The domestic stock market rallied today, marked by the Nifty surpassing the 20,000 level for the first time since 18 September 2023. This positive movement was driven by global cues and strong gains in private banks. Autos, banks and IT shares were in demand today. Market confidence was buoyed by dovish statements from US Federal Reserve official Christopher Waller, hinting at a potential interest rate cut in March 2024 if inflation levels decrease. Moreover, the US 10-year bond yield dropped to 4.3% and the dollar index slipped below 103, painting a picture of optimistic market sentiment.

The barometer index, the S&P BSE Sensex jumped 727.71 points or 1.10% to 66,901.91. The Nifty 50 index added 206.90 points or 1.04% to 20,096.60.

Axis Bank (up 3.92%), HDFC Bank (up 1.94%) and ICICI Bank (up 1.44%) boosted the indices.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 4.37% to 12.71.

In the broader market, the S&P BSE Mid-Cap index gained 0.78% while the S&P BSE Small-Cap index advanced 0.40%.

The market breadth was positive. On the BSE, 1,893 shares rose, and 1,821 shares fell. A total of 127 shares were unchanged.

Economy:

During the 42-day festive period of FY2023, vehicle sales in India increased to 37.93 lakh, marking a 19% rise from the previous year's 31.95 lakh. Significant growth was observed in two-wheelers (21% increase), three-wheelers (41% increase), commercial vehicles (8% increase), and passenger vehicles (10% increase). However, the tractor segment experienced a slight decline of 0.5%. These observations were revealed in the vehicle retail data released by the Federation of Automobile Dealers Associations (FADA).

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.28% to 7.253 as compared with previous close 7.273.

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 83.3425 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement lost 0.09% to Rs 62,330.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 102.89.

The United States 10-year bond yield slipped 1.19% to 4.283.

In the commodities market, Brent crude for January 2024 settlement rose 92 cents or 1.13% to $82.39 a barrel.

Global Markets:

The Dow Jones index futures were up 94 points, indicating a positive opening the US stocks today.

Most European shares advanced while most Asian stocks declined on Wednesday as investors assess comments from the U.S. Federal Reserve board members.

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.

Stocks in Spotlight:

Tata Power Company rose 0.94% 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 (BPCL) gained 1.07%. 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 10.66% 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 4.21%, 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 19.09%. 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.

PCBL advanced 4.74% after the company said that its board has accorded its in-principle approval for acquiring 212,172 shares (representing 100% stake) of Aquapharm Chemicals (ACPL) for an aggregate consideration of Rs 3,800 crore.

Shelter Pharma gained 4.73% after the company secured Rs 1 crore order from Sudan-based Taha Drugs & Chemicals Co. The order includes a bulk quantity of Allvitamins Tablet Nutraceutical, totaling 60000 boxes, and Joemega Capsule Nutraceutical, also amounting to 60000 boxes. The nature of this order is fixed cost, and it is projected to be fulfilled within a time frame of 4 months.

New Listing:

Shares of Indian Renewable Energy Development Agency (IREDA) were locked in an upper circuit of 20% at Rs 59.99 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. The stock has hit a low of 49.99. On the BSE, over 381.55 lakh shares of the company were traded in the counter.

The domestic benchmark indices made a strong rebound today following two days of mild declines, driven by buying in oil & gas, power, auto, and metal sectors. However, defensives like pharma and FMCG shares corrected. The market initially rose but later traded in a range. However, a surge in final-hour buying led to a strong close near the day's high levels. The overall market sentiment is strong. Yet, uncertainty hovers over the outcome of Indian state election results, with Thursday's exit polls expected to shed light on the situation. Additionally, the upcoming US inflation data and Powell's speech on Friday are likely to impact global market trends.

The barometer index, the S&P BSE Sensex jumped 204.16 points or 0.31% to 66,174.20. The Nifty 50 index added 95 points or 0.48% to 19,889.70.

Adani Enterprises (up 8.66%), Adani Ports & SEZ (up 5.20%) and Tata Motors (up 3.56%) boosted the indices.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, surged 7.45% to 12.18.

In the broader market, the S&P BSE Mid-Cap index gained 0.30% while the S&P BSE Small-Cap index advanced 0.06%.

The market breadth was positive. On the BSE, 1906 shares rose and 1894 shares fell. A total of 172 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.04% to 7.275 as compared with previous close 7.272.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3500, compared with its close of 83.40 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement lost 0.01% to Rs 61,531.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 103.21.

The United States 10-year bond yield advanced 0.32% to 4.401.

In the commodities market, Brent crude for January 2024 settlement rose 81 cents or 1.01% to $80.68 a barrel.

Global Markets:

Markets in Europe declined while Asian stocks ended mixed on Tuesday, as investors looked ahead to a crucial inflation report later this week.

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.

European Central Bank President Christine Lagarde said on Monday the central bank's fight to contain price growth is not yet done, citing a still strong wage growth and an uncertain outlook even as inflation pressures in euro zone ease.

US stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked into high gear.

Stocks in Spotlight:

Adani Total Gas (ATGL) hit an upper circuit of 20% after the company announced initiation of green hydrogen production and blending pilot project at Ahmedabad, Gujarat.

Adani Group stocks rose by 3%-15% as the media reports suggested that the Supreme Court reserved order on probe into Hindenburg charges.

Spencers Retail surged 6.91% after the company disclosed that Natures Basket, a subsidiary, is expected to reduce its debt in due course by Rs 100 crore approximately through a mix of loan restructuring and repayment of loans. Sale of a certain part of the company?s minority stake is under consideration. Spencer's business will take some more time to generate net profit. It is expected to have positive EBITDA during the current year.

Multi Commodity Exchange of India (MCX) surged 6.85%, following the announcement of the vacancy for the position of managing director and chief executive officer. The selected candidate will assume the role on 10 May 2024, after the current incumbent's tenure concludes.

Jubilant FoodWorks declined 6.85%. The QSR chain operator announced that its wholly owned subsidiary, Jubilant Foodworks Netherlands B.V. (JFN) will buy the remaining shares of DP Eurasia N.V. (DP Eurasia) for 73.35 million euros.

Maruti Suzuki India added 0.18%. The company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market.

Newgen Software Technologies hit an upper circuit of 5% after the company announced that its board has approved to issue 1 bonus equity shares for each share held. The company has set record date as on Friday, 12 January 2024.

Netweb Technologies India jumped 8.74% after announcing collaboration with NVIDIA to advance AI and high-performance computing capabilities.

Vascon Engineers rallied 4.27%. The company announced that its board will meet on Thursday, 30 November 2023 to consider fund raising by issuing equity shares or any other eligible securities.

Goldiam International rose 2.15% after the company received export orders worth Rs 20 crore for diamond studded gold jewellery.

Domestic equity indices ended with small losses on Friday, declining for the second day in a row. The Nifty settled below the 19,800 level after hitting the day?s high of 19,832.85 in early trade. IT stocks dragged, while pharma and metal stocks saw buying activity. The overall market has been range-bound due to a lack of significant triggers, with small-cap stocks continuing to outperform.

The barometer index, the S&P BSE Sensex declined 47.77 points or 0.07% to 65,970.04. The Nifty 50 index shed 7.30 points or 0.04% to 19,794.70.

TCS (down 1.46%), Infosys (down 0.88%) and Bajaj Finance (down 0.71%) were major drags.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index gained 0.14%.

The market breadth was negative. On the BSE, 1752 shares rose and 1948 shares fell. A total of 114 shares were unchanged.

The domestic stock market will remain shut on Monday, 27 November 2023, on account of Gurunanak Jayanti.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.29% to 7.274 as compared with previous close 7.253.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.375, compared with its close of 83.345 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.17% to Rs 61,175.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 103.72.

The United States 10-year bond yield advanced 1.44% to 4.480.

In the commodities market, Brent crude for January 2024 settlement declined 39 cents or 0.48% to $81.57 a barrel.

Global Markets:

In Europe, markets saw gains as investors reacted to Germany's recent GDP figures, which confirmed a 0.1% month-on-month contraction and an 0.8% decline from the previous year. Additionally, attention is focused on a forthcoming speech by European Central Bank President Christine Lagarde.

In Asia, most stock declined as investors analyzed important economic data from Japan, including a rise in core inflation rate to 2.9% in October and an acceleration of the headline inflation rate to 3.3%.

US stocks were closed on Thursday for Thanksgiving and are set for a half day of trading on Friday. Furthermore, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will hold a virtual meeting on November 30 to decide on crude production strategy, after postponing an in-person meeting in Vienna amid inter-member disagreements.

Stocks in Spotlight:

Lupin rallied 3.89% after the company announced the receipt of tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Canagliflozin Tablets. The said tablets are a generic equivalent of Invokana Tablets of Janssen Pharmaceuticals, Inc.

Union Bank of India rose 0.85%. ICRA has upgraded the ratings as AAA; upgraded from AA+ and revised Outlook to ?Stable? from ?Positive? of the Instruments of the bank.

Ganesha Ecosphere jumped 2.09% after the company?s board approved the proposal of raising funds through preferential issue upto Rs 150 crore and QIP upto Rs 350 crore.

Loyal Equipments soared 4.3% on securing a new Rs 5.22 crore order from Siemens Energy Industrial Turbomachinery India. The domestic order entails the supply of separators with spares and is scheduled to be fulfilled within 6 months.

Hazoor Multi Projects hit an upper limit of 10% to Rs 151.70 after the company said it secured a contract for rehabilitating and upgrading a segment of NH-66 in Maharashtra.

Prestige Estates Projects added 0.85%. The company announced the launch of Prestige Glenbrook?a highrise residential project situated in the heart of Whitefield, Bangalore's IT Hub. The development comprises of 285 apartments across two high-rise towers with a developable area of 0.7 Million sft and has a revenue potential of Rs. 550 crore.

Gland Pharma gained 2.85% after the company announced conclusion of US Food and Drug Administration (USFDA) inspection at Pashamylaram Facility in Hyderabad.

RailTel Corporation of India fell 1.78%. The firm announced on Thursday that it has received a work order from Gujarat Informatics aggregating Rs 52.87 crore.

Apar Industries fell 1.35%. The company said that its board has approved the opening of qualified institutions placement (QIP) of equity shares with the floor price of Rs 5,540.33. The issue price will be determined by the company in consultation with the lead managers appointed for the issue.

IPO Updates:

The initial public offer (IPO) of Tata Technologies received bids for 3,12,63,92,010 shares as against 4,50,29,207 shares on offer, according to stock exchange data at 17:00 IST on Friday (24 November 2023). The issue was subscribed 69.43 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 475-500 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The IPO of Flair Writing Industries received bids for 67,28,36,983 shares as against 1,44,13,188 shares on offer, according to stock exchange data at 17:00 IST on Friday (24 November 2023). The issue was subscribed 46.68 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 288-304 per share. An investor can bid for a minimum of 49 equity shares and in multiples thereof.

The IPO of Gandhar Oil Refinery (India) received bids for 1,36,09,56,344 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 17:00 IST on Friday (24 November 2023). The issue was subscribed 64.06 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 160-169 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.

The IPO of Fedbank Financial Services received bids for 12,30,11,908 shares as against 5,59,23,660 shares on offer, according to stock exchange data at 17:00 IST on Friday (24 November 2023). The issue was subscribed 2.20 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.

The barometer index, the S&P BSE Sensex declined 5.43 points or 0.01% to 66,017.81. The Nifty 50 index lost 9.85 points or 0.05% to 19,802.

Larsen & Toubro (down 1.11%), TCS (down 0.59%) and Infosys (down 0.55%) were major drags.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index gained 0.44%.

The market breadth was positive. On the BSE, 1997 shares rose and 1706 shares fell. A total of 141 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 4.63% to 11.32.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.07% to 7.252 as compared with previous close 7.247.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3400, compared with its close of 83.3225 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.06% to Rs 61,061.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.30% to 103.61.

The United States 10-year bond yield gained 0.43% to 4.435.

In the commodities market, Brent crude for January 2024 settlement slipped 71 cents or 0.87% to $81.25 a barrel.

Global Markets:

Most shares in Europe and Asia advanced on Thursday. Japan?s markets were closed due to a public holiday.

In Europe, investors are focused on preliminary purchasing managers' index data for November, offering insights into economic activity in the services and construction sectors. Additionally, attention is on the Dutch election results, particularly after an exit poll suggested a potential significant victory for right-wing populist Geert Wilders and his Freedom Party.

In the US, stocks closed higher on Wednesday as yields briefly dropped to a two-month low. Trading was quiet ahead of the Thanksgiving holiday, with US markets open for only half a day on Friday.

US crude prices dipped approximately 5% on Wednesday following OPEC's decision to delay a crucial meeting on production cuts until the following week.

Stocks in Spotlight:

Honasa Consumer (Mamaearth) hit an upper circuit of 20% after the company announced Q2FY24 results. The company delivered Rs 496 crore revenue from operations with 21% YoY growth. EBITDA was at Rs 40 crore (+53% YoY growth) and PAT was at Rs 29 crore (+94% YoY growth).

Central Depository Services (CDSL) jumped 4.71%. The company said it crossed a milestone of registering over 10-crore demat accounts.

Cipla dropped 8.10% following the media reports that recent USFDA warning letter issued to the company's Madhya Pradesh unit highlighted data integrity issues, including product complaints and microbial contamination.

Following the reports, the drug major clarified that it does not believe there are any material risks to its existing commercial product portfolio. The company is implementing risk mitigation plans for the new product while quickly addressing observations.

TVS Motor Company advanced 2.15% after the company announced its entry into Vietnam in collaboration with Minh Long Motors ? its distribution partner. TVS Motor Company will offer a range of scooters and underbone motorcycles, across multiple price points, in keeping with its commitment to responsible and sustainable mobility.

InterGlobe Aviation added 0.15%. The company has received orders from the Commissioner of Income Tax Appeals for the Assessment year 2016-17 and 2017-18. A demand of Rs 739.6 crore (AY 2016-17) and Rs 927 crore (AY 2017-18) was raised by the Assessing officer, against which the company had preferred appeal before Commissioner of Income Tax -Appeals.

C.E. Info Systems (MAPMYINDIA) rose 0.43%. The company's board will consider fund raising on 27 November 2023. The company plans raising funds by way of issuance of equity shares through permissible modes including but not limited to a private placement, a qualified institutions placement, preferential issue or any other method or combination of methods.

Lupin declined 1.85%. The drug maker announced that it has launched fixed-dose triple combination drug (FDC) under the brand name ?Vilfuro-G? for the effective management of chronic obstructive pulmonary disease (COPD) in India.

Strides Pharma Science gained 1.85% after its step‐down wholly owned subsidiary, Strides Pharma Global Pte. Singapore received approval from the US Food & Drug Administration (USFDA) for generic Suprep Bowel Prep Kit oral solution.

Welspun Corp fell 2.19%. The firm said that its wholly owned subsidiary, Sintex BAPL has got Odisha Government?s nod for its proposal to invest Rs 479.47 crore for establishing a manufacturing unit for CPVC, UPVC, SWR, Agri Pipes, PVC fittings and Plastic tanks with annual capacity of 37,520 MT in Sambalpur, Odisha.

Power Grid Corporation of India shed 0.31%. The power transmission company on Wednesday announced that its committee of directors on investment on projects has approved two investment proposals aggregating to Rs 367.1 crore.

IPO Updates:

The initial public offer (IPO) of Tata Technologies received bids for 66,87,31,680 shares as against 4,50,29,207 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 14.85 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 475-500 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The IPO of Flair Writing Industries received bids for 8,80,71,669 shares as against 1,44,13,188 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 6.11 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 288-304 per share. An investor can bid for a minimum of 49 equity shares and in multiples thereof.

The IPO of Gandhar Oil Refinery (India) received bids for 32,39,33,896 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 15.25 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 160-169 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.

The IPO of Fedbank Financial Services received bids for 5,03,90,152 shares as against 5,59,23,660 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 90%.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.

The IPO of Indian Renewable Energy Development Agency (IREDA) received bids for 18,27,10,56,020 shares as against 47,09,21,451 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 38.80 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.

In a day marked by volatility, the domestic stock market closed higher for the second straight session. The market initially opened on a flat note but steadily ascended in the first half of the trading session. However, mid-session selling led to a temporary dip in the indices. Nevertheless, a surge in last-hour buying activities reversed the losses, resulting in a higher close.

The barometer index, the S&P BSE Sensex gained 92.47 points or 0.14% to 66,023.24. The Nifty 50 index added 28.45 points or 0.14% to 19,811.85.

The gains observed in the market were somewhat restrained, largely due to the cautious stance taken by the US Federal Reserve in its latest minutes, which did not provide a clear indication of a potential rate cut. This led to a sense of uncertainty among investors, impacting the market sentiment to some extent.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index fell 0.63%.

The broader market experienced profit booking as investor attention shifted towards the latest IPOs. Within the sectors, IT and pharma shares recorded gains, while shares of PSU banks and metal companies witnessed a decline.

The market breadth was negative. On the BSE, 1,583 shares rose and 2,123 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3% to 11.87.

Numbers to track:

The yield on India's 10-year benchmark federal paper shed 0.22% to 7.253 as compared with previous close 7.269.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.26, compared with its close of 83.28 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement advanced 0.04% to Rs 61,248.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.20% to 103.77.

The United States 10-year bond yield lost 0.56% to 4.393.

In the commodities market, Brent crude for January 2024 settlement shed 55 cents or 0.67% to $81.90 a barrel.

Global Markets:

Most shares in Europe and Asia advanced on Wednesday. Minutes from the U.S. Federal Reserve?s recent meeting revealed that policy officials maintained that monetary policy had to be restrictive and had little appetite for rate cuts.

US stocks dipped on Tuesday while minutes from the Federal Reserve?s most recent meeting showed the central bank is in a position to proceed carefully. The Fed's minutes from its October 31-November 1 meeting showed the policy makers wrestling with conflicting signals and agreeing to continue with caution after voting to leave the Fed funds target rate at 5.25-5.50%.

Stocks in Spotlight:

Honasa Consumer dropped 4.05%. The company after trading hours announced Q2FY24 results. The company delivered Rs 496 crore revenue from operations with 21% YoY growth. EBITDA was at Rs 40 crore (+53% YoY growth) and PAT was at Rs 29 crore (+94% YoY growth).

CG Power and Industrial Solutions hit an upper circuit of 20% at Rs 396.30 after the firm filed an application to Ministry of Electronics and Information Technology (MeitY) to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility.

Tube Investments of India spurted 17% after #CGPOWER files application for semiconductor unit. The company holds 58.04% in CG Power and Industrial Solutions.

UGRO Capital rose 3.73% following the company's response to the RBI's new regulations on consumer credit and bank credit to NBFCs. The RBI introduced stricter oversight on unsecured personal loans, increasing risk weights for consumer credit exposure by 25% to 125%, excluding specific loan types. UGRO Capital clarified its debt equity ratio as 2.8x and capital adequacy as 24.8%, highlighting its focus on MSMEs with secured and unsecured loans. The company believes the new regulations will not significantly impact its portfolio due to its customer base, PSL loan book, and co-lending partnerships with banks. UGRO anticipates no immediate or foreseeable impact on its growth and profitability from the increased risk weights for bank lending to NBFCs.

Tata Consultancy Services (TCS) added 0.56%. The United States Supreme Court on 20 November 2023 rejected the company?s petition to file an appeal against the orders passed by the US Court of Appeals, 7th Circuit, which confirmed the punitive damages award of $140 million passed by the District Court of Wisconsin. The company intends to make the balance provision of approximately $125 million in its financial statements as an exceptional item, for the third quarter and nine months ending 31 December 2023.

Wipro shed 0.06%. The IT major announced a collaboration with NVIDIA to help healthcare companies accelerate adoption of generative artificial intelligence (gen AI) through AI-driven strategies, products, and services.

Maruti Suzuki India fell 0.42%. The company's board will meet on 24th November 2023, to consider allotment of 1,23,22,514 equity shares to Suzuki Motor Corporation (SMC) on a preferential basis.

Titan Company gained 0.94%. The Competition Commission of India (CCI) has approved acquisition of additional shareholding in CaratLane Trading Private (CaratLane) by Titan Company. The proposed combination relates to the acquisition by Titan of 27.18% share capital of CaratLane held by the Founder of CaratLane Trading Private Limited and his family members.

Adani Enterprises declined 1.04%. The company said that its wholly owned subsidiary Adani Defence Systems and Technologies has signed shareholders agreement and share subscription agreement with Elbit Systems, Israel. Accordingly, Elbit Systems (ESL) will acquire 44% stake in Atharva Advanced Systems and Technologies (AASTL), which is a wholly owned subsidiary of Adani Defence. As per the Agreements, AASTL will issue 7,857 equity shares at a price of Rs10 each to ESL.

Bharat Petroleum Corporation (BPCL) rallied 3.58% after the company announced that its board will consider interim dividend on Wednesday, 29 November 2023.

Texmaco Rail & Engineering advanced 3.63% after the company announced that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 135.90 per share. Meanwhile, the company informed that meeting of the committee is scheduled to be held on Friday, 24 November 2023 to consider and approve the issue price, including a discount if any thereto.

IPO Updates:

The initial public offer (IPO) of Tata Technologies received bids for 29,43,78,780 shares as against 4,50,29,207 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (22 November 2023). The issue was subscribed 6.54 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 475-500 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The IPO of Flair Writing Industries received bids for 3,13,20,310 shares as against 1,44,13,188 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (22 November 2023). The issue was subscribed 2.17 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 288-304 per share. An investor can bid for a minimum of 49 equity shares and in multiples thereof.

The IPO of Gandhar Oil Refinery (India) received bids for 11,72,85,168 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (22 November 2023). The issue was subscribed 5.52 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 160-169 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.

The IPO of Fedbank Financial Services received bids for 2,14,48,471 shares as against 5,59,23,660 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (22 November 2023). The issue was subscribed 38%.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.

The IPO of Indian Renewable Energy Development Agency (IREDA) received bids for 2,14,52,83,140 shares as against 47,09,21,451 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (22 November 2023). The issue was subscribed 4.56 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.

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.

The domestic stock market witnessed a decline for the second consecutive session today as it grappled with mixed global cues. The day commenced on a subdued note, with trading activity mostly restricted within a narrow range. The Nifty fell below 19,700 due to selling pressure in the autos and FMCG shares. However, gains in the IT and healthcare shares helped offset some of the intraday losses. Market sentiment has been adversely affected by elevated long-term interest rates and a weakening global economy. Despite these challenges, the reduction in selling activities by Foreign Institutional Investors (FIIs) has provided support to the domestic market.

The barometer index, the S&P BSE Sensex declined 139.58 points or 0.21% to 65,655.15. The Nifty 50 index lost 37.80 points or 0.19% to 19,694.

Adani Enterprises (down 2.55%), Bajaj Finance (down 2.11%) and Mahindra & Mahindra (down 1.91%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.06% while the S&P BSE Small-Cap index gained 0.39%.

The market breadth was negative. On the BSE, 1,876 shares rose and 1,939 shares fell. A total of 165 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.70% to 12.15.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.57% to 7.253 as compared with previous close 7.212.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3525, compared with its close of 83.2650 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.18% to Rs 60,602.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.38% to 103.52.

The United States 10-year bond yield advanced 0.51% to 4.466.

In the commodities market, Brent crude for January 2024 settlement gained 78 cents or 0.97% to $81.39 a barrel.

Global markets:

Shares in Europe and Asia were mixed on Monday as investors watched for changes to China?s benchmark lending rates.

The People?s Bank of China?s one-year loan prime rate is currently at 3.45%. The five-year benchmark loan rate stands at 4.2%. This is the third straight month that the People? Bank of China has held the one-year LPR after lowering it from 3.55% to 3.45% in August. The five year LPR meanwhile, has been held at 4.2% for five consecutive months, having been last lowered in June from 4.3%.

US stocks ended higher on Friday and clinched a third straight winning week amid a red-hot November rally. Those gains were sparked by tame U.S. inflation data that gave hope to investors that the Federal Reserve?s tough stance on rate policy may be in the rear view mirror.

Stocks in Spotlight:

Mankind Pharma jumped 4.8% after the company was added to the FTSE All-World, Large-Cap, Total-Cap, and All-Cap indices.

Tata Investment Corporation rallied 15.06% to Rs 4493.25, continuing its recent sharp rise ahead of the upcoming Tata Technologies initial public offering.

Shares of Tata Investment Corporation have risen 39.47% in four consecutive sessions. It has surged 93% in 1 year. The stock hit a record high of Rs 4,597.75 today.

Tata Technologies is a subsidiary of Tata Motors. Tata Investment Corporation is a promoter group entity of the auto major. The IPO of Tata Technologies is scheduled to open for public subscription on 22nd November and conclude on 24th November 2023. The IPO band is set at Rs. 475 to Rs 500. Promoter Tata Motors will offload 4.62 crore equity shares worth Rs 2,313.75 crore in the OFS.

Larsen & Toubro (L&T) shed 0.7%. The company announced that its Hydrocarbon Business arm (L&T Energy Hydrocarbon) has secured mega offshore order from a prestigious client in the Middle East. As per Larsen & Toubro's (L&T) classification, the value of the mega project lies between Rs 10,000 crore to Rs 15,000 crore.

Meanwhile, the EPC major said that it has received a total penalty of Rs 238.95 crore from General Tax Authority of Qatar for variation in the income as declared by the company. The company said that the penalty levied is arbitrary and unjustified. Hence it has filed an appeal.

Cipla declined 0.18%. The pharma major said that it has received a 'warning letter? from United States Food and Drug Administration (US FDA) for the routine current good manufacturing practices (cGMP) inspection conducted at its Pithampur manufacturing facility between 6 and 17 February 2023.

Talbros Automotive Components hit an upper circuit of 20% after the firm received multi year orders worth Rs 580 crore from both domestic and overseas customers across its business divisions, product segments and joint ventures (JVs).

Zen Technologies hit an upper circuit of 5% after the company said that it has received an export order valued at approximately Rs 42 crore ($5.12 million).

Vedanta rose 0.10%. CRISIL Ratings has downgraded its ratings on the long-term bank facilities and debt instruments of the company to ?CRISIL AA-? from ?CRISIL AA? and placed these ratings on ?Rating Watch with Developing Implications? from ?Rating Watch with Negative Implications? while reaffirming the ratings on the short-term debt instruments of the Company at ?CRISIL A1+? and placing these ratings also on ?Rating Watch with Developing Implications?.

Bank of Baroda rose 0.53%. The bank said that its capital raising committee has approved to raise Rs 15,000 crore through infra bonds and Tier II/sub debt bond.

Oberoi Realty added 0.55%. The firm has sealed a deal with Ireo Residences Company and other stakeholders to procure around 14.816 acres (59,956.20 square meters) of land in Sector 58, Gurugram, Haryana. The acquisition, valued at approximately Rs 597 crore, encompasses both financial considerations and area allocation for existing homeowners and other stakeholders.

Blue Dart Express fell 1.43%. The company said that it has partnered with India Post for introducing automated digital parcel lockers at selected post offices, offering customers an additional delivery method.

Domestic equity benchmarks corrected on Friday, dragged by banks and financial stocks. The Nifty settled below the 19,750 mark after hitting the day's high of 19,806 in morning trade. Despite an initially positive momentum, the market encountered significant volatility, particularly within the banking and financial services sector. This was primarily influenced by the Reserve Bank of India's implementation of stricter norms for personal loans and credit cards. On the other hand, defensive plays like pharma, healthcare and FMCG stocks bucked the weak market trend. Some supporting factors for the market include peaking US bond yields and declining Brent crude prices. Additionally, the recent shift of Foreign Institutional Investors (FIIs) turning into buyers is worth noting.

The barometer index, the S&P BSE Sensex slipped 187.75 points or 0.28% to 65,794.73. The Nifty 50 index lost 33.40 points or 0.17% to 19,731.80.

SBI (down 3.64%), Bajaj Finance (down 1.99%) and ICICI Bank (down 1.45%) were major drags.

The broader market surpassed the headline indices, with the S&P BSE Mid-Cap index increasing by 0.27% and the S&P BSE Small-Cap index gaining 0.36%. Both indices reached record highs today, with the S&P BSE Mid-Cap index hitting 33,423.33 and the S&P BSE Small-Cap index reaching 39,690.72.

The market breadth was positive. On the BSE, 1,926 shares rose and 1,813 shares fell. A total of 125 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 1.54% to 11.83.

Economy:

The Reserve Bank of India (RBI) on Thursday unveiled new regulations aimed at tightening the oversight of unsecured personal loans within the banking and non-banking financial sectors.

The central bank's decision entails a significant increase in the risk weights for consumer credit exposure of commercial banks, encompassing both existing and new personal loans, by 25% to 125%. It is important to note that these changes are not applicable to housing loans, education loans, vehicle loans, and loans secured by gold and gold jewelry.

Additionally, the RBI has also raised the risk weights on credit card receivables by 25% to 150% for scheduled commercial banks (SCBs) and to 125% for NBFCs.

The new norms, which take immediate effect, are applicable for new as well as outstanding loans.

These adjustments are in line with previous remarks from RBI Governor Shaktikanta Das, who highlighted the swift expansion of specific consumer credit segments. Governor Das emphasized the importance of bolstering internal surveillance mechanisms within banks and NBFCs, addressing risk accumulation, and implementing appropriate safeguards to ensure financial stability.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.30% to 7.211 as compared with previous close 7.232.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2450, compared with its close of 83.2300 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement gained 0.38% to Rs 60,953.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 104.11.

The United States 10-year bond yield slipped 1.19% to 4.390.

In the commodities market, Brent crude for January 2024 settlement gained 84 cents or 1.08% to $78.26 a barrel.

Global Markets:

European shares advanced, while Asian markets ended mixed on Friday. Weaker U.S. economic data dampened the enthusiasm on Wall Street, leading to a boost in bond prices and a drop in oil prices. Both Brent and U.S. crude declined nearly 5% to reach four-month lows, attributed to concerns about the economy and supply.

In the U.S., the S&P 500 and the Nasdaq saw minimal gains, while the Dow Industrial Average finished slightly lower, influenced by underperformance from tech and retail giants Cisco and Walmart due to disappointing forecasts. Cisco Systems experienced a significant drop in share value as it reduced its full-year revenue and profit forecasts due to slowing demand for its networking equipment.

Additionally, U.S. President Joe Biden and Chinese President Xi Jinping agreed to resume high-level military communication, marking their first in-person meeting in a year. This occurred during the Asia-Pacific Economic Cooperation conference in San Francisco, where the leaders expressed a commitment to direct and transparent communication.

Stocks in Spotlight:

Axis Bank slipped 3.03% and Manappuram Finance fell 3.27%. The Reserve Bank of India (RBI) on Thursday imposed a monetary penalty of Rs 90.92 lakh on Axis Bank and Rs 42.78 lakh on Manappuram Finance, for rule violations.

Kotak Mahindra Bank shed 0.43%. The private lender announced that its board has approved the appointment of Ashok Vaswani as a director and managing director & chief executive officer (CEO) of the bank for a period of three years with effect from 1 January 2024.

JSW Steel shed 0.09%. The company upon considering demand and supply scenario of Iron Ore in India, has withdrawn its application for the Final Mine Closure Plan submitted on 1st September 2023 before the Indian Bureau of Mines for the purpose of surrender of Jajang Iron Ore Block located in the district of Keonjhar, Odisha.

JSW Infrastructure rallied 3.16% after the company has received Letter of Award from Karnataka Maritime Board, Government of Karnataka for development of All- weather, deep water, greenfield port at Keni in Karnataka on Public Private Partnership basis.

Brigade Enterprises added 3.40%. The Brigade Group has signed a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs to develop around 2 million square feet of residential housing in Bengaluru with a Gross Development Value (GDV) of Rs 2,100 crore. 

DCX Systems surged 4.37% after the company?s board has approved the raising of funds for an aggregate amount of up to and not exceeding Rs 500 crore one or more tranches.

PNB Housing Finance rallied 4.09% after the housing finance firm?s board of directors approved issuance of non convertible debentures (NCDs) upto Rs 3,500 crore on private placement basis.

AGS Transact Technologies surged 18% after the company announced the order win of Rs 1,100 crore over 7 years for deploying 2,500+ ATMs under outsourced/managed services portfolio from the State Bank of India (SBI). The company will deploy these ATMs on a Transaction fee basis under the total outsourcing model. The company will begin the deployment of these new ATMs in the next calendar year.

Domestic stock market displayed resilience today, achieving its second consecutive day of gains despite significant volatility. Continuous buying in IT and healthcare stocks effectively offset end-of-day profit booking. The positive momentum was primarily driven by global market trends, such as softer US inflation data and the reduction of bond yields. Trading exhibited volatility due to the expiry of weekly index options on the NSE. The Nifty50 concluded trading above the 19,750 mark after a decline to 19,627 in early trade and a peak of 19,875.25 during mid-afternoon trade.

The barometer index, the S&P BSE Sensex jumped 306.55 points or 0.47% to 65,982.48. The Nifty 50 index added 89.75 points or 0.46% to 19,765.20.

TCS (up 2.90%), Infosys (up 2.32%) and Bajaj Finance (up 1.96%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index advanced 0.52%. The S&P BSE Mid-Cap index hit record high at 33,370.16 in intraday today.

The market breadth was positive. On the BSE, 1,959 shares rose and 1,790 shares fell. A total of 125 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, climbed 4.60% to 11.65.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper added 0.06% to 7.229 from its previous close of 7.225.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2300, compared with its close of 83.0900 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.19% to Rs 60,227.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 104.45.

The United States 10-year bond yield fell 0.79% to 4.500.

In the commodities market, Brent crude for January 2024 settlement lost 39 cents or 0.48% to $80.79 a barrel.

Global Markets:

Markets in Europe traded mixed while most Asian stocks declined on Thursday as investors digested high-level discussions between U.S. President Joe Biden and Chinese President Xi Jinping.

Biden and Xi met Wednesday outside of San Francisco in their first face-to-face meeting in a year. The talks were on the sidelines of the Asia-Pacific Economic Cooperation conference and were a part of efforts between the U.S. and China to boost high-level communication amid continued tensions.

US stocks ended higher on Wednesday, building on the strong rally from Tuesday, on the back of more encouraging inflation data. Another reading on U.S. inflation showed October?s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020.

Stocks in Spotlight:

Tata Consultancy Services (TCS) jumped 2.90% after the IT major fixed 25 November 2023 as the record date for proposed share buyback. The board also noted the intention of the promoter companies of TCS, Tata Sons and Tata Investment Corporation of participating in the proposed buyback. Tata Sons and Tata Investment Corporation intends to tender 2,96,03,690 shares and 11,358 shares, respectively in the buyback.

Bajaj Finance rose 1.96%. The Reserve Bank of India (RBI) directed the NBFC to stop sanction and disbursal of loans under its two lending products ?eCOM? and ?Insta EMI Card?, with immediate effect.

Satin Creditcare Network advanced 2.47% after the company announced that its board will meet on Monday, 20 November 2023 to consider raising of funds by issuing non-convertible debentures (NCDs) on private placement basis.

Suzlon Energy rallied 3.88% after the company?s S144 ? 3 mega watt (MW) series of wind turbines which are extendable to 3.15 MW gets Revised List of Models & Manufacturers (RLMM) listing from Ministry of New and Renewable Energy (MNRE).

RateGain Travel Technologies declined 1% to Rs 704.60. The company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 676.66 per share.

Pennar Industries soared 10.63% after the company has secured orders worth Rs 669 crore across its various business verticals.

Bondada Engineering hit an upper circuit of 5% after the company announced that it has bagged an order from Bharat Sanchar Nigam (BSNL) worth Rs 34.35 crore.

The barometer index, the S&P BSE Sensex jumped 742.06 points or 1.14% to 65,675.93. The Nifty 50 index surged 231.90 points or 1.19% to 19,675.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.91% while the S&P BSE Small-Cap index advanced 1.13%.

The market breadth was strong. On the BSE, 2,268 shares rose and 1,477 shares fell. A total of 139 shares were unchanged.

Eicher Motors (up 5.34%), Tech Mahindra (up 3.77%), Hindalco Industries (up 3.72%), Infosys (up 2.80%) and Tata Motors (up 2.79%) were major Nifty gainers.

Economy:

India's merchandise trade deficit in October stood at $31.46 billion as the country?s imports shot up to $65.03 billion during the month which offset the increase in exports.

The sharp spike in global crude oil prices has led to an increase in the country?s import bill. Similarly, gold imports were up 5.5 per cent to $29.48 billion compared to October 2022.

The trade deficit stood at $19.37 billion in September.

The country?s merchandise exports increased by 6.2 per cent to $33.57 billion in October, up from $31.60 billion in October 2022, while themerchandise imports stood at $65.03 billion, up from $57.91 billion year-on-year.

The increase in exports during the month came as a welcome relief as it broke the declining trend in the recent months.

Continuing the downward trend, domestic retail inflation slipped to a four-month low of 4.87 per cent in October, mainly due to easing food prices and inched towards the Reserve Bank's target of 4 per cent, according to government data released on Monday.

Domestic wholesale price inflation remained in the negative territory for the seventh month in a row in October at (-) 0.52 per cent on easing prices of food items.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.76% to 7.228 from its previous close of 7.283.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1050, compared with its close of 83.3300 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.56% to Rs 60,404.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 104.21.

The United States 10-year bond yield advanced 0.63% to 4.470.

In the commodities market, Brent crude for January 2024 settlement lost 32 cents or 0.39% to $82.15 a barrel.

Global Markets:

Markets in Europe and Asia advanced on Wednesday as global markets digested data out of the U.S. and China.

U.K. inflation fell sharply in October to 4.6% from 6.7% the previous month, hitting a two-year low. The headline consumer price index was flat on a monthly basis. The country?s core CPI fell to an annual 5.7% in October from 6.1% in September.

Japan?s economy shrank in the July-September period for the first time in four quarters, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation. Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, while also recording a 0.5% decline from the previous quarter.

On the geopolitical front, U.S. President Joe Biden and China?s President Xi Jinping are expected to meet in person in San Francisco for the first time in about a year.

US stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered the soft U.S. inflation report. The consumer price index was flat in October from the previous month but increased 3.2% from a year ago. The headline CPI had increased 0.4% in September.

Late Tuesday, the House of Representatives passed a bill to avert a government shutdown. The measure will go to the Senate for a vote. If cleared by lawmakers, the legislation goes to President Joe Biden.

Stocks in Spotlight:

Siemens advanced 2.26%. The company?s promoter Siemens AG has announced its plans to acquire 18% stake in the company from Siemens Energy for 2.1 billion euros. This would increase Siemens? stake in the publicly listed Siemens Ltd. India from 51% to 69%, while Siemens Energy?s stake would decrease from 24% to 6%.

Asian Paints rose 0.85%. The original installed production capacity of the Khandala plant has been increased to 4,00,000 KL per annum in order to meet the medium-term capacity requirements of the company. An amount of Rs. 385 crore (approx.) has been invested by the company towards the above increase in installed capacity and the same has been funded through internal accruals.

Grasim Industries added 0.61%. The company has reported 6% rise in consolidated net profit of Rs 1164 in Q2 FY24 from net profit of Rs 1097 crore in Q2 FY23. Revenue increased 10% rise in total income to Rs 30221 crore in Q2 FY24 from Rs 27486 crore in Q2 FY23.

Rajesh Exports dropped 8.09%. The company has posted 87.9% drop in consolidated net profit to Rs 45.3 crore in Q2 FY24 from Rs 373 crore in Q2 FY23. Revenue for the period under review added up to Rs 38,066 crore, down 52.6% YoY.

Narayana Hrudayalaya jumped 4.26%. The company reported 34.2% rise in consolidated net profit to Rs 226.58 crore on 14.3% increase in revenue from operations to Rs 1,305.25 crore in Q2 FY24 over Q2 FY23.

Adani Energy Solutions lost 0.66%. The distribution arm of Adani Energy Solutions Ltd., Adani Electricity Mumbai Ltd., announced a tender offer to buyback up to $120 million of its outstanding $1,000 million of 3.949% senior secured notes due 2030. The tender offer is being fully funded through its cash surplus and internal accruals.

NMDC fell 3.14%. The state-owned miner's consolidated net profit (from operating operations) grew 15.73% to Rs 1,025.07 crore on 20.6% increase in revenue from operations to Rs 4,013.98 crore in Q2 FY24 over Q2 FY23.

Rail Vikas Nigam (RVNL) added 2.42%. The company received a Rs 311 crore LoA from Central Railways for the construction of tunnels and bridges in Madhya Pradesh. The time period by which the order is to be executed is 18 months.

IDFC First Bank gained 0.67%. The company received a PFRDA nod for the merger of IDFC and IDFC Financial Holding Co. with IDFC First Bank. The company also received BSE and NSE's nods for the merger of IDFC and IDFC Financial Holding Co. with itself.

Knowledge Marine & Engineering Works tumbled 5.82%. The company bagged a project from the Mumbai Port Authority for the hiring of two dock tugs for a period of 7 years for an amount of Rs. 34.49 crore.

Trident rallied 5.39%. The company reported consolidated net profit of Rs 90.71 crore in Q2 FY24, steeply higher than Rs 37.39 crore posted in Q2 FY23. Revenue from operations increased 25.03% year on year (YoY) to Rs 1,797.52 crore in the quarter ended 30 September 2023.

Ethos jumped 4.68%. The company reported 36.8% rise in net profit to Rs 18.6 crore on a 32.4% increase in revenue to Rs 235.2 crore in Q2 FY24 as compared with Q2 FY23.

New Listing:

Shares of ASK Automotive jumped 10% to end at Rs 310.20 on the BSE, representing a premium of 10% as compared with the issue price of Rs 282. The scrip was listed at Rs 304.90, exhibiting a premium of 8.12% to the issue price.

The stock had hit a high of 317 and a low of 304.15. On the BSE, over 14.32 lakh shares of the company were traded in the counter.