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Indices trade with minor cuts; Tata Tech lists at 140% premium.

Domestic equity barometers traded with minor losses in morning trade. The Nifty traded near the 20,050 level. Bank shares witnessed profit booking after rising in the past four trading sessions. Trading could be volatile due to November F&O series expires today.

The barometer index, the S&P BSE Sensex, was down 182.62 points or 0.27% to 66,719.29. The Nifty 50 index added 41.55 points or 0.21% to 20,055.05.

In the broader market, the S&P BSE Mid-Cap index gained 0.19% while the S&P BSE Small-Cap index advanced 0.02%.

The market breadth was negative. On the BSE, 1,608 shares rose, and 1,767 shares fell. A total of 203 shares were unchanged.

New Listing:

Shares of Tata Technologies were currently trading at Rs 1,304.25 at 10:13 IST on the BSE, representing a premium of 160.85% as 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. So far, the stock has hit a high of 1,400 and a low of 1199.95. On the BSE, over 17.53 lakh shares of the company were traded in the counter so far.

Shares of Gandhar Oil Refinery (India) were currently trading at Rs 305.60 at 10:13 IST on the BSE, representing a premium of 80.83% 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. So far, the stock has hit a high of 344.60 and a low of 295.40. On the BSE, over 14.67 lakh shares of the company were traded in the counter so far.

Shares of Fedbank Financial Services were currently trading at Rs 136.55 at 10:09 IST on the BSE, representing a discount of 2.46% as compared with the issue price of Rs 140.

The scrip was listed at Rs 137.75, exhibiting a discount of 1.61% to the issue price. So far, the stock has hit a high of 139.55 and a low of 133.15. On the BSE, over 3.27 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Bank index fell 0.43% to 44,375.90. The index added 2.57% in past four trading sessions.

Punjab National Bank (down 1.33%), Federal Bank Ltd (down 1.06%), ICICI Bank Ltd (down 0.89%), IndusInd Bank Ltd (down 0.74%), HDFC Bank Ltd (down 0.64%), State Bank of India (down 0.26%) and Kotak Mahindra Bank Ltd (down 0.16%) slipped.

On the other hand, Bandhan Bank Ltd (up 2.47%) ,Bank of Baroda (up 1.29%) and Axis Bank Ltd (up 0.76%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.01% to 7.253 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 83.3025, compared with its close of 83.3250 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.03% to Rs 62,621.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 102.81.

The United States 10-year bond yield slipped 0.06% to 4.269.

In the commodities market, Brent crude for January 2024 settlement declined 5 cent or 0.06% to $83.05 a barrel.

Politics:

On the political front, all eyes are set on exit poll results. 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.

Stocks in spotlight:

UltraTech Cement rose 1.66%after the company has 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.

Metro Brands rallied 5.84% and FSN E-Commerce Ventures advanced 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.

Global markets:

Asian stocks fell across the board on Thursday ahead of key economic data from the region. China?s factory activity shrank for a second straight month in November. The official manufacturing purchasing managers? index fell slightly to 49.4 in November from 49.5 in October, according to data from the National Bureau of Statistics released Thursday.

Retail sales rose in Japan, but at the slowest pace so far this year, while industrial output during the same month increased more than expected. Official data showed Japan retail sales rose 4.2% last month. Japan?s factory output gained 1.0% in October.

South Korea?s central bank held its benchmark policy rate at 3.5% for the seventh meeting in a row, in line with expectations. In its announcement, the Bank of Korea said that ?although inflation has been elevated than previously expected, it is projected to continue its underlying trend of a slowdown.?

US stocks remained near the flat line on Wednesday, even as the U.S. economy grew more than expected. GDP in the third quarter accelerated at a 5.2% annualized pace, above the initial estimate of 4.9%.

Investors will focus 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.

Oil prices settled more than 1% higher on Wednesday as futures contracts gain momentum ahead of key OPEC meeting on Thursday. OPEC and its allies, OPEC+, are set to hold a virtual meeting on production cuts.

The frontline equity indices continued to extend gains in mid-morning trade. The Nifty hovered above the 20,000 level. Auto stocks saw buying demand for sixth straight day.

The barometer index, the S&P BSE Sensex, was up 424.03 points or 0.64% to 66,598.23. The Nifty 50 index gained 127.30 points or 0.64% to 20,017.

In the broader market, the S&P BSE Mid-Cap index rose 0.82% while the S&P BSE Small-Cap index gained 0.41%.

The market breadth was strong. On the BSE, 2,089 shares rose and 1,433 shares fell. A total of 145 shares were unchanged.

Buzzing Index:

The Nifty Auto index gained 1.12% to 17,395.35. The index added 3.68% in six trading sessions.

Hero MotoCorp (up 2.95%), Samvardhana Motherson International (up 2.72%), Mahindra & Mahindra (up 2.38%), Tube Investments of India (up 1.76%), TVS Motor Company (up 1.42%), Bosch (up 1.37%), Bharat Forge (up 1.36%), Balkrishna Industries (up 0.86%), MRF (up 0.84%) and Bajaj Auto (up 0.81%) edged higher.

New Listing:

Shares of Indian Renewable Energy Development Agency (IREDA) were currently trading at Rs 54.67 at 10:20 IST on the BSE, representing a premium of 70.84% as compared with the issue price of Rs 32.

The scrip was listed at Rs 50, exhibiting a premium of 56.25% to the issue price. So far, the stock has hit a high of 55.70 and a low of 49.99. On the BSE, over 197.59 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index gained 1.39% to 32,564.60. The index added 1.59% in the past trading session.

Mphasis Ltd (up 2.7%), Coforge Ltd (up 2.31%), Tech Mahindra Ltd (up 2.29%), Wipro Ltd (up 1.93%), L&T Technology Services Ltd (up 1.76%), Persistent Systems Ltd (up 1.65%), HCL Technologies Ltd (up 1.49%), Infosys Ltd (up 1.22%), LTIMindtree Ltd (up 1.2%) and Tata Consultancy Services Ltd (up 1.11%) advanced.

Stocks in Spotlight:

Global Health declined 0.33%. The company announced that Sanjeev Kumar has resigned from the position of chief financial officer (CFO) of the company due to personal reason. The last working date will be close of business hours, 15 December 2023.

Yatharth Hospital & Trauma Care Services dropped 10.14% following an order from the Commissionerate of Sagar Sambhag, Madhya Pradesh to take over the premises of Ramraja Hospital, citing government ownership.

Solar Industries India rose 0.20%. The company said that ICRA has reaffirmed the rating at [ICRA] A1+? on the commercial paper of the company, amounting to Rs 100 crore.

Global Markets:

Most of the Asian shares declined as investors assess comments from the U.S. Federal Reserve board members and digest Australia?s October inflation figures.

Australia?s weighted inflation rate for October slowed more than expected, coming in at 4.9%. This was also lower than the 5.6% seen in September. The overall inflation rate stood at 4.8%, its lowest level since January 2022.

On Tuesday, Federal Reserve Governor Christopher Waller said he was growing more confident that policy was in a place now to bring inflation back under control. However, he maintained that inflation was still too high. Waller also said the Fed might start lowering rates if inflation continues to ease over the next three to five months. In contrast, Governor Michelle Bowman said more rate hikes will likely be needed as evolving dynamics keep inflation elevated.

US stocks rose Tuesday, resuming their November rally, as comments from a Federal Reserve official raised hope that the central bank may not need to raise interest rates further.

Investors will focus this week on the Fed's preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed. Fed Chair Jerome Powell is due to speak on Friday. His words will be scrutinized by traders to gauge where rates may head.

The key equity indices traded near the flat line with small gains in morning trade. The Nifty traded above the 19,800 level. Oil & gas shares saw major buying demand.

The barometer index, the S&P BSE Sensex, was up 10.28 points or 0.02% to 65,980.32. The Nifty 50 index gained 24.95 points or 0.13% to 19,819.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.06% while the S&P BSE Small-Cap index gained 0.31%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit an all time high of 40,069.26 and 33,731.14.

The market breadth was strong. On the BSE, 2,053 shares rose and 1,443 shares fell. A total of 199 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index gained 1.54% to 8,286.55. The index slipped 0.22% in the past trading session.

Adani Total Gas Ltd (up 15.21%), Hindustan Petroleum Corporation Ltd (up 5.28%), Indian Oil Corporation Ltd (up 3.87%), Bharat Petroleum Corporation Ltd (up 3.08%) and Castrol India Ltd (up 1.71%), Gujarat State Petronet Ltd (up 0.9%), Gujarat Gas Ltd (up 0.62%), Petronet LNG Ltd (up 0.44%) and Oil & Natural Gas Corpn Ltd (up 0.11%) advanced.

On the other hand, Oil India Ltd (down 1.05%), Reliance Industries Ltd (down 0.62%) and GAIL (India) Ltd (down 0.44%) edged lower.

Stocks in Spotlight:

PTC India Financial Services slipped 2.03%. The firm has announced the resignation of Geeta Girdher, a senior management personal, from her role as Chief Compliance Officer (CCO). Girdher cited personal reasons for her resignation, which has been accepted by the board.

D B Realty advanced 2.45% after the company announced that its Promoter Group has sold shares worth Rs 301 crore for repaying related party transactions and unsecured interest free loan, thereby retiring the firms entire debt.

Netweb Technologies India jumped 8.08% after announcing collaboration with NVIDIA to advance AI and high-performance computing capabilities.

Maruti Suzuki India rose 0.28%. 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.

Tata Consultancy Services (TCS) added 0.24%. TCS has launched its AWS generative AI practice, to help customers harness the full potential of AI and AWS generative AI services to transform different parts of their value chain and achieve superior business outcomes.

PB Fintech advanced 1.55% after the company said that it has made further investment of Rs 349.99 crore in its wholly owned subsidiary, Policybazaar Insurance Brokers.

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.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.18% to 7.259 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 83.3750, compared with its close of 83.4000 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.15% to Rs 61,635.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.14.

The United States 10-year bond yield advanced 0.45% to 4.407.

In the commodities market, Brent crude for January 2024 settlement rose 22 cents or 0.28% to $80.20 a barrel.

Global Markets:

Asian stocks were trading higher on Tuesday, as investors remained convinced the US Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.

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.

Domestic equity barometers were trading with minor gains in early trade. The Nifty traded above the 19,800 level. Barring the Nifty IT index, all the sectoral indices on the NSE were in the green.

The barometer index, the S&P BSE Sensex, was up 57.57 points or 0.09% to 66,075.38. The Nifty 50 index added 26.70 points or 0.13% to 19,828.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.63%.

The market breadth was strong. On the BSE, 1,985 shares rose and 690 shares fell. A total of 119 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 255.53 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 457.39 crore in the Indian equity market on 23 November, provisional data showed.

Stocks in Spotlight:

Lupin advanced 2.57% after the pharma major announced that it has received tentative approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Canagliflozin Tablets, 100 mg and 300 mg, to market a generic equivalent of Invokana Tablets, 100 mg and 300 mg, of Janssen Pharmaceuticals, Inc. This product will be manufactured at Lupin?s Pithampur facility in India.

LTIMindtree rose 0.48%. The company has launched a state-of-the-art Quantum-Safe Virtual Private Network (VPN) link at its London premises. LTIMindtree leverages its integration and domain expertise to implement and operate the Quantum-Safe VPN link across its active network.

Union Bank of India gained 1.89%. ICRA has upgraded the ratings as AAA; upgraded from AA+ and revised Outlook to ?Stable? from ?Positive? of the Instruments of the bank.

Prestige Estates Projects shed 0.47%. 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.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.21% to 7.568 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 83.3525, compared with its close of 83.3450 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.10% to Rs 61,135.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 103.81.

The United States 10-year bond yield advanced 1.08% to 4.464.

In the commodities market, Brent crude for January 2024 settlement declined 55 cents or 0.67% to $81.41 a barrel.

Global Markets:

Asian stocks were trading mixed as investors assess key economic data out from Japan on Friday. The world?s third largest economy saw its core inflation rate rise to 2.9% in October, higher than the 2.8% seen in September. The headline inflation rate for October came in at 3.3%, accelerating from the 3% seen in from the month before.

US stocks were closed for Thanksgiving on Thursday, and will come back for a half day of trading on Friday.

The influential oil group reuniting the Organization of the Petroleum Exporting Countries and its allies will hold a virtual meeting to decide crude production strategy on November 30, the OPEC Secretariat said. The group, collectively known as OPEC+, was supposed to convene in person in Vienna over November 25-26 but has since postponed its meeting amid inter-member disgruntlement.

The key equity barometers were trading with decent gains in early trade. The Nifty traded above the 19,850 mark. Realty, media, and auto shares edged higher while pharma and healthcare stocks declined.

The barometer index, the S&P BSE Sensex, was up 161.47 points or 0.24% to 66,184.71. The Nifty 50 index added 46.80 points or 0.24% to 19,858.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index gained 0.67%.

The market breadth was strong. On the BSE, 2,059 shares rose and 632 shares fell. A total of 103 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 306.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 721.24 crore in the Indian equity market on 22 November, provisional data showed.

Stocks in Spotlight:

TVS Motor Company rose 1.39% 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 0.30%. 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 rallied 4.29%. A meeting of the board of directors of the company is scheduled on 27 November 2023 to consider and approve the proposal of raising the 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.

Honasa Consumer jumped 6.75%. 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).

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.17% to 7.259 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 83.3025, compared with its close of 83.3225 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.25% to Rs 61,179.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.19% to 103.72.

The United States 10-year bond yield lost 0.31% to 4.402.

In the commodities market, Brent crude for January 2024 settlement slipped $1.20 or 1.46% to $80.76 a barrel.

Global Markets:

Asian stocks were trading mixed after Wall Street went into the Thanksgiving holiday with a broad based rally. Japan?s markets are closed due to a public holiday.

US stocks closed higher on Wednesday after yields briefly fell to their lowest level in two months. Trading was muted ahead of the Thanksgiving holiday on Thursday. U.S. markets will be open for half a day on Friday.

US crude prices fell about 5% Wednesday after the Organization of Petroleum Exporting Countries delayed a pivotal meeting on production cuts that was scheduled for the weekend. OPEC said in a statement that the meeting of energy ministers is delayed until next Thursday.

The domestic equity barometers were trading with minor gains in early trade. The Nifty traded around the 19,800 mark. Media, pharma and oil & gas stocks edged higher while realty, metal and PSU bank shares declined.

The barometer index, the S&P BSE Sensex, was up 36.93 points or 0.06% to 65,967.70. The Nifty 50 index added 11.40 points or 0.06% to 19,794.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index shed 0.16%.

The market breadth was strong. On the BSE, 1,723 shares rose and 1,042 shares fell. A total of 105 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 455.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 721.52 crore in the Indian equity market on 21 November, provisional data showed.

Buzzing Index:

The Nifty Pharma index gained 0.94% to 16,118.35. The index jumped 4.01% in six trading sessions.

Natco Pharma (up 3.38%), Glaxosmithkline Pharmaceuticals (up 3.19%), Sanofi India (up 2.89%), Pfizer (up 2%), Cipla (up 1.86%), Alkem Laboratories (up 1.33%), Ipca Laboratories (up 1.31%), Gland Pharma (up 1.15%), Glenmark Pharmaceuticals (up 1.15%) and Biocon (up 1.11%) edged higher.

Stocks in Spotlight:

Tata Consultancy Services (TCS) shed 0.45%. 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 rose 0.21%. 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 added 0.03%. A meeting of the board of directors of the company is scheduled to be held on 24th November 2023, to consider and approve allotment of 1,23,22,514 equity shares of the company to Suzuki Motor Corporation (SMC) on a preferential basis.

Titan Company gained 0.81%. 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.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper shed 0.04% to 7.265 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 83.3175, compared with its close of 83.2800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.19% to Rs 61,111.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 103.53.

The United States 10-year bond yield lost 0.09% to 4.414.

In the commodities market, Brent crude for January 2024 settlement fell 10 cents or 0.12% to $82.35 a barrel.

Global Markets:

Most of the Asian stocks were trading lower on Wednesday after 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%.

The frontline indices traded with decent gains in morning trade. The Nifty traded above the 19,750 mark. Metal shares advanced after declining in the past trading session.

The barometer index, the S&P BSE Sensex, was up 233.92 points or 0.36% to 65,889.07. The Nifty 50 index added 78.15 points or 0.40% to 19,772.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index gained 0.40%.

The market breadth was strong. On the BSE, 2,180 shares rose and 1,187 shares fell. A total of 167 shares were unchanged.

Buzzing Index:

The Nifty Metal index gained 1.50% to 6,872.85. The index shed 0.48% in the past trading session.

Welspun Corp (up 4.03%), Adani Enterprises (up 2.74%), Hindalco Industries (up 2.29%), National Aluminium Company (up 1.73%), Jindal Stainless (up 1.56%), JSW Steel (up 1.39%), Hindustan Copper (up 1.27%), Jindal Steel & Power (up 1.1%), Tata Steel (up 1.05%) and Steel Authority of India (up 0.83%) edged higher.

Stocks in Spotlight:

KEC International added 0.79%. announced that it has secured new orders of Rs 1,005 crore across its various businesses in India and overseas.

Vascon Engineers rallied 4.27%. 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 jumped 6.60%. 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.

Oberoi Realty advanced 2.22% 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 0.77% while HDFC Life Insurance Company rose 0.64%. 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 1.13%. 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.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.18% to 7.239 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 83.3650, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement advanced 0.66% to Rs 61,060.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 103.20.

The United States 10-year bond yield advanced 0.58% to 4.399.

In the commodities market, Brent crude for January 2024 settlement slipped 38 cents or 0.46% to $81.94 a barrel.

Global Markets:

Most of Asian stocks were trading higher on Tuesday, with Hong Kong and Taiwan stocks in the lead and mirroring similar moves on Wall Street after a tech-fueled rally. Investors in Asia will assess South Korean producer prices for October, as well as New Zealand?s October trade figures.

US stocks jumped Monday to start a holiday shortened week, boosted by strong tech gains led by Microsoft and Nvidia. Microsoft Corp. hit a new all-time high after CEO Satya Nadella said former OpenAI chief Sam Altman will be joining the tech giant to lead a new AI research team.

Investors will keep an eye out for the minutes from the Federal Reserve?s October 31 to November 1 policy meeting. US markets will be closed Thursday due to the Thanksgiving holiday. Friday will also be a shortened trading day.

Oil prices rose more than 2% on Monday amid anticipation that the Organization of Petroleum Exporting Countries could implement another production cut this weekend.

The benchmark indices pared losses and traded with small gains in morning trade. The Nifty traded aorund the 19,750 mark after hitting the day's low of 19,701.40. PSU bank shares edged higher after declining in the past trading session.

The barometer index, the S&P BSE Sensex, was up 17.48 points or 0.03% to 65,812.21. The Nifty 50 index added 19.20 points or 0.10% to 19,751.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index gained 0.65%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit record high of 33,526.65 and 39,863.26 respectively.

The market breadth was strong. On the BSE, 2080 shares rose and 1,419 shares fell. A total of 186 shares were unchanged.

Buzzing Index:

The Nifty IT index added 0.84% to 32,461.80. The index shed 0.25% in the past trading session.

HCL Technologies (up 1.21%), Mphasis (up 1.06%), L&T Technology Services (up 0.99%), LTIMindtree (up 0.98%), Tech Mahindra (up 0.85%), Wipro (up 0.56%), Tata Consultancy Services (up 0.38%), Infosys (up 0.34%), Coforge (up 0.33%) and Persistent Systems (up 0.17%) edged higher.

Stocks in Spotlight:

ESAF Small Finance Bank rose 1.34% after the bank reported standalone net profit of Rs 140.12 crore in Q2 FY24, steeply higher from Rs 57.58 crore recorded in Q2 FY23. The bank?s total income stood at Rs 1,022.28 crore in Q2 FY24, registering a growth of 35.72% YoY.

Zen Technologies advanced 2.69% after the company said that it has received an export order valued at approximately Rs 42 crore ($5.12 million). This order, comprising of simulators, is from a friendly nation and stands as a testament to the Indian government?s efforts to boost defense exports, aligning with the national objective of becoming a net defense exporter.

Larsen & Toubro (L&T) shed 0.63%. The company 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.

Vedanta rose 0.38%. 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?.

Oberoi Realty rallied 3.26% Oberoi Realty 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.

Global Markets:

Asian stocks are trading higher on Monday while 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%.

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 rearview mirror.

The domestic equity benchmarks were traded near the flat line in the morning trade. The Nifty traded above the 19,750 mark. PSU Bank witnessed selling pressure for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 27.19 points or 0.04% to 65,955.29. The Nifty 50 index rose 15.40 points or 0.08% to 19,780.60.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.28% while the S&P BSE Small-Cap index rose 0.47%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit record high of 33,423.26 and 39,659.28 in intraday today.

The market breadth was strong. On the BSE, 2,101 shares rose and 1,288 shares fell. A total of 179 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index declined 2.66% to 5,050.95. The index fell 2.89% in the past two sessions.

Union Bank of India (down 3.54%), Punjab National Bank (down 3.33%), State Bank of India (down 2.69%), Bank of India (down 2.67%) and Bank of Maharashtra (down 2.5%) were the top losers.

Among the other losers were Central Bank of India (down 2.35%), UCO Bank (down 2.29%), Canara Bank (down 2.13%), Punjab & Sind Bank (down 1.91%) and Indian Overseas Bank (down 1.82%).

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.07% to 7.227 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 83.2650, compared with its close of 83.2300 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.13% to Rs 60,800.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 104.34.

The United States 10-year bond yield advanced 0.04% to 4.445.

In the commodities market, Brent crude for January 2024 settlement gained 30 cents or 0.39% to $77.72 a barrel.

Stocks in Spotlight:

SJVN gained 1.92% after the company announced that it has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for a 200 MW grid-connected wind power project at a tentative cost of Rs 1,400 crore.

Brigade Enterprises rallied 4.78%. 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.

JSW Steel rose 0.16%. 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.

TVS Motor Company advanced 1.17% after the company announced its entry into Europe by signing an agreement for import and distribution with Emil Frey, a 100 year old enterprise and a leading name in automotive distribution.

JSW Infrastructure rallied 6.76% 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.

Delhivery declined 2.63% after Softbank is reportedly planning to sell around 4% stake in Delhivery via the block deal route. The deal size is around $150 million.

Global Markets:

Asian stocks were trading mixed on Friday as a batch of softer U.S. economic data took some of the steam out of Wall Street, but also boosted bonds in a big way while slugging oil prices in a boon for the inflation outlook. Both Brent and U.S. crude slid almost 5% on Thursday to four-month lows in a move that was blamed on economic and supply concerns.

In US, the S&P 500 and the Nasdaq managed to eke out tiny gains on Thursday while the Dow Industrial Average ended slightly lower with pressure from tech and retail bellwethers Cisco and Walmart after disappointing forecasts. Shares of Cisco Systems tumbled as the communications and networking technology company cut its full-year revenue and profit forecasts on slowing demand for its networking equipment.

U.S. President Joe Biden and Chinese President Xi Jinping have agreed to resume high-level military communication, according to both countries. The two leaders met in person for the first time in a year Wednesday in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation conference. ?We?re back to direct, open, clear communications,? Biden said at a press conference after the talks.

The key equity barometers extended gains and hit fresh intraday high in mid-morning trade. The Nifty traded above the 19,750 mark. Oil & gas shares extended gains for second day in a row.

The barometer index, the S&P BSE Sensex, was up 405.37 points or 0.62% to 66,081.30. The Nifty 50 index added 110.70 points or 0.56% to 19,786.15.

In the broader market, the S&P BSE Mid-Cap indexhttps://t.me/bigbullscall gained 0.34% while the S&P BSE Small-Cap index rose 0.57%.

The market breadth was strong. On the BSE, 2159 shares rose and 1380 shares fell. A total of 168 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index rose 0.77% to 8,178.20. The index has added 2.24% in two sessions.

Oil India (up 2.71%), Hindustan Petroleum Corporation (up 2.42%), Bharat Petroleum Corporation (up 1.49%), Indian Oil Corporation (up 1.43%) and Aegis Logistics (up 1.38%) were the top gainers.

Among the other gainers were Oil & Natural Gas Corp (up 0.98%), Mahanagar Gas (up 0.59%), Reliance Industries (up 0.52%), Indraprastha Gas (up 0.26%) and Gujarat Gas (up 0.23%).

On the other hand, Adani Total Gas (down 0.4%), Petronet LNG (down 0.15%) and Gujarat State Petronet (down 0.07%) turned lower.

Stocks in Spotlight:

RateGain Travel Technologies fell 1.34%. The company has 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. The floor price of Rs 676.66 is at a discount of 4.93% to the previous day's closing price of Rs 711.75 on the BSE.

Dabur India rose 1.18%. The company's two foreign subsidiaries, Dabur International and Dermoviva Skin Essentials, have been removed as defendants in multiple lawsuits filed in a U.S. court over allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other related health issues.

IIFL Finance added 0.48%. The NBFC will invest up to Rs 200 crore in arm IIFL Samasta Finance by way of subscription to 7,47,94,315 fully paid-up equity shares of face value of Rs 10 each, at a premium of Rs. 16.74 per share, through rights issue.

Global Markets:

Asian stocks are trading lower 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.

The key equity indices extended gains and hit fresh intraday high in morning trade. The Nifty continued to trade above the 19,600 mark. Metal shares witnessed buying demand for fourth consecutive session.

The barometer index, the S&P BSE Sensex, was up 596.07 points or 0.92% to 65,529.94. The Nifty 50 index added 188.75 points or 0.97% to 19,632.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.70% while the S&P BSE Small-Cap index advanced 1.06%.

The market breadth was strong. On the BSE, 2332 shares rose and 1090 shares fell. A total of 185 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 1.62% to 6,822.65. The index has added 3.38% in four sessions.

Hindalco Industries (up 4.53%), Jindal Steel & Power (up 2.56%), National Aluminium Company (up 2.55%), JSW Steel (up 2.25%) and Tata Steel (up 1.86%) were the top gainers.

Among the other gainers were APL Apollo Tubes (up 1.31%), Hindustan Zinc (up 1.1%), Vedanta (up 1.01%), Steel Authority of India (up 0.91%) and Welspun Corp (up 0.9%).

On the other hand, NMDC (down 2.28%) and Jindal Stainless (down 0.41%) turned lower.

Stocks in Spotlight:

Adani Energy Solutions was up 0.03%. 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.

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 0.93%. 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.

Asian Paints was up 0.07%. 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 1.72%. 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 5.99%. 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.

Aster DM Healthcare fell 1.91%. The company has recorded a net loss of Rs 15.3 crore in Q2 FY24 as against a net profit of Rs 54.1 crore in the same period last year. Revenue for the second quarter increased by 17.8% YoY to Rs 3,317 crore.

Global markets:

Asian stocks are trading with strong gains on Wednesday, taking cues from Wall Street after a soft U.S. inflation reading boosted hopes of the Federal Reserve nearing the end of its interest rate-hiking cycle.

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.

The key equity barometers traded with significant gains in morning trade. The Nifty traded above the 19,350 mark. Realty stocks gained for the seventh consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 405.50 points or 0.63% to 64,769.28. The Nifty 50 index added 127.30 points or 0.66% to 19,357.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index gained 1.03%.

The market breadth was strong. On the BSE, 2,443 shares rose and 945 shares fell. A total of 225 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 1.74% to 654.95. The index surged 14.53% in seven trading sessions.

Brigade Enterprises (up 6.21%), Mahindra Lifespace Developers (up 3.41%), Phoenix Mills (up 2.76%), Macrotech Developers (up 2.48%), Sobha (up 2.07%), Godrej Properties (up 1.69%), Prestige Estates Projects (up 1.63%), Swan Energy (up 1.04%), Oberoi Realty (up 0.56%) and DLF (up 0.15%) advanced.

Stocks in Spotlight:

Punjab & Sind Bank declined 2.34% after the bank?s standalone net profit declined 32% to Rs 189.09 crore on 26.13% increase in total income to Rs 2,674.15 crore in Q2 FY24 over Q2 FY23.

Shipping Corporation of India slipped 4.17% after the company?s consolidated net profit tumbled 42.53% to Rs 65.73 crore on 22.88% decline in revenue from operations to Rs 1,093.20 crore in Q2 FY24 over Q2 FY23.

Indigo Paints fell 2.56% after the company's consolidated net profit declined 31.66% to Rs 25.34 crore in Q2 FY24 from Rs 37.08 crore posted in Q2 FY23. Revenue from operations jumped 15.01% year on year to Rs 279.01 crore during the period under review.

SBI fell 0.21%. The largest PSU bank?s standalone net profit increased 8.03% to Rs 14,330.02 crore in Q2 FY24 on 26.41% jump in total income to Rs 1,12,169.43 crore in Q2 FY24 over Q2 FY23.

Vedanta shed 0.06%. The company reported a consolidated net loss of Rs 915 crore in Q2 FY24 as against a net profit of Rs 3,308 crore in Q2 FY23. Income from operations increased by 16% year-over-year (YoY) to Rs 38,546 crore during the quarter, driven by higher sales volume and favorable arbitration award in oil and gas, partially offset by a slip in output commodity prices.

Bank of Baroda declined 2.85%. The public sector bank's net profit jumped 28.35% to Rs 4,252.89 crore in Q2 FY24 as compared with Rs 3,313.42 crore in Q2 FY23. Total income increased by 38.79% to Rs 32,032.75 crore during the quarter as compared with Rs 23,080.03 crore recorded in corresponding quarter last year.

Crompton Greaves consumer Electricals fell 1.29%. The company reported a 23% decline in consolidated net profit to Rs 100.87 crore despite of 4.87% rise in net sales to Rs 1,782.27 crore in Q2 FY24 over Q2 FY23.

JSW Infrastructure rallied 5.07%. The company reported 88.95% jump in consolidated net profit to Rs 254.40 crore in Q2 FY24 as against Rs 134.64 crore recorded in Q2 FY23. The company?s revenue from operations stood at Rs 848.31 crore, up 28.14% YoY in Q2 FY24.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper shed 0.22% to 7.301 from its previous close of 7.317.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1675, compared with its close of 83.2050 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.30% to Rs 60,835.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 105.08.

The United States 10-year bond yield rose 0.48% to 4.579.

In the commodities market, Brent crude for January 2024 settlement gained 31 cents or 0.37% to $85.20 a barrel.

Global Markets:

Asian stocks are trading higher on Monday after a soft monthly jobs report from the US helped ease bets that the Federal Reserve will continue to hike interest rates.

US stocks closed higher on Friday after a soft jobs report drove bond yields lower. The October jobs report on Friday came in weaker than expectations, showing the Fed?s attempt to cool the economy and stifle inflation could be working. The U.S. economy last month added 150,000 jobs, lower than September?s blowout of 297,000 jobs added. The unemployment rate rose to 3.9%.

Sensex rises 400 pts, realty stocks rally for 6th day.

The frontline indices traded with modest gains in morning trade. The Nifty scaled above the 19,250 mark. Realty shares extended gains for the sixth consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 399.50 points or 0.62% to 64,480.40. The Nifty 50 index added 124.05 points or 0.65% to 19,257.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 0.97%.

The market breadth is strong. On the BSE, 2,380 shares rose and 889 shares fell. A total of 158 shares were unchanged.

Economy:

The S&P Global India services Purchasing Managers' Index (PMI) declined to 58.4 in October as compared to 61 in September, signaling the slowest rate of expansion since March. The Competitive pressures and inflationary forces restricted the increase, according to surveyed firms.

Meanwhile, the S&P Global India Composite PMI Output Index fell from 61 in September to 58.4 in October, indicating the weakest rate of expansion since March.

Buzzing Index:

The Nifty Realty index rose 1.42% to 636.70. The index surged 11.34% in six trading sessions.

Prestige Estates Projects (up 2.77%), Brigade Enterprises (up 2.34%), Sobha (up 1.72%), Phoenix Mills (up 1.14%), DLF (up 0.78%), Mahindra Lifespace Developers (up 0.68%), Swan Energy (up 0.66%), Godrej Properties (up 0.5%), Oberoi Realty (up 0.48%) advanced.

Stocks in Spotlight:

Indian Railway Finance Corporation (IRFC) shed 0.49% after the company?s net profit declined 9.59% to Rs 1,549.87 crore in Q2 FY24 as compared with Rs 1,714.28 posted in corresponding quarter last year. Revenue from operations jumped 16.46% year on year to Rs 6,766.32 crore in Q2 FY24.

NBCC (India) added 0.40%. The government-owned construction company, has recently secured two significant orders from the Haryana government. The combined value of these orders amounts to Rs 212 crore.

Tilaknagar Industries surged 9.95% after the firm?s consolidated net profit stood at Rs 37.04 crore in Q2 FY24, steeply higher than Rs 13.88 crore recorded in Q2 FY23. Revenue from operations grew by 29.1% year on year (YoY) to Rs 354.39 crore in the quarter ended 30 September 2023.

Sheela Foam slipped 2.96% after the company reported 17.32% decline in consolidated net profit to Rs 44.30 crore in Q2 FY24 as compared with Rs 53.58 crore posted in corresponding quarter last year. Revenue from operations fell 10.18% to Rs 613.18 crore in Q2 FY24 as compared with Rs 682.69 crore in Q2 FY23. Decline in Topline primarily on account of portfolio rationalization and reduction in raw material prices

Global Markets:

Asian stocks advanced on Friday, with investors awaiting a fresh round of data for more clues on the health of services activity through the region. Services purchasing managers? index data from major economies including China and India are set to be released throughout the day. Japan markets were shut for a public holiday.

US stocks rose on Thursday as Treasury yields fell, with investors betting the Federal Reserve could be done raising rates for 2023.

The benchmark indices continued to trade with strong gains in morning trade, as investors found solace in the U.S. Federal Reserve's decision to maintain its benchmark interest rate unaltered. The Nifty traded above the 19,100 level. PSU bank stocks extended gains for the fifth consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 471.42 points or 0.74% to 64,062.75. The Nifty 50 index added 140.95 points or 0.74% to 19,130.10.

In the broader market, the S&P BSE Mid-Cap index gained 1.14% while the S&P BSE Small-Cap index rose 0.85%.

The market breadth is strong, On the BSE, 2,384 shares rose and 922 shares fell. A total of 150 shares were unchanged.

The US Federal Reserve held interest rates at a 22-year high, with the benchmark rate remaining between 5.25% and 5.50%, for the second meeting in a row.

Results Today:

Adani Enterprises (up 1.92%), Tata Motors (up 0.68%), Adani Power (up 0.96%), Cholamandalam Investment and Finance Company (up 0.58%), Dabur India (up 0.27%), Indian Railway Finance Corporation (up 0.26%), Berger Paints India (down 0.12%), Godrej Properties (up 1.95%), Container Corporation (up 0.95%), Gujarat Gas (up 1%), Dr. Lal PathLabs (up 0.53%), Ratnamani Metals & Tubes (down 0.03%), 360 One WAM (up 1.81%), Indian Energy Exchange (up 0.60%), Sapphire Foods India (down 0.26%), Deepak Fertilisers & Petrochemicals Corporation (up 0.09%), Minda Corporation (down 0.37%), Kirloskar Oil Engines (up 0.28%), Karnataka Bank (up 0.45%), Surya Roshni (up 0.38%), Infibeam Avenues (down 0.05%), NOCIL (up 1.48%), Datamatics Global Services (up 3.03%), Tatva Chintan Pharma Chemicals (down 0.34%) and Hikal (up 0.04%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty PSU Bank index rose 1.86% to 5,041.90. The index jumped 6.68% in five trading sessions.

Bank of India (up 3.47%), Bank of Maharashtra (up 3.02%), Indian Overseas Bank (up 2.81%), Central Bank of India (up 2.78%), Union Bank of India (up 2.76%), Punjab National Bank (up 2.47%), UCO Bank (up 2.4%), Punjab & Sind Bank (up 2.27%), Bank of Baroda (up 1.92%) and Canara Bank (up 1.72%) edged higher.

State Bank of India (SBI) advanced 1.37%. SBI raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for the current financial year. The bonds are issued for 15 years tenor, with the first call option after 10 years.

Stocks in Spotlight:

Kotak Mahindra Bank gained 1.14% after the company announced the signing of definitive agreements with Zurich Insurance Company for divesting majority stake in Kotak Mahindra General Insurance.

The private sector lender said that the bank, Kotak Mahindra General Insurance Company and Zurich Insurance Company have entered into definitive agreements for a transaction whereby Zurich will invest (approximately) Rs 4,051 crore to acquire a 51% stake in Kotak General Insurance through a combination of fresh growth capital and share purchase.

Bajaj Finance rose 1.05%. The preferential issue special committee of the board of directors of the company has approved the issue of 15,50,000 warrants to Bajaj Finserv , promoter and holding company, at an issue price of Rs 7,670 per warrant, for an amount aggregating to Rs 1,188.85 crore.

Eicher Motors added 0.40%. Eicher Motors' motorcycles sales rose 3% to 84,435 units in October 2023 over October 2022.

Hero Motocorp added 0.25%. The two wheeler major reported a net profit of Rs 1,053.81 crore in Q2 FY24, registering a growth of 47.17% as compared with Rs 716.07 crore in Q2 FY23. Revenue from operations increased 4.08% YoY to Rs 9,445.42 crore in Q2 FY24.

Tata Steel declined 0.39%. The steel major reported consolidated net loss of Rs 6511 crore in Q2 FY24 as compared with net profit of Rs 1297 crore in Q2 FY23. Turnover fell to Rs 59,490 crore in Q2 FY24 from Rs 59,878 crore in Q2 FY23.

Britannia Industries rallied 3.32%. The company reported consolidated net profit of Rs 586.50 crore in Q2 FY24 as compared with net profit of Rs 490.58 crore in Q2 FY23. Total income rose to Rs 4,485.23 crore in Q2 FY24 from Rs 4,432.85 crore in Q2 FY23.

State Bank of India (SBI) gained 1.02%. SBI raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for the current financial year. The bonds are issued for 15 years tenor, with the first call option after 10 years.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.45% to 7.325 from its previous close of 7.358.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1950, compared with its close of 83.2850 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.18% to Rs 60,881.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.48% to 106.37.

The United States 10-year bond yield slippped 1.40% to 4.722.

In the commodities market, Brent crude for January 2023 settlement gained 80 cents or 0.95% to $85.43 a barrel.

Global Markets:

Asian stocks were trading higher as investors took comfort from the U.S. Federal Reserve?s decision to leave its benchmark interest rates unchanged, while parsing inflation and trade data from across the region.

US stocks advanced on Wednesday after the Federal Reserve kept interest rates unchanged for a second consecutive time ? leading investors to think the central bank would stay put for the rest of the year.

The Federal Reserve on Wednesday held rates steady at a range of 5.25%-5.5%. amid signs of economic growth, while labor market conditions and inflation remain above the central bank?s target. The decision also included an upgrade to the Fed?s general assessment of the economy.

The key equity indices were trading near the flat line with minor cuts in early trade. The Nifty traded below the 19,100 level. Realty, oil & gas and auto stocks advanced while metal, private bank and bank shares declined.

The barometer index, the S&P BSE Sensex, was down 63.76 points or 0.10% to 63,811.17. The Nifty 50 index shed 11.55 points or 0.06% to 19,068.05.

In the broader market, the S&P BSE Mid-Cap index declined 0.04% while the S&P BSE Small-Cap index gained 0.35%.

The market breadth is strong, On the BSE, 1,697 shares rose and 925 shares fell. A total of 113 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 696.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 340.25 crore in the Indian equity market on 31 October, provisional data showed.

Economy:

The index of eight core industries in India saw a growth of 8.1% in September on an annual basis, data from the Ministry of Commerce & Industry showed Tuesday. The index had grown 12.1% in August. The index rose 7.8% YoY between April and September 2023-24.

Stocks in Spotlight:

Bharti Airtel fell 1.09%. The telecom major's consolidated net profit slipped 37.5% to Rs 1,340.7 crore in Q2 FY24 as against Rs 2,145.2 crore reported in Q2 FY23. Revenue from operations grew 7.29% to Rs 37,043.8 crore in the quarter ended 30 September 2023, backed by strong and consistent performance in India operations.

Larsen & Toubro rose 0.70%. The engineering & construction major's consolidated net profit rose 45% to Rs 3223 crore on 19% rise in revenue to Rs 51024 crore in the quarter ended 30 September 2023 over the quarter ended 30 September 2022. The company received orders worth Rs 89,153 crore at the group level during the quarter ended 30 September 2023, registering a growth of 72% on y-o-y basis. The consolidated order book is at Rs 450,734 crore as on 30 September 2023, with international orders having a share of 35%.

Tata Consumer Products added 0.40%. The FMCG company has recorded 1% rise in consolidated net profit to Rs 359 crore on a 11% increase in revenue from operations to Rs 3,734 crore in Q2 FY24 as compared with Q2 FY23.

Jindal Steel & Power (JSPL) tumbled 5.81%. JSPL has reported 534% rise in consolidated net profit to Rs 1,390 crore in Q2 FY24 from Rs 219 crore in Q2 FY23. Net revenue, however, declined by 9% year-over-year to Rs 12,282 crore in the second quarter from Rs 13,522 crore recorded in the same period last year.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper added 0.04% to 7.354 from its previous close of 7.351.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2675, compared with its close of 83.2425 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.33% to Rs 60,740.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 106.71.

The United States 10-year bond yield advanced 0.76% to 4.914.

In the commodities market, Brent crude for January 2023 settlement gained 19 cents or 0.22% to $85.21 a barrel.

Global Markets:

Asian stocks were trading higher on Wednesday ahead of a policy decision from the U.S. Federal Reserve, as investors monitored a slew of manufacturing data. The Fed will conclude its two-day monetary policy meeting later in the day, with markets expecting the central bank to stand pat on interest rates.

China?s Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July.

US stocks closed higher on Tuesday, regaining some ground at the end of a dismal month that was defined by surging interest rates.