As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 86.53 points or 0.13% to 66,988.44. The Nifty 50 index added 36.55 points or 0.18% to 20,133.15.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.83% while the S&P BSE Small-Cap index advanced 0.96%.
The market breadth was positive. On the BSE, 1,897 shares rose, and 1,811 shares fell. A total of 149 shares were unchanged.
Market valuation of BSE-listed companies crossed a record $4 trillion for the first time on November 29, on the back of positive market sentiment in Indian equities. FIIs turning buyers for five days in a row and DIIs buying aggressively have aided this strong trend. However, this rally has stretched the valuations of domestic equities significantly, pushing India?s market cap GDP ratio to 1.2.
Economy:
Union Cabinet approved extension of the PM Garib Kalyan Anna Yojana for another five years from January 1, 2024, with an estimated cost of Rs 11.8 lakh crore. The scheme was last extended till December 31, 2023.
Indian economy is likely to slow down further to 6.1% in FY25 compared with 6.3% projected in FY24 as global growth remains subdued, the OECD reportedly noted in its latest economic outlook.
Politics:
The exit polls results for all the five states ? Rajasthan Madhya Pradesh, Mizoram, Chhattisgarh and Telangana ? will be declared after the voting ends in Telangana on Thursday. The assembly elections in these five states were held between November 7 and November 30. The counting of votes will be held on December 3. The state polls are being considered as a semi-final before the 2024 assembly elections.
New Listing:
Shares of Tata Technologies closed at Rs 1,314.25 on the BSE, representing a premium of 162.85% as compared with the issue price of Rs 500.
The scrip was listed at Rs 1,199.95, exhibiting a premium of 140% to the issue price. The stock has hit a high of 1,400 and a low of 1199.95. On the BSE, over 28.46 lakh shares of the company were traded in the counter so far.
Shares of Gandhar Oil Refinery (India) ended at Rs 301.50 on the BSE, representing a premium of 78.40% as compared with the issue price of Rs 169.
The scrip was listed at Rs 295.40, exhibiting a premium of 74.79% to the issue price. The stock has hit a high of 344.60 and a low of 295. On the BSE, over 29.06 lakh shares of the company were traded in the counter so far.
Shares of Fedbank Financial Services settled at Rs 140 on the BSE, matching the issue price.
The scrip was listed at Rs 137.75, exhibiting a discount of 1.61% to the issue price. The stock has hit a high of 148 and a low of 133.15. On the BSE, over 17.65 lakh shares of the company were traded in the counter so far.
Stocks in Spotlight:
UltraTech Cement rose 3.14% after the company acquired a 0.54 mtpa cement grinding assets of Burnpur Cement, located at Patratu in Jharkhand at a consideration of Rs.169.79 crore. The company?s capacity in India now stands at 133 mtpa.
Jupiter Wagons added 2.24%. The company?s board has authorised the opening of the issue for qualified institutions placement (QIP) of equity shares on Wednesday, i.e. 29 November 2023. The board has approved a floor price of Rs. 331.34 for the issue, which is at 2.42% discount to yesterday?s closing price of Rs 339.55. The company?s board will meet on 4 December 2023 to consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers pursuant to the issue.
PCBL gained 1.95%. The company received board approval for entering into a joint venture with Australian company Kinaltek Pty (Kinaltek), for expansion into the battery application market.
Aurobindo Pharma rose 2.53%. The company?s wholly owned subsidiary, Eugia Pharma Specialities received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Budesonide Inhalation Suspension.
Metro Brands rallied 2.18% and FSN E-Commerce Ventures gained 1.80% after the Foot Locker, Inc., the New York-based specialty athletic retailer, announced the signing of a long-term licensing agreement with both the companies. This partnership will offer the most comprehensive selection of global sportswear and footwear to sneaker fans in India.
Genesys International Corporation surged 8.40%, following the announcement of its Executive Innovation Board (EIB) formation aimed at advancing India's first comprehensive map stack. The EIB will consist of industry experts with deep knowledge in mobility, e-commerce/logistics, and automotive sectors, playing a vital role in guiding Genesys towards innovative solutions for India's consumer and infrastructure needs.
JSW Infrastructure declined 0.24%. The firm said that its subsidiary, Masad Infra Services has entered into a concession agreement with Karnataka Government. The consession agreement includes development of All- weather, deep water, greenfield port at Keni in Karnataka on Public Private Partnership basis (DBFOT) model.
Delta Corp jumped 6.49% after company decided to make a strategic investment of Rs 99.99 crore in Peninsula Land (PLL) to foray into real estate sector. Peninsula Land will issue 1,50,00,000 equity shares and 77,27,000 CCDs at Rs 44. Furthermore, a joint venture is envisaged to be established between Delta & PLL with a capital outlay of Rs 250 crore where Delta will be a majority stakeholder. This JV will help Delta expand into the sector.
Global Markets:
European shares advanced across the board after the economic data showed that French inflation slowed to 3.4% on an annual basis in November, down from the October reading of 4%. Third-quarter gross domestic product data for France, also released Thursday, reflected a 0.1% decline.
German retail sales rose by 1.1% in October from the previous month, the federal statistics office said Thursday. Non-food items were the key driver behind the elevated sales, while food retail sales weakened. On an annual basis, retail sales declined slightly by 0.1%.
Markets in Asia closed higher after China?s factory activity shrank for a second straight month in November. The official manufacturing purchasing managers? index fell slightly to 49.4 in November from 49.5 in October, according to data from the National Bureau of Statistics released Thursday.
Retail sales rose in Japan, but at the slowest pace so far this year, while industrial output during the same month increased more than expected. Official data showed Japan retail sales rose 4.2% last month. Japan?s factory output gained 1.0% in October.
South Korea?s central bank held its benchmark policy rate at 3.5% for the seventh meeting in a row, in line with expectations. In its announcement, the Bank of Korea said that ?although inflation has been elevated than previously expected, it is projected to continue its underlying trend of a slowdown.?
US stocks remained near the flat line on Wednesday, even as the U.S. economy grew more than expected. GDP in the third quarter accelerated at a 5.2% annualized pace, above the initial estimate of 4.9%.
Investors will focus on the Fed's preferred measure of inflation on Thursday and Euro Zone consumer inflation figures for further clarity on the where inflation is headed. Fed Chair Jerome Powell is due to speak on Friday. His words will be scrutinized by traders to gauge where rates may head.
Oil prices settled more than 1% higher on Wednesday as futures contracts gain momentum ahead of key OPEC meeting on Thursday. OPEC and its allies, OPEC+, are set to hold a virtual meeting on production cuts.
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