sensex today: Stock Market Highlights: Nifty forms long bullish candle on daily charts. What traders should do on Thursday
The hourly and daily upper Bollinger Bands expanded along with price action, which assisted the bulls today. Momentum oscillator RSI gave a falling trend line breakout.
Analysts said Nifty looks set to test the 19,000 mark while on the downside, 18,700-18,600 has now become a short-term base for the index.
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Tech View: Nifty forms long bullish candle on daily charts. What traders should do on Thursday
With Nifty scaling new peaks, a long bullish candlestick with a minor upper shadow was formed on the daily scale. This pattern indicates the continuation of the upside momentum in the market.The hourly and daily upper Bollinger Bands expanded along with price action, which assisted the bulls today. Momentum oscillator RSI gave a falling trend line breakout.Analysts said Nifty looks set to test the 19,000 mark while on the downside, 18,700-18,600 has now become a short-term base for the index.
India GDP grows at 6.3% in Jul-Sept quarter
India’s economy grew by 6.3 per cent in the second quarter of the current fiscal, official data released on Wednesday showed. The gross domestic product (GDP) had expanded by 8.4 per cent in the July-September quarter of 2021-22, according to data released by the National Statistical Office (NSO).Analysts had projected the Indian economy would expand at half of the growth rate of 13.5 per cent recorded in April-June quarter this fiscal.According to rating agency Icra, the GDP was likely to grow at 6.5 per cent while State Bank of India in its report, projected the growth rate at 5.8 per cent for July-September, 2022.
Anicut Capital gets SEBI nod for Rs 1,500-cr debt fund
Debt and equity investment firm Anicut Capital has received market regulator Securities and Exchange Board of India (SEBI) approval for a Rs 1,500-crore debt fund. Anicut Capital’s third debt fund, Grand Anicut Fund 4, includes a green shoe option of Rs 500 crore, the firm said on Wednesday.The asset management company plans to launch the fund in the January-March 2023 quarter and aims first close by the end of the same quarter.
The BANK NIFTY index continued to trade in a narrow range between 43,000-43,500 where both the bulls and the bears are sitting on the lines. The undertone remains bullish and one should keep a buy-on-dip approach as long as it maintains the support of 42,800 on the downside. The index on the upside to resume the momentum must surpass the hurdle of 43,500 on a closing basis.
– Kunal Shah, Senior Technical Analyst at LKP Securities
Domestic market continued its quest for gains, boosted by FII inflows. However, markets will be sensitive to the Fed Chair’s remarks later in the day, as investors are expecting a moderation in the pace of rate hikes. An In-line comment will help to sustain the rally while loosening COVID-19 restrictions in China is providing relief to global markets
– Vinod Nair, Head of Research at Geojit Financial Services
Indian equity markets are cheering at their all-time highs, snubbing the volatility of global markets. The broader market is also trying to catch up momentum as Nifty midcap and smallcap indices are still well below this all time highs. The beauty of the current rally is that the market is finding support from new sectors every day. In the second half of 2022, there is a clear trend of outperformance of Indian equity markets. This trend is likely to continue despite the fact that we are trading at expensive valuations compared to most of our global peers, as our fundamentals are strong and we have strong support from domestic money. The market will react to Jerome Powell’s speech tomorrow, and auto sales figures will cause stock-specific movements. The market’s attention will then shift to the Gujarat election and RBI policy. Globally, news flow from China may continue to cause volatility, while the movement of the dollar index, US bond yields, and crude oil prices will be other important factors. The only concern is that the market is overbought, which may lead to some pullback or consolidation at higher levels, but there are no major signs of weakness. Technically, Nifty has immediate targets of 18888 and 19000, while on the downside, 18700 and 18500 will act as strong support levels.
– Mr. Santosh Meena, Head of Research, Swastika Investmart
Rupee gains 33 paise to close at 81.39 (provisional) against US dollar
Sector Watch: PSU Banks sole loser
Gold falls Rs 71; silver declines Rs 66
Gold price declined Rs 71 to Rs 53,300 per 10 grams in the national capital on Wednesday amid rupee appreciation, according to HDFC Securities. In the previous trade, the yellow metal had touched Rs 53,371 per 10 grams.Silver also dropped Rs 66 to Rs 63,199 per kilogram.”Spot gold prices in the Delhi markets were down amid stronger rupee and risk-on sentiments,” Dilip Parmar, Research Analyst at HDFC Securities, said.The rupee gained 28 paise to 81.44 against the US dollar.
Market Stats: Advance-decline ratio in favour of buyers
Top Nifty50 performers & laggards
Closing Bell: Sensex ends above 63K for the first time; Nifty tops 18,700; HUDCO rallies 9%, IRFC cracks 7%
SENSEX AT NEW HIGH, TOPS 63,000
SENSEX HITS NEW HIGH, CROSSES 62,900 MARK
NIFTY SURPASSES 18,700 FOR FIRST TIME
Gateway Distriparks to commence container train services at ICD Kashipur
Price as on 30 Nov, 2022 02:31 PM, Click on company names for their live prices.
Citi sees global growth to slow below 2% in 2023
Strategists at the brokerage cited continued challenges from the COVID-19 pandemic and the Russia-Ukraine war — which skyrocketed inflation to decades-high levels and triggered aggressive policy tightening — as reasons behind the outlook.
Dollar heads for biggest monthly loss since 2010 ahead of Powell speech
Harmonised consumer inflation is expected to have risen by 10.4% in November, down from October’s final reading of 10.6%. It’s still more than five times the European Central Bank’s target rate. But after almost two years of near-relentless acceleration in inflation, markets could welcome any sign that the worst may be over.
Gas stocks rise due to cap in gas prices
Price as on 30 Nov, 2022 01:39 PM, Click on company names for their live prices.
Federal Reserve is likely to raise rates by 50 bps in Dec 22 policy, hiking overnight rates by cumulative 425 bps during CY 2022. Average CPI in India for FY 24 is expected in the band of 5.00-5.25%. Assuming 100 bps real rates, terminal repo rate in India could be ~ 6.25%. We expect 35 bps hike in the Dec 22 policy, along with change in monetary policy stance from “withdrawal of accommodation” to “neutral” indicating further action to be data dependent. Post this hike, the overnight rates in India would have increased by ~ 300 bps during CY 2022.
– Deepak Agarwal, CIO (Debt), Kotak Mutual Fund
Enforcement Directorate probing Ashok Leyland for alleged sale of BS-3 vehicles in defiance of Supreme Court orders
Price as on 30 Nov, 2022 12:59 PM, Click on company names for their live prices.
We are in an expensive spot. I do not think now is the time to recommend and cajole people to buy more equity. Maybe the time is right to diversify on a relative basis. NASDAQ is fairly cheap compared to many companies that are available both on the private and the public side today. One really has to go through all the options and figure out what might make more sense.
– Nikhil Kamath, CO-Founder, Zerodha & True Beacon
Shares of Gland Pharma fell nearly 5% to Rs 1788 in Wednesday’s intraday trade after the company said it will buy French pharmaceutical firm Cenexi as it looks to expand its presence in the European markets.
Price as on 30 Nov, 2022 12:37 PM, Click on company names for their live prices.
Macquarie on Bajaj Finance
#BrokerageRadar | @Macquarie on Bajaj Finance: Maintain Underperform; Risk-reward is unfavourable at elevated valua… https://t.co/ccbtrk1bDU
— ET NOW (@ETNOWlive) 1669786197000
Top 5 losers from the IT pack
Price as on 30 Nov, 2022 12:02 PM, Click on company names for their live prices.
Sensex can rise another 9% by 2023-end: Poll
With one month to go, the index is only about 300 points below where analysts in a Reuters poll one year ago said it would be by end-2022.
The Nifty 50, which has also hit a record high, was forecast to gain 4.7% from Tuesday’s close of 18,618.05 to 19,500 by mid-2023, and reach 20,500 by end-2023.
But by most measures, the Indian market looks overbought.
These metal stocks gain the most, rise up to 4%
Price as on 30 Nov, 2022 11:12 AM, Click on company names for their live prices.
Nifty target of 20,500 for next year, remain market-weight in India: Goldman Sachs
#MarketRadar | "Nifty target of 20,500 for next year, remain market-weight in India," says Sunil Koul of… https://t.co/wn6trnZNA2
— ET NOW (@ETNOWlive) 1669785796000
India may consider gold for capital gains tax (Source: ET Now)
India may look at the reclassification of certain assets, such as gold, for computation of capital gains tax, news website ET Now said on Wednesday, citing sources.
Ashoka Buildcon emerged as lowest bidder (L-1) for NHAI for the project with bid value of Rs 1669 crore.
Price as on 30 Nov, 2022 10:32 AM, Click on company names for their live prices.
NMDC increases iron ore lump and fine prices by Rs 300/tn each
#StocksInNews | NMDC increases iron ore lump and fine prices by Rs 300/tn each @nmdclimited #StockMarket… https://t.co/HMWP5Y87sO
— ET NOW (@ETNOWlive) 1669784395000
Biocon on Tuesday said its unit Biocon Biologics has completed the multi-billion dollar acquisition of the global biosimilars business of its partner Viatris Inc. In February this year, Biocon Biologics inked a pact to acquire Viatris Inc’s biosimilars business for consideration of up to USD 3.33 billion (about Rs 24,990 crore).
Price as on 30 Nov, 2022 10:11 AM, Click on company names for their live prices.
Uniparts India IPO kicks off today: Should you subscribe?
The majority of the brokerage firms remain positive on the issue, citing reasonable valuations, strong business models, robust growth prospects and attractive opportunities. However, being entirely an OFS is a key risk to the issue, according to analysts.
Wind energy solutions provider Inox Wind on Tuesday said the company and its arm Inox Green Energy Services have paid debts of Rs 411 crore. Inox Wind Ltd and its subsidiary Inox Green Energy Services Ltd, as part of the strategic initiative to deleverage their respective balance sheets, have recently paid Rs 250 crore and Rs 161 crore (aggregating to Rs. 411 crore) towards reducing their debt, an exchange filing said.
Price as on 30 Nov, 2022 09:42 AM, Click on company names for their live prices.
Yes Bank, HUDCO, PNB among most active stocks on NSE
Price as on 30 Nov, 2022 09:37 AM, Click on company names for their live prices.
NDTV founders Prannoy Roy and his wife Radhika Roy have resigned as the directors of promoter group vehicle RRPR Holding Private Limited as the Adani Group neared takeover of the television channel. RRPR, which has been acquired by Adani Group, held 29.18 per cent stake in the news channel. The Roys, however, still hold a 32.26 per cent stake in NDTV as promoters and have not resigned from the board of the news channel.
Price as on 30 Nov, 2022 09:33 AM, Click on company names for their live prices.
A brief period of upsides failed to gather momentum, resigning USD-INR within the 81.70-81.53 band discussed yesterday. We may have to let go of the upside expectations, if USD-INR prefers the 81.6 – 81.53 vicinity early in the day, but will play a collapse only once below 81.35.
– Anand James – Chief Market Strategist at Geojit Financial Services
Watch: Ridham Desai of Morgan Stanley on Indian markets & more
LIVE | Market Makers with Ridham Desai of Morgan Stanley @nikunjdalmia @rndx1 @morganstanley #StockMarket… https://t.co/mrBDjasPs7
— ET NOW (@ETNOWlive) 1669780533000
An important feature of the ongoing rally which has taken the Sensex and Nifty to record highs is that this is a mature rally led by high quality stocks in performing sectors. There is no celebration in the market because this rally has largely bypassed the broad market. While the Nifty is up 7.2 % YTD, the Nifty Small cap Index is down by around 12% YTD. So, the vast majority of retail investors whose portfolios are predominantly small cap oriented, have not benefited from this rally. This experience also underlines the importance of investing in quality stocks. Since the valuations are elevated from a near-term perspective, there is no scope for the rally to continue unabated. Profit booking and DII selling at higher levels can trigger corrections. The Fed chief’s observations today will be important for global markets. Markets expect indications of slowing down the rate hikes. Any comments to the contrary will be negative for markets.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Opening Bell: Sensex rises 100 points, Nifty above 18,600; KRBL, Paisalo Digital gain 3% each
75.9 lakh Zomato shares trade in block deals
Pre-open session: Sensex sheds 190 points, Nifty below 18,600
SGX Nifty signals a negative start
Nifty futures on Singapore Exchange traded 15 points lower around 8 am, signalling a flat start for Dalal Street on Wednesday.
Asian stocks decline
Asian stocks followed US equities lower as investors weighed Covid developments in China and awaited a speech from Federal Reserve Chair Jerome Powell later Wednesday. Shares fell in Japan, South Korea and Australia while futures contracts for Hong Kong slid, indicating a pause in the optimism that drove a gauge of the region’s shares higher on Tuesday.
US stocks end lower ahead of Fed speech
The S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes. Investors also focused on recent protests against COVID-19 curbs in China, including at the world’s biggest iPhone factory.
Dollar near one-week high
The U.S. dollar stuck close to a one-week high on Wednesday, holding on to gains from a three-day rally, as investors braced for comments from Federal Reserve Chair Jerome Powell later and a crucial monthly jobs report at the end of the week.The euro hovered near a one-week low after German and Spanish consumer price figures came in weaker than expected, triggering a lowering of rate hike bets for the European Central Bank and pointing a spotlight at euro zone inflation due later Wednesday.
Oil up as U.S. crude stocks seen falling
Brent crude futures were up 65 cents or 0.8% at $83.68 per barrel by 0132 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 68 cents or 0.9% to $78.88 per barrel.
FII/DII action
Foreign portfolio investors (FPIs) on Tuesday net bought shares worth Rs 1,242 crore, provisional data showed. DIIs on the other hand, net sold shares to the tune of Rs 744 crore. In November so far, FPIs have net bought shares worth $3.5 billion, more than double of what they did in October.
Stocks in F&O ban today
Bharat Heavy Electricals, Delta Corp, Indiabulls Housing Finance, and Punjab National Bank. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Indices scale new highs
The Nifty advanced 55.30 points, or 0.3%, to a new record close of 18,618.05. The Nifty touched a new intraday high of 18,678.10, beating its previous record of 18,614.25 on Monday. The Sensex also closed at a record of 62,681.84, up 177.04 points, or 0.28%, from the previous close. It touched a new intraday high of 62,887.4 before paring some of the gains.
Rupee ends lower
The Indian unit ended lower against the dollar onTuesday, paring all of the intraday gains. The rupee settled at 81.72 a dollar, against 81.67 on Monday. During the day, it had risen to a high of 81.56 against the greenback.
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