As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 727.71 points or 1.10% to 66,901.91. The Nifty 50 index added 206.90 points or 1.04% to 20,096.60.
In the broader market, the S&P BSE Mid-Cap index gained 0.78% while the S&P BSE Small-Cap index advanced 0.40%.
The market breadth was positive. On the BSE, 1,920 shares rose, and 1,780 shares fell. A total of 141 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 4.37% to 12.71.
Economy:
During the 42-day festive period of FY2023, vehicle sales in India increased to 37.93 lakh, marking a 19% rise from the previous year's 31.95 lakh. Significant growth was observed in two-wheelers (21% increase), three-wheelers (41% increase), commercial vehicles (8% increase), and passenger vehicles (10% increase). However, the tractor segment experienced a slight decline of 0.5%. These observations were revealed in the vehicle retail data released by the Federation of Automobile Dealers Associations (FADA).
New Listing:
Shares of Indian Renewable Energy Development Agency (IREDA) were locked in an upper circuit of 20% at Rs 59.99 on the BSE, representing a premium of 87.47% as compared with the issue price of Rs 32.
The scrip was listed at Rs 50, exhibiting a premium of 56.25% to the issue price. The stock has hit a low of 49.99. On the BSE, over 381.53 lakh shares of the company were traded in the counter so far.
Stocks in Spotlight:
Tata Power Company rose 0.94% after Tata Power Renewable Energy (TPREL), a subsidiary of the company, received a Letter of Award (LOA) for developing a 200 MW Firm and Dispatchable Renewable Energy (FDRE) project with SJVN Limited (SJVN).
Bharat Petroleum Corporation gained 1.07%. The company announced that its board has declared an interim dividend of Rs 21 per equity share for the financial year 2023-24.
Yatharth Hospital & Trauma Care Services dropped 10.66% following an order from the Commissionerate of Sagar Sambhag, Madhya Pradesh to take over the premises of Ramraja Hospital, citing government ownership.
Munjal Auto Industries rallied 4.21%, following the rectification of its Income Tax demand from Rs 401.42 crore to Rs 69.74 lakh. This adjustment came subsequent to the company's application filings and the receipt of a Rectification order for the Assessment Year 2022-23.
Aster DM Healthcare zoomed 19.09%. The company has received approvals from the board its subsidiary Affinity Holdings (Affinity) and from its board of directors to separate the India and GCC businesses into two distinct and standalone entities.
Under the separation plan, Affinity has entered into a definitive agreement with a consortium of investors led by Fajr Capital, a sovereign-owned private equity firm headquartered in the UAE, to invest in Aster?s GCC business.
PCBL advanced 4.99% after the company said that its board has accorded its in-principle approval for acquiring 212,172 shares (representing 100% stake) of Aquapharm Chemicals (ACPL) for an aggregate consideration of Rs 3,800 crore.
Shelter Pharma gained 4.73% after the company secured Rs 1 crore order from Sudan-based Taha Drugs & Chemicals Co. The order includes a bulk quantity of Allvitamins Tablet Nutraceutical, totaling 60000 boxes, and Joemega Capsule Nutraceutical, also amounting to 60000 boxes. The nature of this order is fixed cost, and it is projected to be fulfilled within a time frame of 4 months.
Global Markets:
Most of the markets in Europe advanced while Asian stocks ended lower on Wednesday as investors assess comments from the U.S. Federal Reserve board members and digest Australia?s October inflation figures.
Australia?s weighted inflation rate for October slowed more than expected, coming in at 4.9%. This was also lower than the 5.6% seen in September. The overall inflation rate stood at 4.8%, its lowest level since January 2022.
On Tuesday, Federal Reserve Governor Christopher Waller said he was growing more confident that policy was in a place now to bring inflation back under control. However, he maintained that inflation was still too high. Waller also said the Fed might start lowering rates if inflation continues to ease over the next three to five months. In contrast, Governor Michelle Bowman said more rate hikes will likely be needed as evolving dynamics keep inflation elevated.
US stocks rose Tuesday, resuming their November rally, as comments from a Federal Reserve official raised hope that the central bank may not need to raise interest rates further.
Investors will focus this week 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.
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