Domestic indices closed at record high level with strong gains on Tuesday, tracking positive global cues on hopes for imminent coronavirus vaccines. The Nifty managed to close above the 13,050 level on broader buying support. All the sectoral indices on the NSE ended in the green.
As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 445.87 points or 1.01% at 44,523.25. The Nifty 50 index advanced 128.3 points or 1 % at 13,055.75.
The Sensex hit a record high of 44,601.63 and the Nifty hit a record high of 13,079.1 in late trade today.
Axis Bank (up 3.93%), HDFC Bank (up 3.54%), SBI (up 2.39%), ICICI Bank (up 2.3%) and RIL (up 1.04%) were top index movers.
Global cues were positive as COVID-19 vaccine progress boosted sentiment and US President-elect Joe Biden was given the go-ahead to begin his White House transition.
The broader indices lagged the benchmarks. The S&P BSE Mid-Cap index added 0.58% while the S&P BSE Small-Cap index rallied 0.89%.
Buyers outpaced sellers. On the BSE, 1,642 shares rose and 1,173 shares fell. A total of 185 shares were unchanged. In Nifty 50 index, 38 stocks advanced while 12 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 4,738.44 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,944.05 crore in the Indian equity market on 23 November 2020, provisional data showed.
Total COVID-19 confirmed cases worldwide stood at 59,128,645 with 13,95,658 deaths.
India reported 4,38,667 active cases of COVID-19 infection and 134,218 deaths while 86,04,955 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Finance minister Nirmala Sitharaman said the momentum of reforms has continued even during the pandemic and this will continue in future as well. Sitharaman was speaking at the National MNCs' Conference 2020 organised by Confederation Of Indian Industry (CII). She added that six states were setting up special manufacturing zones for pharmaceuticals, medical devices and active pharmaceutical ingredients with an effective, unified single window. Today not just the MNC's, but the entire industry & the economy is facing a reset exercise of doing business and this is being further strengthened by the Govt's Atmanirbhar Bharat program, FM stated.
The Nifty Metal index gained 1.15% to 2,840.80, rising for third trading session in a row. The index has added 3.2% in three days.
Hindalco Industries (up 3.69%), Vedanta (up 1.72%), Hindustan Zinc (up 1.57%), Jindal Steel & Power (up 0.97%), JSW Steel (up 0.92%) and Tata Steel (up 0.76%) were top gainers in metal segment.
Coal India gained 1.26% to Rs 124.25 after the coal major on Monday announced that its board has approved to enhance the non-coking coal price by Rs 10 per tonne for regulated and non-regulated sectors. The state miner said the price hike, towards contribution to the corpus of Coal Mines Pension Scheme (CMPS) 1998, will come into effect from 1 December 2020.
Stocks in Spotlight:
Exide Industries rose 0.75%. The company said invested an additional amount aggregating to Rs 33.17 crore by way of subscription to the equity share capital of its subsidiary, Exide Leclanche Energy (JVC). With this investment, the equity shareholding of Exide Industries in the JVC stands increased to 80.15% stake from 77.87% stake.
Biocon gained 3% after the drug company announced the acquisition of 26% stake in Hinduja Renewables Two (HRTPL). The acquisition is being done for a cash consideration of Rs 5.91 crore in one or more tranches. Biocon said the acquisition will enhance renewable based power consumption and the company expects to complete the acquisition by 15 December 2020.
Steel Strips Wheels (SSWL) rallied 3.16% after the company said it received new export orders worth over $878,000 (Rs 6.50 crore) from US and Europe. SSWL confirmed export orders of nearly 62,000 wheels for US & EU market. The orders are to be executed in January and February from the company's Chennai plant.
The firm is anticipating orders of similar capacity from the same customer base as businesses have picked up speed.
JK Tyre & Industries rose 0.25%. The company announced a tie-up with Kia Motors India as a tyre partner for their highest selling model Seltos. The tyre maker said it will provide its UX Royale 215/60 R17 radial tyre to Kia Seltos.
Tube Investments of India surged 2.11%. In a BSE filing made after market hours on Monday, the company said its board will meet on Thursday (26 November 2020) to consider fund raising including through issue of capital by way of preferential issue of eligible securities to eligible investors.
Ingersoll-Rand (India) lost 6.16% as the offer for sale (OFS) opened for non-retail investors today. The company proposes to sell up to 14,25,798 equity shares (representing up to 4.52% of the total issued and paid-up equity share capital of the company on 24 November and 25 November 2020. The floor price for the sale shall be Rs 578.60 per equity share.
Jubilant Industries added 3.07% after the company said it has executed an agreement to sell its portable liquor license for manufacturing of Indian Made Foreign Liquor on 23 November 2020. Consequently, the company shall no longer be manufacturing Indian Made Foreign Liquor.
Datamatics Global Services rallied 6.79% after the company said that its Mauritius-based subsidiary, Datamatics Global Technologies (DGTL), announced divestment of stake in Cignex Datamatics Inc. (Cignex). The proposed divestment will be effected through a stock redemption agreement, under which Cignex will buy-back the entire 62.51% stake held by DGTL in Cignex for an aggregate price of $16.57 million of which $7.97 million will be paid upfront to DGTL. The balance amount will be paid-out within the next 3 (three) years. With this, the earlier deal with Relevance Lab stands terminated.
Gayatri Projects fell 0.59%. The company it had received Rs 208 crore, net of statutory deductions, under the GOI scheme of monetisation of 'litigation arbitral award' against bank guarantees. The company along with its joint venture partner had been awarded an arbitration claim wofth Rs 703 crore including interests for its road project in Nagaland and Gayatri Projects' portion in the same was Rs 264 crore.
The Dow Jones futures were up 274 points, indicating a strong opening in US market today.
European markets were trading with strong gains while most Asian markets closed higher on Tuesday as investors reacted to more positive coronavirus vaccine news. Meanwhile, the Trump administration has begun the transition process to President-elect Joe Biden, making federal resources available for his transition into office.
Biden is expected to nominate former Federal Reserve Chair Janet Yellen as U. S. Treasury secretary, breaking a 231-year gender barrier and putting a seasoned economist and labor market expert in charge of leading the country out of the steepest downturn since the Great Depression.
Meanwhile, UK Prime Minister Boris Johnson announced Monday the country's national lockdown would end on December 2 with certain conditions in place.
In US, stocks rose on Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective, becoming the third inoculation this month that was revealed to be effective in trial data.
In economic data, IHS Markit said their U. S. manufacturing and services purchasing managers' indexes hit multiyear highs. The flash U. S. services index rose to 57.7, its highest level in more than five years. The manufacturing PMI popped to 56.7, its highest level in over six years.
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