Market rebounds after 2-day slide, Nifty closes above 19,750

Domestic equity indices staged an impressive recovery today, bouncing back from a recent two-day decline. The market kicked off on a positive note, and sustained its upward trajectory throughout the trading session. The Nifty sealed a strong close above 19750, reflecting a positive sentiment. Shares of consumer durables and realty companies were in demand, driven by optimistic projections for festive demand.

The barometer index, the S&P BSE Sensex advanced 275.62 points or 0.42% to 65,930.77. The Nifty 50 index rose 89.40 points or 0.45% to 19,783.40.

Adani Enterprises (up 2.15%), Reliance Industries (up 1.24%) and HDFC Bank (up 0.83%) boosted the indices.

Several factors contributed to the market`s upbeat performance, including the anticipation surrounding the upcoming release of the Federal Reserve meeting minutes. Additionally, declining inflation and cooling job data in the US seem to be steering expectations toward a potentially dovish stance from the Fed. This sentiment was further reinforced by a decrease in bond yields and the dollar index, prompting growing speculation about the peak in the interest rate cycle.

In the broader market, the S&P BSE Mid-Cap index added 0.14% while the S&P BSE Small-Cap index gained 0.20%.

The market breadth was positive. On the BSE, 2018 shares rose and 1701 shares fell. A total of 135 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 0.22% to 7.268 as compared with previous close 7.252.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3325, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement advanced 0.49% to Rs 60,956.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.15% to 103.28.

The United States 10-year bond yield declined 0.43% to 4.405.

In the commodities market, Brent crude for January 2024 settlement slipped 13 cents or 0.16% to $82.19 a barrel.

Crude oil prices surged over 2% on Monday due to expectations that the Organization of the Petroleum Exporting Countries (OPEC) may enact another production cut during the upcoming weekend.

Global Markets:

Most shares in Europe and Asia declined on Tuesday. Investors are eagerly anticipating the release of minutes from the Federal Reserve�s October 31 to November 1 policy meeting in order to gain insight into policymakers� rate decisions and potential changes in direction. Fed funds futures pricing data indicates a nearly 100% probability that the Federal Open Market Committee will maintain current rates at its upcoming December meeting.

In contrast, US stocks saw a jump on Monday, driven by strong tech gains led by Microsoft and Nvidia. Microsoft Corp. reached a new all-time high after CEO Satya Nadella announced the appointment of former OpenAI chief Sam Altman to lead a new AI research team within the company.

Stocks in Spotlight:

Bajaj Finance rose 0.52%. The company has announced that the debenture allotment committee of the company has allotted 50,000 secured redeemable non-convertible debentures (NCD), at the face value of Rs 1 Lakh each, aggregating to Rs 503.17 crore. The said NCDs have a tenor of 3591 days and their redemption date is 20 September 2033. The privately placed instruments bear a coupon rate of 7.79% per annum, which is payable annually.

Oberoi Realty rallied 4.18% after the company announced the launch of �Forestville by Oberoi Realty�, the first luxury residential project in Kolshet, Thane. Spread across 18 acres; Forestville will consist of 5 residential towers. The company has launched the first phase of this development consisting of 3 towers.

Karnataka Bank added 0.27% while HDFC Life Insurance Company gained 2.56%. Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life Insurance Company to offer life insurance products to its customers.

Tata Power Company gained 0.69%. Tata Power Renewable Energy (TPREL), a subsidiary of The Tata Power Company, has crossed the 1.4 GW capacity of group captive projects in last seven months. This achievement is the result of signing of Power Delivery Agreements (PDA) with various industries across segments.

KEC International declined 0.56%. The company announced that it has secured new orders of Rs 1,005 crore across its various businesses in India and overseas.

Vascon Engineers advanced 2.96%. The company has received Letter of Intent from Municipal Secretary�s Department - Pimpri-Chinchwad Municipal Corporation, Pune of Rs. 356.78 crore (excluding GST) for Construction of General Hospital Building for PCMC Hospital in Moshi, Pimpri-Chinchwad, Pune (Maharashtra).

Kirloskar Electric Company rallied 2.97%. The management has withdrawn the lockout at the company`s unit no. 15 with effect from 20 November 2023 and has requested all workmen through labour union to report to work.

Datamatics Global Services rose 1.12% after the company said it inked a contract with a US-based firm for digital experiences business. The contract spans over a period of 5 years, and the total client target spend is projected at $36 million.

RateGain Travel Technologies shed 0.37%. The company announced the completion of a capital raise of Rs 600 crore through a qualified institutional placement (QIP) of equity shares. The issue opened on 15 November 2023 and concluded on 20 November 2023, with a total of 93,31,259 equity shares being allotted. The shares were priced at Rs 643 per share, resulting in an issue size of approximately Rs 600 crore.

IPO Update:

The initial public offer (IPO) of Indian Renewable Energy Development Agency (IREDA) received bids for 91,98,25,200 shares as against 47,09,21,451 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (21 November 2023). The issue was subscribed 1.95 times.

The issue opened for bidding on Tuesday (21 November 2023) and it will close on Thursday (23 November 2023). The price band of the IPO is fixed at Rs 30-32 per share. An investor can bid for a minimum of 460 equity shares and in multiples thereof.

Powered by Capital Market - Live News