ICICI Bank, HUL, ITC help lift Sensex 177 pts, Nifty above 18,600; PSBs dip

CLOSING BELL: The S&P BSE Sensex hit a fresh life-time high at 62,887, and the Nifty 50 registered a new summit at 18,678 on Tuesday.

4:04 PM

COMMENT :: 'The future medium-term performance is a point of concern'

The ongoing domestic rally is supported by falling crude & commodity prices uplifting corporates earning outlook. However, the future medium-term performance is a point of concern due to supreme valuation. Falling raw material cost, better GDP growth and lower inflation are helping to sustain the current outperformance

Views by: Vinod Nair, Head of Research at Geojit Financial Services

4:02 PM

COMMENT :: 'Mixed global cues, hurdle around 18,700 capping upside in Nifty'

Markets extended gains for yet another session and rose nearly half a percent. After the flat start, the Nifty index gradually inched higher however profit taking in the latter half trimmed the gains. Finally, it ended at 18,618.05; up by 0.3%. Meanwhile, the sectoral indices traded mixed wherein FMCG and metal posted healthy gains. The broader indices underperformed the benchmark and shed over half a percent each.

 

Markets have been maintaining a positive tone, thanks to rotational buying in index majors. However, mixed global cues and the existence of a hurdle around 18700 in Nifty may cap the upside and trigger some consolidation too. Apart from banking and IT, we're seeing buying interest emerging in the defensive pack viz. FMCG and selectively in pharma. Traders should align their positions accordingly.

Views by:  Ajit Mishra, VP - Technical Research, Religare Broking

 

4:00 PM

IPO Update :: Dharmaj Crop issue subscribed over 5x so far on day 2

3:58 PM

Currency check :: Rupee ends lower on Tuesday

3:57 PM

ALERT :: RBI launches the first pilot for retail digital Rupee on December 1, 2022

The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants.

The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued.

It would be distributed through intermediaries, i.e., banks. Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices. 

Source: RBI statement

 

3:54 PM

Maha Seamless to shutdown hot mill facility; stock down 2.5%

Maharashtra Seamless to shutdown hot mill facility at Nagothane for an estimated period of 4 weeks.

3:53 PM

Gland Pharma refutes report of Promoters, Fosun Pharma, sale of shares of Company; stock up 8%

It said Gland Pharma Limited (‘the Company’) is not aware of any such information that its Promoters – Fosun Pharma and / or its Parent, Fosun International is considering sale of shares of the Company. The Company is not in receipt of any communication in this regard from its Promoter(s) and is unable to comment on the same. 

3:50 PM

Gas stocks end higher on report Kirit Parekh Committee to submit report to govt tomorrow

>> Reports suggest the committee may suggest liberalising natural gas prices

3:46 PM

Cosmo First extends gains into second day, surges over 5%

Shares of Cosmo First (formerly Cosmo Films) moved higher by 8 per cent to Rs 814 on the BSE in Tuesday's intra-day trade, soaring 17 per cent in the past two trading days, after the company announced that its board will meet on Thursday, December 1, to consider share buyback proposal.

3:45 PM

Laurus Labs sinks 9%; analysts suggest more pain ahead

According to analysts at Kotak Securities, Laurus has witnessed severe pricing pressure and lower volumes in its ARV formulations portfolio for five quarters now, resulting in significant pressure on core margins. 

“We believe Laurus’ troubles on ARV pricing and looming cessation of Paxlovid sales are being underappreciated. Ex-Paxlovid, it reported just a around 19 per cent EBITDA margin in 1HFY23. Even as volumes pick up, Laurus’ ARV realization will stay under pressure, as it bids for winner-takes-all tenders and lower long-term tender prices. As Paxlovid sales recede, the true extent of the margin hit will unravel,” analysts said.

3:43 PM

JK Tyres hits record high of Rs 204 intra-day, ends 1% up

3:42 PM

BSE SmallCap index down 0.3%, All Cargo Logistics, Hari Om Pipes top losers

3:40 PM

BSE MidCap index ends weak, dips 0.4%

3:39 PM

Sector check :: Trend largely positive; Auto, PSU Bank indicesz slip

3:37 PM

Sensex Heatmap :: HUL jumps 4%, Sun Pharma 1.5% as index ends off record highs

3:35 PM

CLOSING BELL :: Nifty ends above 18,600

3:34 PM

CLOSING BELL :: Sensex ends about 200 pts higher

3:29 PM

Lump sum MF investments plunge in October as investors take SIP route

Lump sum investments in equity and hybrid schemes of mutual funds declined to Rs 17,900 crore in October, the lowest at least since January 2021. The fall in lumpsum investments comes even as flows through the systematic investment plan (SIP) route rose to a new-all-time high of Rs 13,000 crore in October. READ MORE

3:18 PM

JK Tyre hits all-time high; share price more than doubles in 5 months

In the past two days, the stock price of JK Tyre has rallied 18 per cent on back of heavy volumes. At 02:35 pm; it traded 3.5 per cent higher at Rs 200.50, as compared to 0.39 per cent gain on the S&P BSE Sensex. A combined 14.7 million equity shares representing 6 per cent of total equity of the company had changed hands on the NSE and BSE. READ MORE

3:08 PM

Adani Enterprises' fundraise targets retail buyers, allows discount pricing

Adani Enterprises Ltd, the flagship firm owned by Asia’s richest person Gautam Adani, chose a fundraising route for its $2.5 billion share sale that allows the group to woo retail investors through potentially discounted prices. READ MORE

3:00 PM

India's finished steel imports from Russia hit 4-year high in April-October

Russia's steel exports to India reached 149,000 tonnes in the first seven months of the current fiscal year that began in April, up from around 34,000 tonnes shipped a year earlier. READ MORE

2:51 PM

Hinduja group, Torrent, Piramal, Oaktree, bid for Reliance Capital

Ahmedabad-based Torrent, a consortium comprising Piramal and Cosmea Financial, and the Hinduja group have submitted final bids for bankrupt Reliance Capital as the deadline for final offers closed on Monday. READ MORE

2:42 PM

BSE 500:: Prism Johnson, KSB, KIOCL among volume shockers

Prism Johnson has witnessed unusally high volume of around 47.29 lakh shares so far on the BSE as against its five-day average volume of around 9,000-odd shares. KSB, Laurus Labs, New India Assurance and KIOCL were the other prominent volume toppers.

2:31 PM

Fosun reportedly planning sale of India's $3.6 billion Gland Pharma

Billionaire Guo Guangchang’s Shanghai Fosun Pharmaceutical Group Co. is considering a sale of Indian drugmaker Gland Pharma Ltd. after receiving interest from potential buyers, people familiar with the matter said. READ MORE

2:21 PM

Budget wish list: Brokers body wants STT rebate, Rs 1 lakh STCG exemption

The Association of National Exchanges Members of India (ANMI), a body of stockbrokers, has called for the reintroduction of the rebate in Securities Transaction Tax (STT) and Commodities Transaction Tax (CTT) to increase volume and participation in the market. The recommendations were made in the run-up to Union Budget 2023-24. READ MORE

 

2:12 PM

Cosmo First soars 17% in 2 days on company's share buyback plan

Despite the past two days' rally, the stock of Cosmo First has underperformed the market in the past six months by falling nearly 30 per cent. READ MORE

2:04 PM

News Alert: ICRA revises outlook on long-term rating for Relaxo Footwear to Stable

Relaxo Footwear has informed the exchanges, the ICRA has retained long term rating of Rs 140 crore on fund based facilities of the company at ICRA AA. The outlook has been revised from Positive to Stable.

1:51 PM

BSE 500:: Laurus Labs, Allcargo Logistics, Delhivery among top losers

Laurus Labs down nearly 8 per cent was the top gainer among the BSE 500 stocks so far on Tuesday. It was followed by Allcargo Logistics, La Opala RG, Tube Investments and Delhivery.

1:44 PM

MF route to buy a Merc? Senior executive's comment starts Twitter debate

Nilesh Shah, managing director of Kotak Mahindra AMC, said SIPs can create financial freedom for investors. "At Rs 50,000 EMI it isn't possible to buy a luxury car. At Rs 50,000 SIP for a reasonable time, it is possible to buy a luxury car," he said. READ MORE

1:32 PM

Global Check:: Hang Seng, Shanghai soar up to 4%

Source: Yahoo Finance