India Ltd., capped the upside.
Market breadth was skewed in the favour of buyers. As many as 2,340 stocks rose, 1,613 fell, and 97 remained unchanged on the BSE.
BSE MidCap and BSE SmallCap have both underperformed in the broader market category MidCap rose 0.31% and SmallCap rose 0.76% compared to 0.85% advance in Nifty 50.
Except BSE Realty, rest 20 sectoral indices rose. BSE Healthcare rose the most.
Weekly Performance
This week, both Nifty and Sensex rose 0.9%. Nifty Media rose the most and Nifty Auto and Nifty IT fell.
Rupee Ends Flat Against US Dollar
-Rupee closed flat at 84.49 against the US dollar.
-It closed at 84.49 on Thursday.
Source: Bloomberg
Markets At Close
Nifty and Sensex ended higher for a second consecutive week
Both the indices have gained nearly 3% in two weeks of gains
Intraday, both Nifty and Sensex rose over 1%
Nifty ended 0.91% or 216.95 points higher at 24131.10
Sensex ends 0.96% or 759.05 points up at 79802.79
Nifty Midcap 100 underperformed and ended 0.16% up and Nifty Smallcap 250 closed 0.8% higher
Most sectoral indices rose with Nifty Pharma gaining the most
Bharti Airtel & Cipla were top Nifty gainers
Power Grid and Shriram Finance fell the most
Gold Price Up On Russia-Ukraine Jitters But Set For Weekly Slip: Time To Buy? Experts Weigh-In
Gold prices are edging higher in the aftermath of Russia's strikes on Ukraine's energy infrastructure, that led to widespread power cuts in the country.
Spot gold was trading nearly 1% higher at $2,662.3 an ounce at 7:15 a.m. (GMT) on Friday. The uptick in global rates also led to a climb in the Indian gold futures on Multi Commodity Exchange, as the December contracts were trading 0.83% higher at Rs 76,350 per 10 gram at 12:48 p.m.
Adani Energy Share Price Records Best Session In A Year
Adani Energy Solutions Ltd. saw its largest single-day jump in nearly a year, with the stock rising 18.79% on Friday, reaching Rs 863 per share. The surge marked the stock hitting its upper circuit limit during the trading session, reflecting renewed investor confidence following positive endorsements from key institutional backers.
Adani Green Share Price Locked In 20% Upper Circuit
Adani Green Energy share price extended its early gains to its upper circuit of 20%. Group's shares saw a significant recovery on Friday, gaining over Rs 90,000 crore in market value as investor confidence was bolstered by key reaffirmations of support from major stakeholders.
Europe Market Open: Most Indices Fall Ahead Of Key Inflation Data
Most European indices fell during the early session ahead of release of Euro zone inflation data due later in the day. Spain's Ibex fell the most by 0.4% while UK's FTSE 100 and France CAC 40 stayed flat.
Asia Market Close: Most Indices Lower; Kospi Falls 2%
Most indices in the Asia-pacific region ended Friday on a negative note. While South Korea's Kospi lost nearly 2%, Hong Kong's Hang Seng and China's CSI 300 gained 0.3% and 1% higher.
Sentiment in South Korea was impacted as country’s industrial production growth fell 0.3% last month compared to September when growth had also fallen by 0.3% month on month.
Global Funds Find Bright Spots In India Despite Equity Outflows
Overseas investors are finding opportunities in India despite record outflows from local shares last month, signaling potential in specific sectors. Industrials, health-care and telecommunication stocks have drawn net inflows of about $3 billion each this year through Nov. 15, according to data from the National Securities Depository Ltd. That’s in contrast to overall withdrawals of over $2 bill
Read more here.
Stock Recommendation Today: Experts On Bank Of Baroda, TCS, Va Tech Wabag, Zee Entertainment
Will investment in Bank of Baroda yield good returns? Zee Entertainment Enterprises Ltd. is for those traders who have patience to stay invested for a long period. While, Va Tech Wabag Ltd. is a good pick in water treatment segment, experts say. Kushal Gandhi, technical analyst from StoxBox, and Gaurang Shah, head of investment strategist at Geojit Financial Services Ltd. provide their insights.
Read more here
Airtel Share Price Jumps The Most In Over Two Months On ICICI Securities Rating Upgrade To 'Buy'
Bharti Airtel's share price recorded its best jump in since September 12 and was the top contributor to Nifty's gains on Friday following ICICI Securities' rating upgrade to 'buy'.
HUL Charts Growth Playbook: More Premiumisation, Six Long-Term Bets To Drive Demand In Coming Decade
Hindustan Unilever Ltd. has identified 10 brands that are well-positioned for premiumisation and six long-term bets with a potential to deliver high double-digit growth in the coming years, as the consumer goods giant seeks to bolster its performance amid shifting market dynamics and intense competition.
Read here.
Bharti Airtel Gets Penalty Of Rs 1.2 Lakh From DoT: Share Market Update
Bharti Airtel has got penalty of Rs 1.2 lakh from Department Of Telecommunications, Uttar Pradesh for alleged violation of subscriber verification norms, an exchange filing said.
Adani Ports Share Price Rallies After Signing Agreement With Kerala Government
Adani Ports' share price surged around 2% on Friday after the announcement of signing a supplementary concession agreement with the Kerala government to enhance the development of the Vizhinjam Seaport. The agreement was signed by Kerala Chief Minister Pinarayi Vijayan, marking a key milestone in the project aimed at bolstering the state's international maritime infrastructure.
Read here.
Zee Share Price Surges After Board Decides Against Punit Goenka's Re-Appointment, Approves Dividend
Zee Entertainment Enterprises Ltd.'s shares surged nearly 8% after shareholders decided to not re-appoint Punit Goenka as director of the company. The board also approved a Re 1 per equity share dividend for the financial year ending March 31, 2025, at the 42nd Annual General Meeting.
Also Read: Zee Share Price Surges After Board Decides Against Punit Goenka's Re-Appointment, Approves Dividend
Easy Trip Planners Share Price Hits Over Two–Month High As It Turns Ex–Bonus: Share Market News
Easy Trip Planner Ltd.'s share price rose to the highest level in over two months as the stock started trading ex–bonus on Friday. The company issued bonus share in 1:1.
The parent company of EaseMyTrip issued one share for each share held by eligible share holders on Friday, which is selected as a record date, the company informed the exchange on Nov. 19.
Nifty Pharma Up Nearly 2%; Most Constituents Rise: Nifty, Sensex Today
Nifty Pharma index gained the most among sectoral indices on Friday with most of its constituents trading higher as of 10:45 a.m.
Zydus Life Gets Demand Order Of Rs 1.6 Crore: Stock Market Live
Zydus Lifesciences has got demand order of Rs 1.6 crore including penalty for FY18 from Assistant Commissioner, Uttarakhand, an exchange filing said. The company intends to challenge the order by filing appeal against the said order. "There is no material financial impact on the company," it said.
PC Jeweller Share Price Hits One-Month High After Record Date Announced For Stock Split
Shares of PC Jeweller Ltd. surged nearly 5% in early trade on Friday post the company's announcement of the record date for its proposed stock split. The jewellery maker has set Dec. 16 as the record date to determine the eligibility of shareholders, to divide one existing fully paid-up equity share into 10 shares, according to an exchange filing on Thursday.
LIC To Go Digit: Insurance Stocks Gain As Finance Ministry Proposes 100% FDI
Shares of insurance companies in India advanced after the Finance Ministry proposed to raise the foreign direct investment limit to 100% from 74% earlier.
The net-owned fund's requirement for foreign re-insurers is proposed to be reduced to Rs 1,000 crore from Rs 5,000 crore earlier, according to a statement from the Ministry of Finance.
Enviro Infra Engineers Lists At 48% Premium Over Issue Price: Listing Update
Shares of Enviro Infra Engineers Ltd. debuted on the National Stock Exchange at Rs 220 apiece, at a premium of 48.65% over the upper end of the initial public offering price of Rs 148. The stock listed on the BSE at Rs 218 per share, marking a premium of 47.3%.
Allied Blenders Share Price Gains 4% After ICICI Securities Initiates 'Buy' Call
Shares of alco-beverage company Allied Blenders and Distillers Ltd., which makes Officer's Choice Whiskey, surged over 4% in early trade on Friday after ICICI Securities initiated a 'buy' call on the company. The brokerage set a target price of Rs 400 apiece, implying a potential upside of 24%.
Adani Group Stocks Rise
Shares of the Adani Group saw a significant recovery today, gaining over Rs 50,000 crore in market value as investor confidence was bolstered by key reaffirmations of support from major stakeholders. This recovery follows recent challenges faced by the conglomerate, including the US indictment of its founder and chairman.
CreditAccess Grameen Share Price Hits Lowest In Nearly 22 Months As Goldman Sachs Double Downgrades Rating
CreditAccess Grameen's share price fell to hit its lowest level since January 31, 2023 following Goldman Sachs double downgrade of its rating for the stock to a 'sell'. The brokerage has also cut its target price significantly.
Nifty, Sensex Open Higher As HDFC Bank, RIL Lead Gains: Opening Bell
Benchmark equity indices opened the last day of the week on a positive note led by gains in HDFC Bank and Reliance Industries.
At pre-open, both Nifty 50 and Sensex were flat at 23,927.15 points and 79,073.01 points respectively.
Shrikant Chouhan, head of equity research at Kotak Securities said, "We are of the view that, the current market texture is weak and technical bounce back possible only after dismissal of 24000/79200 or 20 day SMA (Simple Moving Average).
He added below 20 day SMA or 24000/79200 market is likely to retest the levels of 23850-23750/78500-78200.
Share price of HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd., and Hindustan Unilever Ltd. contributed the most to the gains.
While those of Tata Consultancy Services Ltd., Power Grid Corp. Of India, ITC Ltd., Infosys Ltd., and Tech Mahindra Ltd., minimised the upside.
Most sectoral indices were up with Nifty Media in the lead up nearly 2%.
Nifty, Sensex Flat At Pre-Open: Stock Market Live
At pre-open, both Nifty 50 and Sensex were flat at 23,927.15 points and 79,073.01 points respectively.
Yield On The 10-Year Bond Declines
The yield on the 10-year bond declined 3 bps to 6.80%.
It closed at 6.83% on Thursday.
Source: Bloomberg
Rupee Opens Flat Against US Dollar
Rupee opened flat at 84.49 against the US dollar.
It closed at 84.49 on Thursday.
Source: Bloomberg
Motilal Oswal Maintains 'Buy' On Ambuja Cements: Share Market News
Motilal Oswal has maintained its 'buy' rating on Ambuja Cements at Rs 710 target, implying 38% upside) as it believes stock is now at attractive valuations post 30% correction in last 4-5 months. Company to benefit from demand and price recovery, cost saving initiatives, it said adding that pent-up demand, higher construction and infra projects to help demand recovery.
Goldman Sachs Double Downgrades CreditAccess Grameen To 'Sell': Stock Market Live
Goldman Sachs has double downgraded shares of CreditAccess Grameen to 'sell' from 'buy' earlier and the target price has also been cut to Rs 564 from Rs 1,426, implying 42% downside. The brokerage expects a further build-up of stress due to over-leveraging in the industry and is negatively surprised by the accelerating decline in asset quality in Q2FY25. It said its view the recent sector derating as structural rather than cyclical.
Morgan Stanley on India Life Insurance: Share Market News
Morgan Stanley said IRDAI likely to have asked insurers to limit bancassurance business, which is to be limited to 50% of individual APE. IRDAI may consider capping parent bank's percentage share and this move is likely be negative for APE growth. Stocks in the sector are likely to stay under pressure until clarity emerges.
KEI Industries Approves Allotment Via QIP: Share Market News
KEI Industries has approved allotment of 52.6 lakh shares via QIP at issue price of Rs 3,800/share, at discount of Rs 80.54/share to floor price of Rs 3,880.54/share, according to an exchange filing.
Zomato Approves Allotment Of Shares Via QIP: Share Market News
Zomato has approved allotment of 33.6 crore shares via QIP at issue price of Rs 252.62/share, an exchange filing said. The issue price is at a discount of 5% to floor price of Rs 265.91/share.
Oil Price Update: Brent Crude Futures Down; WTI Up
January futures contract of Brent crude traded 0.3% down at $73.09 a barrel as of 7: 40 a.m. while that of WTI Crude was 0.4% higher at $68.97 a barrel. Investor await the outcome of OPEC+ meeting due Sunday.
Asia Market Update: Most Indices Fall After Key Data; Hang Seng Gains
Asia–Pacific markets were trading in losses after data showed Tokyo inflation rose more than expected in November and as investors assessed South Korea’s industrial production data.
Hong Kong's Hang Seng, however, rose and traded 0.3% higher at 7: 29 a.m., while South Korea's Kospi fell nearly 2%, Japan's Nikkei traded 0.7% lower, and Australia's ASX 200 fell 0.4%.
GIFT Nifty Trades Near 24,100; RIL, Infosys, HDFC Life, SJVN Share Prices In Focus
The GIFT Nifty was trading at 24,134.00 down by 15 points or 0.1% as of 07:10 a.m on Friday. Among others, share prices of Reliance Industries Ltf., Infosys Ltd., HDFC Life Insurance Co., SJVN Ltd. will remain in focus on Friday.
The NSE Nifty 50 and BSE Sensex ended at the lowest level since Nov. 22 as Infosys Ltd. and HDFC Bank Ltd.'s share prices dragged. The Indian benchmarks also witnessed the steepest intraday fall in over the last three weeks.
The Nifty 50 ended 360.75 points, or 1.49%, down at 23,914.15, and the Sensex ended 1,190.34 points, or 1.48%, lower at 79,043.74.
Foreign investors turned net sellers after three consecutive buying sessions, as the Russia-Ukraine conflict and US interest rate uncertainties dampened sentiment. The selling recorded on Thursday was the third largest single-day selling from foreign portfolio investors so far this year.
The FPIs offloaded stocks worth approximately Rs 11,756.25 crore, while the DIIs bought stocks worth Rs 8,718.3 crore.
The Indian rupee weakened by 4 paise to close at 84.49 against the US dollar.
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