Extending gains to the third
straight day, Indian equity benchmarks closed at an all-time closing high on
Thursday, tracking a firm trend in global markets after the US Fed minutes
indicated a slower pace of rate increase that bolstered investors' sentiment.
Key indices started on a positive note and extended the gains during the day as
sentiments got a boost as Revenue Secretary Tarun Bajaj said India's tax
collection will exceed the budget estimate by nearly Rs 4 lakh crore in the
current fiscal on the back of buoyant income tax, customs duty and GST mop-up.
Sentiments remained up-beat as the S&P Global Market Intelligence projected
India's real gross domestic product (GDP) growth to average 6.3 per cent
annually between financial years 2021 and 2030, enabling it to overtake Japan
and Germany to become the world's third-largest economy in nominal US dollar
terms. Markets witnessed strong momentum towards the end of the session, taking
support from report stated that Indian banking system is much better placed
than the last cycle, and will be able to sustain the current round of high loan
growth. It also said learnings from the last cycle of high loan growth which
ultimately led to a huge spurt in sour loans have been internalised by the
banking system. Sentiments remained positive as the government approved the
continuation of interest subvention scheme for short-term loans of up to Rs 3
lakh for agriculture and allied activities availed through Kisan Credit Card
(KCC) during the current and the next fiscals. Adding more optimism among
traders, Amit Shah said we are moving at a fast pace towards achieving target
of $5 trillion economy by 2025. The optimism was further boosted by falling
crude prices and the declining dollar index. Finally, the BSE Sensex rose
762.10 points or 1.24% to 62,272.68 and the CNX Nifty was up by 216.85 points
or 1.19% to 18,484.10.
The US markets were closed on Thursday for the Thanksgiving
public holiday.
Indian rupee ended higher against
dollar on Thursday, on persistent selling of the American currency by exporters
and rally in domestic equities boosted investor sentiments. Sentiments got
boost after Revenue Secretary Tarun Bajaj said India's tax collection will
exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal on
the back of buoyant income tax, customs duty and GST mop-up. On the global
front, sterling rose on Thursday, staying near a three-month high against a
faltering U.S. dollar, despite the prospect of a difficult winter ahead in the
UK due to a cost-of-living crisis and soaring interest rates. Finally, the rupee
ended at 81.63 (Provisional), stronger by 30 paisa from its previous close of
81.93 on Wednesday.
The FIIs as per Thursday's data
were net sellers in equity segment, while net buyers in debt segment. In equity
segment, the gross buying was of Rs 5582.14 crore against gross selling of Rs
7384.68 crore, while in the debt segment, the gross purchase was of Rs 75.39
crore against gross selling of Rs 42.68 crore. Besides, in the hybrid segment,
the gross buying was of Rs 5.61 crore against gross selling of Rs 7.52 crore.
The US markets were closed on
Thursday for the Thanksgiving holiday. Asian markets are trading mixed on
Friday as investors digest economic data from the region, including Tokyo's
consumer price index and Singapore's final gross domestic product readings.
Also, China reported another record high of daily COVID cases and tightened
pandemic curbs across the country. Indian markets rallied on Thursday led by
broad-based buying, with underlying sentiment boosted by falling oil prices,
declining U.S. yields and a weakening dollar. Today, markets are likely to get
negative start after three days of consecutive gains amid mixed cues from other
Asian counterparts. Traders will be cornered as Commerce and Industry Minister
Piyush Goyal said the ongoing global uncertainty and recessionary trends could
have some implications on India's exports. However, some respite may come later
in the day as Chief Economic Advisor V Anantha Nageswaran expressed hope that
the economy will maintain the trend growth rate of 6.5 per cent and above for
the rest of the years in the current decade. He added the economy will close
the current fiscal logging in a growth of 6.5-7%. Some support may come as the
latest Periodic Labour Force Survey (PLFS) released by the National Statistical
Office (NSO) showed that India's urban unemployment rate for persons aged 15
years and above in urban areas dropped for the fifth consecutive quarter in the
July-September period of 2022-23 (FY23) to 7.2% from 9.8% a year ago. Also, the
finance ministry in its Monthly Economic Review (MER) for October said that
India's consumer price index (CPI)-based inflation could ease in the coming
months thanks to the arrival of kharif crops, lower international commodity
prices, and a pass through of lower input costs to consumers. Traders may take
note of Commerce and Industry Minister Piyush Goyal's statement that India and
the Gulf Cooperation Council (GCC) have agreed to pursue a free trade agreement
(FTA) between the two regions and resume the negotiations. Meanwhile, foreign
institutional investors (FIIs) net bought shares worth Rs 1,231.98 crore on
November 24, as per provisional data available on the NSE. Hospitality industry
stocks will be in focus as representatives from Federation of Hotel &
Restaurant Associations of India met Finance Minister Nirmala Sitharaman and
sought granting of infrastructure status to the hospitality industry in the
forthcoming Budget.
Support and
Resistance: NSE (Nifty) and BSE (Sensex)
Index
|
Previous close
|
Support
|
Resistance
|
NSE
Nifty
|
18,484.10
|
18,342.34
|
18,577.79
|
BSE
Sensex
|
62,272.68
|
61,777.95
|
62,589.86
|
Nifty Top volumes
Stock
|
Volume
|
Previous close (Rs)
|
Support (Rs)
|
Resistance (Rs)
|
(in Lacs)
|
Tata Steel
|
237.37
|
105.45
|
104.71
|
106.06
|
Oil & Natural Gas Corporation
|
118.03
|
139.00
|
136.34
|
140.84
|
NTPC
|
109.86
|
169.65
|
168.16
|
170.56
|
ICICI Bank
|
108.44
|
939.00
|
930.81
|
943.91
|
HDFC Life Insurance Company
|
105.93
|
572.00
|
556.89
|
580.34
|
ITC's hospitality arm -- ITC Hotels has partnered with Jolle Hospitality for a 116-room hotel in Belagavi in a bid to expand its footprint in south India.
Axis Bank and Flipkart have partnered to launch the Super Elite Credit Card.
ICICI Bank has entered into an agreement in relation to an initial investment in the seed equity capital of the proposed JV of IOC and Chennai Petroleum Corporation.
L&T's construction arm -- L&T construction has secured an order from the prestigious Greenko group for development of an off stream pumped storage project in Madhya Pradesh.