The headline equity indices ended with small gains on Wednesday. The Nifty settled above the 18,250 mark after briefly hitting the day's high of 18,325.40 in late trade. Gains were restricted amid ongoing pandemic situation in China. Traders braced for Fed's November meeting due to be released today.
The barometer index, the S&P BSE Sensex, rose 91.62 points or 0.15% to 61,510.58. The Nifty 50 index added 23.05 points or 0.13% to 18,267.25.
SBI (up 1.44%), Bajaj Finance (up 1.41%) and ICICI Bank (up 0.45%) pushed the benchmarks higher.
In the broader market, the S&P BSE Mid-Cap index rose 0.20% while the S&P BSE Small-Cap index added 0.54%.
The market breadth was positive. On the BSE, 1,804 shares rose, and 1,691 shares fell. A total of 132 shares were unchanged.
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.44% to 14.04.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose to 7.293 as compared with 7.285 at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.8550, compared with its close of 81.67 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement shed 0.02% to Rs 52,278.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 107.18.
The United States 10-year bond yield fell 0.11% to 3.754.
In the commodities market, Brent crude for January 2023 settlement declined 91 cents or 1.03% to $87.45 a barrel.
Global Markets:
Shares in Europe traded mixed while Asian stocks advanced on Wednesday as investors digested euro zone economic data and awaited the U.S. Federal Reserve's latest meeting minutes.
Euro zone November flash PMI (purchasing managers' index) readings on Wednesday reaffirmed that the 19-member currency bloc has entered recession, but the downturn in business slowed slightly.
S&P Global's flash composite PMI, which encompasses services and manufacturing and is seen as a reliable gauge of economic health, rose to 47.8 in November from 47.3 in October.
In the U.K., the composite index was little changed at 48.3 in November from 48.2 in October.
Singapore'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.
Singapore's economy is projected to grow around 3.5% in 2022, according to forecasts from the Ministry of Trade and Industry, citing a softening external demand outlook following Europe's energy crunch and China's continued Covid-related restrictions.
US stocks rallied on Tuesday as Wall Street bet that interest rate hikes and inflation will ease heading into the end of the year. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
New Listing:
Shares of Inox Green Energy Services settled at Rs 59.10 on the BSE, representing a discount of 9.08% compared with the issue price of Rs 65.
The scrip was listed at a price of Rs 60.50, at a discount of 6.92% as compared to the issue price.
The stock has hit a high of 63.95 and a low of 58.50. On the BSE, over 34 lakh shares of the company were traded in the counter.
Stocks in Spotlight:
Adani Enterprises declined 3.27%. The company said that its board will meet on Friday, 25 November 2022, to consider and approve the proposal of raising of funds by way of equity issue.
Siemens shed 1.06%. Siemens reported profit after tax from continuing operations of Rs. 392 crore for the fourth quarter of financial year 2022 ended 30 September 2022, up 23% over the same period last year. Revenue from continuing operations stood at Rs. 4,237 crore, up 11% over the same quarter in the preceding year.
Hindustan Motors hit an upper circuit limit of 10% after the company said it has signed a pact to extend the electric vehicle (EV) domain across the border to enhance the production of eco-friendly electric vehicle.
Vedanta declined 0.71%. The diversified minerals company on Tuesday announced its third interim dividend of Rs 17.50 per equity share. The dividend will lead to a total payout of Rs 6,505 crore to shareholders. The record date for the purpose of payment of dividend is 30 November 2022.
FSN E-Commerce Ventures (Nykaa) skid 2.03%. Nykaa announced the resignation of its chief financial officer (CFO) Arvind Agarwal effective close of business hours on 25 November 2022, to pursue other opportunities in the digital economy & start-up space.
Bharti Airtel slipped 0.54%. Nxtra Data ("Nxtra by Airtel"), a subsidiary of Bharti Airtel, started the construction of its new hyper-scale data centre in Kolkata. The company will invest Rs 600 crore in the development of the largest data centre in East India that will serve the underserved markets of East and North-East regions along with the SAARC countries and fulfill the growing needs of enterprises and global cloud players.
Aurobindo Pharma declined 0.22%. The drug maker said that Acrotech Biopharma LLC, a wholly owned step-down subsidiary of the company, and Evive Biotech have entered into a license agreement to commercialize Ryzneuta in the United States. Ryzneuta is developed for the treatment of CIN in cancer patients after chemotherapy.
Precision Wires India gained 2.33% after the company announced that it has fixed Thursday, 22 December 2022 as the record date for the proposed bonus issue of shares.
Zydus Lifesciences rose 0.39%. The drug maker on Wednesday (23 November 2022) announced that it has received a final approval from the United States Food and Drug Administration (USFDA) to market Famotidine Injection.
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