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.
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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 closed flat at 84.69 against the US dollar.
It closed at 84.70 on Monday.
Source: Bloomberg
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.
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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.
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.
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.
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.
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.
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.
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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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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.
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Rategain Travel's advance AirGain has partnered with Vietjet Thailand to enhance fare precision and market leadership, an exchange filing said.
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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."
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
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.
The yield on the 10-year bond opened flat at 6.70%.
It closed at 6.71% on Monday.
Source: Bloomberg
Rupee weakened by 3 paise to open at a record low of 84.73.
It closed at 84.70 on Monday.
Source: Bloomberg
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 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.
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.
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