KEY HIGHLIGHTS
US Futures Flat
As of 3:25 p.m., the Dow Jones Industrial Average futures contract was flat, while that of S&P 500 was 0.05% higher and Nasdaq 100 was flat.
Events, Economic Data Later Tuesday
US: JOLTS Job Openings
US: RCM/TIPP Economic Optimism
US: FOMC Member Kugler Speaks
Nifty, Sensex Extend Gains To A Third Session; Adani Ports, NTPC Top Gainers: Closing Bell
Benchmark equity indices gained for a third consecutive session to close at highest in around a month as global sentiment was uplifted ahead of monthly jobs data from the US and on the back of gains in heavyweights including HDFC Bank, which hit a record high.
Intraday, Sensex hit a high of 80,949.10, its highest level since October 22 and Nifty hit a high of 24,481.35 points, its highest since November 7. Nifty ended 0.75% or 181.20 points up at 24457.15, its highest close since November 6 and Sensex ended 0.74% or 597.67 points higher at 80845.75, its best close since October 21.
"As we were constantly indicating, the Index has ultimately given a breakout from an Inverted Head and Shoulder formation which provides a sign of a trend reversal i.e. negative to positive," said Aditya Gaggar director of Progressive Shares.
"As per the pattern, the approximate target comes to 25,440," he said. "The immediate resistance is at 24,660 while the support is shifted higher to 24,300."
Nifty Bank also mirrored the benchmarks and rose for third session to record best close since October 1.
Share prices of HDFC Bank Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., State Bank Of India contributed the most to the gains.
While those of Bharti Airtel Ltd., ITC Ltd., Sun Pharmaceutical Industries Ltd., Hero MotoCorp Ltd., and HDFC Life Insurance Co. Ltd. minimised the upside.
Most sectoral indices rose with Nifty Media gaining the most
Market breadth was skewed in favour of buyers. Around 2,738 stocks advanced, 1,227 stocks declined, and 102 stocks remained unchanged on BSE.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.92% and 1.03% higher, respectively.
On BSE, 18 sectors advanced, and two declined out of 21. The BSE Services rose the most, and the BSE FMCG declined the most
Markets At Close
Nifty and Sensex end higher for third session to record highest close in around a month
Intraday, Sensex hit a high of 80,949.10, its highest level since October 22 and Nifty hit a high of 24,481.35 points, its highest since November 7.
Nifty ends 0.75% or 181.20 points up at 24457.15
Sensex ends 0.74% or 597.67 points higher at 80845.75
Broader indices outperformed. Nifty Midcap 100 ended 0.9% up; Nifty Smallcap 250 closed 0.9% higher
Most sectoral indices rose with Nifty Media gaining the most
Adani Ports & SEZ and NTPC were top Nifty gainers
Bharti Airtel and Hero MotoCorp fell the most
Rupee Ends Flat Against US Dollar
Rupee closed flat at 84.69 against the US dollar.
It closed at 84.70 on Monday.
Source: Bloomberg
Swiggy Share Price Falls To Day's Low After Result
Swiggy share price fell after the company reported a sequentially higher net loss of Rs 626 crore even as its revenue rose 12% to Rs 3,601 crore.
Share Market Updates: Granules Share Price Falls As US FDA Official Indicated For Hyderabad Facility
Granules India share price tanked after US FDA classified inspection of Hyderabad facility as 'Official Action Indicated', an exchange filing said.
FM Sitharaman Proposes Amendments In Bank Laws
Finance Minister Nirmala Sitharaman proposed 12 amendments to Banking Regulation Act and has proposed to allow four nominees for depositors. It has proposed to extend tenure of non-whole time directors from 8 years to 10 years and to redefine definition of substantial interest.
Stock Market Live: Nifty Bank Hits Two-Month High
Nifty Bank gained mirrored gains in benchmarks and rose for a third consecutive session to hit 52,780.90, its highest level since October 1.
ICICI Securities Delisting: Whistleblower Alleges Malpractice At BofA; Timing Questioned
In a fresh twist in the case pertaining to ICICI Securities Ltd.'s delisting and merger with ICICI Bank Ltd., a whistleblower has made accusations on the role of BofA Securities India—the independent merchant banker tasked with providing a fairness opinion on the valuation and swap ratio for the deal.
ICRA On Indian Aviation
Rating agency ICRA has maintained 'Stable' outlook on Indian aviation industry. It said domestic air passenger traffic to witness 7-10% YoY growth in FY25 and losses for the industry will remain range-bound at Rs 2,000-3,000 crore this fiscal.
European Market Open: Indices Higher; Spain's IBEX Up The Most
European indices tracked positive global sentiment and were higher in the early trade.
Asia Market Close: Indices Higher; Kospi, Nikkei Outperform
Asia markets ended on a positive note with South Korea's Kospi and Japan's Nikkei 2% rise leading the gains. This followed 1% rise in Hong Kong's Hang Seng. Australia's ASX 200 rose 0.6% while China's CSI 300 ended 0.1% higher.
Stock Market Live: Varun Beverages Clarifies That Stock Price Movement Is Market Driven
Varun Beverages Ltd. in a clarification that it is yet to hold any material information regarding GST rates on certain products that could impact price or volumes of the company.
Therefore, movement in Varun Beverages' stock price is purely market drive, the company said in an exchange filing.
Stock Market Today: Godfrey Phillips Clarifies On Impact Of GST Rate Change
Godfrey Phillips has clarified that the company is not aware of what transpired in the purported meeting of the Group of Ministers. The company is not in a position to comment on the correctness or otherwise of such media reports.
Additionally, it cannot estimate the impact on the company until the current GST rate is changed through the due process of law.
The clarification comes in response to media reports stating that the GoM has recommended an increase in GST on tobacco and related "sin" products. This statement was made in an exchange filing.
Share Market News: PFC Arm Incorporates New Subsidiary
Ppwer Finance Corp. arm PFC Consulting has incorporated a wholly-owned subsidiary Raghanesda RE Transmission for evacuation of RE Power from Raghanesda in Gujarat, an exchange filing said.
Stock Market Live Updates: PNB Has Over 50 Lakh Shares Change Hands In Two Large Trades
On the BSE, more than 50 lakh shares of Punjab National Bank changed hands in two large deals happened at Rs 106.9 and Rs 107.
Share Market News: Raymond Lifestyle Shareholders Urged To Reject Gautam Singhania's Appointment
Corporate governance advisory firms are advising shareholders to vote against the proposed appointment of Gautam Singhania as the executive chairperson of Raymond Lifestyle Ltd.
Stock Market Live Updates: Vakrangee Locked In Upper Circuit; Co In Pact With Central Bank
Vakrangee has signed pact with Central Bank Of India for offering banking services on pan India basis, exchange filing said.
Stock Market Live Updates: Swiggy Pares Gains After 10% Jump Ahead Of Earnings
Shares of Swiggy Ltd. surged in trade on Tuesday as traders gear up for the food delivery aggregator's results for the quarter ended September.
Adani Companies Share Prices Gain The Most Among Nifty Stocks
Adani Ports & SEZ along with Adani Enterprises emerged as top gainers among Nifty stocks at 11:54 a.m. The operational risks in Adani Group have reduced over the years, with a fall in share pledges, and improving leverage among others, according to Bernstein Research. The key concern during the short-seller Hindenburg Research's allegations was share pledge, which has seen a "dramatic drop" across companies, Bernstein said in a note on Dec. 2.
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Aster DM Healthcare To Become Largest Hospital Chains In India Post Merger: Stock Market Live Updates
Aster DM Healthcare Ltd. is to become one of the largest hospital chains in India after completing merger with Blackstone- and TPG-backed Quality Care India Ltd, brokerages said. The merger is expected to close by the third quarter of the financial year 2026.
Ola Electric Hits Two-Month High: Share Market News
Ola Electric rose for a second consecutive session to hit its highest in two months. On Sunday, Ola Electric Mobility Ltd CEO Bhavish Aggarwal shared his expansion plan on social media platform 'X that the company is set to make a major push in expanding its retail footprint with the announcement of opening 4,000 stores across India this month.
HDFC Bank Hits Lifetime High After Block Deal: Sensex, Nifty Live
HDFC Bank's stock surged to a lifetime high on Tuesday, climbing nearly 2% to reach Rs 1,837.40 per share. This rally comes on the back of a major block deal and four other large transactions.
Auto Players Deliver Mixed November Performance—What Lies Ahead?
The Indian automobile sector showed varied trends in November 2024, as fresh data revealed moderate growth across most categories, with distinct performances in different segments. The data points to a continued recovery in key sectors, particularly passenger vehicles (PVs) and commercial vehicles (CVs), while two-wheeler (2W) growth faced headwinds, especially in electric vehicles (EVs).
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Solar Industries Share Price Surges After Rs 2,039-Crore Order Win
Shares of Solar Industries India Ltd. surged over 10% on Tuesday after it received orders worth Rs 2,039 crore for the supply of defence products.
Solar Industries and its subsidiary have received export orders worth Rs 2,039 crore from an international entity, which will be delivered over four years, it said in an exchange filing on Monday.
Bank Stocks Gain As Brokerages Positive: Stock Market News
Indian banks have entered into a credit–tightening cycle, according to BofA. Managements of the banks expect further cuts in their earning per share. This is happening at a time when system liquidity surplus is declining, Nomura said.
Gland Pharma Gets US FDA Approval For Opthalmic Solution: Share Market News
Gland Pharma has received US FDA approval for Latanoprost Ophthalmic Solution, which is used for treatment of high IOP in patients with ocular hypertension, an exchange filing said.
Wipro Shares Erase Gains As Stock Trades Ex-Bonus
Shares of information technology-giant Wipro Ltd. erased gains after marginally rising in early trade on Tuesday, as they traded ex-bonus on Tuesday.
Rategain Travel's AirGain Partners With Vietjet Thailand: Stock Market News
Rategain Travel's advance AirGain has partnered with Vietjet Thailand to enhance fare precision and market leadership, an exchange filing said.
NTPC Green Share Price Locked In Upper Circuit: Share Market News
NTPC Green scrip hit 10% upper circuit and is locked at Rs 142.12 apiece as of 10:02 a.m., the highest level since listing five days ago. This compares to a 0.25% advance in the NSE Nifty 50 Index. It has risen 16.83% on a year-to-date basis.
Tobacco Stocks Slide After Proposal For Higher GST On 'Sin Goods'
Shares of major tobacco companies saw some decline on December 3, 2024, following recommendation by panel of state ministers for a sharp tax hike for "sin goods," including tobacco products, under the Goods and Services Tax (GST) framework.
ITC Falls Over 3% Amid Decline In Tobacco Stocks After GST Proposal To Raise Tax Slab: Share Market News
ITC share price fell around 3% on Tuesday and reduced Nifty's gains by 25 points on Tuesday as tax slab for cigarettes, aerated beverages, and other 'sin goods' be hiked to 35% from the present 28%.
Currency Update: Chinese Yuan Falls To Hit Lowest In Over A Year Against US Dollar
The offshore Chinese yuan declined 0.39% to 7.3148 against the US dollar, the lowest level since Nov 3, 2023 on US tariff risks and China economy weakness. Weakness in Chinese yuan pressures the Indian rupee.
"Offshore Yuan has weakened past the 7.30 mark against the Dollar. As a result, CNHINR is moving towards the lower end of the range in which RBI seems to be managing it," said Abhishek Goenka, founder & CEO of IFA GLOBAL. "The tolerance for Rupee outperformance may diminish further as it approached the lower end of the 11.40-12 band."
Nifty, Sensex Open Higher As HDFC Bank, RIL Share Prices Lead Gains: Opening Bell
Benchmark equity indices continued to gain for a third consecutive session tracking gains in most of the global indices as share prices of HDFC Bank and Reliance Industries led gains.
At pre-open, Nifty 50 was at 24367.50, up 0.38% or 91.45 points and Sensex was at 80534.90, up 0.36% or 286.82 points.
"Nifty-50 has bounced from its 20-day average and round number of 24,000 levels and on the higher side crossover of 24,400 levels will give a breakout for a target of 24,700 levels," said Vikas Jain, head of research at Reliance Securities. "The lower support range is at 24,000 followed by 23,640 which would act as support and trend reversal point."
Share price of HDFC Bank, JSW Steel, Shriram Finance, State Bank Of India, and Adani Ports & SEZ contributed the most to the gains.
While those of ITC, ICICI Bank, Bharti Airtel, Infosys, and Sun Pharmaceutical Industries limited the upside.
Most sectoral indices were higher at open with Nifty Metal and Nifty PSU Bank rising the most. Nifty FMCG was the only sectoral index that fell.
HSBC's Two Stock Picks
HSBC said tariffs and a strong USD are downside risks and risk/reward for emerging markets is better than widely perceived. 2 Indian stocks in its ‘GEMs Best Stock Ideas’ are:
Axis Bank:
Buy, Target: Rs 1350, upside 19%
Indian Banks are largest sector in listed universe
To benefit from growing capex and infrastructure in India
The Bank has taken necessary steps to protect profitability
Asset quality has improved, loan slippage has moderated
There is scope for Axis to reduce costs
Interglobe Aviation:
Buy, Target: Rs 4940, upside 12%
To benefit the most from strong competitive positioning
Strong penetration in the corporate traffic segmen
Unit cost is almost 40-45% lower than its peers
Has a strong balance sheet
Discount to its long-term valuation is unjustified
Expect investor sentiment to turn positive on the stock
Nifty, Sensex Higher At Pre-Open; Bajaj Finance, Mazagon Dock, MOIL, Coal India In Focus
At pre-open, Nifty 50 was at 24367.50, up 0.38% or 91.45 points and Sensex was at 80534.90, up 0.36% or 286.82 points.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.70%.
It closed at 6.71% on Monday.
Source: Bloomberg
Rupee Opens At Record Low Against US Dollar
Rupee weakened by 3 paise to open at a record low of 84.73.
It closed at 84.70 on Monday.
Source: Bloomberg
HSBC Maintains 'Buy' On Aster DM Health: Share Market News
HSBC has retain 'buy' on Aster DM Health with an unchanged target of Rs 550, implying upside of 10%. It step that the merger will step up scale and market presence. It expects strong earnings prospects from growth in mother & child care along with oncology segments. It recommends looking for better clarity on definite merger synergies. Key risks for the brokerage's call include failure to scale-up in newer markets, slowdown in core Kerala cluster, and regulatory risks.
Motilal Oswal Maintains 'Buy' On NMDC: Share Market News
Motilal Oswal has maintained 'buy' on NMDC at Rs 280 target, implying 21% upside. It expects 20% year-on-year volume growth in second half on rise in company's environmental clearance limit. Second half net sales realization to remain firm due to Oct price hikes. Motilal expects revenue/Ebitda/net profit to grow 29%/24%/18% YoY in second half.
Oil Price Update: Crude Futures Fall
Futures contract of Brent and WTI Crude traded lower at 8:20 a.m. February futures contract 0.2% lower at $71.71 a barrel and January contract of WTI Crude was 0.3% down at $67.93 a barrel.
Asia Market Open: Most Indices Up But China, Hong Kong Fall
Except indices in China and Hong Kong, all other Asian indices were higher in the early trade. At 7:50 a.m., Japan's Nikkei rose around 2%, Australia's ASX 200 gained 0.7%, and South Korea's Kospi rose 1.6%.
US Market Close: S&P 500, Nasdaq Composite Record Highest Close
Wall Street was mixed at close on Monday ahead of Job opening data due Tuesday with S&P 500 and Nasdaq Composite closing at their highest levels of 6,047.15 and 19,403.95 respectively and Dow Jones Industrial Average closed 0.3% down at 44,782.
GIFT Nifty Trades Above 24,400; Bajaj Finserv, Mazagon Dock, MOIL, Coal India In Focus
The GIFT Nifty was trading 0.07%, or 16.5 points, higher at 24,436.00 as of 7:18 a.m. Among others, share prices of Bajaj Finserv, Mazagon Dock, MOIL, and Coal India will be in focus.
NSE Nifty 50 and BSE Sensex extended gains for the second session on Monday as Reliance Industries Ltd. and Infosys Ltd. share prices led. The benchmark indices recovered in the latter part of the session after a lower open.
The Nifty 50 ended 0.60% higher at 24,276.05, and the Sensex closed 445.29 points or 0.56% up at 80,248.08.
Overseas investors remained net sellers of Indian equities for the third consecutive session on Monday, while domestic institutional investors stayed net buyers for the fourth straight session.
Foreign portfolio investors offloaded stocks worth Rs 238.3 crore and the DIIs bought shares worth Rs 3,588.7 crore, according to provisional data by the National Stock Exchange.
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