Sensex gains 307 pts, Nifty holds 19,750; IT stocks dazzle, PSBs decline

Closing Bell on November 16, 2023: Among sectors, the Nifty PSU Bank index fell 0.24 per cent, the Nifty FMCG 0.15 per cent, and the Nifty Bank 0.09 per cent

11:34 AM

Protean eGov jumps 15% for 2nd straight day; now up 55% over issue price

PeTL is a leading PAN service provider in India and had market share of around 45 per cent in the new PAN card allotments during 9M FY23. Further, acting as a Central Recordkeeping Agency (CRA) for the National Pension System (NPS), the company had a market share of 98 per cent in terms of NPS subscribers and 99 per cent in terms of NPS asset under management (AUM). There are no comparable peers having product profile and business model to PeTL. READ MORE

11:22 AM

Index contributors :: TCS, Infy, HDFC Bank, RIL contribute the most to Sensex's gains

11:11 AM

ALERT :: Sudden, vertical rise in benchmarks; Nifty tops 19,750

11:08 AM

ALERT :: Sebi mulls allowing cos to disclose on only 1 bourse, says report

>> The Securities and Exchange Board of India is considering a proposal to allow companies to make disclosures to only one of the stock exchanges their securities are listed on instead of all of them.

>> Under this proposal, the stock exchange earmarked to receive such a disclosure will immediately dispatch it to the other bourse where the company's securities are listed.

>> Coordination between the BSE and National Stock Exchange will be crucial for the success of the proposed single-point disclosure by companies.  

>> Sebi will take a final call on the proposal after conducting trial runs with successful results.

Source: Informist Media

10:58 AM

Welspun Corp scales new peak on future growth plans; up 200% in 9 months

The stock is currently on a nine-month winning streak since March 2023, having zoomed as much as 198 per cent during this period. In November alone, so far, the stock has rallied 29 per cent. In comparison, the Sensex has gained around 3 per cent so far this month. READ MORE

10:45 AM

Market Check :: Sensex at day's high

10:32 AM

Bajaj Fin falls 4% as RBI bars lending under eCOM, Insta EMI Card schemes

The direction cites violations of certain provisions of the digital lending guidelines including the non-issuance of key fact statements (KFS) to borrowers for these two lending products, and deficiencies in KFS issued for other digital loans sanctioned by the company. Shares of Bajaj Finance were trading lower for the third straight day, falling 7 per cent during the period. It was quoting at its lowest level since August 21, 2023. At 09:47 AM, the stock was down 1.5 per cent at Rs 6,937.15, as compared to 0.14 per cent decline in the S&P BSE Sensex. READ MORE

10:20 AM

MCX stock riding on hopes of strong prospects post technology upgrade

Overall volumes improved by 86 per cent year-on-year (Y-o-Y) to Rs 67 trillion, and total revenue grew by 30 per cent Y-o-Y to Rs 165 crore (in line with expectations), with an earnings before interest, tax, depreciation, and amortisation (Ebitda) loss of Rs 35.3 crore. READ MORE

10:04 AM

BREAKING :: US govt averts shutdown again

9:52 AM

Most bought stocks by mutual funds in October: Bajaj Auto, TechM, HeroMoto

MFs were net buyers of 63 per cent stocks in the Nifty Midcap 100 stocks, of which the highest MoM was seen in L&T Finance Holdings , Vodafone Idea, Syngene Intl, PB Fintech, Aurobindo Pharma. Read

9:40 AM

Comment :: 'Market resilience is forcing FPIs to rethink their strategy'

An important trend in the market is the increasing clout of DIIs, HNIs and retail investors and the diminishing influence of FPIs.

During August, September October, and November till date, FPIs cumulatively sold stocks for Rs 83,422 crore through the exchanges.

During this period, DIIs alone bought stocks worth Rs 77,995 crore. FPI selling is completely getting neutralised by DII and individual investor buying.

This is the reason why Nifty is around 19,675, the same level which it was in early August.
 

The resilience of the market and strong up moves on favourable days like Wednesday have forced a rethinking in FPI strategy. That’s why they bought for Rs 550 crore yesterday after sustained selling in all other days of November.

 

FIIs turning buyers is favourable for banking stocks, particularly the large caps, which are attractively valued. Automobiles are on a strong wicket.

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

 

9:32 AM

Manappuram Finance extends gains into second day post solid Q2 nos

9:31 AM

Inspirisys Solutions hits 5% upper circuit on fixing floor price for delisting

>> The company has fixed floor price of the delisting proposal at Rs 68.70 per equity share. The closing price on Wednesday was Rs 88.55 apiece on the BSE.

9:29 AM

Bajaj Finance declines 2% as RBI imposes restrictions on 2 products

>> The Reserve Bank of India (RBI) has asked Bajaj Finance to stop sanctioning and disbursal of loans under 'eCOM' and 'Insta EMI Card' segments with immediate effect.

9:28 AM

ONGC up 1.6% on Rs 1-trn capex plan

>> ONGC plans to invest about Rs 1 trillion in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition.