MARKET: Sensex up 550 pts; Tega Industries IPO sails through in 1 hour

by Admin

[ad_1]


Markets at 10 AM


LIVE market updates: Mild profit booking in pharma, realty, and select heavyweights like Kotak Bank, and M&M has brought indices marginally off highs. The BSE Sensex was at 57,590 levels, up 525 points, at 10:03 AM. The Nifty50, meanwhile, was below 17,150-mark, up 158 points.










The number of stocks in the negative territory has increased from 1 to 6 on the Sensex, and 11 on the Nifty.




The broader markets, however, are facing pressure on the upside. The MidCap and Smallcap indices have erased nearly all the morning gains and were up just 0.21 per cent and 0.01 per cent.



Individually, shares of Talbros Automotive Components hit a record high of Rs 372.80 after they rallied 11 per cent on the National Stock Exchange (NSE) in Wednesday’s intra-day trade after investor Vijay Kedia bought nearly 2 per cent stake in the company via open market on Tuesday. READ MORE



Fertilizer stocks, too, were ruling higher with stocks such as Chambal Fertilizers, National Fertilizer, Madras Fertilizer, GNFC, and Nagarjuna Fertilizer soaring between 5 and 9 per cent. India plans to increase 2021/22 fertiliser subsidies to a record of more than Rs 1.55 trillion ($20.64 billion) to avoid shortages amid a sharp increase in global prices of the chemicals, a report by Reuters said.


Currency market: The rupee opened higher on Wednesday, at 74.96 per US dollar, relative to Tuesday’s close of 75.16/$

Manufacturing PMI

Meanwhile, India’s manufacturing activity grew at the fastest pace in 10 months in November, buoyed by a strong pick-up in demand, but higher inflationary pressure left factories worried about their future prospects, a private survey showed on Wednesday.



Compiled by IHS Markit, the Purchasing Managers’ Index rose to 57.6 in November from 55.9 in October. The reading was the highest since January and the fifth straight month above the 50-mark that separates growth from contraction. READ ABOUT IT HERE




===============================================================

Opening Bell

LIVE market updates: The frontline indices started gap-up on Wednesday on the back of a strong GDP growth of over 8 per cent in Q2. With this, India continues to remain the fastest growing large economies in the world. That apart, firm Asian cues also supported the sentiment on the Street.



The BSE Sensex was up 659 points, or 1.15 per cent, at 57,724 levels. The Nifty50, on the other hand, was at 17,183, up 200 points.


IndusInd Bank (up 3.7 per cent) was the top Sensex gainer, followed by Tech M, HDFC, NTPC, Tata Steel, and UltraTech Cement. Power Grid was the only loser on the index, down 0.2 per cent.




In the broader markets, the BSE MidCap and SmallCap indices added 0.9 per cent and 0.8 per cent, respectively.



Individually, Escorts was up 0.24 per cent after the company reported a 30-per cent YoY slide in October sales. The company sold 7,116 units of tractors in the previous month compared with 10,165 units sold in November last year. READ MORE




Sectorally, nearly all the key indices on the NSE were trading over 1 per cent higher with an exception of the Nifty Pharma and FMCG indices (up 0.8 per cent each).


=================================================================

Pre-open session

LIVE market updates: The BSE Sensex and the Nifty50 indices were ruling over half a per cent higher in pre-open deals. The 30-pack index was at 57,364, up 299 points, while the 50-pack index was up 124 points at 17,107.


Among individual stocks, Bajaj Auto reported a 10 per cent decline in total sales for the month of October. READ MORE

==================================================================

(Updated at 8:17 AM)

LIVE market updates: Investors would be torn between positive domestic news but tepid global mood, leading to volatility on Dalal Street.


With its GDP growth rate at 8.4 per cent in Q2, India emerged as the fastest growing large economy in the world. However, it is yet to reach pre-Covid economic levels.


Globally, key US indices sank on Tuesday, after Fed chairman Jerome Powell hinted of wrapping up tapering of bond purchases a few months sooner, citing inflation risk. The Dow Jones (652 points) and S&P 500 indices slumped 1.9 per cent each, while the Nasdaq shed 1.6 per cent.


However, major markets across Asia-Pacific bounced back on Wednesday, following losses the day before that were triggered by renewed uncertainty on the omicron Covid variant.


Hang Seng and Kospi had rallied 1.2 per cent and 1.1 per cent, respectively. Nikkei and Straits Times added 0.3 per cent and 0.8 per cent. Shanghai and Taiwan were flat.


At 8:15 AM, SGX Nifty was at 17,155 level relative to Nifty’s spot close of 16,983 on Tuesday.


Primary market


Star Health and Allied Insurance Company IPO was subscribed 12 per cent at the end of Day 1. The retail quota was subscribed 64 per cent.




Tega Industries IPO will open for subscription today. The mill-liner producer’s company aims to raise Rs 619 crore and has fixed a price band of Rs 443-453 per share.





[ad_2]

Source link

Related Posts

You May Missed