The domestic stock market kicked off December with a bang, as the Nifty 50 index surged to a new high today. This was driven by upbeat GDP data and widespread buying across sectors, with FMCG, realty, and metal sectors leading the gains. India's GDP growth rate for July-September came in at 7.6%, surpassing expectations and outperforming the RBI's forecast of 6.5%. The market's bullish momentum was fueled by increased optimism from foreign institutional investors and positive cues from European markets. Global cues, particularly the performance of the US markets, are further contributing to the positive sentiment.

The barometer index, the S&P BSE Sensex advanced 492.75 points or 0.74% to 67,481.19. The Nifty 50 index added 134.75 points or 0.67% to 20,267.90, after hitting an all-time high of 20,291.55 today.

ITC (up 3.28%), Larsen & Toubro (up 2.52%) and Bajaj Finance (up 1.84%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index gained 0.96% while the S&P BSE Small-Cap index advanced 0.48%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit an all time high of 34,631.35 and 40,718.81, respectively.

The market breadth was strong. On the BSE, 2,109 shares rose and 1,638 shares fell. A total of 125 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.42% to 12.38.

Economy:

India?s gross domestic product (GDP) grew 7.6% YoY during the July-September 2023 quarter (Q2 FY24) as compared with the 6.2% growth recorded a year ago, according to the latest official data released on Thursday. India?s economy had grown 7.8% in the April-June 2023 quarter.

The central government's fiscal deficit widened to Rs 8.04 lakh crore in April-October from Rs 7.02 lakh crore in April-September, data released by the Controller General of Accounts on November 30 showed. At Rs 8.04 lakh crore, the fiscal deficit for the first seven months of the current financial year accounts for 45% of the full-year target of Rs 17.87 lakh crore.

Separately, the combined Index of Eight Core Industries (ICI) increased by 12.1% (provisional) in October 2023 as compared to the Index of October 2022. The production of all eight core industries recorded positive growth in October 2023 over the corresponding month of last year.

Meanwhile, India's seasonally adjusted S&P Global India Manufacturing Purchasing Managers? Index (PMI) in November improved to 56 from October's eight-month low of 55.5, indicating a stronger improvement in operating conditions. The reading was below the average for the second fiscal quarter (57.9), but outpaced the series trend.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.15% to 7.290 as compared with previous close 7.279.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2925, compared with its close of 83.3775 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.23% to Rs 62,700.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 103.43.

The United States 10-year bond yield slipped 0.65% to 4.321.

In the commodities market, Brent crude for January 2024 settlement advanced 4 cent or 0.05% to $80.57 a barrel.

Global Markets:

European markets rose, while Asian markets had a mixed close on Friday. China's manufacturing sector unexpectedly grew in November, with the Caixin purchasing managers' index rising to 50.7 from 49.5 in October.

US stocks ended mixed on Thursday as investors anticipated interest rate cuts following a slowdown in consumer inflation, with the personal consumption expenditures price index rising 3.5% year-over-year, down from 3.7% in the previous month.

November Auto sales impact:

Bajaj Auto declined 0.71%. The company said that it has sold 4,03,003 auto units in the month of November 2023, which is higher by 31% as compared with 3,06,719 units sold in the same period last year.

Tata Motors shed 0.08%. The auto major's domestic and international sales for November 2023 stood at 74,172 vehicles, down 1.73% as compared to 75,478 units sold in November 2022. The company's total domestic sales declined by 1% to 72,647 units sold in November 2023 as against 73,467 units sold in the same period last year.

Escorts Kubota rallied 1.89% after the company?s Agri Machinery Business Division sales increased by 3.7% to 8,258 units in November 2023 as against 7,960 units sold in November 2022. While domestic sales rose 6.7% to 7,855 units, tractor exports declined by 32.9% to 403 units in November 2023 over November 2022.

Mahindra & Mahindra declined 1.27%. The auto major announced that its overall auto sales for the month of November 2023 stood at 70,576 vehicles, registering a growth of 21.05% as against 58,303 vehicles sold in November 2022.

Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during November 2023 were at 32,074 units, recording a growth of 5% as compared to 30,528 units sold in the same period previous year.

TVS Motor Co advanced 2.07%. The 2-wheeler maker reported monthly sales of 3,64,231 units in November 2023, registering a growth of 31% as against 2,77,123 units sold in November 2022.

Eicher Motors fell 0.20%. The firm?s unlisted subsidiary, VE Commercial Vehicle (VECV) reported 5.9% year on year jump in Commercial Vehicles (CV) sales to 5,194 units in November 2023.

Maruti Suzuki India shed 0.19%. The company's total sales in the month of November 2023 rose 3.39% to 164,439 units as against 159,044 units sold in the same period last year.

Ashok Leyland slipped 3.69% after the company sold 14,053 vehicles in November 2023, which is lower by 3.48% as compared with 14,561 units sold in November 2022.

SML Isuzu tumbled 7.38% after the company sold 647 vehicles in November 2023, which is lower by 11% as against 729 units sold in November 2022.

Stocks in Spotlight:

Dixon Technologies (India) jumped 8%. Padget Electronics, wholly owned subsidiary of Dixon Technologies (India), inaugurated a new smartphone manufacturing plant in the Noida district, Uttar Pradesh on 30 November 2023.

ITD Cementation India added 1.85%. The company has secured a contract for Civil & HydroMechanical Works of 500 MW Hydel Power, Pumped Storage Project worth approximately Rs 1,001 crore excluding GST in Andhra Pradesh.

Infosys fell 0.21%. The firm has collaborated with Shell New Energies UK to accelerate the adoption of immersion cooling services for data centers. This collaboration aims to combine Infosys' capabilities in digital technology with Shell's expertise in Energy, along with a network of partners, to create a comprehensive offering for green data centers.

Tata Consumer Products rose 0.21%. The FMCG major announced that its board has approved the appointment of Ashish Goenka as Group chief financial officer (CFO), effective from 18 December 2023. The appointment is in line with the company's focus on building a future ready organization and strengthening organization capability, said the company.

Protean eGov Technologies declined 1.95% after the company?s consolidated net profit jumped 27.65% to Rs 32.78 crore in Q2FY24 as compared with Rs 25.68 crore recorded in Q2 FY23. Revenue from operations stood at Rs 235.69 crore during the quarter, registering growth of 32.66% as against with Rs 177.66 crore posted in Q2 FY23.

Power Grid Corporation of India added 0.67%. The company has been declared as successful bidder under Tariff Based Competitive Bidding to establish two Inter-State Transmission System Projects under Build, Own Operate and Transfer (BOOT) basis.

New Listing:

Shares of Flair Writing Industries closed at Rs 452.70 on the BSE, representing a premium of 48.91% as compared with the issue price of Rs 304.

The scrip was listed at Rs 503, exhibiting a premium of 65.46% to the issue price. The stock has hit a high of 514 and a low of 452.70. On the BSE, over 6.98 lakh shares of the company were traded in the counter.

The domestic stock market showed resilience and advanced amid volatility on Thursday. The gains were supported by sectors such as pharma, capital goods and oil & gas. Although the day began with mild gains, initial hours saw a dip, with the Nifty falling near the 20,000 level. However, the market managed to close with marginal gains, primarily influenced by positive global cues and monthly derivatives rollover. The upbeat mood has been fueled by the S&P Global Rating's upgrade of India's GDP growth to 6.4% for FY24, bolstering long-term prospects. However, investors may remain cautious ahead of state exit poll and the final result slated to be announced on Sunday.

The barometer index, the S&P BSE Sensex advanced 86.53 points or 0.13% to 66,988.44. The Nifty 50 index added 36.55 points or 0.18% to 20,133.15.

Bharti Airtel (up 1.91%), Titan Company (up 1.89%) and Mahindra & Mahindra (up 1.77%) boosted the indices.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.83% while the S&P BSE Small-Cap index advanced 0.96%.

The market breadth was negative. On the BSE, 1823 shares rose, and 1881 shares fell. A total of 153 shares were unchanged.

Market valuation of BSE-listed companies crossed a record $4 trillion for the first time on November 29, on the back of positive market sentiment in Indian equities. FIIs turning buyers for five days in a row and DIIs buying aggressively have aided this strong trend. However, this rally has stretched the valuations of domestic equities significantly, pushing India?s market cap GDP ratio to 1.2.

Economy:

Union Cabinet approved extension of the PM Garib Kalyan Anna Yojana for another five years from January 1, 2024, with an estimated cost of Rs 11.8 lakh crore. The scheme was last extended till December 31, 2023.

Indian economy is likely to slow down further to 6.1% in FY25 compared with 6.3% projected in FY24 as global growth remains subdued, the OECD reportedly noted in its latest economic outlook.

Politics:

The exit polls results for all the five states ? Rajasthan Madhya Pradesh, Mizoram, Chhattisgarh and Telangana ? will be declared after the voting ends in Telangana on Thursday. The assembly elections in these five states were held between November 7 and November 30. The counting of votes will be held on December 3. The state polls are being considered as a semi-final before the 2024 assembly elections.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.36% to 7.278 as compared with previous close 7.252.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3850, compared with its close of 83.3250 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.22% to Rs 62,465.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.50% to 103.27.

The United States 10-year bond yield advanced 0.49% to 4.291.

In the commodities market, Brent crude for January 2024 settlement rose $1.38 or 1.66% to $84.48 a barrel. OPEC and its allies, OPEC+, are set to hold a virtual meeting on production cuts.

Global markets:

European shares rose after French inflation slowed to 3.4% in November from 4% in October, while French GDP showed a 0.1% decline in the third quarter. German retail sales increased by 1.1% in October, driven by non-food items, but annual sales declined slightly by 0.1%.

Asian markets closed higher despite China?s factory activity shrinking for a second month, with Japan's retail sales rising 4.2% and industrial output increasing more than expected. South Korea's central bank held its benchmark policy rate at 3.5%, anticipating a slowdown in inflation.

US stocks remained stable despite the economy growing more than expected in the third quarter. Investors awaited clarity on inflation from Euro Zone consumer inflation figures and the Fed Chair's upcoming speech.

Stocks in Spotlight:

Delta Corp jumped 6.49% and Peninsula Land rose 5%. Delta Corp will make an investment of Rs 99.99 crore in Peninsula Land (PLL) to foray into real estate sector. Peninsula Land will issue 1,50,00,000 equity shares and 77,27,000 CCDs at Rs 44. Furthermore, a joint venture is envisaged to be established between Delta & PLL with a capital outlay of Rs 250 crore where Delta will be a majority stakeholder. This JV will help Delta expand into the sector.

UltraTech Cement rose 3.14% after the company acquired a 0.54 mtpa cement grinding assets of Burnpur Cement, located at Patratu in Jharkhand at a consideration of Rs.169.79 crore. The company?s capacity in India now stands at 133 mtpa.

Jupiter Wagons added 2.24%. The company?s board has authorised the opening of the issue for qualified institutions placement (QIP) of equity shares on Wednesday, i.e. 29 November 2023. The board has approved a floor price of Rs. 331.34 for the issue, which is at 2.42% discount to yesterday?s closing price of Rs 339.55. The company?s board will meet on 4 December 2023 to consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers pursuant to the issue.

PCBL gained 1.95%. The company received board approval for entering into a joint venture with Australian company Kinaltek Pty (Kinaltek), for expansion into the battery application market.

Aurobindo Pharma rose 2.13%. The company?s wholly owned subsidiary, Eugia Pharma Specialities received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Budesonide Inhalation Suspension.

Metro Brands rallied 3.28% and FSN E-Commerce Ventures (NYKAA) gained 1.80% after the Foot Locker, Inc., the New York-based specialty athletic retailer, announced the signing of a long-term licensing agreement with both the companies. This partnership will offer the most comprehensive selection of global sportswear and footwear to sneaker fans in India.

Genesys International Corporation surged 8.55%, following the announcement of its Executive Innovation Board (EIB) formation aimed at advancing India's first comprehensive map stack. The EIB will consist of industry experts with deep knowledge in mobility, e-commerce/logistics, and automotive sectors, playing a vital role in guiding Genesys towards innovative solutions for India's consumer and infrastructure needs.

New Listing:

Shares of Tata Technologies closed at Rs 1,314.25 on the BSE, representing a premium of 162.85% compared with the issue price of Rs 500.

The scrip was listed at Rs 1,199.95, exhibiting a premium of 140% to the issue price. The stock has hit a high of 1,400 and a low of 1199.95. On the BSE, over 28.46 lakh shares of the company were traded in the counter.

Shares of Gandhar Oil Refinery (India) ended at Rs 301.50 on the BSE, representing a premium of 78.40% as compared with the issue price of Rs 169.

The scrip was listed at Rs 295.40, exhibiting a premium of 74.79% to the issue price. The stock has hit a high of 344.60 and a low of 295. On the BSE, over 29.06 lakh shares of the company were traded in the counter.

Shares of Fedbank Financial Services settled at Rs 140 on the BSE, matching the issue price.

The scrip was listed at Rs 137.75, exhibiting a discount of 1.61% to the issue price. The stock has hit a high of 148 and a low of 133.15. On the BSE, over 17.65 lakh shares of the company were traded in the counter.

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.