Stock Market Today: Nifty Closes At All-Time High Level As ITC, L&T, ICICI Bank, Axis Bank Gain
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KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.29% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 10 paise to close at 83.30 against the U.S dollar on Friday.
Rupee depreciated 7 paise to close at all time weakest level of 83.40 against the U.S. dollar on Thursday.
Source: Bloomberg
Nifty Closes At All-Time High Level: Closing Bell
India's benchmark stock indices the higher in the fifth consecutive week and fourth consecutive session on Friday. Today's gains were led by shares of ITC, Axis Bank, and ICICI Bank.
The Nifty 50 index ended 134 points or 0.67% higher at 20,267.90 points--its highest ever closing level after hitting an intraday high of 20291.55. Meanwhile the Sensex ended 493 points or 0.74% higher at 67,481.90 points.
Financial services and FMCG advanced, but automobile and telecommunications stocks were under pressure.
On a weekly basis, the Nifty 50 index gained more than 2% for the first time since June 30.
"The Nifty 50 index scaled a new high today on the back of strong GDP data for the July-September quarter and signs of revived FPI inflows," said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
"The next two days move will be key to watch with lot of data points and the new series movement, we remain positive unless 19,700 levels is not breached on the downside, " said said Vikas Jain, senior research analyst, Reliance Securities.
RSI has moved to the higher band of 70 levels trending above the average line and overbought zone on hourly time frame chart, he added.
Shares of ITC Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. advanced.
On the other hand, those of HDFC Bank Ltd., Mahindra & Mahindra Ltd., Infosys Ltd., HDFC Life Insurance Co. Ltd., and Hero MotoCorp limited the gains.
All sectoral indices ended with weekly gains this week. Nifty Energy, Nifty Media, and Nifty Metal gained the most by over 3%. Nifty IT and Nifty Pharma gained the least by 1.9% and 1.7% respectively.
The broader markets outperformed their larger peers. The BSE Midcap ended up 0.96%, while the SmallCap closed 0.48% higher.
Nineteen out of the 20 sectors compiled by BSE Ltd. advanced, while BSE Auto declined.
The market breadth was skewed in the favour of buyers. About 2,141 stocks rose, 1,601 stocks declined, and 130 remained unchanged on the BSE.
European Markets Trade Higher
JSW Energy Approves Appointment Of Sharad Mahendra As MD & CEO
JSW Energy's board of directors approved appointment of Sharad Mahendra as MD, CEO, and key managerial person of the company with effect from today.
Prashant Jain, present CEO, will continue to serve in his current position till Jan 1, 2024 to ensure smooth transition.
Source: Exchange Filing
Sensex, Nifty Extend Gains: Midday Market Update
India's benchmark stock indices extended gains through midday on Friday led by advances in ITC Ltd., Larsen & Toubro Ltd. and ICICI Bank Ltd.
As of 12.27 p.m. the S&P BSE Sensex rose 510 points or 0.76% to 67,500.19, while the NSE Nifty 50 gained 141 points or 0.7% to 20,274.05.
So far during the day, Nifty hit an all-time high of 20,285.15, while the Sensex rose to 67,557.14.
"These dynamic market movements in key indices coincide with our GDP data surpassing expectations for the July–September quarter," Shrey Jain, chief executive officer of SAS Online, said. "It's essential to approach the market cautiously, considering that exit polls are non-directional."
Investors may consider booking partial profits, given the one-way rally from 19,800, Jain said.
ITC Ltd., Larsen & Toubro Ltd., ICICI Bank Ltd., Axis Bank Ltd. and NTPC Ltd. were contributing the most to the Nifty 50.
Infosys Ltd., Wipro Ltd., HDFC Life Insurance Co., HCL Technologies Ltd. and Bajaj Auto Ltd. limited the gains in the index.
Among sectoral indices, all were up except the Nifty IT, which fell 0.1%. Nifty Media rose the most by more than 3%. Nifty Realty and Nifty FMCG also added more than 1%.
The broader market indices also rose, with the BSE Midcap rising 0.9% and the BSE SmallCap gaining 0.7% through midday trade on Friday.
All the 20 sectoral indices on BSE Ltd. advanced with the exception of BSE Teck, which traded flat.
The market breadth was skewed in favour of the buyers. About 2,336 stocks rose, 1,257 declined, and 155 remained unchanged on the BSE.
Transindia Real Estate Appoints Mahesh Shetty As CFO
Transindia Real Estate Ltd. appointed Mahesh Shetty as CFO effective from today.
Source: Exchange Filing
Nifty 50 Stocks Trading At 52-Week High
Seamec In Pact With Ships & Boats Oil Services
Seamec Ltd in pact to buy sea vessel 'Sea Pearl' for $7 million.
Source: Exchange Filing
NHPC Has 12.7 Lakh Shares Change Hands
12.7 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 57.2 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Zydus Lifesciences Gets U.S. FDA Approval
Zydus Lifesciences Ltd received U.S. FDA final approval for Ivabradine tablets
Source: Exchange Filing
Raymond Reiterates To Protect Interest Of Minority Shareholders
Raymond Ltd's independent directors are monitoring situation so far as it affects company, and minority shareholders
Raymond Ltd's independent directors reiterates commitment to protect interests of non-promoter minority shareholders, employees
Independent directors reiterates commitment to protect interests of other stakeholders
Source: Exchange Filing
Defence Stocks Rise As Government Approves Acquisition Projects Worth Rs 2.23 Lakh Crore
Defence stocks rose on Friday after the government gave initial approval for defence acquisition projects worth Rs 2.23 lakh crore.
Defence shares rose as much as 1.08% on Friday trading at Rs 3,646.49 apiece.
Shares of Hindustan Aeronautics Ltd. hit a record high of Rs 2,500 on Friday with a gain of 5.05%, and later parsed the gains to trade 3.93% higher. Bharat Dynamics also saw a jump of 4% in shares after the government approved lightweight surface-to-surce procurement. Other defence stocks like Mazagon Dock, Paras Defence and BEL were also trading higher.
The Defence Acquisition Council, chaired by Defence Minister Rajnath Singh, on Thursday cleared projects that included procurement of 97 Tejas light combat aircraft for the Air Force and 156 Prachand attack helicopters for the Indian Air Force and Indian Army. The DAC also gave nod for upgraded 84 Su-30 fighter jets for the Indian Air Force from HAL. It also approved the procurement of medium range anti-ship missiles for the surface platform of the Indian navy.
According to the defence ministry, 98% of the total procurement of Rs 2.23 lakh crore will be sourced through domestic companies, in a move to boost the Indian defence industry. This will help enhance the combat capabilities of India's armed forces.
Motherson Sumi Wiring Has 20 Lakh Shares Change Hands In Large Trade
10 lakh shares changed hands in a large trade
0.2% equity changed hands at Rs 201.15 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Tata Consumer Appoints Ashish Goenka As CF0
Tata Consumer appointed Ashish Goenka as CFO with effect from Dec 18
Source: Exchange Filing
REC Ltd Soars Nearly 10% To Hit All-Time High
Shares of REC Ltd. rose over 9.74% after the company said it has crossed the disbursement of Rs. 1,00,000 crore in a year, according to an exchange filing.
In the corresponding period of eight months in financial year 2022-23, the disbursement was Rs 47,035 crore.
The scrip rose as much as 9.74% to Rs 382.75 apiece, the highest level since its listing on the exchanges on Mar, 11, 2008. It was trading 8.83% higher at Rs 379.50 apiece, as of 11:00 a.m. This compares to a 0.67% advance in the NSE Nifty 50 Index.
It has risen 224.89% on a year-to-date basis. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 80.96, which implied the stock is overbought.
Out of 6 analysts tracking the company, 5 maintain a 'buy' rating, 1 recommends a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 6.0%.
Volume Buzzers As Of 11:07 AM
Thomas Cook (India) Ltd at 23.51x of its 30 day average after promoter exercises greenshoe option in OFS
Delta Corp Ltd at 6.08x of its 30 day average on Peninsula Group investment
Rossari Biotech Ltd at 5.86x of its 30 day average
Datamatics Global Services Ltd at 5.84x of its 30 day average
Tv18 Broadcast Ltd at 4.76x of its 30 day average
PFC Shares Jump After Subsidiary Gets Nominated For Power Ministry Project
Shares of Power Finance Corp. surged over 9% to hit record high on Friday after its subsidiary was nominated selection of developers, through tariff based competitive bidding, for independent transmission projects by Ministry of Power.
A special vehicles has been incorporated to prepare the project profile and initiate the process of land acquisition and forest clearance, an exchange filing said.
Shares of the company rose as much as 9.5% before paring gains to trade 8.6% higher at 10:56 a.m. This compares to a 0.6% advance in the NSE Nifty 50.
The stock has risen 221.29% on a year-to-date basis. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 85.91, hinting that the stock may be overweight.
All seven analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 12%.
ITD Cementation Touches Life High After Winning Rs 1,001 Crore Order
The shares of ITD Cementation were trading at life-time high of Rs 304.85 on Friday after it won contract worth Rs 1,001 crore.
The company in an exchange filing on Thursday announced that it had secured a contract for the civil and hydromechanical works of a 500 MW hydel power, pumped storage project in Andhra Pradesh.
The leading engineering and construction company shares rose as much as 12.89% to 304.85 apiece, to touch a new life-time high. It pared gains to trade 7.20% higher at Rs 289 apiece, as of 10:42 a.m. This compares to a 0.63% advance in the NSE Nifty 50 Index.
It has risen 143.12% on a year-to-date basis. Total traded volume so far in the day stood at 8.6 times its 30-day average. The relative strength index was at 75.
Out of 5 analysts tracking the company, 4 maintain a 'buy' rating and 1 recommends a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 129.1%.
Reliance Has 10.1 Lakh Shares Change Hands In Large Trade
0.01% equity changed hands at Rs 2389.5 apiece
Buyers and sellers not known immediately
Source: Bloomberg
NHPC Has 10.2 Lakh Shares Change Hands In Large Trade
10.2 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 56.30 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Bharti Telecom Acquires 1.35% Stake In Bharti Airtel
Bharti Telecom acquires 1.35% stake in Bharti Airtel from ICI for Rs 8,302 crore in a pre-market large trade
Alert: ICI stands for Indian Continent Investment
Source: Bloomberg
Tata Tech Shares Fall 7.7%
Shares of Tata Technologies Ltd. fell as much as 7.7% today to Rs 1,211.60, a day after it had made the best debut in the Indian stock market. The stock had risen over 180% on its issue price Thursday.
Flair Writing Lists At Rs 501 Per Share On NSE
Lists at Rs 501 per share on NSE vs issue price of Rs 304 per share
Lists at a premium of 64.8% on NSE
Lists at Rs 503 per share on BSE vs issue price of Rs 304 per share
Lists at a premium of 65.46% on BSE
Source: Exchanges
L&T Surges To Record High After It Incorporates L&T Semiconductor Technologies
Larsen & Toubro Ltd. rose nearly 3%, and touched an all-time high after it incorporated its wholly-owned subsidiary L&T Semiconductor Technologies Ltd. on Nov 29, according to an exchange filing.
The scrip rose as much as 2.79% to Rs 3,195.80 apiece, the highest level since its listing on the exchanges on Jul 7, 1997. It was trading 2.35% higher at Rs 3,182.20 apiece, as of 09:52 a.m. This compares to a 0.53% advance in the NSE Nifty 50 Index.
It has risen 53.03% on a year-to-date basis. Total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 71.51, which implied shares of Larsen & Toubro Ltd. is overbought.
Out of 37 analysts tracking the company, 33 maintain a 'buy' rating, 1 recommends a 'hold,' and 2 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.0%.
Bajaj Auto's Total Sales Up 31% in November
Bajaj Auto's total sales grew 31% to 4,03,003 in November
Two-wheelers sales grew 33% to 3,49, 048 in November
Source: Exchange filing
Nifty 50 Hits Fresh High: Opening Bell
The NSE Nifty 50 index surged to life-time high shortly after opening as Larsen & Toubro Ltd., Reliance Industries Ltd., ITC gained, and as better-than-expected GDP growth improved investors' sentiment. India's GDP grew at 7.6% on year in Jul-Sep quarter, beating Bloomberg's forecast of 6.8% growth for the quarter as construction sector grew.
At 09:21, the S&P BSE Sensex Index was up 289.16 points, or 0.43%, at 67,279.29 while the NSE Nifty 50 was 90.70 points or 0.45% higher at 20,218.10
"We are currently in a Rally Attempt. We await a follow-through day to shift the market back to a Confirmed Uptrend. Recently, we flipped on the buy switch and started to add stocks as Nifty reclaimed its 50-day moving average and the broader market was trading near its all-time high," said MarketSmith in a note.
The global market is also doing well. Several quality stocks are forming the right side of the base or trading near the pivot. In the current market condition, we prefer to gradually add positions in fundamentally strong stocks with solid technical strength."
Larsen & Toubro Ltd., Reliance Industries Ltd., ITC Ltd., NTPC, and Asian Paints were adding positively to the indices.
Meanwhile, HCL Technologies Ltd., Wipro, Hero MotoCorp Ltd., Titan Company, and Bajaj Auto Ltd., weighed on the Indices.
Most of the sectoral indices rose, with Nifty Realty and Energy gaining the most. Nifty IT declined in contrast with the 12 sectoral indices.
The broader markets outperformed the S&P BSE MidCap Index was up 0.68%, whereas S&P BSE SmallCap Index was 0.78% higher. Seventeen out of 20 sectors compiled by BSE advanced, while three sectors declined. S&P BSE Realty and S&P Capital Goods rose the most.
The market breadth was skewed in the favour of buyers. About 2,173 stocks rose, 611 declined, and 98 remained unchanged on the BSE.
Thomas Cook Has 23.5 Lakh Shares Change Hands In Pre-Market Large Trade
23.5 lakh shares or 0.5% equity changed hands in a pre-market large trade
Buyers and sellers not known immediately
Source: Bloomberg
Sensex, Nifty Higher In Pre-Open
At pre-open, the S&P BSE Sensex Index was up 192.71 points, or 0.29%, at 67,181.15 while the NSE Nifty 50 was 60.95 points or 0.30% higher at 20, 194.10
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7.29% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 12 paise to open at 83.27 against the U.S dollar on Friday.
Rupee closed at all time weakest level of 83.39 against the U.S. dollar on Thursday.
Source: Bloomberg
Most Asian Markets Trade Lower
Bharti Airtel Has 8.12 Crore Shares Change Hands In Pre-Open Large Trade
8.12 crore shares of Bharti Airtel or 1.44% equity changed hands in a pre-market large trade
Buyers and sellers not known immediately
Source: Bloomberg
Global Cues
U.S. Dollar Index at 103.30
U.S. 10-year bond yield at 4.33%
Brent crude down 0.32% at $82.83 per barrel
Nymex crude down 0.24% at $75.78 per barrel
GIFT Nifty was up 5.5 or 0.3% at 20,344 as of 8:20 a.m.
Bitcoin was up 0.50% at $37,939.42
Trading Tweaks
Price band revised from 20% to 10%: Navkar Corp.
F&O Cues
Nifty December futures rose 0.08% to 20,269.10 at a premium of 135.95 points.
Nifty December futures open interest rose by 45.29% to 65,318 shares.
Nifty Bank December futures fell by 0.37% to 44,741 at a premium of 259.75 points.
Nifty Bank December futures open interest rose by 45.64% to 54,694 shares.
Nifty Options Nov 30 Expiry: Maximum call open interest at 21,000 and maximum put open interest at 20,000.
Bank Nifty Options Nov 30 Expiry: Maximum Call Open Interest at 44,500 and Maximum Put Open Interest at 44,500.
Securities in the ban period: Nil.
Bulk Deals
Timken: Profusion Investment Advisors LLP sold 19.40 lakh shares (2.57%) at 2890.41 apiece.
Insider Trades
Ultramarine and Pigments: Promoter group Deepa Ajay sold 12,000 shares between Nov. 28 and 29.
Advanced Enzyme Technologies: Promoter group Advanced Vital Enzymes sold 1.2 lakh shares between Nov. 28 and 29.
Thirumalai Chemicals: Promoter group Narayan Santhanam sold 24000 shares between Nov. 28 and 29. Promoter Group Deepa Ajay sold 32,290 shares between Nov. 28 and 29.
Usha Martin: Promoter group Usha Martin Ventures sold 50,592 shares between Nov. 28 and 29.
Cigniti Technologies: Promoter Group C. Rajeshwari sold 52,499 shares between Nov. 28 and 29. Promoter C. V. Subramanyam sold 59,727 shares between Nov. 28 and 29.
Who’s Meeting Whom
Garware Technical Fibres: To meet analysts and investors on Dec. 5 and 6.
BEML: To meet analysts and investors on Dec. 5.
Radico Khaitan: To meet analysts and investors on Dec. 5.
Polycab: To meet analysts and investors on Dec. 5.
Barbeque-Nation Hospitality: To meet analysts and investors on Dec. 4-5.
Automotive Axles: To meet analysts and investors on Dec. 5.
Crisil: To meet analysts and investors on Dec. 1.
Tega Industries: To meet analysts and investors on Dec. 5.
Kotak Mahindra Bank: To meet analysts and investors on Dec. 5.
Ashiana Housing: To meet analysts and investors on Dec. 1.
V-Mart Retail: To meet analysts and investors on Dec. 4.
Shriram Finance: To meet analysts and investors on Dec. 5.
Shoppers Stop: To meet analysts and investors on Dec. 13–20.
Fine Organics: To meet analysts and investors on Dec. 5.
Ideaforge Technology: To meet analysts and investors on Dec. 6.
TCS: To meet analysts and investors on Dec. 6–14.
Vedant Fashions: To meet analysts and investors on Dec. 8.
Tata Motors: To meet analysts and investors on Dec. 6.
Stocks To Watch
Kesoram Industries: Kesoram Industries announced that its cement business will be merged with UltraTech Cement Ltd. for about Rs 5,379 crore to unlock its value and deleverage its balance sheet. Under the demerger agreement, UltraTech will issue 1 equity share for every 52 equity shares of Kesoram. About 59.74 lakh new equity shares of UltraTech will be issued to the shareholders of Kesoram.
Hindustan Aeronautics: The company received a nod from the Defence Acquisition Council for the procurement of light combat helicopters for the Indian Air Force and Indian Army and light combat aircraft Mk 1A for the Indian Air Force.
Defence stocks: The government accorded initial approval to defence acquisition projects worth Rs 2.23 lakh crore, 98% of which will be sourced from domestic industries.
Infosys: The IT major announced its collaboration with Shell on immersion cooling services to enable sustainability-first data centres.
Wipro: The company announced that it is working with Amazon Web Services to redefine the future of lab processes in the life sciences industry.
JSW Group: The Sajjan Jindal-led JSW Group will buy a 35% stake in MG Motor India, owned by Chinese automobile manufacturer SAIC Motor.
LTIMindtree: The company partnered with Metasphere to deliver smart sewer solutions.
Dixon: Padget Electronics subsidiary inaugurated a new state-of-the-art smartphone manufacturing plant in the Noida district, Uttar Pradesh.
H.G. Infra Engineering: H.G. Varanasi-Kolkata PKG-10 highway, a subsidiary, received an order from the National Highways Authority of India for the construction of the Greenfield Varanasi-Ranchi-Kolkata highway for Rs 1,303.11 crore.
Mahindra and Mahindra: Jade Hybren Pvt. was incorporated as a wholly-owned Mahindra Susten Pvt., which is a subsidiary of Mahindra Holdings, which in turn is a wholly-owned subsidiary of the company.
ITD Cementation: The company bagged a Rs 1,001 crore order for civil and hydro-mechanical work in Andhra Pradesh.
Balrampur Chini: The company received a Rs 33.5 crore income tax notice for AY 2020–21.
Larsen and Toubro: The company incorporated a new wholly-owned subsidiary, L&T Semiconductor Technologies.
Biocon: Biocon Biologics, a subsidiary of the company, has successfully completed the integration of Viatris Biosimilar Business in 31 countries in Europe.
CSB Bank: RBI approved an amendment to dilute the schedule of shareholdings of FIH Mauritius Investments to 26% of the paid-up equity capital of the bank within 15 years from the date of completion of investments instead of 15% as advised by RBI at the time of approval of the investment proposal of FIHM in the year 2018.
KIOCL: Manoj Kumar Jhawar has resigned from the post of Director (Finance) and Chief Financial Officer with effect from Jan. 17, 2024.
PFC: PFC Consulting, a subsidiary, has been nominated as the 'Bid Process Coordinator' for the selection of developers through tariff-based competitive bidding for the Independent Transmission Projects by the Ministry of Power.
Orient Green Power: The company incorporated a wholly owned subsidiary, viz., Delta Renewable Energy Pvt.
Kalyan Capitals: The company's CFO and KMP, Arun Agarwal, resigned from the company on Nov. 30.
Himadri Special Chemical: Himadri Clean Energy became the wholly owned subsidiary of the company w.e.f Nov. 30.
Future Consumer: NCLT, via its order, has ceased Future Food and Products Ltd. and Future Food Processing Ltd. to be subsidiaries of the company.
Primo Chemicals: The company commenced the commercial production of Caustic Soda Flakes in Punjab with an installed capacity of 66,000 tonnes per year on Nov. 30.
Sonata Software: The company has fixed Dec. 12 as the record date to ascertain the eligibility of shareholders for the issuance of bonus equity shares of the company in the proportion of 1:1.
Unitech: The Ministry of Corporate Affairs extended the tenure of Yudhvir Singh Malik as Chairman and MD for a further period of two years.
IPO Listing
Flair Writing Industries: The offer was subscribed 46.68 times on its final day. The bids were led by institutional investors (115.60 times), non-institutional investors (33.37 times) and (retail investors: 13.01 times). The IPO price is Rs 304 per share.
GIFT Nifty Hints Of Higher Open For Benchmarks
Asia markets declined ahead of the release of a slew of purchasing manager's index data from Japan, South Korea, and China. However, an overnight recovery in U.S. stocks would continue to support equites.
Shares in Japan, South Korea, China and Australia declined. Japan and South Korea are to release their PMI numbers for November today. From China, investors await Caixin PMI after official data was released on Thursday.
South Korea's exports rose 7.8% year-on-year in November, against economists' expectations of a 5% rise for the month on the back of a rebound in semiconductor exports. Imports declined 11.6% on the year, helping the country post a $3.8 billion trade surplus, Bloomberg reported.
South Korea's trade provides early insight into global trade as the country exports a range of products.
Brent Crude fell 0.41% to $80.53 a barrel . Gold futures rose 0.18%%, while Bitcoin surged 0.62% to trade around $37,983.10.
The GIFT Nifty was up 0.35%, or 137 points, at 20,630 as of 7:44 a.m.
India's benchmark indices recovered to end higher after a volatile session on Thursday. The S&P BSE Sensex closed 87 points, or 0.13%, higher at 66,988.44, while the NSE Nifty 50 ended 37 points, or 0.18%, up at 20,133.15.
Overseas investors stayed net buyers of Indian equities for the fifth consecutive session on Thursday. Foreign portfolio investors mopped up stocks worth Rs 8,147.8 crore, and domestic institutional investors turned net sellers to offload stocks worth Rs 780.3 crore, the NSE data showed.
The Indian currency weakened 7 paise to close at its all-time weakest level of 83.40 against the U.S. dollar on Thursday.
