Sensex ends 92 pts up amid volatility, Nifty tops 19,800; Infy, ITC gain 1%
Closing Bell on Wednesday, November 22, 2023: The BSE MidCap index gained 0.3 per cent, while the SmallCap slipped 0.6 per cent. Tata Tech and Gandhar Oil IPOs received strong response on Day 1.
 "BSE, NSE, Sensex, Nifty, stock markets")
Stock market highlights: Equity markets displayed volatility in trades on Wednesday amid subdued cues from global peers after the US FOMC minutes revealed that Fed officials would approach future rate hikes with caution, thus raising doubts of the possible peak in rates.
Further, the Reserve Bank of India governor Shaktikanta Das today sounded caution to a host of financial sector entities. Speaking at the annual FICCI-IBA banking conference, Das said, "At the current juncture there may not be any immediate cause for worry, but to remain on top of things, Banks and NBFCs would be well advised to take certain precautionary measures." READ MORE
Back to the market, the S&P BSE Sensex swung between zones, hitting a high of 66,063 and a low of 65,665 before settling with a gain of 92 points at 66,023. The NSE Nifty50 reclaimed the 19,800 level, ended 28 points higher.
Infosys, NTPC and Power Grid Corporation were the top gainers among the Sensex 30 shares followed by ITC and Tech Mahindra, up around 1 per cent each. On the other hand, IndusInd Bank slipped 2 per cent. Kotak Bank, JSW Steel and Mahindra & Mahindra were the prominent losers, down 1 per cent.
Among the broader indices, the BSE MidCap index gained 0.3 per cent, while the SmallCap ended 0.6 per cent lower.
Among sectors, textile shares witnessed strong demand on hopes of future growth prospects. Nitin Spinners hit a new high, and had zoomed as much as 14 per cent. READ MORE
Primary Market Update
Tata Technologies IPO was subscribed 5.5 times as of 3:30 PM backed by all-round demand. Gandhar Oil Refinery too was subscribed 4.4 times on Day 1 of the offer period itself.
Flair Writing Industries IPO was subscribed 1.5 times, while FedBank Financial Services IPO received relatively tepid demand on Day 1, and was subscribed up to 30 per cent.
Meanwhile, Indain Renewable Energy Development Agency (IREDA) IPO was subscribed 4 times on Day 2 of the offer period.
3:59 PM
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COMMENT:: Cooling inflation, ease in bond yield to support a short-term rally
"Despite FED adopting a cautious stance in its minutes and refraining from indicating a rate cut, the market recovered from the day's correction and ended with mild gain. On the other hand, the broad market witnessed some profit booking as investors' focus shifted to the primary market, marked by a set of IPOs scheduled for this week. However, the undercurrent is positive, with a cooling of inflation and an easing US bond yield supporting a short- to medium-term rally."
- Vinod Nair, Head of Research at Geojit Financial Services
3:49 PM
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Nifty IT index was the top out-performer, up 0.7%
3:47 PM
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Market breadth was negative; 2,055 stocks declined v/s 1,631 advancing shares on the BSE
3:45 PM
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Broader Market Check:: MidCaps gain in line with benchmark; SmallCaps lose ground
3:44 PM
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Sensex 30 Heatmap:: 18 Gainers v/s 12 Losers
3:42 PM
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CLOSING BELL:: NSE Nifty50 settles 28 pts higher at 19,812
3:40 PM
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CLOSING BELL:: S&P BSE Sensex ends 92 pts higher at 66,023
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CRISIL upgrades outlook on Tata Power to 'positive' on profitability view
The ratings agency had earlier assigned a 'stable' outlook on the company, Tata Power said in a regulatory filing. READ MORE
3:17 PM
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Global check:: US, UK stock futures trade marginally in green
Source: Investing.com
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High US bond yield 'negatively impacts' India's appeal: Umang Papneja
Julius Baer is the largest foreign private wealth manager in India, handling assets worth more than $21 billion. Operating in the country since 2015 and having acquired Merrill Lynch’s India business, the Swiss firm has set a goal of becoming the country’s largest wealth manager. Umang Papneja, chief executive officer of Julius Baer India, said the country’s economic growth will underpin the demand for wealth managers. READ MORE
Umang Papneja, CEO, Julius Baer India
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Financial sector must avoid 'all forms of exuberance': RBI governor
The financial sector is doing well but it must avoid "all forms of exuberance" as credit growth accelerates, said Reserve Bank of India governor Shaktikanta Das on Wednesday as he listed four areas of concern. READ MORE
2:39 PM
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Market check:: Sensex rebounds, gains over 250 pts from day's low
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Foreign inflows to Indian bonds set for highest in 6 years over index call
Inflows to fixed income, including corporate debt, have reached nearly $6 billion thus far in 2023, with this month alone accounting for about a quarter of the flows, according to data compiled. READ MORE
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Billionaire Gautam Singhania's separation erases $180 mn at Raymonds
The stock has tumbled 12 per cent since Nov. 13 when Singhania announced separation from Nawaz Singhania, his wife of 32 years and a Raymond board member. READ MORE
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CG Power zooms 20% on plan to set-up subsidy-backed semiconductor unit
The company today filed an application seeking government nod to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility and the grant of subsidy for the said project. READ MORE
Topics : Stock Market Sensex MARKET WRAP MARKET LIVE Equity markets Dalal Street stock market trading Markets Sensex Nifty Midcap smallcap stocks TCS stock Reliance Industries Maruti Israel-Palestine Tata Technologies
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First Published: Nov 22 2023 | 8:08 AM IST
