Nifty  20096.60  206.90  (1.04%)

Sensex  66901.91  727.71  (1.10%)

USDINR  83.33  -0.02  (-0.02%)

Sensex spurts 762 pts, ends at all time high; Nifty settles above 18,450
(15:48, 24 Nov 2022)
The key equity indices ended with robust gains after the last-hour rally on Thursday. The Nifty closed above the 18,450 level. Positive global cues boosted the sentiments. Barring the Nifty Consumer Durables index, all the other sectoral indices on the NSE ended in the green. Trading was volatile due to expiry of November 2022 F&O contracts on the NSE today.

As per provisional closing basis, the barometer index, the S&P BSE Sensex, jumped 762.10 points or 1.24% to 62,272.68. The Nifty 50 index added 216.85 points or 1.19% to 18,484.10.

The benchmark S&P BSE Sensex hit fresh record high at 62,412.33 while the Nifty 50 index hit a fresh 52-week high at 18,529.70 on Thursday. Further, the Nifty Bank index also registered its fresh record high today at 43,163.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index added 0.42%.

The market breadth was positive. On the BSE, 1,949 shares rose, and 1,546 shares fell. A total of 140 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 4.02% to 13.4775.

Investors cheered after the minutes from the US Fed's October meeting indicated the possibility of slowing down of rate hikes in the near future. Reports of more monetary stimulus in China, including a likely cut to the reserve requirement ratio for banks, further lifted the investor's spirits.

Buzzing Index:

The Nifty IT index advanced 2.63% to 30,178.65. The index declined 0.19% in the past trading session.

Larsen & Toubro Infotech (up 4.2%), Persistent Systems (up 3.91%), Infosys (up 2.76%), Wipro (up 2.6%) and Tech Mahindra (up 2.48%) Tata Consultancy Services (up 2.35%), HCL Technologies (up 2.29%), Mphasis (up 2.22%), Coforge (up 1.73%) and L&T Technology Services (up 1.59%) jumped

New Listing:

Shares of Keystone Realtors closed at Rs 556.50 on the BSE, representing a premium of 2.87% compared with the issue price of Rs 541.

The scrip was listed at a price of Rs 555, at a premium of 2.59% as compared to the issue price.

So far, the stock has hit a high of 568.25 and a low of 555. On the BSE, over 4.15 lakh shares of the company were traded in the counter so far.

Stocks in Spotlight:

Reliance Industries (RIL) was up 1.37%. RIL said that Jio announced that Jio True 5G will now be available in Pune from 23 November 2022. Jio users in Pune will be invited to the Jio Welcome Offer, to experience Unlimited Data at up to 1 Gbps+ speeds, at no additional cost.

Cipla lost 0.97%. The drug major said that it has received a communication from the United States Food and Drug Administration (USFDA) that the classification of company's Goa manufacturing facility continues to be as Official Action Indicated (OAI).

Biocon slipped 2.05%. The company has announced the signing of a semi-exclusive partnership agreement with Zentiva, a leading pharmaceutical company in Europe, for the commercialization of its vertically integrated, complex formulation, Liraglutide, a drug-device combination for the treatment and management of Type 2 diabetes and obesity.

SBI Cards and Payment Services rose 0.19%. The NBFC said that Aparna Kuppuswamy, chief risk officer of the company has tendered her resignation from the services of the company. Her last working day with the company will be 10 February 2023,” the company said in a statement.

Larsen & Toubro advanced 1.71%. The EPC major said that its heavy civil infrastructure business of L&T Construction has secured an order from Greenko group, one of the world's leading renewable energy companies, for development of an off stream pumped storage project in Madhya Pradesh.

H.G. Infra Engineering advanced 2.75% after the EPC company announced that it has received the appointed date letter from Adani Road Transport for a road project in Uttar Pradesh. The company has received a letter from Adani Road Transport regarding declaration of appointed date as 3 November 2022, by Authority for the project in Uttar Pradesh.

Fusion Micro Finance rallied 2.49% after the NBFC said that its board will meet on Monday, 28 November 2022 to consider fund raising by issuance of non-convertible debentures, aggregating up to Rs 145 crore, on private placement basis.

Global markets:

Markets in Europe and Asia advanced on Thursday after minutes from the latest Federal Reserve meeting revealed that policymakers expected a slowing in the pace of rate hikes to soon be appropriate.

European investors also reacted to Wednesday's flash November PMI (purchasing managers' index) readings from the euro zone, which reaffirmed that the 19-member currency bloc has entered recession, but showed the downturn in business slowing slightly.

Meanwhile, the Bank of Korea raised its benchmark interest rate by 25 basis points to 3.25%, a smaller hike than its previous move and widely in line with expectations.

China has reportedly signaled more monetary stimulus was on the cards, including a likely cut to the reserve requirement ratio for banks, as it ramps up support for an economy under strain from surging Covid cases and more lockdowns.

The State Council reportedly said in a statement Wednesday that monetary tools “such as a RRR cut” will be used “in a timely and appropriate manner” to maintain reasonably ample liquidity.

China's economic outlook is darkening as Covid cases climb to a record and cities tighten restrictions to combat the spread of infections. Even with a RRR cut and more monetary stimulus, the economy is still likely to be pressured by Covid Zero. A foreign research house on Thursday reportedly cut its forecasts for China's growth for this year and next, citing a “slow, costly and bumpy” reopening of the country.

US markets are closed on Thursday for the Thanksgiving holiday and will close early on Friday.

Stocks on Wall Street rose Wednesday and notched the second straight day of gains as investors cheered minutes from the Federal Reserve that signaled a slower pace of interest rate hikes ahead.

The report showed that the central bank sees progress in its fight to lower inflation and expects to slow the pace of interest rate hikes going forward. “A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” the minutes stated. “The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important.”

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