Stock Market highlights on December 1, 2023: Nifty hits record high; Sensex settles 493 points higher

The rupee appreciated 7 paise to settle at 83.30 (provisional) against the US dollar on Friday, following positive cues from equity markets and strong domestic macroeconomic data.

Forex analysts said easing crude oil prices in the international markets also favoured the local currency. Read more

Key equity index Nifty hit its lifetime high while Sensex jumped 493 points to close at an 11-week high driven by favourable macroeconomic data and continuous foreign fund inflows.

The 30-share BSE Sensex jumped 492.75 points or 0.74 per cent to settle at 67,481.19, the highest closing level since September 18. During the day, it surged 575.89 points or 0.85 per cent to 67,564.33.

The Nifty climbed 134.75 points or 0.67 per cent to settle at an all-time high of 20,267.90. During the day, the benchmark touched its intra-day record high of 20,291.55, up 158.4 points or 0.78 per cent.

Among the Sensex firms, ITC, NTPC, Axis Bank, Larsen & Toubro, Bajaj Finance, Asian Paints and Tata Steel were the major gainers.

Mahindra & Mahindra, Wipro, Maruti, IndusInd Bank, Kotak Mahindra Bank and HDFC Bank were among the laggards. 

Foreign Institutional Investors (FIIs) bought equities worth Rs 8,147.85 crore on Thursday, according to exchange data.

India retained the tag of the world’s fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the September quarter on booster shots from government spending and manufacturing.

In Asian markets, Shanghai settled in the green, while Seoul, Tokyo and Hong Kong ended lower.

European markets were trading in positive territory. The US markets ended mostly with gains on Thursday.

India’s manufacturing sector continued with its robust performance in November, mainly on the back of substantial easing in price pressures and strengthening demand from clients, according to a monthly survey on Friday.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 56 last month from the eight-month low level of 55.5 recorded in October.

Global oil benchmark Brent crude declined 0.57 per cent to USD 80.40 a barrel.

The BSE benchmark ended 86.53 points or 0.13 per cent higher at 66,988.44 on Thursday. The Nifty edged up 36.55 points or 0.18 per cent to 20,133.15.

Most exit polls on Thursday put the BJP ahead in Madhya Pradesh and gave it an edge in Rajasthan, while predicting that Congress had the advantage in Telangana and Chhattisgarh.

“Better-than-estimated India GDP numbers will raise the growth outlook for FY24 and provide cheer for the market to continue its upward momentum. The global market too rallied on hopes that the ECB has completed its rate-hiking cycle on the back of easing inflation and ahead of the FED chair speech today.

“The auto sales numbers witnessed a festival cheer, while the premium valuation restricted the upside potential,” said Vinod Nair, Head of Research, Geojit Financial Services.

The Reserve Bank of India and the Bank of England (BoE) signed a Memorandum of Understanding (MoU) on Friday for cooperation and exchange of information in relation to the Clearing Corporation of India Ltd (CCIL). 

The MoU establishes a framework for the BoE to place reliance on RBI’s regulatory and supervisory activities while safeguarding the UK’s financial stability. 

“The MoU also demonstrates the importance of cross-border cooperation to facilitate international clearing activities and the BoE’s commitment to deference to other regulators’ regimes,” per a RBI statement. 

The Central bank emphasised that the MoU confirms the interests of both the authorities in enhancing cooperation in line with their respective laws and regulations. 

It would also enable the BoE to assess CCIL’s application for recognition as a third country Central Counterparty (CCP) which is a pre-requisite for UK-based banks to clear transactions through CCIL. 

The MoU was signed by RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden in London.

​Aurionpro Solutions​ has received a new order from a large public sector bank. The order includes the supply, installation, implementation, customisation and maintenance of iCashpro+, Cash Management Solution at the bank’s site. The project is valued at over ₹30 crore.

Aurobindo Pharma’s wholly-owned subsidiary company, Eugia Pharma Specialities Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Budesonide Inhalation Suspension Single-Dose Ampule. It is the bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Pulmicort Respules (Budesonide) Inhalation Suspension by Astrazeneca Pharmaceuticals.

Lupin Limited has announced the launch of Turqoz (Norgestrel and Ethinyl Estradiol) Tablets USP, 0.3 mg/0.03 mg, after having received an approval from USFDA.

The company’s stock is up by 1.15% on the NSE, trading at ₹1,295.65.

ICRA Analytics: Indian equity markets rose for the third consecutive day amid volatility due to monthly futures and options expiry. The rising expectation of a peak in interest rates in the U.S. coupled with the anticipation of upbeat second-quarter GDP data of domestic economy, contributed to an increase in sentiment.

Bharti Telecom’s ₹8,000 crore NCD issue has been fully subscribed with anchor investors getting full allotment. Bidding was based on multiple yields.

TVS Motor Company recorded monthly sales of 364,231 units in November 2023 with a growth of 31% as against 277,123 units in November 2022. The company’s stock rises by 2.44% on the NSE, trading at ₹1,909.95.

Major gainers: ITC (3.22%); NTPC (3.08%); LT (2.76%); Axis Bank (2.57%); Britannia (2.50%)

Major losers: Hero Motocorp (-1.66%); Wipro (-1.26%); M&M (-1.22%); HDFC Life (-1.13%); Dr Reddy (-0.72%)

Kesoram Industries Limited’s shares rose 4.99 per cent after the company’s board approved a Composite Scheme of Arrangement for the demerger of its cement division into UltraTech Cement Limited, aimed at unlocking value for shareholders and deleveraging the balance sheet. 

Stocks advanced on BSE at 3 pm on December 1, 2023, were 2,161 against 1,550 stocks that declined; 136 stocks remain unchanged. Total stocks traded were 3,847. The number of stocks that recorded a 52-week high was 366, and those that hit a 52-week low was 22.

AstraZeneca Pharma India’s board has approved the appointment of Venkat Natarajan as Lead - Market Access, with effect from January 2, 2024. The stock trades at ₹4,751 on the NSE, down by 0.31%.

Aarvi Encon has received letter of intent for hiring services of field engineers for various pipeline locations of HPCL. Aarvi stock declines by 1.83% on the NSE, trading at ₹147.70.

H.G. Varanasi -Kolkata PKG-13 Private Limited, a wholly owned subsidiary of H.G. Infra Engineering Limited, is in receipt of a project in Jharkhand from the National Highways Authority of India (NHAI) (worth ₹925.11 crore). 

HG Infra stock is up by 1.55% on the NSE, trading at ₹863.10.

The board of Indian Oil Corporation has approved procurement and installation of 4,000 fast EV chargers at an estimated capital investment of ₹919.78 crore. 

The board has also approved revision in cost of the project for capacity expansion of Panipat Refinery (from 15 to 25 MMTPA) from ₹32,946 crore to ₹36,225 crore and revision in completion schedule of the project from September 2024 to December 2025. 

IOC stock trades at ₹110.90 on the NSE, down by 0.76%.

Coal India Limited (CIL) produced 460 million tonnes (MTs) of coal till November of the ongoing financial year. 

The company’s stock is up by 1.33% on the NSE, trading at ₹346.70.

Iris Business Services board has approved proporal to increase the company’s authorised share capital to ₹32 crores (from ₹25 crore). The stock trades at ₹142.55 on the NSE, down by 2.20%.

IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), will raise up to ₹ 1,000 crores through its maiden public issue of secured bonds, G Mohan Kumar, Head -Treasury, has said.

Ashok Leyland has recorded sales (domestic and exports) of 14,053 units in Nov 2023 as against 14,561 units in Nov 2022. The stock is down by 1.23% on the NSE, trading at ₹180.90.

Maruti Suzuki India, in November 2023, sold a total of 164,439 units. Total sales in the month include domestic sales of 136,667 units, sales to other OEM of 4,822 units and exports of 22,950 units. 

The stock trades at ₹10,683 on the NSE, up by 0.70%.

Eicher Motors has recorded sale of 5,194 units of trucks and buses in November 2023 as against 4,903 units in November 2022. 

The company’s stock inches up by 0.62% on the NSE, trading at ₹3,921.20.

Indus Towers board has approved appointment of Neeti Wahi as the Chief Digital and Information Technology Officer of the Company with effect from December 06, 2023. The company’s stock is up by 1.52% on the NSE, trading at ₹187.20.

Wardwizard Innovations & Mobility stock surges by 5.56% on the BSE, trading at ₹52.9. The company signed an MoU with Triton EV, a U.S.-based electric vehicle manufacturer.

TVS Motors (2.30%)

Bosch (1.92%)

Bharath Forge (1.37%)

Samvardhana Motherson (1.25%)

Bharti Airtel informed the exchange that Wynk Music has unveiled its Wynk Rewind 2023 – announcing the top artists, albums and songs to have ruled music scene this year. 

Bharti Airtel stock trades at ₹1,011.15 on the NSE, down by 0.35

The Finance Ministry has initiated the process to launch a new tranche of the CPSE (Central Public Sector Enterprises) Bond issue, better known as Bharat Bond ETF (Exchange Traded Fund), by inviting proposal to appoint and legal advisor.

If you are a TCS shareholder and wondering whether you should tender your shares in the buyback which opened today, here are some details that can help you decide.

The buyback which opened today, closes on December 7. The buyback of around ₹17,000 crore while might appear big in absolute terms, is miniscule when compared to the market cap of TCS which is at around ₹12.8 lakh crore. So the buyback represents just 1.3 per cent of TCS’s market cap and is unlikely to add any meaningful value to long term shareholder value. 

Datamatics Global Services (17.57%)

Shalimar Paints (17.56%)

Oriental Hotels (12.06%)

Precot (11.71%)

Arvind SmartSpaces (10.74%)

Transindia Real Estate had approved the appointment of Mahesh Shetty as a Chief Financial Officer. The stock trades at ₹46.13 on the BSE, down by 1.24%.

ALKOSIGN has signed a license agreement with Baggit India Private Limited for use of the goodwill of the owner to ALKOSIGN LIMITED for manufacturing and sell of Baggit’s luggage products. The stock declines by 4.09% on the BSE, at ₹218.

Tata Motors Limited sales in the domestic & international market for November 2023 stood at 74,172 vehicles, compared to 75,478 units during November 2022. Tata Motors stock trades at ₹705.85 on the NSE, down by 0.08%.

Seamec has entered into a Memorandum of Agreement (MOA) with Ships & Boats Oil Services for purchase of vessel “SEA PEARL” (purchase price will be $7 million. 

The stock rises by 1.20% on the NSE, trading at ₹920.

BLB Limited has appointed Deepak Sharma as Chief Financial Officer of the company. The stock trades at ₹21.10 on the NSE, up by 1.69%.

DRC Systems India Limited has informed the exchange regarding allotment of 2,53,250 securities pursuant to ESOP/ESPS. The stock trades at ₹53.40 on the NSE, up by 0.19%.

Hyundai Motor India on Friday said its total sales increased by 3 per cent year on year to 65,801 units in November. The automaker had sold 64,003 units to dealers in November 2022. - PTI

One can buy and accumulate the stock, maintaining the support near 380 levels and anticipate for further rise in the coming days with the chart looking attractive technically.

Manufacturing sector continues to perform better as survey-based index, prepared by S&P Global Market Intelligence and released on Friday, rose to 56 in November as against 55.5 of October. While strong demand and better availability of input helped manufacturing to continue expanding, job situation also got a boost.

On Thursday, Statistics Ministry data showed manufacturing boosted the GDP growth during July-September quarter to 7.6 per cent. Expectation is that this trend will continue and first indication post GDP number release is survey-based index, better known as Purchasing Managers’ Index (PMI). This index is based on responses from executives of 400 companies. Index above 50 means expansion and below 50 means contraction.

Zydus Lifesciences has received final approval from the USFDA for Ivabradine Tablets, 5 mg and 7.5 mg (USRLD: Corlanor® Tablets, 5 mg and 7.5 mg). The stock is up by 1.09% on the NSE, trading at ₹644.50.

Bharti Telecom’s Rs 8000 crore NCD issue is fully subscribed and the anchor investors have got full allotment. It is the holding company of Bharti Airtel

NCC Limited has received two new orders worth ₹553.48 crore in the month of November 2023. The stock inches up by 0.81% on the NSE, trading at ₹167.90.

Major gainers on the NSE at 12:

NTPC (4.55%); ITC (2.58%); Axis Bank (2.55%); LT (2.12%); Asian Paints (1.68%)

Major losers:

Wipro (-1.30%); HDFC Life (-0.91%); Bajaj Auto (-0.61%); SBI Life (-0.54%); Cipla (-0.47%)

Stocks advanced on BSE at 12 noon on December 1, 2023, were 2,348 against 1,237 stocks that declined; 152 stocks remain unchanged. Total stocks traded were 3,737. The number of stocks that recorded a 52-week high was 332, and those that hit a 52-week low was 18.

Sarda Proteins has appointed Shipra Gandhi as the Chief Financial Officer (CFO) of the Company. The stock rises by 3.70% on the BSE, trading at ₹42.

Venus Remedies has received marketing authorisations for Paclitaxel 100m9/16.7rn1 and Zolendronic Acid 4mg in the Philippines, located in the dynamic region of Asia (South East). ln addition, the company has also secured marketing authorization for Bleomycin 1SlU from Saudi Arabia. The stock rises by 1.96% on the NSE, trading at ₹393.70.

Tata Metaliks has informed that Dr. Bharat Bhushan, Vice President (Process Technology and Digital) of the Company, has sought group transfer to take up an opportunity in the Tata Steel Group. In terms of the Company’s Succession Plan for Senior Management Personnel, Santanu Banerjee is being appointed as the Vice President - (Process Technology, Quality Assurance and NPD), effective December 01, 2023.

The company’s stock trades at ₹996.85 on the NSE, up by 0.70%.

Aether Industries has informed regarding an update in connection with fire incident. The company has been ordered by the Gujarat Pollution Control Board (the Board) not to carry out production activity at the affected site until further instructions, and; to pay ₹50 lakh as Interim Damage Compensation. The stock rises by 2.47% on the NSE, trading at ₹799.

The total value of ₹2000 banknotes in circulation has declined to ₹9,760 crore as at the close of business on November 30, 2023. This decline comes in the wake of withdrawal of these notes initiated between May 19, 2023 to October 7, 2023.

Thus, 97.26 per cent of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned, RBI said in a statement, adding these notes continue to be legal tender.

V.S.T Tillers Tractors has sold 2096 units of tiller & tractors in November 2023. The stock declines by 0.17% on the NSE, trading at ₹4,108.80.

Man Infraconstruction Limited’s shares were up by 3.22 per cent after the Board granted approval for a fund-raising endeavour totalling approximately ₹550 crore. This initiative will involve the issuance of convertible equity warrants through a Preferential Issue. The fund infusion aims to raise capital through the issuance and allotment of up to 3,55,05,000 warrants, each convertible into 1 (one) Equity Share at an issue price of ₹155, including a premium of ₹153 per warrant. 

REC informed that the company it crossed disbursement of ₹1,00,000 crore in a year. The stock surges by 8.16% on the NSE, trading at ₹377.15.

SBI Securities records more than 7.17 Lakhs active clients in YTD Oct-23.

SBI Securities has emerged as one of the fastest growing broking firms amongst the other industry players in terms of adding active client base for YTD Oct-23 as per NSE data.

In a release, the brokerage said that when the stock broking industry recorded a growth of 9%, SBI Securities recorded more than 7.17 Lakhs active clients in YTD Oct-23 recording a growth of 39% percent as compared to YTD Mar-23.

Tata Consumer Products has informed the exchange regarding appointment of Ashish Goenka as Group CFO of the company w.e.f. December 18, 2023. The stock inches up by 0.32% on the NSE, trading at ₹943.80.

Megastar Foods Ltd, a bulk food processing company, announced on Thursday, that its Board of Directors had approved the issuance of up to 13,00,000 lakh equity shares on a preferential basis to promoters, non-promoters and public shareholders of the company. The preference shares will be issued at an issue price of Rs 326 per share.

Besides other non-promoter group allottees, the family offices of Polycab India and Garware have also invested in the shares through a preferential route. The company’s shares have also evinced strong interest from foreign players, with Bank of America and BNP Paribas entering through the secondary market route.

Among the non-promoter groups, Nikhil Ramesh Jaisinghania of Polycab India and Coeus Global Opportunities Fund will be allotted 1,00,000 equity shares each. Monica Garware (Vice Chairman and Joint Managing Director of Garware Hi-Tech Films Ltd) will be allotted 70,000 shares. 

Major gainers on the BSE at 11 am:

PFC (9.99%); REC (9.60%); TV 18 (9.09%); Network 18 (8.51%); Wardwizard (6.48%)

Major losers:

NIACL (-8.06%); Whirlpool (-4.49%); General Insurance (-3.46%); ION Exchange (-3.42%); TVS Srichakra (-3.18%)

GDP Data by Mr. Nikhil Gupta, Chief Economist, MOFSL Group.

India’s 2QFY24 real GDP growth is a picture perfect

Full-year FY24 growth to be revised up again to 6.5-6.6%

-- India’s real GDP grew 7.6% YoY (yes, you read it right) in 2QFY24, much better than the BMBG consensus of 6.8% and our forecast of 6.6%. real GVA growth was 7.4%.

-- As impressive the headline number is, the details are even more impressive. Better growth was almost entirely driven by investments and fiscal spending, with private consumption growth remaining weak (much weaker than our forecast).

-- India’s investment rate rose to 32.9% of GDP in 2Q, better than 32.1% of GDP in 2QFY23. Our calculations suggest that corporate investments grew 3.3% YoY last quarter, after two declines (in contrast to our expectation of a 3rd successive fall).

-- Notwithstanding higher investments, India’s net imports was well behaved (at 2.4% of GDP vs. 2.3% in 1Q) because private consumption grew by only 3.1% YoY (weaker than expected and in 1Q). Consequently, it is likely that household financial savings picked up in 2QFY24.

-- Further, with better real growth, nominal GDP growthw as also 9.1%, better than 8% in 1Q (and our forecast of 8.5%).

-- One confusion from today’s GDP data, however, is to match strong retail loans with weak private consumption growth.

-- Overall, India’s GDP growth remains extremely strong. At 7.7% real growth in 1H, it is almost certain that the full-year growth will be revised upwards once again, probably to 6.5-6.6%.

Bank Nifty opened today’s session with a gap-up at 44,580.15 versus 44,481.75. It is now at 44,910, up 1 per cent.

Supporting the strong bullish inclination, all the stocks in the index have rallied. Punjab National Bank, up 4.5 per cent, and Bank of Baroda, up 3.2 per cent, are the top performers in the index.

Delta Corp stock is up by 4.31% on the NSE, trading at ₹147.75. The company had decided to make a strategic investment over ₹99 crore in Peninsula Land Ltd.

BPCL informed the exchange that Sreekumar R, Chief General Manager I/C (SCO), has superannuated from the services of the company on close of work on November 30, 2023. The stock is up by 0.83% on the NSE, trading at ₹439.30.

Basic needs of the Indian population have been met and the government is making massive investments in infrastructure, says Piyush Goyal at a debt markets conference organised by the Trust Group

Here is the post-listing view on Flair Writing Industries from Shivani Nyati, Head of Wealth, Swastika Investmart Ltd. 

Flair Writing Industries Ltd. (Flair Writing) made a strong debut on the stock markets, listing at Rs 503 per share, a premium of 65.4% over its IPO price of Rs 304. The listing was even above expectations, given the strong fundamentals of the company and the positive investor sentiment surrounding the IPO.

Flair Writing is a leading manufacturer of writing instruments in India with a well-diversified product portfolio and a strong brand reputation. The company has a proven track record of growth and profitability. The IPO was oversubscribed 49.28 times, indicating strong investor interest. 

Overall, Flair Writing Industries Ltd. is a fundamentally sound company with a strong growth outlook.

Escorts Kubota Limited agri machinery business division in November 2023 sold 8,258 tractors, registering a growth of 3.7 percent as against 7,960 tractors sold in November 2022. The company’s stock trades at ₹3,183.55 on the NSE, up by 1.06%.

Mahindra & Mahindra Ltd. announced that its overall auto sales for the month of November 2023 stood at 70,576 vehicles, a growth of 21%, including exports. Total tractor sales (Domestic + Exports) during November 2023 were at 32,074 units, as against 30,528 units for the same period last year. Exports for the month stood at 1,005 units. Under the company’s farm equipment sector’s, total tractor sales (Domestic + Exports) during November 2023 were at 32,074 units, as against 30,528 units for the same period last year. Exports for the month stood at 1,005 units.

The stock trades at ₹1,647.85 on the NSE, up by 0.01%.

Nifty 50 (20,250) opened today’s session with a gap-up at 20,194.10 versus Thursday’s close of 20,133.15. The index is now at up 0.6 per cent for the day and is trading at record levels.

The market breadth gives a bullish picture as the advance/decline ratio of Nifty 50 stands at 37/13. Moreover, all the mid-, small-cap indices and the sectoral indices too are in the green. This signals a broad-based buying.

Invest without the fear of missing out as India is a long-term growth story, Piyush Goyal, Minister of Commerce and Industry, tells investors at a debt capital market summit organized by Trust Group

Hindustan Aeronautics stock rises by 4.24% on the NSE, trading at ₹2,480.60. The Defence Acquisition Council (DAC) had accorded Acceptance of Necessity (AON) for procurement of Light Combat Helicopter (LCH) for Indian Air Force & Indian Army and Light Combat Aircraft (LCA) Mk 1A for Indian Air Force from HAL.

LTIMindtree stock declines by 0.12% on the NSE, trading at ₹5,530. The company had partnered with Metasphere, a wastewater application specialist, to scale their Smart Sewers management platform.

Bharti Airtel informed that Bharti Telecom Limited has acquired 1.35% shares of Bharti Airtel from Indian Continent Investment Limited (ICIL) through block deal mechanism for an aggregate amount of ₹8,301.73 crore. The stock inches up by 0.19% on the NSE, trading at ₹1,016.65.

The markets displayed a positive trend as the trading session commenced on Friday, indicating an upward movement following yesterday’s market, which initially opened on a positive note but concluded with a negative.

The NSE Nifty was up by 0.41 per cent or 83.35 points at 20,216, while the BSE Sensex was up 0.47 per cent or 314.08 points at 67,302. A total of 2,613 stocks were traded on the BSE, of which, 2,020 advanced, while 404 declined and 115 stocks remained unchanged. As many as 189 stocks hit a 52 week high and 8 stocks hit a 52 week low at 10 am on Friday.

Read more here.

Steel Strips Wheels Ltd has achieved net turnover of ₹371.98 crore in November 2023 Vs ₹340.84 crore in November 2022, recording a growth of 9.14 % y-o-y. The stock is up by 1.80% on the BSE, trading at ₹282.05.

Flair Writing Industries Ltd. (Flair Writing) made a strong debut on the stock markets, listing at Rs 503 per share, a premium of 65.4% over its IPO price of Rs 304. 

The listing was even above expectations, given the strong fundamentals of the company and the positive investor sentiment surrounding the IPO, said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

Flair Writing is a leading manufacturer of writing instruments in India with a well-diversified product portfolio and a strong brand reputation. The company has a proven track record of growth and profitability. The IPO was oversubscribed 49.28 times, indicating strong investor interest. 

Overall, Flair Writing Industries Ltd. is a fundamentally sound company with a strong growth outlook.

​Escorts Kubota Limited​’s agri machinery business division in November 2023 sold 8,258 tractors, registering a growth of 3.7 percent as against 7,960 tractors sold in November 2022. The company’s stock trades at ₹3,183.55 on the NSE, up by 1.06%.

Mahindra & Mahindra Ltd announced that its overall auto sales for November 2023 stood at 70,576 vehicles, a growth of 21%, including exports. Total tractor sales (Domestic + Exports) during November 2023 were at 32,074 units, as against 30,528 units for the same period last year. Exports for the month stood at 1,005 units. Under the company’s farm equipment sector, total tractor sales (Domestic + Exports) during November 2023 were at 32,074 units, as against 30,528 units for the same period last year. Exports for the month stood at 1,005 units.

The stock trades at ₹1,647.85 on the NSE, up by 0.01%.

Toyota Kirloskar Motor (TKM), on Friday, said it registered domestic sales of 16,924 units in November reporting a growth of 44 per cent year-on-year (Y-o-Y), compared to the same month last year, where it had sold 11,765 units.

TKM also undertook a weeklong maintenance shutdown from November 11-19, for upkeeping of machinery and equipment to sustain operational efficiencies, maintain quality and safety, it said in a statement.

Aster DM Healthcare: Analysts of Prabhudas Lilladher maintain ‘Buy’ rating with revised TP of ₹430 (earlier ₹345), valuing India hospital segment at 20x (18x earlier) EV/EBITDA on Sept 2025E EBITDA.

Biocon stock is up by 1.53% on the NSE, trading at ₹241.95. Its subsidiary Biocon Biologics has completed integration of the Viatris’ biosimilars business in 31 European countries.

The Indian economy is projected to grow at a 6.7 per cent -7 per cent rate in the fiscal year ending March 31, 2024, several economists said, upping their projections after the country blew past growth estimates for the July-September quarter.

The country’s economy expanded 7.6 per cent in the July-September quarter, trouncing estimates of a 6.8 per cent rise, data released on Thursday showed.

Stronger-than-expected growth in the first half of the year, along with continued government spending and some revival in private investment has prompted economists to raise their growth forecast to higher than the government’s estimate of 6.5 per cent.

Persistent Systems informed that Dhanashree Bhat has been appointed as the ‘Chief Operating Officer’ w.e.f. from today (Dec 1). 

The company’s stock trades at ₹6,451.15 on the NSE, up by 0.80%

Major gainers on the NSE at 9:30 am:

LT (2.57%); NTPC (2.05%); Asian Paints (1.94%); ONGC (1.46%); Maruti (1.19%)

Major losers:

Wipro (-0.63%); SBI Life (-0.58%); Hero Motocorp (-0.55%); Bajaj Auto (-0.46%); HCL Tech (-0.45%)

Crude oil futures traded lower on Friday morning as the market was disappointed with the voluntary production output cut announced by OPEC (Organisation of the Petroleum Exporting Countries) and its allies, known as OPEC+. At 9.22 am on Friday, February Brent oil futures were at $80.50, down by 0.45 per cent; and January crude oil futures on WTI (West Texas Intermediate) were at $75.78, down by 0.24 per cent. December crude oil futures were trading at ₹6320 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹6407, down by 1.36 per cent; and January futures were trading at ₹6348 as against the previous close of ₹6436, down by 1.37 per cent.

Jubilant Foodworks Netherlands B.V. (JFN), wholly owned subsidiary of Jubilant FoodWorks Limited, has further acquired 2,960,991 ordinary shares of DP Eurasia N.V. (DP Eurasia), subsidiary of JFN through various market purchases at an average price of 84.5 pence per share for an aggregate consideration of GBP 2,501,264, thereby increasing its stake to 53.52% of total issued share capital of DP Eurasia.

At the beginning of Friday’s session, the Indian equity benchmarks, Sensex and Nifty, surged following robust GDP figures and a resurgence in FPI inflows. The BSE Sensex, comprising 30 shares, rose by 222.85 points to reach 67,211.29, while the NSE Nifty saw a gain of 75 points, reaching 20,208.15. 

Among the Nifty constituents, NTPC, Apollo Hospitals, UltraTech Cement, IndusInd Bank, and Asian Paints showed gains, while Bajaj Auto, Wipro, Axis Bank, HDFC Bank, and ICICI Bank experienced declines.

TIW Capital’s CEO notes robust Q2 FY 2024 GDP growth at 7.6%. Strong investments and government spending drove the surge, while manufacturing and mining flourished despite a dry monsoon. Modest private consumption due to a high base, subdued agriculture from erratic rains, yet services maintained strength on an unfavorable base.

Analysts expect the Santa Claus rally to help the market sustain the momentum. Following the GDP number and due to the recent MSCI rejig, analysts expect foreign investors to pump money into Indian stock.

Emkay Global Financial reports exit polls favoring BJP in Rajasthan and MP, while Chhattisgarh and Telangana show tight races for Congress. Market sees this as influential, but exit polls aren’t conclusive for national trends. A decisive BJP win could bolster the party’s 2024 prospects, potentially sparking market rally due to perceived policy continuity for positive growth impact.

Reliance Securities’ Vikas Jain anticipates Gift Nifty to reach a record high today due to strong Q2 GDP, Dow Jones surge, stable oil prices at $80/bbl, potential US Fed rate cut hopes, and significant FII investments of over Rs 8,000 crore. Gift Nifty presently at 20,308, eyeing a new high from the previous 20,222 in Sept 2023.

BNP Paribas Arbitrage on Thursday offloaded shares in 19 companies, including One97 Communications, for ₹10,215 crore through open market transactions.

According to the bulk deal data available with the National Stock Exchange (NSE), BNP Paribas Arbitrage offloaded shares of Suzlon Energy worth ₹1,331 crore, sold shares of Persistent Systems for ₹1,174 crore and disposed of shares of APL Apollo Tubes for ₹1,116 crore.

Ultramarine and Pigments: Promoter group Deepa Ajay sold 12,000 shares between Nov. 28 and 29. 

Advanced Enzyme Technologies: Promoter group Advanced Vital Enzymes sold 1.2 lakh shares between Nov. 28 and 29. 

Thirumalai Chemicals: Promoter group Narayan Santhanam sold 24000 shares between Nov. 28 and 29. Promoter Group Deepa Ajay sold 32,290 shares between Nov. 28 and 29. 

Usha Martin: Promoter group Usha Martin Ventures sold 50,592 shares between Nov. 28 and 29. 

Cigniti Technologies: Promoter Group C. Rajeshwari sold 52,499 shares between Nov. 28 and 29. Promoter C. V. Subramanyam sold 59,727 shares between Nov. 28 and 29.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

“The market momentum which pushed the Nifty up by 6% in November is likely to be sustained since the incoming data and news are positive. First, the Q2 FY24 GDP growth rate at 7.6% has surpassed expectations. Particularly, the 13.9% growth in manufacturing and 13.3% growth in construction are impressive numbers. This has the potential to push the FY24 GDP growth rate to above 6.8%, significantly higher than the RBI’s projection of 6.5%. Second, the exit polls results indicate a high possibility of political stability after the General elections. The market will appreciate this. 

Since manufacturing and construction have done well, the bulls will focus on capital goods stocks like L&T and construction-related stocks. Cement stocks may attract renewed buying interest. Autos will continue to do well. 

Nifty is set to move to record highs.”

Vikas Jain, Senior Research Analyst at Reliance Securities.

Expects Gift Nifty to open on a life time high today on account of above expected Q2 GDP and Core sectors growth, Dow Jones climbed up over 500 points, stable oil price to $80/bbl, rate cut hope by US Fed and FIIs overnight bought over 8000cr (MSCI rebalancing flow) will be positive for the market sentiment. Gift Nifty is up 60 points or 20308 while all time high was at 20222 on Sept 2023

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

“Markets are likely to be on a firm ground in early Friday trades tracking strong gains in the Gift Nifty index despite a mixed trend in global equities. The biggest positive catalyst has been the resurgent optimism from the FII camp, which bought local shares worth over Rs 8,000 crore on Thursday amid moderating US bond yields and fading concerns of further interest rate hike. Markets may also react to exit poll results of 5 state elections which has been a mixed bag for the two largest parties. From a technical perspective, all bullish eyes on Nifty’s all-time-high of 20,223 mark.”

GDP data from Ashwini Kumar Shami, EVP and Portfolio Manager, Omniscience Capital

Latest GDP data indicates high growth rate potential for Indian Economy

“The real GDP growth for second quarter FY24 came at 7.6%, significantly ahead of RBI expectation of 6.5%. The half year (H1) FY 24 read GDP growth stands at 7.7%. Manufacturing activities took the lead in Q2 with industry segments such as Mining, Manufacturing, Utilities, and Constructions, each delivering double-digit growth in the range of 10% to 13.9%. Financial and other services, the largest contributor to the GDP had a slower growth at 6% compared to the last quarter (Q1) growth of 12.2%. India continues to grow at the fastest rate among all major economies.

“The US also reported strong Q3 2023 Real GDP growth at 5.2% yesterday. India and US GDP data points exhibit the fundamental strengths of the two economies and present a sharp contrast to the prevailing concerns about global macro uncertainties of economic slowdown due to inflationary and high interest rate scenarios in the developed economies and the regional political conflicts. We anticipate this strong economic growth to continue over the next many quarters with potential rate-cuts in the US and sustained focus on infrastructure investments in India.

The gross fixed capital formation expenditure at 14.7 lakh crore has seen a strong growth of 11% yoy in Q2 indicating strong capex investments. Given that the current government is close to the end of its 2nd consecutive term, it will make all efforts to achieve significant completed milestones to have a better chance to be reelected which will keep the focus on the multiple infrastructure investments underway. This clubbed with private sector capex growth indicates anticipated strong demand in the economy and ensures health future growth over several years.”

The GoI’s stated objective to reduce cost of logistics to 10% of GDP, thus ensuring global competitiveness, is likely to positively transform the logistics sector. Road, which has been the preferred mode of transportation historically, is likely to remain dominant, owing to: 1) significant network investments, 2) reliability & visibility of delivery, and 3) customization of services. In our view, strong policy reforms like GST and e-Invoicing will provide a level playing field for compliant operators, thereby accelerating the shift towards organized players in the road logistics sector. We prefer VRL Logistics (BUY) to play this theme of formalization in the trucking industry (part truck Load; PTL). Express logistics, offering door to door transportation, is likely to benefit from the changes in supply chains prompted by regulatory amendments and growing customer expectations for quick delivery. We believe this niche segment, contributing ~3% to the Road logistics industry, presents a significant opportunity for investors to capitalize on the long-term structural growth story in India’s logistics space. We like TCI Express (ADD) in the B2B express industry owing to its asset-light model and best-in-class cost management, and await a better entry point for Blue Dart Express (REDUCE) owing to structural headwinds faced by the air express segment (70% contribution to revenue) due to substitution risk from the road and rail modes of transportation.

Real Estate: Pre-sales to witness 30% YoY growth in FY24E

Launches to double in 2H from 30msf in 1HFY24

- The listed real estate universe (top 12 companies) registered its second-best quarter ever with cumulative pre-sales of INR252b, up 54% YoY/44% QoQ. The growth was primarily driven by a strong momentum in sustenance sales as launches were subdued for most of the companies, barring a few.

- Ongoing projects contributed 56% of the total pre-sales in 1HFY24 while new launches reported 60% absorption contributing to 44% to pre-sales.

- With inventory for listed universe now down to 10 months, launches are expected to double in 2HFY24 to 60msf. In value terms, launches would catapult to INR820b from INR260b during the same period. Hence, we expect our coverage universe to deliver 30% YoY growth in pre-sales in FY24 vs. an initial growth guidance of 15-20%.

India Q2 GDP numbers: Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities:

The sharp upside rise seen in India’s second-quarter GDP figure underlines the fact that the economic growth has come on the back of robust domestic demand. Another encouraging takeaway of this development is that the broad pick up in the economy comes mostly from the non-agricultural sectors like manufacturing, mining, electricity and other key infrastructure sectors. Markets have already priced in these sectors’ better than expected performance. Going ahead, companies in these sectors like cement, steel, capital goods, metals and other infra-related sectors will have to report consistency in their performance for the robust mood to prevail.

Growth based on domestic demand also points to the fact that India economy will continue to grow in future despite global economy slowing down. And hence, Indian economy will also continue to attract foreign capital inflows and will carve out for itself a different category among the emerging market (EM) peers.

Rajani Sinha, Chief Economist: CARE Ratings

India’s GDP growth came much higher than expected at 7.6% in Q2 FY24, driven by significant acceleration in manufacturing and construction sector activities. As expected, weak and erratic monsoon weighed on agriculture sector’s growth which saw the slowest expansion in past 4.5 years. On the demand side, there was a sharp jump in Investment, led by the Central and state Governments, that helped pull up the GDP growth. However, there was some moderation in consumption demand possibly due to delayed festive season this year and weak rural demand. 

Going ahead, private consumption could accelerate owing to further improvement in urban demand led by festive boost in Q3. However, the outlook for rural demand revival remains clouded amid monsoon deficiency and likely hit to the agricultural production. The recent announcements of various relief measures such as LPG price reduction and extension of PMGKAY are expected to provide some cushion. While investment is showing strong growth trend, there could be some moderation in H2 as both government and private sector may restrain their capital spending ahead of the general elections. Despite some expected moderation in the second half, India’s overall GDP growth for FY24 will remain on a firm footing.

The exit polls of five states are leaning in favor of BJP for the key Hindi belts of Rajasthan and MP, while Chhattisgarh and Telangana are seen as a tight race to top for the Congress. While this news adds more fuel to the market, the exit polls are not definitive, nor are state results a perfect proxy for national results. Nonetheless, a decisive BJP win will reinforce the consensus view that the party is on the front-foot for the 2024 general elections. This is likely to add another leg of rally to the markets, as policy continuity will be viewed as positive growth-shock in the medium term.

UltraTech’s board has approved the acquisition of the cement business (capacity: 10.8mt) of Kesoram Industries at a likely EV of Rs76bn (USD85/ton; integrated capacity at USD100/ton). UltraTech will issue ~6mn shares to Kesoram’s shareholders in the ratio of 1:52 (implying an equity value of Rs54bn at yesterday’s CMP). Along with the ongoing expansion plans, the said acquisition will strengthen the company’s presence in southern (700-800bps capacity share gains by FY27 in our view) and western regions, also to expedite its target of achieving 200mt before FY30. Overall, domestic grey cement capacity would increase at an impressive CAGR of 11% to 193mt by FY27 and put the company firmly on course to retain its leadership position. We continue to like UltraTech, given its strong growth/capex plans, pan-India presence, and robust balance sheet. We ascribe ADD on the stock, with a Sep-24E target price at Rs9,550/share based on 16x EV/E.

India GDP: Hearty Q2 but sluggish H2 ahead; FY24E now tracking 6.6%:

Madhavi Arora, Lead – Economist, Emkay Global Financial Services

The stellar Q2 growth is underpinned by cyclical factors like robust corporate profits and a strong fiscal impulse, with front-loaded government spending in a pre-election year, while factors like deflator issues in growth accounting may have also augured well for the print. Manufacturing alone explains more than 33% of the GVA growth, while services, excl. government-related, have slowed. Even as a stronger-than-envisaged H1 (7.7%) implies that FY24 growth may now track 6.6%, H2 is still likely to see lower growth to ~5.5% owing to cyclical headwinds such as (i) relatively slower GoI spending, (ii) fading terms-of-trade gains from lower commodity prices, (iii) sub-par agri performance, (iv) tighter lending standards, and (v) weaker exports.

Route – Tender\u0009\u0009

Buyback Price: 770/-\u0009\u0009

Current Market Price: 687.15/-\u0009

Market Cap: Rs 10,680 crores

Buyback Size: ₹ 652.81 Crs (representing 7.90% and 7.80% of the fully paid-up Equity Share capital and free reserves)\u0009\u0009

Buyback Size: 84,78,100 shares (representing 5.46 % of O/s. shares)\u0009

Retail Quota: 12,71,715 Shares\u0009

Entitlement:

General Category - 3 Equity Share for every 58 Equity Shares held on the Record Date

Retail Category - 4 Equity Share for every 51 Equity Shares held on the Record Date

Buyback Record Date: 24 November 2023

Tender Period:

Start Date - 01 December 2023 (Today)

Close Date - 07 December 2023

Obligation Date - 13 December 2023

Settlement Date - 14 December 2023

Route – Tender\u0009\u0009

Buyback Price: 4150/-\u0009\u0009

Current Market Price: 3493.40/-\u0009

Market Cap: Rs 12,78,253 crores\u0009

Buyback Size: ₹17,000 Crs (representing 1.12% of the total paid-up equity share capital)

Buyback Size: 4,09,63,855 shares (representing 2.12 % of O/s. shares)\u0009

Retail Quota: 61,44,578 Shares\u0009

Entitlement:

General Category - 2 Equity Shares for every 209 Equity Shares held on the Record Date

Retail Category - 1 Equity Share for every 6 Equity Shares held on the Record Date

Buyback Record Date: 25 November 2023

Tender Period:

Start Date - 01 December 2023 (Today)

Close Date - 07 December 2023

Obligation Date - 13 December 2023

Settlement Date - 14 December 2023

Oil prices fell in early Asian trade on Friday, extended losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations.

Brent crude futures for February fell 14 cents, or 0.2%, to $80.72 a barrel by 0005 GMT. U.S. West Texas Intermediate crude futures fell 12 cents, or 0.2%, to $75.84.

Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world’s oil, agreed to voluntary output cuts of about 2.2 million barrels per day (bpd) for the first quarter of 2024. - Reuters

Shares of Flair Writing Industries will be listed on the exchanges on Friday. The issue was one of the star attractions that subscribed 46.6 times last week. The company had fixed the IPO price at Rs 304, at the upper end of the price band of Rs 288-304. The company raised Rs 593 crore - consisting of a fresh issue worth Rs 292 crore and an offer-for-sale (OFS) of Rs 301 crore worth of shares by the Rathod family.

Shares of Flair Writing Industries will be listed on the exchanges on Friday. The issue was one of the star attractions last week that subscribed 46.6 times. The company had fixed the IPO price at Rs 304, at the upper end of price band Rs 288-304. The company raised Rs 593 crore - consisted of a fresh issue worth Rs 292 crore by the company, and an offer-for-sale (OFS) of Rs 301 crore worth of shares by the Rathod family.

HG Infra has received an order from the NHAI for the construction of the Greenfield Varanasi-Ranchi-Kolkata highway for Rs 1,303.11 crore

Hindustan Aeronautics has received a nod from the DAC for the procurement of light combat helicopters for the Indian Air Force and Indian Army and light combat aircraft Mk 1A for the Indian Air Force.

Panchsheel Organics Ltd. 

Dividend Per Share Rs.0.8 

Previous day Closing Price – Rs. 193.6 

Ex-Dividend 04 December 2023 (Monday)

Last date for Cum-Dividend Today

Buzzing stocks: Automobile stocks, Whirlpool Corporation, CSB Bank, SPIC, Biocon, UltraTech Cement, Kesoram, Himadri Speciality Chem, Dixon Tech, IIFL Finance, Sonata Software, PowerGrid, LTIMindtree, ITD Cementation, SIS

Aster DM Healthcare board has approved the much awaited GCC stake sale at reasonable valuations, that will unlock value for shareholders. Proper capital allocation strategy will be a key to scale-up India operations.

Conversely, Aster DM India’s EBITDA increased sharply over last 3 years (30 per cent CAGR over FY20-23). We estimate 23 per cent EBITDA CAGR from India biz over FY23-26E aided by scale up in margins, healthy ARPOB and bed additions. Our FY24E/25E India business EBITDA stand increased by 1-3 per cent.

We recently met Vibha Padalkar (MD and CEO) and Niraj Shah (CFO) of HDFC Life Insurance, for an update on key developments in the company and the overall life insurance sector.

Key views: The company will continue to strengthen its market position, with technology, customer experience, brand strength, and claims servicing being its key differentiators, as product innovation and differentiation will have limited shelf life; Management remains optimistic given the changes likely to be brought in by the Insurance Amendment Bill which will allow it to address the health insurance needs of customers and grant it flexibility to play a larger role in the overall insurance ecosystem; Below ₹5 lakh policies are growing in the 15-17 per cent range; however, the decline in high ticket-size savings policies is likely to result in 12-13 per cent overall APE growth in FY24, on an adjusted base; and With about 60 per cent share in the HDFC Bank channel, promoter-subsidiary synergies are progressing well and have started proffering positive results.

This festival season proves to be a bumper for most of the vehicle categories. But the major highlight is the surge in enquiries and demand in the entry bike segment, on the back of improved rural demand. The momentum is likely to be sustained, supported by replacement demand, point out industry analysts.

The recently-concluded festival season brought cheer to the automotive industry, with retails across various segments staying strong and representing moderate-to-healthy growth on a year-on-year basis. Two-wheeler and commercial vehicle segments reported double-digit growth, while the passenger vehicle segment witnessed a high single-digit increase in volumes.

Non-food bank credit growth moderated to 15.3 per cent year-on-year in October 2023 as compared with 18.3 per cent a year ago due to a sharp decline in credit to industry and deceleration in credit to the services and personal loans sectors, as per RBI data on Sectoral Deployment of Bank Credit.

The water storage level in the major 150 reservoirs in India declined this week too, though seven States witnessed some recovery with rains lashing across many parts of the country, particularly peninsular South.

According to the Weekly Bulletin on Live Storage issued by the Central Water Commission, 40 of these reservoirs had storage of 50 per cent of their capacity or below with 16 of them having 50 per cent below normal levels.

Paris-based SMCP, parent company of brands such as Sandro, Maje, Claudie Pierlot and Fursac, said it has entered into a marketing partnership with Reliance Brands, which will exclusively distribute Sandro and Maje brands in India.

Sandro and Maje will open their first stores in the country in 2024, it said.

“This new partnership illustrates the pursuit of SMCP expansion, currently in 47 countries, in key markets with high potential of growth,” the French company said in a release.

The Centre has allowed export of nearly 9 lakh tonnes (lt) of broken rice to five counties and more than 34,000 tonnes of wheat and wheat products to neighbouring Bhutan through National Cooperative Exports Limited (NCEL).

The Ministry of Commerce has also withdrawn the guidelines and procedures laid down in June-July for allocation of quota for export of broken rice, wheat and wheat products on humanitarian and food security grounds, based on requests received from other countries on government-to-government basis.

UltraTech Cement, India’s largest cement maker, on Thursday said its board of directors has approved a scheme of arrangement to acquire the cement business of Kesoram Industries in an all-stock deal, which will enhance its production capacity and provide it the opportunity to extend its footprints in fast growing western and southern markets in the country.

According to the deal, BK Birla Group flagship company Kesoram Industries has decided to demerge its cement business, consisting of two integrated cement units in Karnataka and Telangana with a total installed capacity of 10.75 million tonnes per annum. The business will be merged into UltraTech Cement, the cement flagship company of the Kumar Mangalam Birla-led Aditya Birla Group.

India consolidated its position as the fastest-growing major economy globally as the Government’s Statistics office on Thursday released the Gross Domestic Product (GDP) data for second quarter spanning July to September months of the financial year 2023-24. 

The data showed that Indian economy has grown by 7.6 per cent during Q2 FY24 mainly on account of strong performance by industries. It is much higher than the projection of the Reserve Bank of India’s Monetary Policy Committee (MPC) last month. Economic growth rate based on changes in GDP was 7.8 per cent in April-June quarter (Q1 of FY24) and 6.3 per cent of July period of FY23.

Sajjan Jindal-led JSW Group has entered into a joint venture agreement with SAIC Motor, a global Fortune 500 company, to buy out 35 per cent stake in the latter’s India venture for an undisclosed amount.

The deal will pave the way for long-standing ambition of JSW Group to enter the highly-competitive automobile business.

Chemplast Sanmar share price can target ₹515-₹520

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

ASKAUTOLTD

TENT Indian November Auto Sales

07:15 CHINA Caixin Manufacturing PMI (Expected: 49.6 versus Previous: 49.5)

10:30 INDIA Manufacturing PMI (Expected: 56.0 versus Previous: 55.5)

14:30 EURO Final Manufacturing PMI (Expected: 43.8 versus Previous: 43.8)

15:00 U.K. Final Manufacturing PMI (Expected: 46.7 versus Previous: 46.7)

17:00 EURO ECB President Lagarde Speaks

20:15 U.S. ISM Manufacturing PMI (Expected: 49.4 versus Previous: 49.4)

20:30 U.S. ISM Manufacturing PMI (Expected: 47.9 versus Previous: 46.7)

21:30 U.S. Fed Chair Powell Speaks

00:30 U.S. Fed Chair Powell Speaks

U.S. Core PCE Price Index m/m 

Expected: 0.2% 

Expected: 0.2% 

Previous: 0.3% 

(Data seen inline with estimates) 

U.S. Unemployment Claims 

Expected: 218k 

Expected: 219k 

Previous: 209k 

(Data seen inline with estimates)

Turnover : (NSE + BSE)

Cash Volume: 167934.29 + 8187.32 Total : 176121.61

F&O Volume: 362694.85 + 615149.66 Total : 977844.51

Provisional Cash Rs. In Crs.

FII/FPI: NET BUY: +8147.85 

(66830.53 - 58682.68) 

DII: NET SELL: -780.32 

(13944.96 - 14725.28)

Most Asian shares traded flat with a downward tilt on Friday. Japan’s Nikkei 225 index dipped by 0.13% or 42.37 points to trade at 33,444.52, while the broader Topix experienced a slight uptick of 0.26% or 6.24 points, reaching 2,381.17. South Korea’s KOSPI observed a decline of 1.02% or 25.82 points, standing at 2,509.47. In Australia, the S&P ASX200 index slid by 0.52% or 36.50 points, hovering at 7,050.80. 

The previous day, the Dow Jones Industrial Average achieved its highest close since January 2022. Investors celebrated a successful month for stocks, interpreting subdued inflation figures as a potential signal for the Federal Reserve to consider easing its monetary policy.

The Dow notably outperformed, fuelled partly by Salesforce’s strong earnings report, propelling it to surpass expectations. The S&P 500 ended the day with a slight gain, but both the S&P 500 and the Nasdaq secured their most substantial monthly percentage increases since July 2022. November marked the Dow’s most impressive month for percentage gains since October 2022.

The Dow Jones Industrial Average soared by 520.47 points or 1.47%, reaching 35,950.89, while the S&P 500 rose by 17.22 points or 0.38% to 4,567.8. Conversely, the Nasdaq Composite dipped by 32.27 points or 0.23% to 14,226.22.