Stock Market Today: Sensex, Nifty End At Over Two Month High; FPIs Stay Net Buyers

Overseas investors stay net buyers for the fourth consecutive session on Wednesday.

Foreign portfolio investors bought stocks worth Rs 71.91 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors continued as buyers and purchased stocks worth Rs 2,360.81 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 1,00,658 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed 3 bps lower at 7.25% on Wednesday.

Source: Bloomberg

The local currency closed flat at 83.33 against the U.S dollar on Wednesday.

Source: Bloomberg

Benchmark indices continued their gains for the second consecutive session and ended at over 10-week high on Wednesday. Shares of HDFC Bank Ltd, Axis Bank Ltd, and ICICI Bank Ltd led the gains.

Both the indices gained over 1%. Nifty 50 ended at 20,096.60 points, the highest level since Sep 15, while the Sensex closed at 66,901.91. the highest level since Sep 18.

"Technically, the market maintained positive momentum throughout the day after a strong start," said Shrikant Chouhan, head of equity research at Kotak Securities.

"A bullish candle on the daily chart and the formation of a higher high and higher low series on the intraday chart suggests that an uptrend wave is likely to continue in the near future. For trend-following traders, 19800-19760 for Nifty, 66000-65900 for Sensex would act as a crucial support zone," he added.

Shares of HDFC Bank, Axis Bank, ICICI Bank, Infosys, and Mahindra and Mahindra gained whereas those of Adani Enterprises, Oil and Natural Gas Corporation, Titan Company, Nestle, and Divi's Laboratories fell.

All sectoral indices rose except Nifty Media and Nifty Realty, which fell 0.1% and 0.5% respectively. Nifty Auto, Nifty Bank, and Nifty IT gained over 1.5%.

The market breadth was skewed in favour of the buyers. About 2,017 stocks rose, 1,577 declined and 130 remained unchanged on the BSE.

• 16.6 lakh shares changed hands in a large trade

• 0.02% equity changed hands at Rs 2,409 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Revenue to grow at CAGR of ~8% over FY24-27

• EBITDA margin seen at 25-26% over FY24-27

• Capex/Sales ratio at 1-2%

• Dividends, buybacks to continue for distribution of free cashflow.

Source: Fintech Ratings website

The Indian benchmark indices were trading higher on Wednesday, with the NSE Nifty 50 extending its early gains and remaining above the 20,000 mark.

As of 12.40 p.m., the S&P BSE Sensex was 492 points or 0.74% higher at 66,666.64, while the Nifty was 148 points or 0.75% up at 20,038.10.

The Nifty IT, Auto and Oil & Gas rose the most, while Media and Realty declined the most among sectors.

"We continue to remain positive till 19,580 is not breached on the downside, which is the band of averages on the daily charts," Vikas Jain, senior research analyst at Reliance Securities, said.

"RSI is moving higher from the lower range and trending above the average line and there could be some bout of volatility with respect to the rollover movement," Jain said.

HDFC Bank Ltd., Axis Bank Ltd., Infosys Ltd., ICICI Bank Ltd. and Reliance Industries Ltd. were positively adding to the change in the Nifty.

Nestle India Ltd., Coal India Ltd., NTPC Ltd., Titan Co. and Oil & Natural Gas Corp. were weighing on the index.

The broader markets were trading higher. The BSE Midcap was up 0.71% and the Smallcap was up 0.35%.

Nineteen out of the 20 sectors compiled by the BSE advanced, while Realty declined. Utilities and Oil & Gas rose the most.

The market breadth was skewed in favour of the buyers. About 1,995 stocks rose, 1,601 declined and 137 remained unchanged on the BSE.

• Signs contract with Defence Ministry for 16 Super Racket Gun Mounts

• Signs contract with Defence Ministry against the LoI received in March 2023

Source: Exchange Filing

• 13 lakh shares changed hands in a large trade

• 0.24% equity changed hands at Rs 374.30 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Capacite Infraprojects gets Rs 101 Crore order from Tridhaatu Aranya Developers.

Source: Exchange Filing

Shares of PCBL Ltd. surged to a record high on Wednesday after it acquired Aquapharm Chemicals Pvt. for Rs 3,800 crore.

PCBL executed a share purchase agreement with ACPL and other shareholders for the acquisition of 2.12 lakh shares, representing 100% of the issued and paid-up share capital, through a mix of internal accruals and external funds raised by the company, according to an exchange filing.

"This acquisition of ACPL marks the company’s foray into global specialty segments of water treatment chemicals and oil and gas chemicals, and it is the first milestone in achieving the vision of creating a multi-platform global specialty chemical business portfolio," the company said.

DAM Capital Advisors Ltd. and JM Financial Ltd. have maintained a 'buy' rating on the stock.

DAM has set a target price of Rs 293 apiece, implying an upside of 15%. The acquisition "will further reduce PCBL's tyre industry concentration" and help the company "reduce associated volatility," it said.

JM Financial views the acquisition as a "bargain deal for a world-leading differentiated chemicals player" and has kept the target price at Rs 290 apiece.

Shares of PCBL rose as much as 6.19% to a record high before paring gains to trade 3.74% higher at 11:00 a.m. This compares to a 0.56% advance in the NSE Nifty 50.

The stock has risen 102.89% on a year-to-date basis. Total traded volume so far in the day stood at 5 times its 30-day average. The relative strength index was at 75.

Of the 11 analysts tracking the company, 10 maintain a 'buy' rating, and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 100.6%.

• MCX Gold trades above 62,800/10 grams

• MCX Silver [GU] 0.4%, trades above 77,000/10 grams

Source: MCX Website

• This dividend rewards shareholders with a 210% payout on the shares carrying a face value of Rs 10 apiece.

• It also marks the oil refiner's first interim dividend payment since FY22.

Source: Exchange Filing

• 28.4 lakh shares changed hands in a large trade

• 0.2% equity changed hands at Rs 550.75 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Market capitalization of all BSE listed companies crosses over $4 trillion for the first time.

• BSE listed companies market capitalization gains over 5.4% in the past month.

• Assessment of fire incident at Surat manufacturing plant underway

Source: Exchange Filing

Shares of Indian Renewable Energy Development Agency Ltd. debuted at a premium of 56.25% to its IPO price, suggesting strong demand for the first government-owned company going public.

Adani Group stocks added as much as Rs 56,743 crore in investor wealth, taking their total market capitalisation to Rs 11.85 lakh crore, intraday.

As of 9:43, the shares added Rs 39,286 crore in market value taking the capitalisation to Rs 11.44 lakh crore.

India's benchmark stock indices opened higher on Wednesday. The Nifty 50 index opened just below the crucial 20,000 level.

Today's gains were led by heavyweights HDFC Bank and Reliance Industries while shares of Power Grid Corporation of India and Coal India kept the Nifty 50 index below 20,000 points.

At pre-open, the S&P BSE Sensex Index was up 206.59 points, or 0.3%, at 66,380.80 while the NSE Nifty 50 was 95 points or 0.4% higher at 19,976.55.

"We are currently in a rally attempt. We await a follow-through day to shift the market back to a confirmed uptrend," said William O'Neil India in a note.

It added, "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 to positions in fundamentally strong stocks with solid technical strength."

Shares of HDFC Bank, Bharti Airtel, Infosys, Tata Consultancy Services, and Reliance Industries contributed the most to the gains whereas those of Coal India, Bharat Petroleum Corporation, Power Grid Corporation of India, Sun Pharmaceutical Industries, and Oil and Natural Gas Corporation capped the upside.

• 29.8 Crore shares or 3.4% equity changed hands in a pre-market large trade

• Buyers and sellers not known immediately

Source: Bloomberg

At pre-open, the S&P BSE Sensex Index was up 206.59 points, or 0.3%, at 66,380.80 while the NSE Nifty 50 was 95 points or 0.4% higher at 19,976.55.

Source: Bloomberg

• The yield on the 10-year bond opened 3 bps lower at 7.25% on Wednesday.

• It closed at 7.28% on Tuesday.

Source: Bloomberg

• The local currency strengthened 2 paise to open at 83.32 against the U.S dollar on Wednesday.

• It closed at 83.34 on Tuesday.

Source: Bloomberg

• U.S. Dollar Index at 102.56

• U.S. 10-year bond yield at 4.29%

• Brent crude up 0.1% at $81.75 per barrel

• Nymex crude up 0.24% at $76.59 per barrel

• GIFT Nifty was 0.09% higher at 20,146.5 as of 8:20 a.m.

• Bitcoin was down 0.1% at $37,934.78

• Nifty November futures rose 0.55% to 19,936.70 at a premium of 40 points.

• Nifty November futures open interest fell by 18.21% to 36,418 shares.

• Nifty Bank November futures rose by 0.41% to 43,984.30 at a premium of 103.35 points.

• Nifty Bank November futures open interest fell by 11.90 to 15,319 shares.

• Nifty Options Nov 30 Expiry: Maximum call open interest at 20000 and maximum put open interest at 19,800.

• Bank Nifty Options Nov 30 Expiry: Maximum Call Open Interest at 44000 and Maximum put open interest at 42000.

• Securities in the ban period: Balrampur Chini, Bharat Electricals, Granules, Indiabulls Housing Finance.

• Price band revised from 20% to 10%: The New India Assurance Company

• Price band revised from 10% to 5%: Talbros Automotive Components

• Move into a short-term ASM framework: Man Infra, Sequent Scientific.

• Move out of a short-term ASM framework: Wockhardt

• Avantel: Kantheti sold 5.3 lakh shares (0.65%) at Rs 130.88 apiece.

• Orchid Pharma: Dhanuka Laboratories sold 13 lakh shares (3.18%) at Rs 571 apiece. UTI Mutual Fund bought 4.45 lakh shares (1.09%) at 571 apiece.

• NRB Bearings: Promoter Harshbeena Zaveri bought 19,100 shares between Nov. 21 and 24.

• Bajaj Electricals: Promoter group Niraj Holdings bought 4.7 lakh shares on Nov. 23. Promoter Group Rajivnayan Bajaj A/c Rishab Family Trust sold 4.7 lakh shares on Nov. 23.

• Hercules Hoist: Promoter group Niraj Holdings bought 2,928 shares on Nov. 23. Promoter Group Rajivnayan Bajaj sold 2,928 shares on Nov. 23.

• JK Cement: Promoter Kalpana Singhania sold 75,250 shares between Nov. 21 and 23.

• Mukand: Promoter group Niraj Holdings bought 1.43 lakh shares on Nov. 23. Promoter Rajivnayan Bajaj sold 1.43 lakh shares on Nov. 23.

• Advanced Enzyme: Promoter group Advanced Vital Enzymes bought 31,802 shares between Nov. 23 and 24.

• GO Fashion: Promoter Gautam Saraogi revoked a pledge of seven lakh shares on Nov. 24.

• IREDA: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 32 per share. The Rs 2150 crore IPO was subscribed to 38.80 times on its third and final day. The bids were led by institutional investors (104.57 times), non-institutional investors (24.16 times), a portion reserved for employees (9.8 times), and retail investors (7.73 times).

• PCBL: The board has approved the acquisition of Aquapharm Chemicals for Rs 3,800 crore.

• Tata Power: Unit Tata Power Renewable Energy secured a Letter of Award for the development of a 200 MW firm and dispatchable renewable energy project with SJVN.

• Canara Bank: The RBI has cleared the lender's plans to divest a 70% stake in its subsidiary, Canbank Factors. The lender has also proposed to buy out the stakes of Bank of Baroda and DBS Bank India in its unlisted subsidiary, Canbank Computer Services.

• Aster DM Healthcare: The company plans to separate its India and Gulf businesses in a transaction worth $1 billion. The Moopen family-owned healthcare company's subsidiary, Affinity Holdings, will transfer its shares in Aster DM Healthcare FZC—the Gulf unit—to promoter-owned Alpha GCC Holdings. After the deal, Alpha GCC Holdings will be jointly owned by Aster India and Fajr Capital Advisors in a 35:65 ratio.

• Tube Investment of India: The government has approved the scheme of amalgamation of Cellestial E-Mobility and Cellestial E-Trac with Tl Clean Mobility.

• Wipro: The technology services and consulting company announced the launch of their 'Continuous Compliance Solution' built on Amazon Security Lake in collaboration with Amazon Web Services.

• Havells: The company has launched ‘Lloyd’, its leading consumer durable brand in the Middle East market.

• Varun Beverages: The company has incorporated a subsidiary company in Mozambique, i.e., VBL Mozambique, SA, to carry on the business of distribution of beverages.

• Bharat Heavy Electricals: The company has signed a Memorandum of Cooperation with a French state-owned company, Electricité de France S.A., France, to explore the opportunity to maximise the local content of the Jaitapur nuclear power project to be established by NPCIL in India. The Ministry of Defence inked a contract with BHEL to procure 16 upgraded Super Rapid Gun Mounts and accessories worth Rs 2,956.89 crore for the Indian Navy.

• Zomato: Alibaba Group unit Alipay Singapore plans to sell up to 29.6 crore shares in large deals, according to Bloomberg.

• R Systems International: The board of unit Velotio Technologies has approved the acquisition of an additional 60% equity share of Scaleworx Technologies. Post-acquisition, Scaleworx will become a wholly owned subsidiary of Velotio.

• Trident: CFO Avneesh Barua resigned on Nov. 28.

• IG Petrochemicals: The company has decided to file an appeal against an income tax demand amounting to Rs 46.26 crore with the Karnataka High Court.

• GAIL: The government of India appointed Rajeev Kumar Singhal as executive director with effect from the date of his assumption of charge of the post till the date of his superannuation, i.e., Feb. 29, 2028.

• ICICI Lombard General Insurance: MD and CEO Bhargav Dasgupta has sold 2.5 lakh equity shares in tranches, and the last transaction was undertaken by him on Nov. 28.

• Global Health: Sanjeev Kumar has resigned as chief financial officer and key managerial personnel w.e.f. Nov. 28.

• Yathart Hospital and Trauma: The company received an order from the Commissionerate of Sagar Sambhag, Madhya Pradesh, to take over the premises of the hospital, as the land as stated in the said order belongs to the Government of Madhya Pradesh.

• Timex Group: Sylvain Ernest Louis Tatu has resigned as non-executive director w.e.f. Nov. 27 due to personal reasons.

• PDS: The board has appointed Sandra Campos as an additional woman independent director for a period of two years, w.e.f. Nov. 28.

• Siemens India: The company reported a 24.7% rise in revenue year-on-year to Rs 5,808 crore and a 12.4% decline in net profit at Rs 571.6 crore in the fourth quarter. It announced an investment of Rs 416 crore in capacity addition for power transformers and vacuum interrupters.

Share indices in Asia Pacific region traded mixed as investors assessed diverse views of the U.S. Federal Reserve officials.

Fed Governor Christopher Waller said that he feel confident noting the recent fall in inflation, which may indicate the central bank's policy is tight enough to control the price pressure, reported Bloomberg.

However, Governor Michelle Bowman said that another rate hike is necessary to bring down the inflation to Fed's target rate of 2%.

Australia market rose ahead of the release of the country's inflation print for November. Indices in Japan and Hong Kong traded lower.

U.S. stocks and bonds extended their November gains, and the dollar fell, with the latest Fed speech bolstering speculation that U.S. policymakers will have more room to cut interest rates next year, Bloomberg reported

The GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was 0.09% higher at 20,146.5 as of 8:20 a.m.

The yield on the 10-year U.S. bond was trading at 4.29%, and Bitcoin was above $37,934.78. Brent crude was at $81.75 a barrel, whereas WTI crude was above $76.59 a barrel.

India's benchmark stock indices closed higher after trading mostly mixed throughout the day on Tuesday.

The metal and energy sectors gained, while the information technology sector recovered. Healthcare stocks were under pressure.

The S&P BSE Sensex rose 204.16 points, or 0.31%, to close at 66,174.20, while the NSE Nifty 50 gained 95 points, or 0.48%, to end at 19,889.70.

Overseas investors stayed net buyers for the third consecutive session on Tuesday. Foreign portfolio investors bought stocks worth Rs 783.8 crore, while domestic institutional investors continued as buyers and purchased stocks worth Rs 1,325 crore, the NSE data showed.

The Indian rupee strengthened about 4 paise to close at 83.34 against the U.S. dollar on Tuesday.