The domestic equity benchmarks ended at record closing levels with strong gains on Wednesday, rising for the seventh trading session. The Sensex and the Nifty hit record high intraday levels amid FII inflows, positive global cues and softer crude oil prices. After trading higher for most part of the session, the Nifty 50 index spurted in late trade and settled above the 18,750 mark.

The S&P BSE Sensex jumped 417.81 points or 0.67% to 63,099.65. The Nifty 50 index gained 140.30 points or 0.75% to 18,758.35. Both the indices jumped over 3% in seven sessions.

The two benchmarks hit all-time highs in late trade today at 18,816.05 for Nifty 50 index and 63,303.01 for Sensex.

M&M (up 4%), UltraTech Cement (up 2.16%), Power Grid Corporation of India (up 2.14%), Hindustan Unilever (up 1.78%) and Bharti Airtel (up 1.55%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index rose 1.06% while the S&P BSE Small-Cap index added 0.61%.

The market breadth was positive. On the BSE, 2,058 shares rose and 1,438 shares fell. A total of 107 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.41% to 13.81.

Economy:

The central government's fiscal deficit widened to Rs 7.58 lakh crore in April-October, accounting for 45.6% of the full-year target, data released on 30 November 2022 by the Controller General of Accounts showed.

Net tax receipts rose to Rs 11.71 lakh crore while total expenditure was Rs 21.44 lakh crore, the data showed.

In February, while presenting the annual budget, Finance Minister Nirmala Sitharaman set the fiscal deficit target at 6.4% of GDP for 2022/23 starting April, compared to 6.7% in the previous fiscal year.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.283 as compared with 7.279 at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.3850, compared with its close of 81.7200 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement gained 0.49% to Rs 52,562.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.29% to 106.51.

The United States 10-year bond yield fell 0.35% to 3.735.

In the commodities market, Brent crude for January 2023 settlement rose $1.68 or 1.99% to $85.93 a barrel.

Global Markets:

Shares in Europe and Asia advanced on Wednesday. Chinese health officials on Tuesday announced measures to boost vaccination among the elderly, as per reports.

Data from the China's National Bureau of Statistics (NBS) showed that the manufacturing purchasing managers' index (PMI) in November 2022 was at 48.0, down from the previous month's figure of 49.2. The PMI continues to remain below the 50-point mark that separates growth from contraction.

U.S. stocks edged lower Tuesday with investors continuing to monitor China's COVID policy and look ahead for Federal Reserve Chair Jerome Powell's scheduled speech.

Federal Reserve Chair Jerome Powell will speak at the Brookings Institution about the outlook for the U.S. economy and the labor market on Wednesday.

On the macro front, the Conference Board's Consumer Confidence Index, the latest indicator of the strength of the U.S. economy, fell to 100.2 in November from a revised 102.2 reading in October.

Stocks in Spotlight:

NDTV hit an upper circuit of 5% after the company's founders Prannoy Roy and his wife Radhika Roy resigned as the directors of promoter group vehicle RRPR Holding. The board also approved appointment of Sudipta Bhattacharya, Sanjay Pugalia, and Senthil Sinniah Chengalvarayan, as directors on the board of RRPRH, with immediate effect.

BLS International Services jumped 7.12% after the company fixed Saturday, 10 December 2022, as the record date for the proposed 1:1 bonus share issue.

IDFC rose 1.55%. The company received approval from SEBI for change in control of IDFC Mutual Fund. In April this year, a consortium of Bandhan Bank's parent Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital and Singapore's sovereign fund GIC had announced the acquisition of IDFC Asset Management Company for Rs 4,500 crore.

Gland Pharma dropped 5.43%. The pharmaceutical company announced that it has through its wholly owned subsidiary Gland Pharma International, Singapore entered into a Put Option Agreement to acquire 100% of Cenexi Group for an equity value not exceeding Euro 120 million (enterprise value of Euro 230 million). The company said that the transaction will be funded by internal resources with no recourse to third-party funding.

Inox Wind rallied 4.52% while Inox Green Energy Services rose 0.17%. Inox Wind and its subsidiary Inox Green have recently paid an aggregate Rs 411 crore towards reducing their debt. As part of the strategic initiative to deleverage their balance sheet, Inox Green has paid an aggregate Rs 250 crore and Inox Wind has paid an aggregate Rs 161 crore. Both the companies are in the process of further reducing their debt in due course.

Biocon rose 0.39%. The company said that its subsidiary Biocon Biologics has successfully completed its multi-billion-dollar acquisition of the global biosimilars business of its partner Viatris Inc.

Ashoka Buildcon advanced 3.65% after the company emerged as the lowest bidder (L-1) for a Project floated by NHAI, the bid value of which is Rs 1,668.50 crore. The company had submitted a bid to National Highway Authority of India (NHAI) for a project viz. 'Request for proposal for construction of 6 lane elevated corridor along with development of existing 4 lane road at ground level from Aroor to Thuravoor Thekku section of NH - 66 under Bharatmala Pariyojana in the state of Kerala on EPC mode.'

G R Infraprojects fell 0.92%. The company said that the tender for construction project of the elevated viaduct in Delhi, in which the company emerged as the lowest bidder has been cancelled by the NCRTC. The order was received on 4 April 2020 and the project cost was Rs 592.17 crores.

IPO Updates:

The initial public offer (IPO) of Uniparts India received bids for 58,36,700 shares as against 1,01,37,360 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (30 November 2022). The issue was subscribed 58%.

The issue opened for bidding on Wednesday (30 November 2022) and it will close on Friday (2 December 2022). The price band of the IPO is fixed at Rs 548-577 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.

The IPO of Dharmaj Crop Guard received bids for 28,43,36,340 shares as against 80,12,990 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (30 November 2022). The issue was subscribed 35.48 times.

The issue opened for bidding on Monday (28 November 2022) and it will close on Wednesday (30 November 2022). The price band of the IPO is fixed at Rs 216-237 per share. An investor can bid for a minimum of 60 equity shares and in multiples thereof.

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