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.

3:59 PM

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

Nifty IT index was the top out-performer, up 0.7%

3:47 PM

Market breadth was negative; 2,055 stocks declined v/s 1,631 advancing shares on the BSE

3:45 PM

Broader Market Check:: MidCaps gain in line with benchmark; SmallCaps lose ground

3:44 PM

Sensex 30 Heatmap:: 18 Gainers v/s 12 Losers

3:42 PM

CLOSING BELL:: NSE Nifty50 settles 28 pts higher at 19,812

3:40 PM

CLOSING BELL:: S&P BSE Sensex ends 92 pts higher at 66,023

3:24 PM

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

Global check:: US, UK stock futures trade marginally in green

Source: Investing.com

3:05 PM

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

2:53 PM

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

Market check:: Sensex rebounds, gains over 250 pts from day's low

2:28 PM

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

2:15 PM

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

2:03 PM

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

1:49 PM

Dr Reddy's, Glenmark recall products in US due to manufacturing issues

Dr Reddy's Laboratories, Glenmark Pharma and Zydus are recalling products in the US market for manufacturing issues, according to the US Food and Drug Administration (USFDA). READ MORE

 

1:35 PM

Fintechs may shift to secure products after RBI order on consumer loans

Fintech companies believe that the impact of Reserve Bank of India's order last week on unsecured loans will be visible in six to 12 months and prompt them to diversify and strengthen their secured portfolio. READ MORE

1:19 PM

Britain set to start cutting taxes ahead of likely election next year

Prime Minister Rishi Sunak has hinted that tax cuts are back on the agenda now that his self-imposed pledge to halve inflation this year has been met and government revenue is higher than anticipated. READ MORE

1:05 PM

Textile stocks in demand; Nitin Spinners, Vardhman, RSWM rally up to 14%

The signing of free trade agreements (FTAs) with multiple countries, and stability in export incentive policy presents an opportunity for Indian exporters to gain global market share. READ MORE

12:42 PM

Aurobindo Pharma subsidiary receives USFDA approval for Ryzeneuta

Global pharmaceutical company Evive Biotech and Acrotech Biopharma received the US Food and Drug Administration (FDA)'s approval for Ryzeneuta (Efbemalenograstim alfa). Evive Biotech is a subsidiary of a New Jersey-based and wholly-owned subsidiary of Aurobindo Pharma USA Inc. Read

12:29 PM

Tata Technologies, Gandhar Oil IPO subscribed 2x on Day 1 so far

The much-awaited Tata Technologies (Tata Tech) IPO was off to a flying start in the primary market, with the issue oversubscribed within the first one-hour itself. Read

12:14 PM

ALERT: Sam Altman to return as CEO of OpenAI; new interim board announced

OpenAI, an artificial intelligence company, on Wednesday said that Sam Altman will return to OpenAI as a chief executive officer (CEO) with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo. Read

11:52 AM

RBI Guv LIVE: Das flags contagion risks with high exposure of banks to NBFCs

NBFCs and banks need to keep assessing their asset-liabilities management.

Seeing increasing reliance of banks and NBFCs on high cost bulk short-term deposits. 

Tenor of loans, both retail and corporate, meanwhile is getting elongated from some lenders.  

Increasing inter-connectedness of NBFCs and banks merits attention. 

NBFCs should expand their borrowing sources and reduce dependance on banks funding. 

Higher concentration of NBFCs on bank funding raises contagion risks.

Banks need to constantly evaluate their exposure to NBFCs.  

11:35 AM

RBI Guv LIVE: India has moved from twin balance sheet stress to twin balance sheet advantage

>> India's strong demand provides a cushion against extrenal shocks

>> We have moved from twin balance sheet stress to twin balance sheet advantage

>> Corporates have devleveraged their books. Banks also remain on a strong footing. 

>> Corporates saw strong profitability in the latest quarter. 

>> Outlook is strong as manufacturing firms are also upbeat on demand for Q3. 

>> Govt's continued thrust on capex is favourable. 

>> On supply side, agri sector is expected to remain stable despite lower kharif output and uneven monsoon. 

11:23 AM

RBI Guv LIVE: Monetary policy seems to be working as reflected by the easing inflation

>> Price and financial stability need each other; a balanced approach is required towards both, says RBI Governor Shaktikanta Das. 

>> Rupee has stayed resilient among peers despite higher US yields and strong dollar.

>> Infaltion has moderated but overlapping shocks, esp in food prices, can provide upward pressure on headline inflation. 

>> Monetary policy seems to be working still as we have seen moderation recently. 

11:17 AM

RBI Guv LIVE: Banks should keep balance sheet resilient to be ready when policy cycle turns

RBI Guv speaking at FICCI-IBF conference. 

11:15 AM

IBF 2023: Monetary policy needs to actively be disinflationary, says RBI Guv

Headline inflation remains worrying due to frequent price shocks led by local factors such as turbulent weather. 

11:12 AM

Savings stagnate for Indians in 2023, MFs pip FDs as top investment choice

Among the bouquet of financial products available, mutual funds continue to be the investment of choice for 54% of people, closely followed by fixed deposits which are preferred by 53% of people, revealed a survey by Bankbazaar. Read

11:04 AM

Israel approves truce with Hamas; Palestinian prisoners also to be freed

Israel's Cabinet on Wednesday approved a temporary cease-fire with the Hamas militant group that is expected to bring the first halt in fighting in a devastating six-week war and win freedom for dozens of hostages held captive in the Gaza Strip, in exchange for the release of Palestinians detained in Israeli prisons. Read

10:35 AM

This newly-listed stock has zoomed 50% in 8 days post Jefferies Buy call

Shares of Honasa Consumer, the parent company of Mamaearth, hit a new high at Rs 383.80, as they rallied 5 per cent on the BSE in Wednesday's intra-day trade. The stock of the personal care products company was quoting higher for the third straight trade, surging 16 per cent during this period. It was trading at its highest level since its market debut on November 7. Read