Indices end with tiny gains; Nifty settles above 18,250 level

November 23,2022

The key equity indices ended with small gains on Wednesday amid positive global cues. The Nifty settled above the 18,250 level. Media, PSU bank and bank shares saw buying demand while metal, IT and consumer durable stocks saw a bit of selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 91.62 points or 0.15% to 61,510.58. The Nifty 50 index added 23.05 points or 0.13% to 18,267.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.20% while the S&P BSE Small-Cap index added 0.54%.

The market breadth was positive. On the BSE, 1863 shares rose, and 1632 shares fell. A total of 132 shares were unchanged.

New Listing:

Shares of Inox Green Energy Services settled at Rs 59.40 on the BSE, representing a discount of 8.62% as compared to the issue price of Rs 65.

The scrip was listed at a price of Rs 60.50, at a discount of 6.92% as compared to the issue price.

So far, the stock has hit a high of 63.95 and a low of 58.50. On the BSE, over 33.98 lakh shares of the company were traded in the counter so far.

Stocks in Spotlight:

Vedanta declined 0.74%. The diversified minerals company on Tuesday announced its third interim dividend of Rs 17.50 per equity share. The dividend will lead to a total payout of Rs 6,505 crore to shareholders. The record date for the purpose of payment of dividend is 30 November 2022.

FSN E-Commerce Ventures (Nykaa) skid 2.11%. Nykaa announced the resignation of its chief financial officer (CFO) Arvind Agarwal effective close of business hours on 25 November 2022, to pursue other opportunities in the digital economy & start-up space.

Bharti Airtel slipped 0.54%. Nxtra Data (Nxtra by Airtel), a subsidiary of Bharti Airtel, started the construction of its new hyper-scale data centre in Kolkata. The company will invest Rs 600 crore in the development of the largest data centre in East India that will serve the underserved markets of East and North-East regions along with the SAARC countries and fulfill the growing needs of enterprises and global cloud players.

Adani Enterprises declined 3.39%. The company said that its board will meet on Friday, 25 November 2022, to consider and approve the proposal of raising of funds by way of equity issue.

Siemens shed 1.51%. Siemens reported profit after tax from continuing operations of Rs. 392 crore for the fourth quarter of financial year 2022 ended 30 September 2022, up 23% over the same period last year. Revenue from continuing operations stood at Rs. 4,237 crore, up 11% over the same quarter in the preceding year.

Hindustan Motors hit an upper circuit limit of 10% after the company said it has signed a pact to extend the electric vehicle (EV) domain across the border to enhance the production of eco-friendly electric vehicle.

Aurobindo Pharma declined 0.20%. The drug maker said that Acrotech Biopharma LLC, a wholly owned step-down subsidiary of the company, and Evive Biotech have entered into a license agreement to commercialize Ryzneuta in the United States. Ryzneuta is developed for the treatment of CIN in cancer patients after chemotherapy.

Precision Wires India gained 2.92% after the company announced that it has fixed Thursday, 22 December 2022 as the record date for the proposed bonus issue of shares.

Zydus Lifesciences rose 0.41%. The drug maker on Wednesday (23 November 2022) announced that it has received a final approval from the United States Food and Drug Administration (USFDA) to market Famotidine Injection.

Global markets:

Most of the European stocks edged higher and Asian stocks advanced on Wednesday as investors await euro zone economic data and the U.S. Federal Reserve's latest meeting minutes.

Global markets have taken some heart from recent, lower-than-expected consumer and wholesale inflation prints in the United States, prompting bets that the Fed would have to slow its aggressive interest rate hikes.

European investors will be assessing Wednesday's flash November PMI (purchasing managers' index) readings from the euro zone for indications on the health of economic activity across the 19-member bloc.

Meanwhile, the Reserve Bank of New Zealand bank delivered a 75 basis point hike, matching expectations, and the biggest rate hike ever in the central bank's history. It is the ninth consecutive hike since the RBNZ first started its rate hike cycle in October 2021, five of which were 50 basis point hikes. New Zealand's Inflation currently stands at 7.2%, just below three-decade highs.

Singapore's core inflation rate eased 0.2% to 5.1% in October on an annualized basis, the Ministry of Trade and Industry (MTI) reported - after seeing the same index at 5.3% in September. Inflation rate for all items also eased to 6.7% in October on an annualized basis after seeing a rate of 7.5% in September.

MTI said the easing was due to smaller increases in goods and services, as well as gas and electricity prices.

Singapore's economy is projected to grow around 3.5% in 2022, according to forecasts from the Ministry of Trade and Industry, citing a softening external demand outlook following Europe's energy crunch and China's continued Covid-related restrictions.

The figure is a narrowed estimate from its previous projected range of between 3% and 4% — and reflects the third quarter's 4.1% annualized growth and 1.1% growth from the previous quarter. The ministry also said it sees the nation's 2023 GDP growth to be between 0.5% and 2.5%.

US stocks rallied on Tuesday as Wall Street bet that interest rate hikes and inflation will ease heading into the end of the year. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

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