Domestic equity benchmarks extended the winning streak for the third consecutive session on Thursday, amid firm global cues backed by dovish US Federal Reserve minutes. Falling crude and dollar prices further boosted sentiment. Trading was volatile due to expiry of November 2022 F&O contracts on the NSE today. Barring the Nifty Consumer Durables index, all the sectoral indices on the NSE ended higher. IT, financials and oil & gas stocks were in demand.
The barometer index, the S&P BSE Sensex, jumped 762.10 points or 1.24% to 62,272.68. The Nifty 50 index gained 216.85 points or 1.19% to 18,484.10.
The benchmark S&P BSE Sensex hit fresh record high at 62,412.33 while the Nifty 50 index hit a 52-week high of 18,529.70 on Thursday. The Nifty Bank index also registered its fresh record high today at 43,163.40.
Apollo Hospitals Enterprise (up 4.56%), HDFC Life Insurance Company (up 4.45%), BPCL (up 3.32%) and Infosys (up 3.28%) were top Nifty gainers.
In the broader market, the S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index added 0.42%.
The market breadth was positive. On the BSE, 1,871 shares rose, and 1,642 shares fell. A total of 122 shares were unchanged.
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Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 4.02% to 13.48.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose to 7.257 as compared with 7.291 at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.67, compared with its close of 81.93 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement rose 0.39% to Rs 52,656.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.25% to 105.81.
The United States 10-year bond yield fell 0.54% to 3.689.
In the commodities market, Brent crude for January 2023 settlement rose 3 cents or 0.04% to $85.44 a barrel.
Global Markets:
US markets are closed on Thursday for the Thanksgiving holiday and will close early on Friday.
Shares in Europe and Asia advanced on Thursday as investors assessed the latest meeting minutes from the U.S. Federal Reserve.
The just-released minutes from the last FOMC monetary policy meeting showed FOMC members saying it would soon be appropriate to slow the pace of U.S. interest rate increases. However, they also see a higher terminal Fed funds rate than they had earlier expected. Some Fed officials were worried the Fed could be tightening monetary policy more than necessary.
European investors also reacted to Wednesday's flash November PMI (purchasing managers' index) readings from the euro zone, which reaffirmed that the 19-member currency bloc has entered recession, but showed the downturn in business slowing slightly.
Meanwhile, the Bank of Korea raised its benchmark interest rate by 25 basis points to 3.25%, a smaller hike than its previous move and widely in line with expectations.
China has reportedly signaled more monetary stimulus was on the cards, including a likely cut to the reserve requirement ratio for banks, as it ramps up support for an economy under strain from surging Covid cases and more lockdowns.
The State Council reportedly said in a statement Wednesday that monetary tools such as a RRR cut will be used in a timely and appropriate manner to maintain reasonably ample liquidity.
China's economic outlook is darkening as Covid cases climb to a record and cities tighten restrictions to combat the spread of infections.
New Listing:
Shares of Keystone Realtors closed at Rs 557.80 on the BSE, representing a premium of 3.11% compared with the issue price of Rs 541.
The scrip was listed at a price of Rs 555, at a premium of 2.59% as compared to the issue price.
The stock has hit a high of 568.25 and a low of 555. On the BSE, over 4.16 lakh shares of the company were traded in the counter.
Stocks in Spotlight:
Tata Consumer Products advanced 2.83% after the company issued a clarification on media reports stating its plans to acquire part stake in packaged water firm Bisleri.
The media reported today that Ramesh Chauhan is divesting Bisleri International to Tata Consumer Products Ltd (TCPL) for an estimated Rs 6,000-7,000 crore. Bisleri is reportedly India's largest packaged water company.
Reliance Industries (RIL) rose 1.02%. RIL said that Jio announced that Jio True 5G will now be available in Pune from 23 November 2022. Jio users in Pune will be invited to the Jio Welcome Offer, to experience Unlimited Data at up to 1 Gbps+ speeds, at no additional cost.
KPI Green Energy jumped 5.86% after the company announced that its board will consider bonus share issue on Wednesday, 30 November 2022.
Cipla lost 1.07%. The drug major said that it has received a communication from the United States Food and Drug Administration (USFDA) that the classification of company's Goa manufacturing facility continues to be as Official Action Indicated (OAI).
Biocon slipped 2.18%. The company has announced the signing of a semi-exclusive partnership agreement with Zentiva, a leading pharmaceutical company in Europe, for the commercialization of its vertically integrated, complex formulation, Liraglutide, a drug-device combination for the treatment and management of Type 2 diabetes and obesity.
SBI Cards and Payment Services rose 0.08%. The NBFC said that Aparna Kuppuswamy, chief risk officer of the company has tendered her resignation from the services of the company. "Her last working day with the company will be 10 February 2023, the company said in a statement.
Larsen & Toubro advanced 1.47%. The EPC major said that its heavy civil infrastructure business of L&T Construction has secured an order from Greenko group, one of the world's leading renewable energy companies, for development of an off stream pumped storage project in Madhya Pradesh.
H G Infra Engineering advanced 3.23% after the EPC company announced that it has received the appointed date letter from Adani Road Transport for a road project in Uttar Pradesh. The company has received a letter from Adani Road Transport regarding declaration of appointed date as 3 November 2022, by Authority for the project in Uttar Pradesh.
Fusion Micro Finance rallied 2.52% after the NBFC said that its board will meet on Monday, 28 November 2022 to consider fund raising by issuance of non-convertible debentures, aggregating up to Rs 145 crore, on private placement basis.
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