Indian equities reversed its course following recovery in global markets and strong domestic GDP data. India’s Q2 GDP recorded a growth of 8.4% as economic activity moved towards normalcy after the impact of the second wave. The 30-share pack Sensex rose 619.92 points or 1.09 per cent to close at 57,684.79. Its broader peer NSE Nifty gained 183.70 points or 1.08 per cent to 17,166.90. Pharma names came under pressure but autos climbed on better-than-expected November sales data. Banking names were also in demand as investors rushed to buy them at low levels.
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JMC Projects has secured two orders worth Rs 1,795 crore, including water supply projects worth Rs 1,085 crore. Apart from the water supply projects, the company has bagged an order for Buildings & Factories (B&F) projects worth Rs 710 crore in the country, it said in a statement.
Price as on 01 Dec, 2021 06:38 PM, Click on company names for their live prices.
Despite a weak November, we expect a decent FY 22 on a very low base of H1 FY21. Given a healthy double digit growth in YTD FY22, we believe the impact of Wave #2 is mitigated for CVs. 2Ws and tractors may post a mid single digit growth in FY 22, while PVs and CVs are expected to grow close to 10% and 20-25% respectively. Therefore FY 22 is expected to be better than FY 21 provided there is no Wave #3. Stocks specifically, we prefer Bajaj Auto (#1 in 2W exports markets) in the 2Ws as its growth is well driven by exports and 3Ws, while on the PV side, we believe MSIL is pricey as far as its valuations are concerned given its supply side conundrum and delay in EV plans. We like M&M because of its thrust on rural markets through its leadership in tractors business, prudent capital allocation and a robust growth strategy in UVs, EVs and CVs. We like Ashok Leyland within CVs as it has a diversified revenue base coming from LCVs, defense, MHCVs and spares. Also the recovery and growth in its monthly numbers is thick and fast. Tata Motors is seeing a strong PV business, along with a very healthy revival in MHCVs and improvement in JLR business. Every dip in these stocks in the short term (driven by pandemic, supply chain issues etc), shall provide good opportunities for investors to accumulate them from a medium to long term perspective.
– LKP Securities
India deserves to outperform and it will but it is just going to take a breather for now because it has run up too fast in a very short span of time
– Shankar Sharma
Gold tumbles Rs 302; silver declines Rs 81
Gold in the national capital on Wednesday tumbled Rs 302 to Rs 46,848 per 10 gram reflecting an overnight decline in international precious metal prices along with rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 47,150 per 10 gram. Silver also dipped Rs 81 to Rs 61,031 per kilogram from Rs 61,112 per kilogram in the previous trade.
Tata Power Solar gets letter of award for Rs 945 cr project
Tata Power Solar has received letter of award (LoA) for a solar and battery storage project worth Rs 945 crore from Solar Energy Corporation of India Ltd (SECI). Under the SECI project, Tata Power Solar Systems Limited will build a 100 MW EPC (engineering procurement construction) solar project along with 120 MWh utility scale battery energy storage system (BESS), a company statement said.
The covid comeback has made the fx market very volatile. Until there is no confidence over the global economic recovery, the USDINR spot will remain afloat. The market’s focus is on Fed Powell’s testimony in front of the House later tonight, along with a slew of US economic data. The testimony document released by the Fed and Powell’s statement in front of the Senate altered, so tonight’s speech and data will be perennial to place further hawkish bets. This week in USDINR spot, we expect it to trade in between 74.70-75.25, and as long as it trades above 74.70, it will continue to be afloat.
– Emkay Global Financial Services
What to expect in Thursday’s trade?
— Ajit Mishra, VP – Research, Religare Broking
Stop loss: Rs 892
Target: Rs 1,020
Buy Balrampur Chini near Rs 330-326
Stop loss: Rs 318
Target: Rs 350
Rupee gains 22 paise to end at 74.91 against US dollar
MARKET VIEW: There is a likelihood of near-term bottom formation
— S Hariharan, Head- Sales Trading, Emkay Global Financial Services
After the sharp sell-off in the global markets yesterday, Indian equities reversed its course following recovery in global markets and strong domestic GDP data. India’s Q2 GDP recorded a growth of 8.4% as economic activity moved towards normalcy after the impact of the second wave. Though the Fed chair’s comment on speeding up the pace of the bond-buying taper plan kept investors cautious along with the concerns of Omicron, the global markets recovered sharply today.
– Vinod Nair, Head of Research at Geojit Financial Services
Market Stat: Gainers outpace losers
Top gainers & losers on NSE
Price as on 01 Dec, 2021 03:41 PM, Click on company names for their live prices.
CLOSING BELL: RIL, banks give Sensex 620 points lift; Nifty ends at 17,167; IndusInd, Axis Bank jump up to 5%
India VIX eases 9% to 19.30
IT spending in India expected to cross $100 bn in 2022: Gartner
Price as on 01 Dec, 2021 03:28 PM, Click on company names for their live prices.
Maruti Suzuki sales decline in November
Regular international flights not to resume from December 15; DGCA to announce new date soon
Price as on 01 Dec, 2021 02:52 PM, Click on company names for their live prices.
Impact of Omicron on emerging economies to depend on restrictions, policy support: Moody’s
The economic impact of the Omicron variant of COVID-19 on emerging economies will depend on a mix of government restrictions, public comfort with social interactions, and capacity of governments and central banks to provide additional policy support to the private sector, Moody’s Investors Service said on Wednesday.
Mid-sized motorcycle maker Royal Enfield on Wednesday said it has joined hands with British brand Belstaff to market an exclusive range of apparel. Launched in 1924, Belstaff is one of the leading British Heritage brands, known worldwide for its high-performance outerwear and jackets.
Price as on 01 Dec, 2021 02:28 PM, Click on company names for their live prices.
European shares start December on a high; Omicron impact in focus
European stocks rose on Wednesday as bargain hunters returned after a rough November, although investors remained concerned whether the Omicron variant will upend economic activity in the winter months. The pan-European STOXX 600 rose 0.8% as of 0816 GMT, tracking gains in Asian shares and U.S. futures after a sharp selloff in the previous session. (Source: Reuters)
Market veteran Shankar Sharma decodes market volatility and how to navigate it.
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NIFTY PHARMA worst sectoral loser on NSE at this hour
IPO-bound LIC asks its policyholders to update PAN for participation in public offer
The Life Insurance Corporation (LIC) in the run up to its initial public offering, has asked its policyholders to update their PAN, so that they can participate in the proposed public offer. As per the proposed plan, up to 10 per cent of the LIC IPO issue size would be reserved for policyholders. “In order to participate in any such public offering, policyholders will need to ensure that their PAN details are updated in the Corporation’s records. Further subscribing to any public offering in India is only possible if you have a valid DEMAT account,” LIC said in a public notice.
Nykaa looks to triple store count in retail expansion, says CEO Falguni Nayar
Price as on 01 Dec, 2021 01:57 PM, Click on company names for their live prices.
Farm machinery and construction equipment major Escorts on Wednesday reported a 30 per cent decline in total tractor sales at 7,116 units in November 2021. The company had sold 10,165 units in the same month last year, Escorts said in a regulatory filing.
Price as on 01 Dec, 2021 01:55 PM, Click on company names for their live prices.
HDFC, Axis Bank sold Reliance Capital debt facilities to ACRE a few months before RBI superseded the R-Cap board
Price as on 01 Dec, 2021 01:53 PM, Click on company names for their live prices.