Sensex surges 403 pts; Nifty tops 18,600; PSU Bank index leaps 4%, IT 1%

CLOSING BELL: IndusInd Bank, Bajaj Finance, M&M, Tech M, HCL Tech, Infosys, TCS, Ultratech Cement, and Bajaj Finserv were the top gainers on the 30-pack index

10:50 AM

Stock of this PSU bank has nearly doubled in just nine trading sessions

Shares of Punjab & Sind Bank hit an over four-year high at Rs 40.75, as they rallied 10 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes. The stock of public sector undertaking (PSU) bank traded higher for the fourth straight day, surging 42 per cent during the period. In the past nine trading days, it has zoomed 96 per cent from Rs 20.80 on November 30. Read here

10:39 AM

Signs of global slowdown: Export credit demand shrinks 25% YoY in October

The credit demand from Indian exporters shrunk 25.1 per cent year-on-year (YoY) in October, showing the impact of slowing global trade. The merchandise exports fell below the $30 billion mark for the first time in the last 20 months. Read more

10:26 AM

COMMENT: Likely lower US CPI to lift market sentiment

The two macroeconomic data which came yesterday have significant implications for the market. The CPI inflation for November at 5.88 % is below the RBI’s upper tolerance limit. This is good news.

But the bad news is that the Index of Industrial Production (IIP) shows a contraction of 4 % in October. Taken together these two macro data suggest that the MPC is likely to refrain from further rate hikes.

Positive weakness in manufacturing suggests that it can impact corporate earnings, going forward. Since there is no room for further PE expansion, this will put a cap on the market rally.

In the very near term, however, the market will be swayed  by the US inflation data due today and the Fed action tomorrow. US inflation is likely to trend down lifting market sentiments.

Views by V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

10:15 AM

KEC International soars 7% on securing new orders worth of Rs 1,349 crore

Analyst at Reliance Securities said, considering strong revenue visibility backed by healthy order book, earnings momentum with higher margin from Q4FY23 onwards and likely improvement in return ratio. Read here

10:05 AM

Paytm, Nykaa: Will 2022's bloodbath in new-age stocks continue in 2023?

After a dismal 2022 that saw their stock prices crash between 42 per cent and 60 per cent, most analysts still remain wary of stocks of new-age companies from a one-year horizon. They suggest investors remain selective and opt for stocks of companies that have strong management and a definite roadmap towards profitability besides being capital efficient. Read more

9:56 AM

MARKET CHECK: Sensex holds opening gains

9:50 AM

Tata Motors up 1%; co to partially divest stake in Tata Technologies via IPO

9:46 AM

Fosun Pharma reaches out to PE funds for Gland Pharma's stake sale, stock up 2%

As per The Economic Times, Advent International, Baring Private Equity Asia, Bain Capital, Blackstone, Carlyle and KKR are among those who have been approached. It could be one of the largest pharma deals in the country, it said in a report.

The group has a 58% stake Gland Pharma.

9:41 AM

JP Associates slumps nearly 6% as company announces exit from cement business

The company will sell its cement assets to Dalmia Bharat. The latter's scrip was also down 5 per cent. 

9:38 AM

YES Bank continues bull run for 3rd day; gains over 3%

9:35 AM

KEC International rises 5% on winning orders worth Rs 1,349 crore

9:32 AM

BROADER MARKETS: Smallcaps outweigh gains in midcaps, benchmark index

9:29 AM

SECTORS: Muted moves across pockets; FMCG, Realty most weak

9:26 AM

ALERT : Nifty Bank touches new all-time high; tops 43,850

9:24 AM

NIFTY LOSERS: Apollo Hospitals, Power Grid, BPCL among top index drags