The frontline indices continued to trade with moderate gains in mid-morning trade. The Sensex and the Nifty hit record high levels. The Nifty traded above the 18,600 level. FMCG, metal and consumer durables stocks edged higher while oil & gas, media and PSU bank shares declined.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 285.92 points or 0.46% to 62,790.72. The Nifty 50 index gained 84.45 points or 0.45% to 18,647.20.

The two benchmarks hit all-time highs in mid-morning trade today at 18,662.60 for Nifty 50 index and 62,849.28 for Sensex.

In the broader market, the S&P BSE Mid-Cap index fell 0.10% while the S&P BSE Small-Cap index added 0.10%.

The market breadth was positive. On the BSE, 1,794 shares rose and 1,503 shares fell. A total of 160 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Dharmaj Crop Guard received bids for 2,20,69,500 shares as against 80,12,990 shares on offer, according to stock exchange data at 11:21 IST on Tuesdau (29 November 2022). The issue was subscribed 2.75 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.

Buzzing Index:

The Nifty FMCG index rose 1.81% to 45,052.80. The index added 2.15% in two trading sessions.

Dabur India (up 4.95%), Marico (up 3.77%), Hindustan Unilever (up 3.24%), Godrej Consumer Products (up 2.61%), Emami (up 2.38%), Colgate-Palmolive (India) (up 1.97%), United Spirits (up 1.63%), United Breweries (up 1.6%), Nestle India (up 1.57%) and ITC (up 1.41%) advanced.

On the other hand, Varun Beverages (down 2.53%), Procter & Gamble Hygiene and Health Care (down 0.79%) edged lower.

Stocks in Spotlight:

Lupin gained 2.15% to after the global pharma major announced that its wholly owned Brazilian subsidiary, MedQuímica Indústria Farmacêutica (MedQuímica), has signed a definitive agreement to acquire all rights to nine medicines from BL Indústria Ótica, a subsidiary of Bausch Health Companies Inc.

As part of the transaction, MedQuímica will acquire rights to nine products including Limbitrol, Melleril and Dalmadorm for Central Nervous System related conditions, Bacrocin, Glyquin, Solaquin, Oxipelle and Efurix as topical oncological treatments, and Cuprimine for the treatment of Wilson's disease.

Hindustan Aeronautics shed 0.37%. The PSU company said that the Ministry of Defence has conveyed that C B Ananthakrishnan, Director (Finance), will hold the additional charge for the post of Chairman & Managing Director of the company, for a period of three months. Ananthakrishnan's tenure will take effect from 1 November 2022. The announcement was made during market hours today, 29 November 2022.

Five-Star Business Finance added 0.14. The NBFC reported 22.35% rise in net profit to Rs 144.18 crore on a 17.29% increase in total income to Rs 361.86 crore in Q2 FY23 over Q2 FY22. During the quarter, Net AUM growth was of Rs 435.9 crore as against Rs 59.9 crore in Q2 FY22. Disbursements stood at Rs 802.8 crore as against Rs 353.3 crore during Q2 FY22.

Global Markets:

Most Asian stocks advanced on Tuesday despite an overnight fall in US stocks.

US stocks settled sharply lower on Monday as investors sold off amid mounting concerns over supply chain disruptions amid Covid-related protests in China.

St. Louis Fed President James Bullard said Monday that the Fed should continue to raise its benchmark interest rate in the coming months and that the market may be underestimating the chance that the Fed has to get more aggressive.

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.

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