Share Market HIGHLIGHTS: Sensex ends volatile day 475 points off day's low, Nifty climbs to 19,765; best day for Nifty IT in four months
Share Market HIGHLIGHTS: All's well that ends well! Domestic equity benchmarks Nifty and Sensex bounced back in a dramatic intraday recovery after a muted start to the trading day, but were only left with gains of half a per cent each in a volatile session on Thursday, November 16. The overall positive day on Dalal Street came about even as equities in other Asian markets took a breather following sharp gains this week even though market participants globally remained less worried about higher-for-longer benchmark interest rates following better-than-expected macroeconomic data from the US. The focus on Dalal Street has shifted to global cues after the conclusion of the earnings season.
A majority of stock exchange NSE's sectoral gauges finished the day in the green, with the Nifty IT registering its best single-day rise since July 14 led by TCS and Infosys, amid to a persistent rally in IT shares, with a gain of 2.7 per cent for the session. The high-beta Nifty Bank index gave up about one-tenth of their sharp gains the previous day.
While Hero MotoCorp, Tech Mahindra, HCL Tech, TCS and Infosys—closing between 2.5 per cent and 3.3 per cent higher—were the top gainers in the 50-blue-chip basket, Axis Bank, Coal India, Adani Enterprises, Tata Consumer and ICICI Bank—declining between 0.7 per cent and 1.5 per cent—were the worst hit among the 18 laggards in the pack.
Here are some of the stocks that buzzed the most on Dalal Street during the session:
- Bajaj Finance and Bajaj Finserv—commonly known as the Bajaj twins—managed to close about two per cent higher each after recovering sharp intraday losses triggered by the RBI's move to restrict Bajaj Finance from sanctioning and disbursing loans under its two products.
16th November 2023 - Stocks of the Day
Zee Business Live : https://t.co/Gn9eN0Bbp8#BajajFinance pic.twitter.com/L6Ohm81BKF
— CA Anil Singhvi Zee Business (@AnilSinghvi_) November 16, 2023
- Tata Motors shares gained by Rs 8.5, or 1.3 per cent, to settle at Rs 680.1 apiece after the Tata group auto major's IPO-bound subsidiary, Tata Technologies, fixed a price band of Rs 475-500 for its upcoming public offer.
- TCS shares gained by Rs 98.7, or 2.9 per cent, to close at Rs 3,498 apiece after the IT major fixed November 25 as the record date for its proposed buyback.
- A majority of restaurant and hotel stocks rose after state-run oil marketing companies announced a reduction in commercial LPG rates in some relief for the hospitality sector. Read more on buzzing stocks
Meanwhile, ratings agency S&P estimated India's GDP growth to come in at 6-7.1 per cent annually in financial years 2024 through 2026, stating that the country's economic growth prospects should remain strong over the medium term.
Catch all the highlights of the November 16 session on Dalal Street, along with the views of Zee Business Managing Editor Anil Singhvi and other market experts, and much more, on Zeebiz.com's blog:
Share Market HIGHLIGHTS: All's well that ends well! Domestic equity benchmarks Nifty and Sensex bounced back in a dramatic intraday recovery after a muted start to the trading day, but were only left with gains of half a per cent each in a volatile session on Thursday, November 16. The overall positive day on Dalal Street came about even as equities in other Asian markets took a breather following sharp gains this week even though market participants globally remained less worried about higher-for-longer benchmark interest rates following better-than-expected macroeconomic data from the US. The focus on Dalal Street has shifted to global cues after the conclusion of the earnings season.
A majority of stock exchange NSE's sectoral gauges finished the day in the green, with the Nifty IT registering its best single-day rise since July 14 led by TCS and Infosys, amid to a persistent rally in IT shares, with a gain of 2.7 per cent for the session. The high-beta Nifty Bank index gave up about one-tenth of their sharp gains the previous day.
While Hero MotoCorp, Tech Mahindra, HCL Tech, TCS and Infosys—closing between 2.5 per cent and 3.3 per cent higher—were the top gainers in the 50-blue-chip basket, Axis Bank, Coal India, Adani Enterprises, Tata Consumer and ICICI Bank—declining between 0.7 per cent and 1.5 per cent—were the worst hit among the 18 laggards in the pack.
Here are some of the stocks that buzzed the most on Dalal Street during the session:
- Bajaj Finance and Bajaj Finserv—commonly known as the Bajaj twins—managed to close about two per cent higher each after recovering sharp intraday losses triggered by the RBI's move to restrict Bajaj Finance from sanctioning and disbursing loans under its two products.
16th November 2023 - Stocks of the Day
Zee Business Live : https://t.co/Gn9eN0Bbp8#BajajFinance pic.twitter.com/L6Ohm81BKF
— CA Anil Singhvi Zee Business (@AnilSinghvi_) November 16, 2023
- Tata Motors shares gained by Rs 8.5, or 1.3 per cent, to settle at Rs 680.1 apiece after the Tata group auto major's IPO-bound subsidiary, Tata Technologies, fixed a price band of Rs 475-500 for its upcoming public offer.
- TCS shares gained by Rs 98.7, or 2.9 per cent, to close at Rs 3,498 apiece after the IT major fixed November 25 as the record date for its proposed buyback.
- A majority of restaurant and hotel stocks rose after state-run oil marketing companies announced a reduction in commercial LPG rates in some relief for the hospitality sector. Read more on buzzing stocks
Meanwhile, ratings agency S&P estimated India's GDP growth to come in at 6-7.1 per cent annually in financial years 2024 through 2026, stating that the country's economic growth prospects should remain strong over the medium term.
Catch all the highlights of the November 16 session on Dalal Street, along with the views of Zee Business Managing Editor Anil Singhvi and other market experts, and much more, on Zeebiz.com's blog:
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Share Market Update | Dow Jones, S&P 500 futures flat; Nasdaq futures edge lower
While Dow Jones Industrial Average and S&P 500 futures are quoting barely in the red at this hour, the futures of the tech stocks-heavy Nasdaq Composite are down 0.2 per cent, suggesting an overall sluggish start ahead for the US stock market in about two hours from now. Here's how the three contracts fare at this hour:
- Dow Jones Industrial Average futures: down 7.0 pts at 35,043
- S&P 500 futures: down 1.8 pts at 4,517.5
- Nasdaq Composite futures: down 27.8 pts at 15,861.5
Closing Bell | Best day for Nifty IT in four months
The Nifty IT—whose 10 constituents include TCS, Infosys, Wipro, HCL Tech and Tech Mahindra—finished 844 pts, or 2.7 per cent, stronger at 32,273.4, its biggest percentage gain since July 14.
TCS and Infosys—the country's largest and second largest IT companies, respectively—were the biggest boosts for the sectoral gauge.
Image: Niftyindices.com
Closing Bell | Sensex 475 pts off day's low, Nifty50 settles at 19,765 boosted by IT stocks
Both headline indices finish the volatile session 0.5 per cent higher. The Sensex adds 306.6 pts for the day to settle at 65,982.5, having rebounded 475.5 pts from its intraday low, and the Nifty50 closes at 19,765.2, up 89.8 pts for the day and 138.2 points off the session low.
Here's how both gauges moved during the session:
Nifty50
Sensex
Share Market Today LIVE | Dow Jones, S&P 500, Nasdaq Composite futures indicate a sluggish start ahead on Wall Street
Among US stock market benchmarks, the futures of blue-chip gauges are trading flat, and of the tech shares-heavy Nasdaq Composite index are down 0.2 per cent, suggesting a lacklustre opening ahead on Wall Street.
Here's what the futures contracts of the three Wall Street indices, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite, suggest:
- Dow Jones futures: down 16 pts at 35,034
- S&P 500 futures: down 3.3 pts, or 0.1 per cent, at 4,516
- Nasdaq Composite: down 32.8 pts, or 0.2 per cent, at 15,856.5
Share Market Today LIVE | European equities inch lower after three-day upmove
The pan-European STOXX 600 index is down 0.2 per cent at this hour, halting a three-day run, as optimism around a peak in policy tightening and eventual rate cuts stemming from softening inflation across major economies take a backseat. In the past three days, the index rose 2.5 per cent to hit a one-month high.
Here's where some of the key indices from the continent stand in early hours:
- UK's FTSE 100: down 0.4 per cent
- France's CAC: down 0.3 per cent
- Germany's DAX: up 0.4 per cent
Share Market Today LIVE | Sell Axis Bank futures, says Sumeet Bagadia
Sumeet Bagadia of Choice Broking points out that Axis Bank shares are facing pressure at higher levels and looking ready to break Wednesday's low.
The stock has stiff resistance placed at Rs 1,044-1,045 levels, he says.
He recommends selling Axis Bank futures for targets of Rs 1,015 and Rs 1,005 with a stop loss at Rs 1,045.
Share Market Today LIVE | Sensex rebounds 750 pts from day's low, Nifty50 surpasses 19,850 as bulls remain in charge
Both headline indices surge about one per cent for the day. The Sensex surges 682.4 points from its previous close to touch 66,358.4 at the strongest level of the day, up 851.4 points from the session low, as Dalal Street enters the last 30 minutes of trade.
The Nifty gains 199.8 points for the day to touch 19,875.3 on the upside, having recovered 248.3 points from its intraday low.
Share Market Today LIVE | Jay A Thakkar has a 'buy' call on Dr Reddy's
Jay A Thakkar of Sharekhan recommends buying Dr Reddy's Labs (DRL) shares for targets of Rs 5,700 and Rs 5,760 with a stop loss at Rs 5,475.
Here's how the pharma stock has moved in five back-to-back sessions:
Image: BSEIndia.com
Share Market Today LIVE | Puravankara (PURVA) shares turn flat after hitting 52-week high
Puravankara shares turn flat after scaling a 52-week high.
Earlier in the day, the stock rose by as much as Rs 2.2, or 1.3 per cent, to a 52-week peak of Rs 162.6 after the real estate company said it has bagged two housing society redevelopment projects in Mumbai with revenue potential of Rs 1,500 crore.
Share Market Today LIVE | Centre cuts windfall tax on crude oil, diesel exports
While ONGC shares gain by as much as Rs 3.9, or two per cent, to register a 52-week high of Rs 203.4 apiece, the stock of Oil India rises by 10.1, or 3.2 per cent, to Rs 323.8 apiece, coming within Rs 16 of a 52-week high logged the previous month.
The government has reduced the windfall tax on crude oil produced in the country and on exports of diesel in line with softening international oil prices, effective immediately. Global crude oil rates have eased since the last revision, necessitating the reduction. The basket of crude oil that India imports has averaged $84.8 per barrel this month as against $90.1 a barrel in October, and $93.5 a barrel in September.
Share Market Today LIVE | What Astha Jain makes of NTPC, Vodafone Idea, CESC, Wockhardt, Welspun, Sobha stocks
Astha Jain of Hem Securities shares her views on a bunch of stocks including NTPC, Vodafone Idea and Sobha.
Jain has a 'buy' call on CESC shares for a target of Rs 105 with a stop loss at Rs 89. She believes a close above the Rs 250 mark will lead to levels to the tune of Rs 275 in NTPC shares.
The analyst points out that Sobha is looking good on the charts, and a close above Rs 900 in 1-2 days make take the realty stock past Rs 960. She advises existing investors to hold their positions for a target of Rs 810.
Jain has three other 'hold' calls on Vodafone Idea, Wockhardt and Welspun, stocks she deems unsuitable for fresh positions.
She recommends holding Vodafone Idea shares for targets of Rs 15.5-15.9 with a stop loss at Rs 13.3. For Wockhardt, she sees a target as high as Rs 370.
Jain recommends trading Welspun shares cautiously with the possibility of a correction given its strong run-up in the recent past, with a 'hold' rating for a target of Rs 600 with a stop loss at Rs 490.
Share Market Today LIVE | Manappuram Finance shares hit 52-week high
Manappuram Finance shares soar by Rs 11.9, or 7.9 per cent, to clock a 52-week high of Rs 162.3 apiece on BSE, surpassing an earlier peak of Rs 156.6 registered in September.
The Kerala-based NBFC announced certain changes in its senior management post-market hours on Wednesday.
Read more on Manappuram Finance shares
Share Market Today LIVE | Mazagon Dock Shipbuilders (MAZDOCK) shares off day's high
The stock of the PSU shipbuilder is left with a gain of Rs 2.8, or 0.1 per cent, at Rs 2,000.7 apiece on BSE, having gained by as much as Rs 22.1, or 1.1 per cent, to Rs 2,020 apiece earlier in the session. Last week, the company a record interim dividend of Rs 15.34 per equity share amounting to Rs 309.4 crore.
Share Market Today LIVE | Momentum continues in newly-listed ASK Automotive amid bulk deal
ASK Automotive shares continue to rise on their second day in the listed universe. Its intraday high of Rs 319.9 apiece on BSE, up 3.1 per cent on the day, implies a premium of 13.4 per cent over the upper end of the price range of its IPO, which concluded last week with an overall subscription of more than 51 times.
According to bulk deal data from stock exchange NSE, Goldman Sachs India Equity Portfolio bought 23.2 lakh shares in ASK Automotive, equivalent to 1.1 per cent of the company's equity, at a price of Rs 310.1 apiece.