Sensex climbs 539 pts, Nifty hovers above 20,000, Hero MotoCorp up 3.55%

The benchmark indices continued to march higher and hit a fresh intraday high in afternoon trade. The Nifty traded above the 20,000 level. IT, auto and bank stocks were in demand while realty, media and consumer durables shares declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 538.96 points or 0.81% to 66,713.16. The Nifty 50 index added 153.30 points or 0.77% to 20,043.

In the broader market, the S&P BSE Mid-Cap index gained 0.75% while the S&P BSE Small-Cap index advanced 0.30%.

The market breadth was positive. On the BSE, 1,961 shares rose, and 1,658 shares fell. A total of 149 shares were unchanged.

New Listing:

Shares of Indian Renewable Energy Development Agency (IREDA) were locked in an upper circuit of 20% at Rs 59.99 at 13:23 IST 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. So far, the stock has hit a low of 49.99. On the BSE, over 374.66 lakh shares of the company were traded in the counter so far.

Gainers & Losers:

Hero MotoCorp (up 3.55%), Mahindra & Mahindra (up 2.51%), Axis Bank (up 2.38%), Wipro (up 2.31%) and Britannia Industries (up 2.07%) were major Nifty gainers.

ONGC (down 1.01%), Nestle India (down 0.70%), Eicher Motors (down 0.61%), Adani Enterprises (down 0.38%) and UltraTech Cement (down 0.32%) were major Nifty losers.

Stocks in Spotlight:

Tata Power Company rose 0.89% 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 1.79%. 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 11.12% 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 4.71%, 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 17.14%. 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.

Global Markets:

Most of the markets in Europe and Asia declined 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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