Domestic shares settled with decent gains on Monday, rising for the fifth straight session. The Sensex and the Nifty hit record high levels today amid falling crude oil and U.S. dollar index. Oil & gas, autos and FMCG stocks were in demand. Meanwhile, metals, financial services and IT stocks were under pressure.
The barometer index, the S&P BSE Sensex, advanced 211.16 points or 0.34% to 62,504.80. The Nifty 50 index added 50 points or 0.27% to 18,562.75, its record closing high. Both the indices jumped 2.2% in five sessions.
The two benchmarks hit all-time highs in intraday today at 18,614.25 for Nifty 50 index and 62,701.40 for Sensex.
Reliance Industries (up 3.48%), Nestle India (up 1.41%), Asian Paints (up 1.38%), Bajaj Finserv (up 1.22%) and Wipro (up 0.76%) boosted the indices today.
In the broader market, the S&P BSE Mid-Cap index rose 0.72% while the S&P BSE Small-Cap index added 0.77%. Both the indices outperformed the benchmarks.
The market breadth was positive. On the BSE, 2,092 shares rose, and 1,511 shares fell. A total of 181 shares were unchanged.
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Economy:
S&P Global Ratings on Monday revised India's FY23 GDP growth forecast downwards by 30 bps to 7%. For FY24, the forecast has been revised by 50 bps to 6%.
Earlier, the agency had retained its projection of India's economic growth at 7.3% for the current fiscal and said inflation is likely to remain above the upper tolerance limit of 6% till the end of 2022.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell to 7.27 compared with 7.301 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 81.685, compared with its close of 81.71 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement added 0.28% to Rs 52,690.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.44% to 105.49.
The United States 10-year bond yield fell 1.01% to 3.665.
In the commodities market, Brent crude for January 2023 settlement dropped $2.3 or 2.75% to $81.41 a barrel, following reports of unrest in China over Covid control measures imposed in that country. China is the world's biggest crude importer.
Global Markets:
The Dow Jones index futures were down 186 points, indicating a weak opening in the US stock market today.
Shares in Europe and Asia tumbled on Monday amid unrest in China over its continued zero-Covid policy. Fears about a Covid-led dent to China's economic growth weighed on sentiment in the world's second-largest economy after demonstrators and police clashed in Shanghai on Sunday.
Over the weekend, the People's Bank of China announced it would cut the reserve requirement ratio for banks by 25 basis points to 7.8% and inject around 500 billion yuan in long-term liquidity. The National Bureau of Statistics said industrial profits for the first 10 months of the year fell 3% from the same period in 2021.
In Singapore, the country's core inflation rate eased 0.2% to 5.1% in October on an annualized basis, the Ministry of Trade and Industry (MTI) reported - after seeing the same index at 5.3% in September.
U.S. stocks ended mixed in a shortened trading session Friday, with markets subdued following Thursday's Thanksgiving holiday.
Black Friday sales kicked off against the backdrop of high inflation and cooling economic growth. US shoppers reportedly spent a record $9.12 billion online this Black Friday, as consumers weathered the squeeze from high inflation and grabbed steep discounts on everything from smartphones to toys.
Stocks in Spotlight:
Hero MotoCorp rose 2.38%. The two-wheeler maker will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from 1 December 2022. The price increase will be up to Rs 1500 and the exact quantum of increase will vary by specific models and markets.
Indian Energy Exchange (IEX) fell 1.6%. The board of IEX on Friday, 25 November 2022, approved a share buyback of upto Rs 98 crore at a price not exceeding Rs 200 per share through open market route.
Max Financial Services (MFSL) advanced 2.64%. MFSL will purchase Mitsui Sumitomo Company (MSI)'s balance 5.17% Max Life Insurance Company (Max Life) stake at Rs 85 per share.
Va Tech Wabag added 4.20%. The company has signed an agreement with Asian Development Bank (ADB) towards raising Rs 200 crore through unlisted non-convertible debentures (NCD) carrying a 5 years and 3 months tenor which will be subscribed by ADB over a 12-month period.
Larsen & Toubro rose 0.09%. The EPC company announced that the hydrocarbon division of L&T Energy business has been awarded significant contracts. The company said that the business has received India's first contract for decommissioning of offshore facilities from British Gas Exploration and Production India (BGEPL, part of Shell Plc Group of companies).
TARC rose 1.46%. The company announced the receipt of occupation certificate (OC) for its premium residential project, TARC Maceo, Sector-91, Gurugram.
Aditya Birla Fashion and Retail added 0.68%. The company said that TMRW, an Aditya Birla Group venture, has announced partnership with 8 Digital-First lifestyle brands. TMRW has struck partnerships with the new-age founders within few months of the launch of the venture. It is on a path to create a leading technology-led digital first 'House of Brands' business over the next several years. With these 8 brands on board, TMRW has achieved a revenue run-rate of Rs 700 crore plus and is on a path to cross an annual revenue rate of Rs 1500 crore plus in the next 12 months.
TIL hit an upper circuit limit of 5% at Rs 114 after the company's board of TIL at its meeting held on 26 November 2022 decided to increase the authorized capital to infuse funds into the business of the company, by bringing in a strategic investor, subject to shareholder and other requisite approvals. The capital is to be infused by Indocrest Defence Solutions, which is a part of Gainwell Group, headed by Sunil Kumar Chaturvedi.
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