Sensex soars 728 pts, Nifty ends above 20K after over 2 mths in broad rally

Closing Bell on Wednesday, November 29, 2023: Among sectors, the Nifty bank, Auto, Financial Services, IT, PSU bank, and Private Bank indices ended higher in the range of 1 per cent to 1.5 per cent

1:52 PM

ALERT :: Markets at day's high; Sensex zooms 600 pts

1:40 PM

ALERT :: Munjal Auto's tax demand lowered from Rs 400 cr to Rs 70 lakh

>> On application being filed to Deputy Commissioner of the Income Tax, Vadodara, CPC Bengaluru and Central Board of Direct Taxes (Income tax), the company has received Rectification order for A.Y. 2022-23

>> Accordingly, the demand amount is reduced from Rs 401 crore to Rs 69.7 lakh

 

1:24 PM

ALERT :: BPCL declares interim dividend of Rs 21/share

>> The Board of Directors has declared an Interim Dividend of Rs 21 per equity share for the financial year 2023-24.

>> The Board has fixed Tuesday, December 12, 2023 as the Record date 

1:14 PM

Renewables lender IREDA hits over $1.8 bn valuation in trading debut

The domestic renewable energy sector is poised for significant growth in the coming years, propelled by government-led initiatives and increasing environmental concerns, Nyati added.
 

However, the company is valued much lower than its peers REC and Power Finance Corp, which are currently valued at $10.89 billion and $12.96 billion, respectively. READ MORE

1:01 PM

Comment :: 'Expect Nifty to cross 21,000 soon'

The Nifty's recent crossing of the psychological level of 20,000 and the BSE market cap's ascent to the $4 trillion mark signal the start of a fresh momentum.

Domestic liquidity has provided support, but the lack of foreign inflows due to high US bond yields has been a hindrance.

 

Fortunately, interest rates in the US have peaked, and the dollar index is declining, which is expected to attract foreign institutional investor (FII) inflows into the Indian equity market.

Despite strong fundamentals, volatility is expected leading up to the state election results. However, any weakness caused by this could present a compelling buying opportunity.

 

The market appears primed for a pre-election rally, and we can anticipate the Nifty soon surpassing 21,000. 19,500 will now serve as a support level.

Views by: Santosh Meena, Head of Research, Swastika Investmart

 

12:45 PM

Jack Ma calls for fundamental changes in Alibaba, urges course correction

Ma, who has mostly stayed away from day-to-day operations since 2020, stunned employees Wednesday by replying to a staff post on Alibaba’s internal forum. In his brief message, the entrepreneur praised decisions taken in recent years by rival PDD Holdings Inc. to wrest market share from China’s e-commerce leader. But Ma was convinced Alibaba will change and “correct its course,” he said in a post confirmed by people familiar with the forum. READ MORE

12:29 PM

Indo Count zooms 43% in 2 months, surpasses Oct 2021 high on robust outlook

For the July to September quarter (Q2FY24), Indo Count had reported strong earnings with highest-ever quarterly revenue, volumes and Ebitda READ MORE

12:14 PM

Opinion: Indian investors need protection from manipulative short-selling practices

India’s stock market is ranked fifth in terms of market value ($4 trillion), behind the US ($47 trillion), China ($9.7 trillion), Japan ($5.9 trillion) and Hong Kong ($4.8 trillion). India is regarded as the world’s fastest growing economy which has had a surge in successful initial public offerings (IPOs). Read

12:00 PM

Nifty at 20K, will the optimism last? Here's what chart suggests

The NSE Nifty 50 topped the 20,000-mark, and was seen quoting around 20,020 levels, in intra-day deals on Wednesday, November 29, after a gap of over two months. The Nifty last quoted above the 20,000-mark on September 18, a day after the index had registered its life-time high at 20,222.40. Read

11:46 AM

Saudi Aramco forecast to cut oil price to Asia as competition heats up

Saudi Aramco is forecast to cut the price of its flagship oil grade to Asia for the first time since June as an influx of cheaper US and European barrels drives up competition in the world’s biggest importing region.  
 

The state-owned Saudi Arabian producer will reduce the official selling price of Arab Light by $1.05 a barrel for January from the previous month, according to the median estimate in a Bloomberg survey of six refiners and traders. That would be the biggest decline since February. Read

11:30 AM

Religare board has no power to reject open offer for company: Burmans

The Religare board has no power to reject its open offer for the company, the Burmans said on Wednesday. The independent directors, however, have the power to make a recommendation to the shareholders, lawyers said. Read

11:15 AM

Indian markets hit historic $4 trn market cap milestone for the first time

Indian markets on Wednesday hit the historic $4 trillion market cap milestone for the first time. Currently, there are only three countries in the $4-trillion-plus mcap club--US, China and Japan. Hong Kong too, is part of the club. However, a large contribution is on account of companies belonging elsewhere, mainly China. Read

11:00 AM

Aster DM Healthcare soars 15%; hits new high on stake sale plan in Gulf biz

Shares of Aster DM Healthcare hit a new high of Rs 382, as they rallied 15 per cent on the BSE in Wednesday’s intra-day trade on the back of heavy volumes after the company announced on Tuesday that its subsidiary would sell its stake in Aster DM Healthcare FZC to Alpha GCC for $1.01 billion. Read

10:43 AM

Zomato zooms 4% after over 300 mn shares change hands in block deals

According to a Reuters report, Alipay Singapore Holding has sold its entire 3.44 per cent stake in the company for $400 million. Read

10:31 AM

IREDA makes stellar debut; stock lists at 56% premium over its issue price

Post listing, the stock of state-owned financial institution company moved higher to Rs 55.45 on the NSE, commanding a hefty 73 per cent premium over its issue price of Rs 32 per share. Read