Share Market Today: Sensex, Nifty At Fresh Record Close; IT Stocks Advance, FPIs Turn Net Sellers

Overseas investors in Indian equities turned net sellers on Thursday, ending a five-day buying spree.

Foreign portfolio investors net sold stocks worth Rs 1,565.9 crore, according to data from the National Stock Exchange.

On Wednesday, FPIs had bought equities worth Rs 9,010 crore—the most so far this year—and ended November as net buyers after two months of selling.

Domestic institutional investors, on the other hand, turned net buyers and mopped up equities worth Rs 2,664.9 crore.

Overall, institutions have net bought Rs 17,344.1 crore worth of equities in November, and net sold Rs 14,452.8 crore worth of Indian equities till date in 2022.

The yield on the 10-year bond declined by 7 bps to 7.21% on Thursday.

The local currency, Rupee appreciated by 20 paise to 81.22 from the previous close of 81.42 against the greenback on Thursday.

During the trading day, the rupee fell below 81 for the first time since Nov. 14.

Source: Bloomberg

After breaching their record performance in early trade, the S&P BSE Sensex and Nifty 50 closed off the all-time highs on Thursday.

The S&P BSE Sensex closed 184.5 points higher at 63,231.96, gaining 0.21%; while the Nifty 50 ended the day 54.1 points higher at 18,812.50, gaining 0.29%.

Continuing the upward momentum, the markets ended in green for the eighth consecutive day. The S&P BSE Sensex closed above 63,000 for the first time yesterday and extended it's upward journey today as well.

Among the Nifty 50 stocks, 23 advanced, while 27 declined. Ultratech Cement, Hindalco, Tata Steel, Grasim and TCS were the top Nifty gainers.

On the other hand, ICIC Bank, UPL, Cipla, Eicher Motors and Bajaj Auto were the top losers.

The broader market indices outperformed their larger peers, with the mid-caps and small-caps gaining 0.62% and 0.63% respectively. The large-cap index mirrored its larger peers, gaining 0.27%.

Out of the 20 sectoral indices compiled by BSE 12 advanced, while eight declined. The market breadth was skewed in favour of the bulls. About 2,062 stocks rose, 1,417 declined and 157 remained unchanged.

• Passenger vehicle sales jump 56% to 30,392 units.

• Medium duty light commercial vehicle sales rise 34% to 16,193 units.

• Three-wheeler sales double to 5,198 units.

• Exports rose 1% to 3,122 units.

Source: Exchange filing

• Total car sales rise 14.3% to 1.59 lakh units.

• Sales of mini and compact cars rose 22.3% to 91,095 units.

• Utility vehicle sales jump 32.5% to 32,563 units.

• Exports fell 7.7% to 19,738 units.

Source: Exchange filing

• Domestic sales rose 41% to 4,483 units.

• Sales of light and medium duty trucks rose 17.3% to 2,526 units.

• Exports fell 70% to 237 units.

Source: Exchange filing

Coforge and Tokio Marine HCC expand their partnership to drive IT transformation worldwide. The stock was up by 2.70% in trade today.

The scrip saw an upside of 4.18% since Nov. 11, on Thursday.

Coforge is currently trading at 3.7 times its 30-day average. The return potential implies an upside of 3.1% over the next 12 months.

Of the 27 analysts tracking the company, 20 maintain 'buy' and three suggest 'hold,' and four analysts recommend to 'sell' the stock.

Source: Bloomberg, Exchanges

• Passenger vehicle sales rose 55% to 46,425 units.

• Total commercial sales fell 10% to 29,053 units.

• Electric passenger vehicle sales jump 146% to 4,451 units.

  Source: Exchange filings

• Total two-wheeler sales rose 2% to 2.64 lakh units.

• Motorcycle sales rose 4%, Scooter sales jumped 12%.

• Total exports fell 12.4% to 84,134 units.

Source: Exchange filing

The Indian benchmarks S&P BSE Sensex and Nifty 50 traded near their all-time highs after scaling new records during the opening today.

At 12:56 p.m., the Sensex traded with 0.46% gains at 63,391.46 on the BSE, while the Nifty 50 advanced by 0.43% to 18,838.45 on the NSE.

During early trade hours, NSE Nifty 50 hit a fresh record high of 18,887.60. S&P BSE Sensex recorded an all-time high of 63,583.07.

Among Nifty 50 stocks, 30 stocks advanced, 19 declined and one remained unchanged. Hindalco, Tech Mahindra, TCS, HCL Tech and Ultratech Cement were the top gainers.

Whereas, Cipla, Bajaj Auto, UPL, HUL and ICICI Bank were the tops Nifty 50 losers.

The broader indices outperformed their larger peers, with the mid-cap gaining 0.73%, while small-cap rising by 0.97% in trade. The large-cap index almost mirrored its larger peers, gaining 0.43%

Sixteen out of the 20 sectoral measures complied by BSE Ltd. advanced, with BSE Information Technology gaining the most over 2%.

The market breadth is skewed in favour of the bulls. About 2,181 stocks rose, 1,219 fell and 152remained unchanged.

Uniparts India IPO was fully subscribed as of 12:30 p.m. on day 2.

• Bidding was led by non-retail investors (1.74 times).

• The offer closes on December 2.

Source: BSE

Easy Trip Planners has entered agreements to acquire the 75% stake in Nutana Aviation. The Gujarat-based Nutana is in the business of renting/booking of charter aircrafts.

The stock was up 8.12% in trade today. It rose as much as 9.71%, the most since Nov. 23.

The stock trades at two times the 30-day average, with a return potential implying a downside of 19.6% over the next 12 months.

Of the four analysts tracking the company, two maintain 'buy,' one suggests 'hold,' and one analyst recommends to 'sell' the stock.

Source: Bloomberg, Exchange Filings

The shares of Timken India rose as much as 11.58% in trade on Thursday, most since Nov. 17, 2022.

The stock movement was triggered after the ball and bearing manufacturing company announced their growth plans over next three to five years in a conference call.

The key highlights from their call available on exchanges, included, the company's investment of Rs 600 crore over next 24 months to expand its addressable market size. Large tenders from Indian railways and cyclical uptick in CV volumes.

Timken also said that continuing shift of production lines by the parent company indicates a foray into the new verticals like defense & aerospace, food & beverages and medical equipment exports in future.

The stock trades at 3.7 times the 30-day average, with a return potential implying an upside of 6.3% over the next 12 months.

Around 44% of analysts changed their price targets on the stock over the past one month. Of the seven analysts tracking the company, five maintain 'buy' and one suggests 'hold,' and one analyst recommends to 'sell' the stock.

Source: Bloomberg, Exchanges, Brokerage Reports

• Malhotra will replace Tarun Bajaj as Revenue Secretary from Dec 1, 2022.

• Prior to this, he was the Secretary of the Department of Financial Services.

Source: Finance Ministry Twitter Handle

The stock of Piramal Enterprises rose as much as 4.24%, the most since Nov. 3, 2022 on Thursday morning as the company's board approved raising up to Rs 250 crore via the issuance of non-convertible debentures.

The stock was up by 3.9%, trading at three times the 30-day average.

Around 63% of analysts changed their price targets on the stock over the past one month. Of the eight analysts tracking the company, seven maintains 'buy' and none suggest 'hold,' and one analyst recommends to 'sell' the stock.

The return potential of the stock implies an upside of 28% in the next 12 months.

All the stocks in the Nifty IT index were trading in the green on Thursday morning.

Nasdaq closed 4.41 higher, led by the positive comments from U.S. Fed Chair Jerome Powell on the reduction of interest rate hikes going forward.

The advances in the Nifty IT index were led by L&T Technology Services gaining more than 5% and Persistent Systems, Mphasis and L&T Infotech logging gains of more than 4% in trade.

• Adani Green has raised a Japanese yen-denominated refinancing facility.

• The facility comprises a 27,954 million yen loan facility, which is around $200 million.

• The facility refinances the 350 MW solar project in Andhra Pradesh, India.

Source: Exchange filing

Manufacturing PMI was at 55.7 in November compared to 55.3 in October.

Source: S&P Global

Shares of Shilpa Medicare Unit IV, Jadcherla, Telangana facility rose after the company recieved Health Canada GMP approval for the inspection conducted from Sept. 12-16 2022.

The stock gained as much as 10.07% on Wednesday The total traded quantity is 23.4 times the 30-day average.

Of the 2 analysts tracking the company, one maintains 'buy' and one suggests 'hold' The return potential of the stock implies a downside of 4.5% in the next 12 months

The GMP approval will allow the company for the commercial distribution of products in Canada and enable new application submissions to Health Canada.

Source: Bloomberg, Exchange Filings

Shares of L&T rose by 4.54%, the most in over 16 weeks

The stock gained as much as 5.06% on Wednesday- the most since July. 29 2022. The total traded quantity is 5.7 times the 30-day average. The relative strength index is 71, suggesting that it may be overbought.

Of the 29 analysts tracking the company, 9 maintains 'buy', seven suggests 'hold' and thirteen recommends 'sell'. The return potential of the stock implies a downside of 12.5% in the next 12 months

Source: Bloomberg

Escorts Kubota Sales In November (YoY)

• Total tractor sales rose 11.9% to 7,960 units

• Domestic tractor dispatches rose 13.4% to 7,359 units

• Tractor exports declined 3.7% to 601 units

Source: Exchange filing

Bajaj Auto Sales In November (YoY)

• Total two-wheeler sales fell 23% to 2,62,120 units

• Two-wheeler exports declined 28% to 1,38,630 units

• Sales of commercial vehicles rose 9% to 44,432 units

• Total sales fell 19% to 3,06,552 units.

Source: Exchange filing

• The rupee gained as much as 43 paise against the dollar to trade below 81.

• This is the first time since November 14 that the rupee is trading below 81.

Source: Bloomberg

Tracking the overnight rally in the U.S. and Asian markets, triggered by the U.S. Federal Reserve's commentary to reduce the magnitude of rate hike, the Indian stock benchmarks opened on a positive note on Thursday.

Touching their new all-time highs, the S&P BSE Sensex and the Nifty 50 indices opened at 63,357.99 & 18,871.95 points, respectively.

Out of the 50 stocks compiled by the Nifty 50 index, 36 stocks advanced and 14 stocks declined.

Tech Mahindra, Infosys, Wipro, Hindalco Industries and HCL Technologies were the top gainers of the gauge.

While, Bajaj Auto, Maruti Suzuki, Hindustan Unilever, SBI Life and Hero MotoCorp were the top laggards.

The broader indices outperformed their larger peers, with the mid-cap and small-cap gauges gaining 0.22% and 0.55%, respectively.

Sixteen of the 19 sectoral indices compiled by BSE advanced with IT stocks gaining the most.

The market breadth is skewed in favour of the bulls. About 1,943 stocks rose, 710 fell and 120 stocks remained unchanged.

Yield on the 10-year bond fell 4bps in opening trade to 7.24% on Thursday

Source: Bloomberg

Indian currency appreciated by 35 paise to 81.08 at the open against the greenback on Wednesday. It closed at 81.42 on Tuesday.

Source: Bloomberg

After Powell indicated smaller rate hikes going ahead, the Dow Jones closed with a gain of 737 points in the U.S. stock markets. While, the S&P 500 rallied 3.09% to end at 4079 points and the Nasdaq closed 4.41% higher.

"Powell’s speech that indicated moderation in rate hikes from December itself fuelled a massive rally in all Asian markets. Strong action can be witnessed in IT stocks today owing to the Fed’s stance," adds Mohit Nigam, Fund Manager & Head - PMS, Hem Securities.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services explains how the FPIs are likely to continue investing in India. He says, "the dip in the dollar index to 105.5 and the US 10-year bond yield declining sharply to 3.63% are hugely favourable for the continuation of FII inflows."

At 8:37 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.46% to 19,004.

• U.S. Dollar Index at 105.56

• U.S. 10-year bond yield at 3.61% on Wednesday

• Brent crude up 2.89% to $85.43 per barrel

• Nymex crude at $80.52 per barrel

• SGX Nifty up 0.43% to 18,997 as of 8:05 a.m.

• Bitcoin up 0.21% to $17,140.61

• Dharmaj Crop Guard: The issue was subscribed 35.49 times as of 7:00 p.m. on Nov. 30. The QIB portion was subscribed 48.21, whereas the HNIs placed bids for 52.29 times the portion reserved for them. The retail portion was subscribed 21.53 times, and employees’ basket was subscribed 7.48 times.

• Uniparts India: The issue was subscribed 58% on the opening day. While no bids were placed for the QIB quota, non-institutional bidders subscribed 90% of the portion reserved for them. Retail basket was subscribed 77% on the first day of the IPO.

• ABB India: Integrated Core Strategies (Asia) sold 10.9 lakh shares (0.51%) at Rs 2,997.22 apiece.

• Bajaj Holdings & Investment: Integrated Core Strategies (Asia) sold 5.84 lakh shares (0.52%) at Rs 6,266.25 apiece.

• Easy Trip Planners: IShares Core Emerging Markets Mauritius bought 24.82 lakh shares (0.23%) at Rs 62.98 apiece.

• Indian Hotels: Government of Singapore Investment Corporation bought 94.74 lakh shares (0.67%) at Rs 321.77 apiece, Integrated Core Strategies (Asia) sold 1.44 crore shares (1.02%) at Rs 321.47 apiece.

• PC Jeweller: Capri Global Holdings bought 40 lakh shares (0.86%) at Rs 78.5 apiece.

• Tube Investments of India: Integrated Core Strategies (Asia) sold 17.35 lakh shares (0.9%) at Rs 2,766.83 apiece.

• TVS Motor Company: Government of Singapore Investment Corporation bought 24.7 lakh shares (0.52%) at Rs 1,047.81 apiece, Integrated Core Strategies (Asia) sold 39.77 lakh shares (0.84%) at Rs 1,046.69 apiece.

• Varun Beverages: Integrated Core Strategies (Asia) sold 48.06 lakh shares (0.74%) at Rs 1,245.01 apiece.

• Zomato: Camas Investments bought 9.8 crore shares (1.15%) at Rs 62 apiece, Alipay Singapore Holding sold 26.29 crore shares (3.07%) at Rs 62.06 apiece.

• Punjab National Bank: The bank hiked MCLR rates by 5 basis points across tenors, with effect from Dec. 1.

• Wipro: The company will support Amazon Security Lake, a cybersecurity data lake by Amazon Web Service. The company also launched Wipro Data Intelligence Suite, a one-stop solution for accelerating cloud modernisation and data monetisation, focused on modernising data estates, including data stores, pipelines and visualisations, running on Amazon Web Services.

• MOIL: The company has fixed/revised the prices of different grades of manganese ore and electrolytic manganese dioxide for the three months to December 2022.

• Britannia Industries: The company appointed Abhishek Sinha, Chief Business Officer, dairy business, as the chief executive officer of Britannia Bel Foods, its joint venture with France-based Bel.

• Grasim Industries: Income Tax Appellate Tribunal, Mumbai, quashed the dividend distribution tax demand over the demerger of financial services business.

• Tata Consultancy Services: The company has been selected by Rail Delivery Group help create the U.K. government's Rail Data Marketplace.

• KPI Green Energy: The board of the company has recommended issue of bonus shares in the ratio 1:1.

• Apollo Hospitals Enterprise: The board approved issue of non-convertible debentures worth Rs 105 crore.

• Dynamatic Technologies: The company signed long-term contract with Spirit AeroSystems for detail part manufacturing.

• Bank of India: The bank hiked MCLR rates across tenors by 25 basis points, with effect from Dec. 1.

Stocks in the U.S. leaped in the last leg of trade as Federal Reserve Chair Jerome Powell signaled a slowdown in the pace of rate hikes. The Asian stock markets also extended their gains following the sharp rally on Wall Street.

Powell’s comments affirmed the expectations that Federal Reserve will raise interest rates by 50 basis points this month, a departure from a run of four 75 basis point hikes.

Oil surged 2.8% above $80 a barrel after government data showed that U.S. stockpiles declined the most since 2019. Gold futures changed little, while Bitcoin rose 2.2% to cross $16,800-level.

The Indian benchmark indices continued their rally to touch new record highs, with Sensex touching the 63,000-mark for the first time ever. All 20 sectoral indices compiled by BSE Ltd. closed in green, with BSE Utilities rising the most at 2.52%.

The Indian economy grew at a slower pace in the July-September quarter as the base normalised. The GDP grew 6.3% year-on-year in the second quarter of FY23, compared with 13.5% for Q1, according to data released by the Ministry of Statistics and Programme Implementation.

Rupee registered gains against the U.S. dollar to close higher as the greenback faltered in the global markets and domestic equities surged.

At 8:05 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.43% to 18,997.