Share Market Today: Sensex, Nifty Close With Slim Gains After Hitting 52-Week High; FPIs Stay Net Sellers
Sensex closed 0.17% higher at 61,980.72, while Nifty 50 rose 0.03% higher to close at 18,409.65.
KEY HIGHLIGHTS
Sensex, Nifty Hit Fresh 52-Week Highs
Sensex reclaimed the 62,000-mark briefly, as it rose to an intraday and fresh 52-week high of 62,035.56.
Nifty also hit a fresh 52-week high of 18,438.7.
Source: Exchanges
Foreign Investors Net Sellers
Overseas Investors remained net sellers for the second straight day.
As per data from the National Stock Exchange, foreign portfolio investors net sold equities worth Rs 386.06 crore.
While, domestic institutional investors turned net buyers and bought equities worth Rs 1437.4 crore.
Institutions have net bought Rs 8,262.2 crore worth of equities so far in November and net sold Rs 23,434.71 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Rises
Yield on the 10-year bond gained 1bps to close at 7.27% on Wednesday. It opened at 7.26%.
Source: Bloomberg
Rupee Falls Sharply Against U.S Dollar
Indian currency depreciated by 20 paise to close at 81.30 against the greenback on Wednesday. It opened at 81.38. Intraday, it depreciated by 0.58% to a low of 81.57.
Source: Bloomberg
Closing Bell
India's stock benchmarks closed with little gains, aided by advances in banking, capital goods and industrials stocks.
Sensex closed 0.17% higher at 61,980.72, while Nifty 50 rose 0.03% higher to close at 18,409.65. Earlier today, Sensex reclaimed the 62,000-mark briefly, as it rose to an intraday and fresh 52-week high of 62,052.57. Nifty also hit a fresh 52-week high of 18,442.15.
Of the Nifty 50 stocks, 21 rose while 29 declined.
Kotak Mahindra Bank, Coal India, HDFC, Hindustan Unilever, TCS were the top gainers on Nifty 50.
While, Apollo Hospitals Enterprise, Adani Ports and SEZ, Hindalco Industries, Bajaj Finance and Adani Enterprises were the top laggards.
The broader indices underperformed their larger peers with mid-cap index and small-cap losing 0.66% and 0.34% respectively.
Twelve out of the 20 sectoral measures complied by the BSE declined, with metal, power, realty, utilities, and commodities indices losing the most over 1%.
The market breadth is skewed in the favour of bears. About 1,438 stocks rose, 2,077 fell and 124 remained unchanged.
Hindustan Aeronautics Rises Most In 9 Weeks
Shares of Hindustan Aeronautics rose 6.18% after Elara Capital upgraded its rating and target price.
The brokerage raised the stock rating to 'buy' from 'accumulate' and increased the target price to Rs 3,550 from Rs 2,650. This implies an upside return potential of 41%.
The stock gained about 7.4% intraday, the most since Sept. 12. It is now trading 6.13% higher.
"Quantum leap in inflows, stable margin, and consistent double-digit earnings growth are tailwinds," Elara Capital said in the note. The brokerage expects FY22-25 earnings CAGR of 16%, with an ROE of 21%.
It flagged lower spends in defence capital budget, lower allocation to domestic procurement in defence capital budget and intensifying competition from private sector and sharp commodity price rise as key downside risks.
Total traded quantity is 6 times the 30-day average.
Of the 10 analysts tracking the company, all maintain 'buy'. The return potential of the stock implies a upside of 13.9%.
Source: Bloomberg, Brokerage notes
Adani Enterprises Falls Most In A Month
Adani Enterprises declined 4.37, the most since Oct. 3. It is now 4.13% down. Total traded quantity is 1.0 times the 30-day average.
The movement comes amid the company getting regulatory nod to float an open offer for a further 26% stake in New Delhi Television Ltd. The Securities & Exchange Board of India approved Adani Group’s open offer, allowing Adani to buy more equity from the media firm’s minority shareholders.
The offer will roll out on Nov. 22 and close on Dec. 5.
Source: Bloomberg, Statements
Prabhudas Lilladher Co-Owner Amisha Vora Ups Stake, Acquires Full Control Of The Group
Prabhudas Lilladher Group’s Co-Owner and Joint Managing Director Amisha Vora has acquired a 96% stake in the group, up from 24% earlier.
She will now be the Chairperson and Managing Director.
Acquisition has been approved by the SEBI, exchanges, and the RBI.
Vora has been associated with the group since 2000 and became a 24% stake owner in 2007.
Source: Press release
Rustomjee Owner Keystone Realtors IPO Fully Subscribed On Day 3
Keystone Realtors IPO was fully subscribed as of 2 p.m. on day 3.
Bidding was led by institutional investors. (2.26 times)
The offer closes November 16.
Source: BSE
European Markets Open Mixed
Midday Market Update
India's stock benchmarks little advanced as gains in IT, industrial and banking stocks were offset by declines in power, realty and metal stocks.
Sensex was trading 0.18% higher at 61,965.97 around 12:28 p.m. Nifty 50 traded mostly flat, up 0.06% at 18,413.85.
Eighteen of Nifty 50 stocks rose while 30 declined and two remained unchanged.
Kotak Mahindra, Dr. Reddy's Laboratories, Coal India, Eicher Motors and Wipro were the top gainers on Nifty 50.
While, Hindalco, Apollo Hospitals Enterprise, JSW Steel, Bajaj Finance and Tata Steel were the top laggards.
The broader indices underperformed their larger peers with mid-cap index losing 0.31% and small-cap index gaining 0.06%.
Fourteen out of the 19 sectoral measures complied by the BSE declined, with BSE Metal losing the most over 1%
The market breadth is skewed in the favour of bears. About 1,599 stocks rose, 1,788 fell and 151 remained unchanged.
KEC International Gains On Order Win
Shares of KEC International gained after the company secured orders worth Rs. 1,294 crore across different business verticals.
The stock gained 4.12%. Total traded quantity is 3.6 times the 30-day average.
The orders include supply of towers in U.S., ballastless track works for Chennai and Mumbai Metro, and supply of cables.
Of the 25 analysts tracking the company, eighteen maintain 'buy', five suggest 'hold' and two recommend 'sell'. The return potential of the stock implies an upside of 8.3%.
Source: Bloomberg, Exchange filings
Paytm Declines On Lock-In Expiry
Shares of One97 Communications, owner of Paytm, fell after a one year lock-in period for its pre-IPO investors ended on Nov. 15.
The stock fell as much as 4.1%, the most since Sept. 26. Total traded volume is 4.2 times the 30-day average.
The stock is set for its second day of decline. It fell to Rs 600.75 today, about 72% off its IPO price of Rs 2,150.
Of the 12 analysts tracking the company, six maintain 'buy', three suggest 'hold' and three recommend 'sell'. The return potential of the stock implies a upside of 41.8%.
Source: Bloomberg
IDFC Clarifies Media Report On Delayed Merger
IDFC said the media report on IDFC merger getting delayed on fair value issue is baseless, false and misleading and from unidentified sources.
The company is committed to its ongoing corporate restructuring plan to enhance shareholders' value.
The company added that it cannot and does not comment on market speculation.
Source: Exchange filing
Simplilearn Raises $45 Million Led By GSV Ventures
– Edtech startup Simplilearn has raised around $45 million (Rs 360 crore) from a consortium led by GSV Ventures.
– Clal Insurance and DisruptAD, Abu Dhabi Sovereign Wealth Fund’s venture platform also participated in this round.
Source: Press Release
Bharat Electronics Gains After Signing MoUs
Shares of Bharat Electronics gained after the company inked four separate MoUs.
The stock gained as much as 2.57% intraday and is now up 1.63%. Total traded quantity is 1.9 times the 30-day average.
The company signed separate MoUs with Hindustan Shipyard, SVC Tech Ventures, U.S.-based Profense, and Yantra India pertaining to the manufacturing of defence equipment.
Of the 30 analysts tracking the company, 26 maintain a 'buy', two suggest a 'hold' and two recommend a 'sell'. The return potential is 8.4%.
Source: Bloomberg, Exchange filing
Bikaji Foods Debuts At 7.05% Premium To IPO Price
Shares of Bikaji Foods listed at Rs 321.15 per share on the BSE, a premium of 7.05% to its IPO price of Rs 300.
On the NSE, the stock listed at Rs 324.60, a 8.20% premium.
Its IPO was subscribed 26.67 times.
Source: BSE, NSE
Medanta Parent Global Health Debuts At 18.5% Premium To IPO Price
Shares of Global Health listed at Rs 398.15 per share on the BSE, a premium of 18.5% to its IPO price of Rs 336.
On the NSE, the stock listed at Rs 401, a 19.3% discount.
Its IPO was subscribed 9.58 times.
Source: BSE, NSE
Rupee Falls 0.5% Against U.S Dollar
Indian currency depreciated by 43 paise or 0.53% to 81.52 against the greenback on Wednesday.
Source: Bloomberg
Nykaa Falls For Second Straight Day
Shares of FSN E-Commerce Ventures, the parent firm of beauty and apparel platform Nykaa, declined for two days in a row.
The stock fell as much as 7.5% intraday and is now trading 3.02% lower. Total traded volume is five times the 30-day average. The stock fell 17% in two days.
The slide comes days after the stock turned ex-bonus. As much as 1.1% equity of the company also changed hands in a bunched trade, according to Bloomberg data.
Of the 20 analysts tracking the company, 15 maintain a 'buy', three suggest a 'hold' and two recommend a 'sell'. The return potential is 35.4%.
Source: Bloomberg
Opening Bell
Indian stock benchmarks opened lower on Wednesday as easing inflation numbers pointed towards a potential slowdown in Federal Reserve rate hikes, while Poland was hit by a Russia-made missile.
Sensex opened about 0.27% lower to open at 61,708.63 . Nifty 50 fell 0.03% to open at 18,398.25.
Cipla, Maruti Suzuki India, Grasim Industries, Eicher Motors, UltraTech Cement were the top gainers on Nifty 50. While, Divi's Laboratories, Power Grid Corporation of India, Hindustan Unilever, Nestle India and Bajaj Finance were the top laggards.
The broader indices outperformed their larger peers with MidCap and SmallCap gaining 0.23% and 0.19% respectively. While LargeCap underperformed its larger peers by losing 0.15%.
Eleven out of the 20 sectoral measures complied by the BSE advanced, with BSE Auto and Consumer Durables gaining the most.
The market breadth is skewed in the favour of bulls. About 1,480 stocks rose, 1004 fell and 121 remained unchanged.
10-Year Bond Yield Flat
Yield on the 10-year bond opened flat at 7.26% on Wednesday.
Source: Bloomberg
Rupee Depreciates Against U.S Dollar
Indian currency depreciated by 28 paise to 81.38 at the open against the greenback on Wednesday. It closed at 81.10 on Tuesday.
Source: Bloomberg
PTC India Financial Board Approves Q4FY22 Results
The board of PTC India Financial Services has approved the results for quarter and year ending Mar. 31, 2022.
The company is awaiting the signed Independent Auditor Report, which is expected shortly.
Source: Exchange filing
Trade Setup For Wednesday
Global Cues
U.S. Dollar Index at 106.67
U.S. 10-year bond yield at 3.78% on Tuesday
Brent crude up 0.77% to $93.86 per barrel
Nymex crude at $87.09 per barrel
SGX Nifty down 0.38% to 18,424.5 as of 6:46 a.m.
Bitcoin down 0.66% to $16,777.9
Listing
Global Health: The company, which operates hospital chain Medanta, will list its shares on BSE and NSE. The shares were issued at Rs 336 apiece, over a face value of Rs 2. The maiden public offering received bids for 9.58 times the equity shares on offer. The QIB portion was subscribed 28.64 times, while the non-institutional investor basket was subscribed 4.02 times. The retail portion was subscribed 88% by the close of the issue on Nov. 7.
Bikaji Foods International: Equity shares of face value Re 1 will be listed on BSE and National Stock Exchange at an issue price of Rs 300 each on Nov. 16. The IPO was subscribed 26.67 times between Nov. 3 to 7. The QIB basket was subscribed 80.63 times, whereas non-institutional investors subscribed their portion 7.1 times. The retail portion was subscribed 4.77 times, and the employee portion was subscribed 4.38 times.
Stocks To Watch
Wipro: The company announced new retail solutions based on Microsoft Cloud and Cloud for Retail.
Bharat Electronics: The company signed separate MoUs with Hindustan Shipyard, SVC Tech Ventures, U.S.-based Profense, and Yantra India pertaining to the manufacturing of defence equipment.
Tata Consultancy Services: The company has been chosen as a strategic partner by flag carrier TAP Air Portugal to accelerate the latter’s digital transformation.
Mahindra & Mahindra: The company launched its first dedicated non-tractor farm machinery plant in Pithampura, Madhya Pradesh.
Reliance Power: Piramal Capital and Housing Finance Ltd. has withdrawn its application against the company to initiate corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code.
Sensex, Nifty To Open Lower On Wednesday
Shares in Asia fell Wednesday as investors balanced encouraging data that supported a slowdown in Federal Reserve rate hikes with Poland saying a Russian-made missile hit its territory.
Commodities including oil and corn jumped as information of the explosion near the border with Ukraine filter through.
Indian benchmark gauges Sensex and Nifty closed in the green on Tuesday with the market breadth favouring the bears. Rise in the indices was supported by gains across sectors, led by oil and gas, auto, and telecommunications stocks.
The rupee reversed losses against the U.S. dollar in a volatile session, resurging on the back of better domestic economic data and a faltering greenback.
At 7:38 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.32% to 18,436.