Barometers trade with small gains, auto stocks in demand

November 30,2022

The headline equity indices continued to trade near the flat line with tiny gains in mid-morning trade. The Nifty hovered below the 18,650 mark after hitting the day's high of 18,679.55 in early trade. Metal, realty and auto stocks edged higher while PSU bank, consumer durables and bank shares declined.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 19.47 points or 0.03% to 62,701.31. The Nifty 50 index gained 18.90 points or 0.10% to 18,636.95.

The Nifty 50 index hit an all-time high of 18,679.55 in early trade today.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.34% while the S&P BSE Small-Cap index added 0.39%.

The market breadth was positive. On the BSE, 1,935 shares rose and 1,314 shares fell. A total of 149 shares were unchanged.

IPO UPdates:

The initial public offer (IPO) of Uniparts India received bids for 11,50,300 shares as against 1,01,37,360 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (30 November 2022). The issue was subscribed 11%.

The issue opened for bidding on Wednesday (30 November 2022) and it will close on Friday (2 December 2022). The price band of the IPO is fixed at Rs 548-577 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.

The IPO of Dharmaj Crop Guard received bids for 7,77,38,340 shares as against 80,12,990 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (30 November 2022). The issue was subscribed 9.70 times.

The issue opened for bidding on Monday (28 November 2022) and it will close on Wednesday (30 November 2022). The price band of the IPO is fixed at Rs 216-237 per share. An investor can bid for a minimum of 60 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Auto index rose 0.79% to 13,110.90. The index shed 0.22% in the past trading session.

Mahindra & Mahindra (up 1.71%), Bajaj Auto (up 1.47%), Ashok Leyland (up 1.18%), TVS Motor Company (up 0.9%), Eicher Motors (up 0.83%), Sona BLW Precision Forgings (up 0.77%), Bosch (up 0.62%), Tata Motors (up 0.46%), Bharat Forge (up 0.28%) and Tube Investments of India (up 0.17%) edged higher.

On the other hand, Balkrishna Industries (down 0.45%), Maruti Suzuki India (down 0.16%), declined.

Stocks in Spotlight:

Ashoka Buildcon rose 2.60% after the company emerged as the lowest bidder (L-1) for a Project floated by NHAI, the bid value of which is Rs 1,668.50 crore. The company had submitted a bid to National Highway Authority of India (NHAI) for a project viz. 'Request for proposal for construction of 6 lane elevated corridor along with development of existing 4 lane road at ground level from Aroor to Thuravoor Thekku section of NH - 66 under Bharatmala Pariyojana in the state of Kerala on EPC mode.'

G R Infraprojects fell 0.15%. The company said that the tender for construction project of the elevated viaduct in Delhi, in which the company emerged as the lowest bidder has been cancelled by the NCRTC. The order was received on 4 April 2020 and the project cost was Rs 592.17 crores.

BLS International Services jumped 7.72% after the company fixed Saturday, 10 December 2022, as the record date for the proposed 1:1 bonus share issue. The company will issue one bonus equity shares of Re 1 each for one existing equity share of Re 1 each. The bonus issue is subject to the approval of shareholders at the ensuing extra-ordinary general meeting to be held on 2 December 2022.

Global Markets:

Most Asian stocks advanced on Wednesday. Chinese health officials on Tuesday announced measures to boost vaccination among the elderly, as per reports.

U.S. stocks edged lower Tuesday with investors continuing to monitor China's COVID policy and look ahead for Federal Reserve Chair Jerome Powell's scheduled speech.

Federal Reserve Chair Jerome Powell will speak at the Brookings Institution about the outlook for the U.S. economy and the labor market on Wednesday.

On the macro front, the Conference Board's Consumer Confidence Index, the latest indicator of the strength of the U.S. economy, fell to 100.2 in November from a revised 102.2 reading in October.

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