Share Market Today: Sensex, Nifty Close At All-Time High, FMCG Leads; FPIs Stay Net Buyers

Overseas Investors remained net buyers for the fourth day in a row on Tuesday.

Foreign portfolio investors net bought equities worth Rs 1,241.57 crore, according to data from the National Stock Exchange.

Domestic institutional investors turned net sellers and sold equities worth Rs 744.42 crore.

Institutions have net bought Rs 11,291.01 crore worth of equities so far in November, and net sold Rs 20,405.9 crore worth of Indian equities till date in 2022.

Yield on the 10-year bond closed flat at 7.27%.

Source: Bloomberg

The local currency reversed its opening gains on Tuesday and depreciated by 5 paise to close at 81.72 against the greenback.

It closed at 81.66 on Monday.

Source: Bloomberg

Indian stock benchmarks clocked fresh all-time highs on Tuesday, extending gains for sixth straight session.

The S&P BSE Sensex closed at 0.28% higher at 62,681.84, while the Nifty 50 gained 0.24% to end at 18,608.10.

During the day, Sensex, Nifty touched new all-time highs of 62,887.40 and 18,678.10, respectively.

Among the Nifty 50 stocks, 22 advanced, while 28 declined.

Hindustan Unilever, JSW Steel, Cipla, Britannia Industries and Hero MotoCorp were the top Nifty gainers.

On the other hand, IndusInd Bank, Bajaj Finserv, Coal India, Power Grip Corp and Maruti Suzuki were the top losers.

The broader market indices underperformed their larger peers, with the mid-cap and small-cap losing 0.39% and 0.29% respectively. While large-cap index outperformed its larger peers, gaining 0.33%.

Eleven of 20 sectoral indices compiled by BSE advanced, with BSE FMCG leading the advance and gaining the most over 1%.

The market breadth is skewed in favour of the bear. About 1,723 stocks rose, 1,754 fell and 150 remained unchanged.

Gland Pharma said it is not aware of any information that promoters Fosun Pharma or parent Fosun International are considering sale of shares of the company.

Source: Exchange filing

Delhivery shares surged 7.21%, the most since Nov.1, after large trades.

The scrip traded at a new 52-week low value of Rs 306.25 in trade followed by a sharp surge of as much as 4.7% today.

The company had at least 35 lakh shares traded in at least two bunched trades.

Out of the 14 analysts tracking the stock, nine maintain 'buy,' three suggest 'hold,' while two recommend a 'sell'. The return potential of the stock implies an upside of 36.4% over the next 12 months.

Source: Bloomberg

• The fund will invest Rs 500 crore in NCDs issued by Sanghi Industries Ltd and Rs 50 crore in another group company.

• This infusion will help the company’s liquidity profile, and enhance its operations.

• Sanghi Industries is part of the Ravi Sanghi Group and manufactures and distributes cement under the brand Sanghi Cements.

Source: Company statement

• SBI board has approved a proposal to raise Rs 10,000 crore via infrastructure bonds during FY23.

• This includes a green shoe option of Rs 5,000 crore.

• The proposed sale will be through a public issue or private placement.

Source: Exchange filing

Bandhan Bank surges more than 4.5% in trade today. CLSA has raised the recommendation on the bank to 'buy,' with a price target of Rs 300. The stock is currently trading in the range of Rs 235-237.

The stock was up most since Aug 24, 2022, trading at 2.2 times the 30-day average.

Out of the 29 analysts tracking the stock, 22 maintain 'buy,' six suggest 'hold,' while one recommend a 'sell'. The return potential of the stock implies an upside of 39.1% over the next 12 months.

Source: Bloomberg

The shares of Zydus Lifesciences Ltd. surged by nearly 2% in trade after they announced the purchase of Watson Pharma's active pharmaceutical ingredients business.

The company also announced the appointment of two new independant directors, Akhil Monappa & Upasana Kamineni Konidela for the first term of five consecutive years.

The stock rose as much as 2.14%- gaining the most this week. Out of the 33 analysts tracking the stock, 18 maintain 'buy,' 10 suggest 'hold,' while five recommend a 'sell'. The return potential of the stock implies an upside of 12.8%.

Source: Bloomberg, Exchanges

Shares of Britannia Industries advanced after it entered a joint venture with France's Bel Group.

The stock gained as much as 2.11%, the most since Nov. 9. Total traded quantity is 1.5 times the 30-day average. The relative strength index was at 75, suggesting that the stock may be overbought.

Britannia India and France’s Bel Group will make and market cheese products in India and other countries via Britannia Dairy, a joint venture.

Britannia will sell 49% of its equity stake in the dairy unit for Rs 262 crore to Bel.

51% equity in Britannia Dairy will continue to be held by Britannia.

Out of the 42 analysts tracking the stock, 27 maintain 'buy,' 12 suggest 'hold,' while three recommend a 'sell'. The scrip's return potential is 3.6%.

Source: Exchange filing

Indian benchmarks S&P BSE Sensex and Nifty 50 traded near their all-time highs after breaching the levels earlier today.

At 12:32 p.m., the Sensex traded with 0.55% gains at 62,853.18 on the BSE, while the Nifty 50 advanced by a similar magnitude to 18,665.75 on the NSE. Among Nifty 50 stocks, 37 stocks advanced and 13 declined.

During early trade hours, NSE Nifty 50 hit a fresh record high of 18,631.65. S&P BSE Sensex recorded an all-time high of 62,722.34, gaining 0.35%.

Out of the 50 Nifty 50 constituents, 33 advanced and 16 stocks declined, while one remained unchanged. Hindustan Unilever, Nestle India, Tata Steel, Hindalco Industries and JSW Steel were the top gainers.

Whereas, Bajaj Finserv. IndusInd Bank, Power Grid Corp, BPCL, and Coal India were the tops Nifty 50 losers.

The broader indices underperformed their larger peers, with the mid-cap losing 0.20%, while small-cap remaining flat.

The large-cap almost mirrored its large peers, gaining 0.57%

Twelve out of the 20 sectoral measures complied by BSE Ltd. advanced, with BSE FMCG gaining the most over 1%.

The market breadth is skewed in favour of the bulls. About 1,816 stocks rose, 1,571 fell and 159 remained unchanged.

Out of the 15 constituents of the Nifty FMCG index, 13 stocks have advanced, while two have declined in trade today. Nifty FMCG index is up by 1.8%.

Top FMCG gainers include, Dabur India, Hindustan Unilever, Marico, Godrej Consumer and Nestle India.

Dabur was up by more than 6.5%. While, FMCG major, Hindustan Unilever led the advance by contributing the most to Nifty 50.

Source: NSE

New Delhi Televison was up by 5% in trade on Tuesday as the company's promoter group, RRPR Holding is now controlled by Adani Group-owned Vishvapradhan Commercial Pvt. Ltd.

The scrip touched an upper circuit of Rs 426.40 and saw a spurt in their volumes by more than 1.86 times.

According to an NDTV exchange filing from last night, RRPR Holding issued equity shares constituting 99.5% of its equity share capital to Vishvapradhan Commercial.

In a separate exchange filing, Adani Enterprises Ltd. said that VCPL has received a letter from RRPR Holding confirming issue of equity shares constituting 99.5% stake.

Source: Bloomberg, Exchange Filings

Lupin gains more than 1.89% after they announced the launch of their new inhalation solution, Formoterol Fumarate in exchange filings.

As per the exchange filings, Formoterol Fumarate Inhalation Solution is estimated to have annual sales of 2,189 crores in the U.S.

The stock gained as much as 3.5%, most since Nov. 11.

Out of the 43 analysts tracking the stock, 13 maintain 'buy,' 19 suggest 'hold,' while 11 recommend to 'sell' the stock. The scrip's return potential implied a downside of 2.1% in the next 12 months.

Source: Bloomberg, Exchange Filings

The shares of Gland Pharma advanced in over six months today after the Shanghai Fosun Pharmaceutical Group Co announced that they are considering a sale of their stake in the company.

The exchanges have sought clarification from Gland Pharma on the report of Fosun Pharma's stake sale in the company.

The stock was up by 5.67% since May 13. The total traded volume of the scrip was 1.6 times the 30-day average.

Out of the 20 analysts tracking the stock, 13 maintained a 'buy,' three suggest 'hold,' while four recommend to 'sell' the stock. The return potential implies an upside of 33.4% over the next 12 months.

Fosun Pharma acquired a 74% stake in Gland for about Rs 8,990 crore in 2017 from an investor group including KKR & Co.

Source: Bloomberg

The Indian rupee swung between gains and losses against the U.S. dollar on Tuesday.

The local currency opened at 81.57, appreciating by nine paise.

By early trade, the rupee appreciated to 81.56 only to pare gains and slip into losses to 81.68 by 11 a.m. The rupee had hit a record low of 83.29 on Oct. 20.

Godrej Consumer rose as much as 2.8% as it advanced the most since Nov. 14, 2022, today.

As per Bloomberg's compiled data, 57% of analysts have changed their price targets for the stock over the last month.

Out of the 37 analysts tracking the stock, 30 have maintained a 'buy,' six suggest 'hold' and one entity recommends 'sell'.

The return potential of the stock implies an upside of 9.6% over the next 12 months.

Tata Motors and IndusInd Bank have inked a pact to offer electric vehicle dealer financing solutions to its passenger EV dealers.

IndusInd Bank will provide additional inventory funding and ‘attractive’ pricing to authorised EV dealers of Tata Motors

Additional inventory funding will be over and above ICE finance limit of dealers.

Repayment tenure will range from 60 days to 75 days.

The lender will also offer additional limit to cater to high demand phases, available to dealers twice a year.

Source: Exchange filings

Hindustan Aeronautics Ltd. has given additional charge of chairman and managing director to C B Ananthakrishnan, the director (finance) of the company, for a period of three months from Nov.1 or till a new incumbent is named.

The stocks was trading with the losses of 0.49% on exhanges.

Source: Exchanges

One 97 Communications Ltd., the operator of Paytm, traded in green on Tuesday. The stock was up as much as 2.87% after CLSA upgraded the beaten-down stock to 'buy' from 'sell,' citing that the stock "warrants a look" after the recent drawdown.

Paytm saw a large number of price target revisions as 36% of analysts changed their price targets for the stock over the last month.

The relative strength index of Paytm was at 27, which indicates that the stock maybe oversold.

Out of the 12 analysts tracking the stock, seven maintained 'buy,' three suggest 'hold,' while two analysts recommended to 'sell' the stock.

Source: Bloomberg, Exchanges, Brokerage Notes

Laurus Labs nosedived more that 5.7% in the early hours of trade as Kotak Institutional Equities downgraded the stock to 'sell,' implying the stock to deliver less than 5% returns over the next 12 months.

Kotak has downgraded the stock after the South African antiretroviral drugs tender saw a significant reduction in pricing.

The consensus analyst recommendation for the stock also fell from 'buy' to 'hold'. Out of the 14 analysts tracking the stock, nine maintained 'buy,' two recommend 'hold,' while three suggested to 'sell' the scrip.

Source: Bloomberg, Exchanges, Brokerage Notes

• Benchmark NSE Nifty 50 has hit a fresh record high of 18,631.65.

• The 50-stock gauge rose as much as 0.37% to hit a fresh high.

• S&P BSE Sensex recorded an all-time high of 62,722.34, gaining 0.35%.

Source: Exchanges

Indian stock benchmarks opened with a gap-down start on Tuesday after scaling fresh all time highs on Monday.

The S&P BSE Sensex opened 0.23% lower at 62,362.08. Whereas, Nifty 50 opened flat with marginal cuts of 0.06% at 18,552.45.

Out of the 50 stocks compiled by the Nifty 50 index, 37 stocks advanced and 13 stocks declined in trade.

Top Nifty gainers include Hindalco Industries, Britannia Industries, Cipla, Titan Company and Hindustan Unilever. Whereas, BPCL, Maruti Suzuki, HDFC Bank, HDFC and Tata Motors were the top losers in trade.

The small-cap index gained 0.41%, while mid-cap index underperformed by remaining flat.

Fifteen of the 19 indices compiled by BSE advanced with utilities and power gaining the most.

The market breadth is skewed in favour of the bulls. About 1,809 stocks rose, 895 fell and 125 stocks remained unchanged.

Yield on the 10-year bond opened flat at 7.28% on Tuesday.

Source: Bloomberg

Indian currency appreciated by 8 paise to 81.57 at the open against the greenback on Tuesday. It closed at 81.66 on Monday.

Source: Bloomberg

• The board of Adani Enterprises has sought shareholders’ approval to raise funds via a postal ballot by December 30.

• The board had earlier approved raising Rs 20,000 crore via FPO on November 25.

Source: Exchange filing

• U.S. Dollar Index at 106.68

• U.S. 10-year bond yield at 3.69% on Monday

• Brent crude down 0.53% to $83.2 per barrel

• Nymex crude at $76.53 per barrel

• SGX Nifty is down 0.34% to 18,665.5 as of 8:10 a.m.

• Bitcoin fell 0.12% to $16,177.5.

Inox Green Energy Services: Dovetail India Fund Class 6 Shares sold 18 lakh shares (0.62%) at Rs 61.69 apiece.

Dharmaj Crop Guard: The issue was subscribed 1.79 times on its opening day. The QIB portion was subscribed 35%, whereas the HNI basket received bids for 1.8 times its size. The retail portion was subscribed 2.6 times, and employees placed bids for 1.77 times the portion reserved for them.

Uniparts India Ltd: The manufacturer of systems and components for the off-highway market in agriculture, construction, forestry and mining sector, will launch its initial public issue between Nov. 30 to Dec. 2.

The issue comprises of an offer for sale of 1.44 crore shares by the promoter group and selling shareholders at a price band of Rs 548-577 apiece in the IPO. The size of issue is Rs 835.60 crore.

• NDTV/Adani Enterprises: NDTV promoter group RRPR Holding issued equity shares constituting 99.5% of its equity share capital to Adani Group-owned Vishvapradhan Commercial on Nov. 28.

• Lupin: MedQuímica Indústria Farmacêutica, a Brazil-based wholly owned subsidiary of the company, has acquired all rights to nine medicines from BL Indústria Ótica, a subsidiary of Bausch Health Companies.

• Can Fin Homes: The board has declared an interim dividend of Rs 1.50 on each share with a face value Rs 2.

• Adani Enterprises: The company denied reports that it is looking to raise $5 billion from wealth funds.

• Bharat Bijlee: Life Insurance Corporation of India has reduced its shareholding in the company to 4.54% from 6.7%.

• NBCC (India): The company has received work orders worth Rs 271.62 crore in two projects of Amrapali Group.

• Motilal Oswal Financial Services: Motilal Oswal Alternates, an alternative arm of Motilal Oswal Group, has invested Rs 450 crore in two projects of Shapoorji Pallonji Real Estate, a statement from the former said.

• Lumax Industries: Sets board meeting on Dec. 7 to consider and approve the proposal for setting up a new manufacturing unit in Chakan, Pune and funding options.

• Piramal Enterprises: Meeting of the Administrative Committee of the Board of Directors will be held Dec. 1 to consider and approve the issue of NCDs up to Rs 50 crore along with an option to retain oversubscription up to Rs 200 crore on a private placement basis.

• Kolte Patil: Gopal Laddha as chief financial officer resigned with effect from the close of business hours on Nov. 28; Khiroda Chandra Jena is appointed as chief financial officer of the company with effect from Nov. 29.

Stocks opened on a cautious note in Asia on Tuesday after the Federal Reserve officials stressed that more interest rate hikes were coming and as Covid-19 protests eased in China amid heavy police presence on city streets.

At 8:10 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.34% to 18,665.5.

Fed Bank of St. Louis President James Bullard said markets may be underestimating the chances of higher rates. His New York counterpart John Williams noted policymakers have more work to do to curb inflation. Fed Vice Chair Lael Brainard said the string of supply shocks is keeping inflation risks elevated. [read more here]

Elsewhere, oil fell Tuesday after gaining Monday when OPEC plus was seen considering deeper output cuts amid a faltering market.

The Indian benchmark indices Sensex and Nifty closed at new record highs on Monday, led by gains in oil and gas, and energy stocks. Broader market indices outperformed their larger peers.

The rupee opened weaker against the U.S. dollar but pared losses to end with little change.