Daily Stock Market News

Stock Market LIVE: Sensex below 62,200; PSU Bank gains; FMCG, IT drag


With US Markets closed for Thanksgiving, investors will have fewer global cues to anchor to. The Indian unemployment rate for persons aged 15 years and above in urban areas declined to 7.2% during July-September 2022 from 9.8% a year ago,

25 Nov 2022, 12:02:22 PM IST

Noon Update: Indices are trading marginally lower at Thursday noon; Sensex sheds 150 pts and Nifty 30 

Sensex at Noon

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Sensex at Noon
25 Nov 2022, 11:55:12 AM IST

Multibagger stock gives over 103% return in 6 months since IPO. Brokerage raises target price

Venus Pipes and Tubes Ltd reported higher‐than‐expected EBITDA primarily due to higher volume and realisation. With new capacities Venus Pipes is set to become 2nd largest stainless steel manufacturer in India, as per brokerage Centrum which expects the company’s volume to grow by 32% CAGR over FY22‐FY25E.

“The growth triggers like volume expansion, higher exports, import substitution, margin expansion etc will enable EBITDA/PAT increase by 46%/48% CAGR over FY22‐FY25E. Besides, the proposal to bring anti‐ dumping duty on imports of stainless steel products is being evaluated by DGTR, if imposed, could turn to be big positive for Venus Pipes,” the brokerage said in a note. (Read More)

25 Nov 2022, 11:35:02 AM IST

Coal India among biggest gainers; adds 2%

Coal India

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Coal India
25 Nov 2022, 11:20:36 AM IST

Amazon refuses ‘unethical firings’ allegation, calls resignations ‘voluntary’

E-commerce giant Amazon, which was summoned by the Labour Ministry on Tuesday in relation to its voluntary separation program (VSP), has reportedly said that the company has not sacked any employee, rather allowed those to go who opted for its recently introduced massive global layoff plan, according to a report quoted by The Economic Times.

This came after the Labour Ministry issued a notice to the online retailer on the complaint of Nascent Information Technology Employees Senate (NITES), which in a letter dated 19 November alleged that firings at Amazon India are unethical and illegal, and requested interference. (Read More)

25 Nov 2022, 11:13:45 AM IST

FMCG among the biggest laggards today; sheds more than 0.5% with most stocks in red

FMCG

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FMCG
25 Nov 2022, 11:04:42 AM IST

India Rate Setters Blame Global Factors in Inflation Letter

India’s interest-rate setters have mainly blamed global factors for failing to meet their inflation target, according to people with knowledge of a letter the monetary policy panel was obliged to write to the government.

The war in Ukraine and resultant spurts in energy and food costs, and supply disruptions caused by the pandemic are among main reasons cited, the people said, asking to stay unidentified as the correspondence is private. The detailed narrative doesn’t dwell much on the path forward, only stating that the worst of inflationary pressures are probably behind us, the people added.

Little is known about the contents of the letter sent earlier this month, after India’s consumer inflation topped the upper range of the 2%-6% band for three straight quarters. While the panel led by Reserve Bank of India Governor Shaktikanta Das was mandated by law to explain its failure in capping prices, the government isn’t required to make the information public. (Bloomberg)

25 Nov 2022, 10:53:05 AM IST

HDFC Bank elevates Kaizad Bharucha as Deputy MD, appoints Bhavesh Zaveri as ED

HDFC Bank has appointed Kaizad Bharucha as deputy managing director (MD), and Bhavesh Zaveri as its executive director (ED, the lender informed in an exchange filing on Thursday. HDFC Bank had sought the approval of the Reserve Bank of India’s on these appointments, it further said in the regulatory filing. (Read More)

25 Nov 2022, 10:40:10 AM IST

Dharmaj Crop Guard IPO: GMP rises further ahead of issue opening on Monday

Amid the IPOs season, the three-day initial public offering of agrochemical company Dharmaj Crop Guard will open for public subscription on Monday, November 28, 2022 and conclude on Wednesday, November 30. The price band has been fixed in the range of 216–237 a share.

As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of 58 in the grey market today, up from 45 in the previous session. The shares of the company are expected to list on the stock exchanges BSE and NSE on Thursday, December 8, 2022. (Read More)

25 Nov 2022, 10:13:40 AM IST

Punjab National Bank (PNB) reaches a 52-week high  

PNB

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PNB
25 Nov 2022, 10:10:10 AM IST

Ashika Stock Broking on today’s market: Wiser to hunt for lower level at 18380-18400 for initiating long positions

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a long bull candle on the daily time frame and with the presence on higher high-low formation, a bullish overtone in the market is likely to remain. It is at that phase where a prolonged consolidation might be in the making and forming a higher base, setting itself equipped to eye the sought-after level of 18900 in the near term. After yesterday’s rally it can be established that the market has halted its slide taking support from its 20dma and the lower area of the gap-up region and 18050-18100 might be the elevated bottom for the market followed by 17950 which coincides with 23.6% retracement of the entire rally since Oct’22. However, the psychological level of 18000 would be the trend-deciding level for the market. A positive stance in the market would remain due to sharp reversals in the Dollar index, US yields have helped to taper down anxiety around further aggressive rate hike and drop in crude oil prices which is supportive for Indian Equities. Against that backdrop, the Index has also cooled off from its overbought price reading presently trading above the 60-level mark (14-period RSI). During the day, Nifty is likely to open on a flat to slightly positive note and from that perspective, it would be wiser to hunt for a lower level at 18380-18400 for initiating long positions for an upside target of 18900 followed by 19200.

25 Nov 2022, 10:05:30 AM IST

PSU Bank continues its stellar run on Friday; gains 2% with all stocks in green

PSU Bank

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PSU Bank
25 Nov 2022, 09:57:13 AM IST

Multibagger IPO: Mauritius-based FII buys stake in SME company after stock split in 1:5 ratio

Mauritius-based foreign institutional investor (FII) Vikasa India EIF Fund – Incub Global Opportunities has picked up a stake in Kshitij Polyline Ltd., a National Stock Exchange (NSE) listed entity. As per NSE data, it has purchased 6 lakh shares at a price of 41.43 per share via a bulk deal. This means the FII has invested 2,48,58,000 or 2.48 crore in this circuit-to-circuit SME stock. (Read More)

25 Nov 2022, 09:43:08 AM IST

L&T shines in early trade, gains more than 1.5%

L&T

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L&T
25 Nov 2022, 09:37:25 AM IST

Binance’s Crypto Rescue Plan Fails to Quell All the Fears of Post-FTX Contagion

Crypto mogul Changpeng “CZ” Zhao’s vow to set up a recovery fund of up to $2 billion to help cash-strapped startups failed to dispel all the sector’s contagion fears following the collapse of the FTX exchange.

In an interview Thursday with Bloomberg Television’s Haslinda Amin, Zhao gave more details on the deals his Binance Holdings Ltd. is examining in the wake of rival FTX’s bankruptcy. Key to Zhao’s plan is a fund with co-investors aimed at backing promising crypto projects facing a liquidity squeeze.

“We’re going with a loose approach where different industry players will contribute as they wish,” he said, flagging a possible $1 billion for the fund. A later blog post explained the commitment could rise to $2 billion if needed. (Bloomberg)

25 Nov 2022, 09:26:14 AM IST

After leading the Thursday’s rally, IT index comes under pressure early in the day

IT Index

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IT Index
25 Nov 2022, 09:24:06 AM IST

China’s Daily Covid Tally Tops 30,000 for First Time as Curbs Spread

China’s daily Covid infections broke through 30,000 for the first time ever as officials struggle to contain outbreaks that have triggered a growing number of restrictions across the country’s most important cities.

There were 31,987 new infections reported for Thursday, up from Wednesday’s record of 29,754. The southern city of Guangzhou reported more than 7,500, while cases in the metropolis of Chongqing topped 6,000. The capital, Beijing, saw daily infections exceed 1,800 with the record tally and lockdown-like restrictions sparking panic buying in parts of the capital.

The persistently high caseloads have weighed on equity markets. Key Chinese stock gauges in Hong Kong and on the mainland headed for a weekly decline, set to snap a three-week rally. (Bloomberg)

25 Nov 2022, 09:22:44 AM IST

Powergrid Corporation sheds at the start; drops a per cent

Powergrid Corporation

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Powergrid Corporation
25 Nov 2022, 09:21:32 AM IST

INDIA BONDS- Bond yields seen steady ahead of weekly debt sale

Indian government bond yields are expected to open steady on Friday as traders exercise caution and avoid taking large positions ahead of the weekly debt auction.

India’s benchmark 10-year bond yield is likely to trade in a 7.25%-7.29% band after having ended one basis point (bps) lower at 7.2548% on Thursday.

U.S. markets were closed on Thursday for the Thanksgiving holiday and there hasn’t been much overnight movement in oil prices, so the domestic markets will mostly look forward to government bond auctions for further cues, said a trader at a primary dealership.

New Delhi aims to raise 280 billion rupees ($3.43 billion) through the sale of bonds, including the benchmark 10-year paper, later in the day. (Reuters)

25 Nov 2022, 09:20:34 AM IST

Indices start the day flat with PGCL and BPCL dragging

Sensex at Open

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Sensex at Open
25 Nov 2022, 09:11:47 AM IST

Japan’s Nikkei slips from 2-month high on selloff in chip stocks

Japan’s Nikkei edged lower on Friday, as investors sold heavyweight chip-related stocks after the share average hit a more-than-two-month high in the last session, although hopes for slower interest rate hikes globally capped declines.

The Nikkei lost 0.34% to 28,286.94 by the midday break but it was set to rise 1.39% for the week. The broader Topix fell 0.13% to 2,016.23 and on course to post a 2.49% weekly gain.

“Investors sold shares for profit-taking today. That was seen in chip-related stocks, which were strong in the past few sessions,” said Shuji Hosoi, senior strategist at Daiwa Securities.

“Overall the market was supported by hopes for slower hikes of the ECB, which sent Germany’s 10-year bond yields lower.” (PTI)

25 Nov 2022, 09:08:22 AM IST

Geojit Financial Services views on today’s market: Market is unlikely to surge from the record highs since the valuation headwind will act as a restraint

Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: “Many favourable factors have come together to push the markets to record levels: the FOMC minutes indicating smaller rate increases, the sharp correction in crude, FIIs turning buyers, reports of impressive credit growth and capex revival and even the bad news of record Covid spread in China is turning out to be good news for India since it will accelerate the China Plus One policy. Nifty breaking the previous record high of 18,604 is only a question of time. The significant feature of this rally is that it is driven by heavyweights like HDFC Bank, ICICI Bank, HDFC, Infy, TCS, HCL Tech and RIL which have strong fundamentals and this makes the rally healthy. But the market is unlikely to surge from the record highs since the valuation headwind will act as a restraint.

Vast majority of retail investors, particularly the newbies, have missed out on this rally since their portfolios are largely mid-and small-cap oriented. As of now, the possibility of the rally spreading to the broader market is limited.”

25 Nov 2022, 09:04:02 AM IST

Sensex is flat at the preopen session; SBI, PNB, Biocon will be in focus in today’s session

Sensex at Preopen

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Sensex at Preopen
25 Nov 2022, 09:01:47 AM IST

Reliance Securities Stock in Focus for today: Wipro

STOCK IN FOCUS:

WIPRO (CMP 398) – Wipro (WPRO) closed ~2.4% higher as against Nifty rising by ~1% yesterday: f In view of strong deal wins and attractive valuation, we have a BUY recommendation with a target price of Rs455, valuing the stock at a P/E multiple of 18.5x FY24E earnings.

Intraday Picks

ASIANPAINT (PREVIOUS CLOSE: 3115) BUY

For today’s trade, long position can be initiated in the range of 3080-3100 for the target of Rs.3150 with a strict stop loss of 3060.

BALKRISIND (PREVIOUS CLOSE: 1975) BUY

For today’s trade, long position can be initiated in the range of 1950-1960 for the target of Rs.2010 with a strict stop loss of 1940.

LICHSGFIN (PREVIOUS CLOSE: 371) BUY

For today’s trade, long position can be initiated in the range of 366-370 for the target of Rs.377 with a strict stop loss of 364.

25 Nov 2022, 08:55:13 AM IST

IEX share buyback decision to be taken in board meet today

Indian Energy Exchange’s (IEX) board of directors is scheduled to meet today i.e., on Friday to consider the proposal for buyback of equity shares of the company. IEX shares are down more than 43% in 2022 (YTD) so far.

“A meeting of the Board of Directors of the Company is scheduled to be held on Friday, November 25, 2022, inter-alia, to consider a proposal for buyback of fully paid-up equity shares of the Company,” the energy exchange had informed in an exchange filing earlier this month. (Read More)

25 Nov 2022, 08:45:30 AM IST

PTC India net profit more than trebles to ₹157 cr in Jan-Mar quarter

Power trading solution provider PTC India’s consolidated net profit more than trebled to 157.11 crore in the March 2022 quarter, mainly due to lower expenses.

The consolidated net profit of the company was 49.77 crore in the quarter ended March 31, 2021, a BSE filing showed.

Its total expenses dipped to 2,890.57 in the quarter from 3,792.56 crore a year ago.

The total income also declined to 3,107.04 crore in the quarter from 3,925.99 crore in the year-ago period.

Its consolidated net profit stood at 551.67 crore in 2021-22 compared to 457.62 crore in 2020-21. (PTI)

25 Nov 2022, 08:44:25 AM IST

Adani open offer: Nearly 28 lakh NDTV shares tendered by Day 3

Nearly 28 lakh shares were tendered by shareholders of NDTV under the Adani group’s open offer at the end of the third day on Thursday.

Adani group’s open offer to acquire an additional 26 per cent stake in the media firm New Delhi Television (NDTV) started on Tuesday.

According to the data from BSE, a total of 27,72,159 NDTV shares amounting to 16.54 per cent of the offer size were tendered by the shareholders by 1600hrs on Thursday.

Adani’s offer price is 294 per share, while NDTV shares settled at 368.40 on Thursday, which is 25.3 per cent higher compared to the offer price.

In the last three months, NDTV shares reached a high of 540.85 on September 5, 2022. (PTI)

25 Nov 2022, 08:28:52 AM IST

Stocks to Watch: SBI, Biocon, PNB, NDTV, PTC India, ZIM Lab, Manaksia, PVR, PTC India, Laurus Lab

Commercial Syn Bags, Dev Information Technology, Mafatlal Industries, and Maharashtra Seamless stocks will be in focus on November 25 as they will turn ex-split and ex-bonus on this day. These stocks are multi-baggers and have given hefty returns between 100% to 450% to their investors in the last 2 years. 3 of the stocks are small-caps, while one is midcap. (Read More)

25 Nov 2022, 08:26:32 AM IST

Bitcoin, ether, dogecoin, polygon other crypto prices today under pressure. Latest rates

In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading over a per cent lower at $16,499. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also fell by more than a per cent to $1,185.

The global cryptocurrency market cap today remained below the $1 trillion mark, as it was down in the last 24 hours to $864 billion, as per the data by CoinGecko. (Read More)

25 Nov 2022, 08:17:57 AM IST

Maharaja makeover: How Air India plans to groom its cabin crew

Tata group-owned Air India has issued new grooming rules for its cabin crew. Air India issued a circular of over 40 pages regarding the revised image and uniform guidelines, which clearly mentions criterions for both male and female crew members. The airline has directed all crew members to implement the uniform rules immediately.

“Air India is the only airline in the country which has been serving the world for many decades. Representations and images of its crew members are not as per international standards. The new management wants to change the perception of flyers,” several crew members of the airline told ANI. (Read More)

25 Nov 2022, 08:12:18 AM IST

2 bonus issues, 2 stock splits: These multibaggers to be in focus today

Four stocks namely Commercial Syn Bags, Dev Information Technology, Mafatlal Industries, and Maharashtra Seamless will be in focus on November 25 as they will turn ex-split and ex-bonus on this day. These stocks are multi-baggers and have given hefty returns between 100% to 450% to their investors in the last 2 years. 3 of the stocks are small-caps, while one is midcap. On Thursday, these four stocks witnessed huge buying sentiments which led to…



Read More: Stock Market LIVE: Sensex below 62,200; PSU Bank gains; FMCG, IT drag

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