The benchmark Indian index opened lower, reflecting weakness in other Asian markets due to concerns over protests against China’s strict COVID-19 controls. The MSCI Asia ex-Japan index he fell 1.41%.
But Indian stocks reversed course as oil futures fell more than $2 a barrel as protests in main importer China fueled demand concerns. Oil importers like India tend to benefit from lower oil prices.
The S&P BSE Sensex rose a whopping 0.31% to a record high of 62,484.67. The NSE Nifty 50 Index surged 0.25% to reach a 52-week high of 18,565.95, about 40 points away from its all-time high.
The Nifty Midcap 100 and Nifty SmallCap 100 outperformed their larger peers, up 0.72% and 1.12% respectively. Nifty’s oil and gas index rose more than 1.5%.
Prashanth Tapse, senior vice president of research at Mehta Equities, said:
After an initial slump of 4.4%, Reliance Industries, India’s most valuable company, rose 2.6% to reach its highest level since mid-June, pushing Nifty to its highest.
The petroleum-to-chemicals conglomerate has also contributed to the rise in the energy index along with Indian Oil Corp. and Oil India Limited.
Hero Motocorp rose 3.5% to a more than two-month high after announcing price hikes for its motorcycles and scooters from December 1 to offset inflation-related costs.
Meanwhile, a Reuters poll showed that India’s economy is likely to return to its normal annual growth rate of 6.2% in the quarter ended September after recording double-digit expansion in the previous quarter. it was done. India’s GDP data is due to be released on Wednesday.
!1 new updateClick here for the latest updates
S&P cuts India’s FY23 GDP growth forecast by 30 bps to 7% and FY24 by 50 bps to 6%
Hero MotoCorp shares rose nearly 4% in intraday trading on BSE Monday after the company said it would raise the prices of motorcycles and scooters by up to INR 1,500 from December 1, 2022 due to inflationary cost pressures. It came to 2,804 rupees. .
Prices as of November 28, 2022 11:26 amclick on the company name for live pricing.
Aptus Value Housing Finance India Declares Dividend of Rs 2 Per Share
Prices as of November 28, 2022 11:16 amclick on the company name for live pricing.
The global brokerage has started covering Container Corporation of India (Concor) with a target price of Rs 620 crore. The company said any delay in completing the freight corridor to JNPT would affect the volume increase. Loss of market share and price pressure will offset his DFC gains in the short term, he added. “The sale of government stock will be an important catalyst for the company.”
Prices as of November 28, 2022 11:13 amclick on the company name for live pricing.
After several days of consolidation in the 18430-600 area, the stage was ready for the decisive move. Visibility above 18800-19000 is currently capped, but the inability to break above 18470 reignites concerns about a drop in 17850. We’re playing this today by placing a downside marker at 18320 to give the bulls a window to regroup.
– Anand James – Chief Market Strategist, Geojit Financial Services
Hero Moto, the TVS of Top Performers in the PSU Space
Prices as of November 28, 2022 10:41 amclick on the company name for live pricing.
WATCH | Chris Wood’s Stock Market, US Recession & More
Chris Wood of #TheGlobalView | @Jefferies said:
— ETNOW (@ETNOWlive) 1669609561000
Where to bet in this market? Sandip Sabharwal explains
Be Bullish on Commodity Consumers, Companies Related to Domestic Demand Avoid Commodity and Specialty Goods… https://t.co/ZOLPtdSL5G
— Sandip Subharwal (@sandipsabharwal) 1669605357000
VA Tech Wabag’s share price surged 4.47%, its biggest since November 15, after signing an agreement with the Asian Development Bank to raise INR 2 billion through unlisted non-convertible bonds.
Prices as of November 28, 2022 10:09 AMclick on the company name for live pricing.
Paytm rebounded after falling 5.2% in previous trading. The Reserve Bank of India last week refused to assign a payment aggregator license to the company.
Prices as of November 28, 2022 10:07 AMclick on the company name for live pricing.
Dharmaj Crop Guard’s Rs 251 crore initial public offering (IPO) will start on Monday 28th November and run until Wednesday 28th November. The issue consists of new shares valued at Rs 216 crore while existing promoters and shareholders will sell 1.483 million shares through an Offer to Sell (OFS) valued at Rs 35.15 crore. Bids can be placed with a lot size of 60 shares.
Gateway Distriparks said the Income Tax Department conducted inspections at its offices and some locations.
Prices as of November 28, 2022 10:03 AMclick on the company name for live pricing.
Sensex reverses loss, jumps 100 points
IRDAI has approved the acquisition of the remaining 5.17% stake in Max Life held by MSI at Rs.85 per share.
#StocksInNews | IRDAI has approved the acquisition of the remaining 5.17% stake in Max Life held by MSI at Rs 85 per share #MaxLife… https://t.co/treovwoJq2
— ETNOW (@ETNOWlive) 1669604884000
There are two positive factors that can give resilience to the ongoing rally in the market. The second is his stable FPI purchases (Rs 31.63 crore so far in November) especially in sectors with strong fundamentals such as financials, IT, autos and capital goods. Despite these positives, the market appears to be waiting for his Fed Secretary’s speech on Wednesday. Powell’s hawkish statement is negative as the market is pricing in a gradual rate hike with a final rate of around 5%. High futures premiums indicate an underlying bullishness in the market.
– Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services
PNB, BHEL and Rail Vikas Nigam are among the most active stocks on the NSE
Prices as of November 28, 2022 09:22 AMclick on the company name for live pricing.
Opening bell: Sensex under 130 points, Nifty under 18,500.Hindalco down 2%, MSTC up 5%
Pre-open session: Sensex crosses 100 points. nifty under 18,460
Asian stocks slide as China’s COVID protests upset sentiment
Asian stocks rallied on Monday after unusual protests in major Chinese cities against the country’s draconian coronavirus measures raised concerns about virus control in the world’s second-largest economy. has fallen.
SGX Nifty gets off to a negative start
Singapore Exchange’s nifty futures traded 70.5 points (0.38%) lower at 18,590.50, indicating Monday’s Dalal Road is headed for a negative start.
Tech View: Nifty Forms Bullish Engagement Pattern on Weekly Charts
Friday’s headline stock index Nifty cast a small shadow on the daily chart and formed a small negative candle with a bullish engulfing pattern on the weekly chart.
Tokyo stocks soften in early trading
Tokyo shares fell Monday morning as the global tech sector faces pressure. The benchmark Nikkei 225 index fell 0.31% (86.81 points) to 28,196.22, while his broader Topix index fell 0.16% (3.17 points) to 2,014.83.
Nasdaq falls as investors focus on Black Friday sales and China epidemic
The Nasdaq closed Friday lower after pressure from Apple Inc in Wall Street’s calm holiday-shortened trading session as investors saw Black Friday sales in China and cases of COVID-19. rice field.
Oil drops more than $1 as China’s COVID protests fuel demand concerns
Crude oil futures fell more than $1 early on Monday. That’s because protests in China, the biggest importer over strict controls on COVID-19, have fueled demand concerns, prompting investors to push for a Western price cap on Russian oil and an OPEC+ meeting. remained cautious prior to
Rupee closes broadly flat against USD at 81.71 on month-end dollar demand
The rupee settled broadly flat against the US currency at 81.71 on Friday as month-end dollar demand from oil importers offset gains from weak US dollar and foreign exchange inflows.
Sensex, Nifty on Friday
The 30-share Sensex closed 21 points higher at 62,258.
Good morning, dear readers!Here’s What To Kickstart Your Trading Day