The domestic equity market concluded the session on a strong note, with the benchmark Nifty 50 index closing above the 23,900 level. A broad-based rally across sectors, led by IT, realty, and PSU bank stocks, propelled the indices higher. Strong US labor market data, signaling a rebound in job growth, boosted investor sentiment, particularly for IT stocks. Value buying in blue-chip stocks further contributed to the market's uptrend. Technically, the Nifty may continue its upward momentum, potentially reaching the 24,200-24,342 range next week. However, a crucial support level exists at 23,450-23,400.
The barometer index, the S&P BSE Sensex soared 1,961.32 points or 2.54% to 79,117.11. The Nifty 50 index surged 557.35 points or 2.39% to 23,907.25.
TCS (up 4.13%), Infosys (up 3.75%), Reliance Industries (up 3.49%) and ICICI Bank (up 2.25%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap index jumped 1.26% and the S&P BSE Small-Cap index rallied 0.90%.
The market breadth was strong. On the BSE, 2,446 shares rose and 1,475 shares fell. A total of 120 shares were unchanged.
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The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.67% to 16.10.
Numbers to Track:
The yield on India's 10-year benchmark federal grew 2.03% to 6.970 as compared with previous close 6.951.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.4200 compared with its close of 84.5075 during the previous trading session.
MCX Gold futures for the 5 December 2024 settlement rose 1.15% to Rs 77,578.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.41% to 107.41.
The United States 10-year bond yield fell 0.88% to 4.395.
In the commodities market, Brent crude for January 2025 settlement added 27 cents or 0.36% to $74.23 a barrel.
Global Markets:
The Dow Jones index futures dropped 96 points, signaling a negative opening for U.S. stocks today.
Shares in Europe and Asia were mixed on Friday as investors reviewed a range of key regional data points. Traders also assessed Japans manufacturing sector and consumer price index data.
Japan's manufacturing sector contracted for the fifth consecutive month in November, as indicated by the preliminary au Jibun Bank flash PMI, which fell to 49.0 from 49.2 in October.
Japan's October consumer price index (CPI) data revealed a slight uptick in headline inflation and a further rise in core inflation, surpassing the Bank of Japan's 2% target. This development fuels expectations of additional interest rate hikes.
US equities closed higher on Thursday, though tech stocks continued to face pressure following Alphabet's decline due to regulatory concerns. Uncertainty surrounding interest rates persisted, fueled by slightly elevated jobless claims and cautious remarks from Federal Reserve officials.
At the close in NYSE, the Dow Jones Industrial Average rose 1.06%, while the S&P 500 index gained 0.53%, and the NASDAQ Composite index gained 0.04%.
On the economic front, weekly jobless claims fell to 213,000 for the week ending 16th November, down from 219,000 the previous week. This data signals ongoing strength in the U.S. labour market.
Alphabet Inc. shares declined 0.4% in after-hours trading following a 4.7% drop during the regular session on Thursday. The Department of Justice (DOJ) has proposed that Google divest its Chrome web browser to mitigate its dominance in online search. Additionally, the DOJ recommended that Google share its data and search results with competitors and potentially sell its Android operating system. These recommendations follow a recent court ruling that declared Google's online search monopoly illegal.
The broader tech sector was also impacted by Nvidia's mixed third-quarter results. While the company exceeded earnings expectations on strong AI demand, it forecast a slower revenue growth rate for the current quarter.
Stocks in Spotlight:
Wipro advanced 2.55% after the company set 3 December 2024, as the record date for its proposed 1:1 bonus share issue.
Infosys rallied 3.75%. The company informed that it has received intimation from the Georgia Department of Labor, USA regarding the levy of a penalty and pending tax payment worth $3,281,960.97.
Raymond surged 16.66% after the company received an approval from the BSE and the NSE for the proposed demerger of Raymond Realty.
Protean eGov Technologies slumped 6.01% to Rs 1738.60 after the companys offer for sale (OFS), by its non-promoter shareholder NSE Investments, opened for non-retail investors today (22 November 2024). Through the OFS, NSE Investments proposes to sell up to 41,17,303 equity shares (representing 10.16% stake), with an option to sell an additional 10.16% stake or 41,17,302 equity shares in case of oversubscription. The floor price for the sale is set at Rs 1,550, a 16.20% discount to the stock's closing price of Rs 1849.75 on Tuesday, 15 October 2024.
Life Insurance Corporation of India (LIC) rose 0.81% after the company said it hiked its stake in LTIMindtree to 7.034% from 5.033% earlier.
Insolation Energy rallied 4.61% after the companys wholly owned subsidiary, Insolation Green Energy has signed memorandum of understanding (MoU) with govt of Rajasthan for Rajasthan global investment summit 2024 worth Rs 10,000 crore.
Bata India added 1.70% after the companys board approved the appointment of Durgesh Singh as chief financial officer (CFO) of the company with effect from 1 December 2024.
Tata Power Company added 1.25% after the company announced that it has signed a memorandum of understanding (MoU) with Asian Development Bank (ADB) for financing clean energy projects worth $4.25 billion in India.
RPP Infra Projects rose 1.55% after the company informed that it has received a letter of acceptance worth Rs 21.83 crore from the Bhabha Atomic Research Centre's Nuclear Recycle Board.
Ceenik Exports (India) hit an upper circuit of 5% after the company reported standalone net profit of Rs 4.28 crore in Q2 FY25, steeply higher than Rs 0.13 crore posted in Q2 F24. Total income from operations was at Rs 6.48 crore in the second quarter of FY25, zoomed 867.16% year on year.
Hyundai Motor India (HMIL) added 0.19%. The company informed that it has taken a significant step towards achieving its RE100 target by setting up 2 renewable energy plants in Tamil Nadu.
New Listing:
Shares of Zinka Logistics Solutions settled at Rs 260.20 on the BSE, a discount of 4.69% compared with the issue price of Rs 273.
The scrip was listed at Rs 279.05, a premium of 2.21% to the issue price. The stock has hit a high of 285.80 and a low of 255.25. On the BSE, over 5.56 lakh shares of the company were traded in the counter so far.
IPO Update:
The initial public offer (IPO) of NTPC Green Energy received bids for 1,42,61,93,982 shares as against 59,31,67,575 shares on offer, according to stock exchange data at 17:00 IST on 22 November 2024. The issue was subscribed 2.40 times.
The issue opened for bidding on 19 November 2024 and it will close on 22 November 2024. The price band of the IPO is fixed between Rs 102 to Rs 108 per share. An investor can bid for a minimum of 138 equity shares and in multiples thereof.
Enviro Infra Engineers' IPO received bids for 6,38,69,269 shares as against 3,07,93,600 shares on offer, according to stock exchange data at 17:00 IST on 22 November 2024. The issue was subscribed 2.07 times.
The issue opened for bidding on 22 November 2024 and it will close on 26 November 2024. The price band of the IPO is fixed between Rs 140 to Rs 148 per share. An investor can bid for a minimum of 101 equity shares and in multiples thereof.
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