Highlight of 29/11/2022
Sensex, Nifty Monday Market
Update 28/11/2022 -7. 22A.M–The record run continued on Dalal Street on November 28, with equity benchmarks the Sensex and the Nifty rising to fresh record highs supported by buying across sectors barring metals. The 30-pack Sensex touched a record high of 62,701.4 during the day before closing at 62,504.80, up 211.16 points, or 0.34 percent. The broad-based Nifty hit a new high of 18,614.25 before finishing at 18,562.80, up 50 points or 0.27 percent. It took Nifty 13 months to reach a new high. Its previous best was 18,604.45 posted on October 19, 2021. BPCL, Reliance Industries, Hero MotoCorp, Tata Consumer Products and SBI Life Insurance were among the top Nifty gainers. The losers included Hindalco Industries, JSW Steel, Apollo Hospitals, Tata Steel and Bharti Airtel.Barring metal, down 1 percent, all sectoral indices ended in the green. The Nifty energy index jumped 1.3 percent and the auto rose 0.6 percent’s midcap and SmallCaps indices added 0.7 percent each. On the BSE, the oil & gas index rose 1.5 percent and the auto index added 0.6 percent, but the metal index was down 1.4 percent.
Maharashtra Seamless to take maintenance shutdown of hot mill facility for 4 weeks
Maharashtra Seamless has informed that maintenance shutdown of hot mill facility of one seamless pipe manufacturing mill at Nago Thane has been taken for an estimated period of 4 weeks.
Foreign funds send MCap for BSE-listed companies to record Rs 287 trillion
The market cap of listed firms on the BSE touched a record high of Rs 287 trillion on Tuesday, after foreign investors continued buying local stocks and falling in crude oil. The Last peak in market cap was Rs286.71 trillion on 13 September.
India’s benchmark Sensex and Nifty hit a record high. In the last one year, the total market capitalization of all listed firms on BSE rose 12%. In dollar terms, however, the market cap just rose 2.4% to $3.50 trillion since last one year, Bloomberg data showed.
The benchmark Sensex hit an all-time high of 62,871 while Nifty touched a record high of 18,662.60 points. Year to date, both Sensex and Nifty gained around 7.5% each.
Market at 3 P.M
Nifty trading higher with Nifty above 18600.The Sensex was up 242.91 points or 0.39% at 62,747.71, and the Nifty was up 69.70 points or 0.38% at 18,632.50. About 1637 shares have advanced, 1584 shares declined, and 129 shares are unchanged.
SEBI Appellate Tribunal reduces debarment period of Lyka Labs from 3 years
29/11/22 3.08 P.M
SEBI Appellate Tribunal, Mumbai Bench; wide its order dated 23rd November 202, (received by the company on 29h November 202) has reduced the debarment period of the company, from accessing the Capital Market and deal in the securities, from three years to the period already undergone.In view of the order, the company is now fee to access the Capital Market and deal in the Securities.Earlier company had been restrained from accessing the Securities Market including by issuing prospectus, offer documents or advertisement soliciting money from the public and is further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly in any manner, for a period of three years from the date of SEBI order of June 5, 2020.
CLSA upgrade Bandhan Bank to Buy for Outperform, target at Rs 300
29/11/22 3.13 P.M
Upgrade to Buy for Outperform, target at Rs 300
-To benefit from the cyclical recovery in MFI collections/growth
-Non-MFI portfolio is now growing consistently
-Expect FY24/25CL ROEs at ~20%
-Multiples at 1.6x FY24 book look cheap
Morgan Stanley keeps ‘Overweight’ rating on Zomato, target at Rs 92 per share
29/11/22 3.25 P.M
-Overweight call, target at Rs 92 per share
-Potential exit of amazon from food delivery business in India has no material implication
-Exit of Amazon from food delivery biz highlights barriers to scale biz for new entrant
Zomato was quoting at Rs 63.50, down Rs 0.90, or 1.40 percent on the BSE.
Market Close
29/11/22 3.32 P.M
Benchmark indices ended higher on November 29 with Nifty around 18600.
At Close, the Sensex was up 177.04 points or 0.28% at 62,681.84, and the Nifty was up 55.20 points or 0.30% at 18,618. About 1653 shares have advanced, 1717 shares declined, and 147 shares are unchanged.
HUL, JSW Steel, Hero MotoCorp, Cipla and Britannia Industries were among the top Nifty gainers. The losers included IndusInd Bank, Coal India, Bajaj Finserv, Maruti Suzuki and Power Grid Corporation.
FMCG, Pharma and Metal indices rose 0.5-1 percent, while selling was seen in the auto, realty and capital good stocks.
BSE midcap and smallcap indices shed 0.3-0.4 percent each.
Rupee Close:
29 Nov-3.32 P.M Indian rupee closed marginally lower at 81.72 per dollar against previous close of 81.66.
Technical Research after Market Close
Vinod Nair, Head of Research at Geojit Financial Services: –Vinod Nair says that,The ongoing domestic rally is supported by falling crude & commodity prices uplifting corporates earnings outlook. However, the future medium-term performance is a point of concern due to supreme valuation. Falling raw material cost, better GDP growth and lower inflation are helping to sustain the current outperformance.
Shrikant chouhan, Head of Equity Research (Retail), Kotak Securities-Shrikant Chouhan tells ,While the winning streak continued and key benchmarks scaled new highs, investors traded with caution in a slightly volatile market. There are worries about growing protests in China over the imposition of strict lockdowns, which markets fear could hurt the already slowing global economy. If the situation doesn’t improve, this could impact the market in upcoming days.
But since India is in a slightly better position compared to other major economies, investors are willing to bet big on us.
Technically, the market is consistently holding higher high and higher low formation which is broadly positive. Hence, the support has now shifted to 18,550 from 18,450. As long as the index is trading above 18,550, the uptrend wave is likely to continue. Above which, the market could move up to 18,750-18,800. Thats all about fact for new high.