Share Market Today: Sensex, Nifty Hit A Fresh Record High; FPIs Stay Net Buyers

Overseas Investors in Indian equities remained net buyers for the second day in a row on Friday.

Foreign portfolio investors net bought equities worth Rs 369.08 crore, according to data from the National Stock Exchange.

Domestic institutional investors remained net sellers and sold equities worth Rs 295.92 crore.

Institutions have net bought Rs 9,770.05 crore worth of equities so far in November, and net sold Rs 21,926.86 crore worth of Indian equities till date in 2022.

Yield on the 10-year bond rose 4bps to 7.30% on Friday.

Source: Bloomberg

The local currency opened 4 paise weak at 81.66 On Friday.

It strengthened as much as 0.23% to 81.43 against the greenback by afternoon before depreciating marginally to 81.68 at the close.

The rupee closed at 81.62 on Thursday.

Source: Bloomberg

Today, out of the 50 Nifty 50 stocks, 28 stocks advanced while 21 declined.

HDFC Life Insurance Company, Tata Motors, Reliance Industries, Hero MotoCorp, Coal India were the top gainers on the Nifty 50.

While, Nestle India, ICICI Bank, Kotak Mahindra Bank, Titan Company and Britannia Industries were the top laggards.

Sectorally, Nifty Media and Nifty PSU Banks gained the most, advancing over 5%, while Nifty Realty declined this week.

The broader indices outperformed its larger peers with the mid-cap gauge gaining 0.77% and the small-cap measure gaining 0.69%.

Fourteen of the 19 sectoral indices compiled by BSE Ltd. advanced with BSE Realty gaining 1%.

The market breadth is skewed in favour of bulls. About 2,123 stocks rose, 1,383 fell and 126 remained unchanged.

Shares of Indian Tourism Development Corporation Ltd. surged 20% on Friday, after Press Trust Of India reported that the government has fixed an indicative value for Delhi's 'The Ashok' Hotel at Rs 7,409 crore under the National Monetisation Pipeline programme.

Total traded quantity is 66.8 times the 30-day average. The relative strength index is 75, suggesting that the stock might be overbought.

The Ashok and the adjacent hotel Samrat are among the eight India Tourism Development Corporation assets listed under the National Monetisation Pipeline announced by Finance Minister Nirmala Sitharaman last year, as per the report.

The Ashok hotel's monetisation will take place through public-private partnership mode, the report said citing sources.

Source: Bloomberg

• The board approved the proposal to raise Rs 20,000 crore.

• The funds will be raised through further public offering of equity shares.

• The company will seek shareholder approval through postal ballot.

Source: Exchange filing

Shares of Radico Khaitan Ltd. advanced for the seventh straight day.

The stock gained as much as 1.57% on Friday. It has risen about 11% over the past seven days.

Out of the 13 analysts tracking the alcohol-maker, seven recommend 'buy', four suggest 'hold' and two maintain 'sell' on the stock. The return potential of the stock implies a downside of 1.4% in the next twelve months.

Source: Bloomberg

Adani group stocks traded lower on Friday in anticipation of a fundraising plan by its flagship Adani Enterprises Ltd.

The shares of Adani Transmission declined for eight straight day on Friday, falling as much as 2.36%. Total traded volume is 1.0 times the 30-day average. The relative strength index is at 20, indicating that the stock may be oversold.

Meanwhile, Adani Total Gas declined as much 2.68%, with total volume at 1.0 times the 30-day average.

Other group stocks such as Adani Green Energy, Adani Port and Special Economic Zone, Adani Power also declined.

Source: Bloomberg, Exchange filings

Shares of Bharat Heavy Electricals surged as much as 8.96% on Friday- the most since Oct. 18.

Total traded volume is 3.7 times the 30-day average. The relative strength index is at 75, indicating that the stock may be overbought.

The company floated out multiple tenders today.

Of the 21 analysts tracking the company, two maintain 'buy', three suggest 'hold' and 16 recommend 'sell'. The potential downside of the stock is 36.1%.

Source: Bloomberg

Indian stock benchmarks traded volatile as gains in realty and automobile stocks were offset by power and banking stocks.

At 12:43 p.m., the Sensex declined 0.10% at 62,207.64, while the Nifty 50 traded flat by 0.05% at 18,474.75.

Sensex hit a fresh record high at Rs 62,447.73 during the pre-market session. While Nifty 50 touched a fresh 52-week high of 18,533.15 during pre-market session.

Among Nifty 50 constituents, 27 stocks advanced and 23 declined. Coal India, HDFC Life Insurance Co., Reliance Industries, Bharat Petroleum Corporation and Maruti Suzuki India were the top gainers.

Nestle India, ICICI Bank, Adani Enterprises, Kotak Mahindra Bank and SBI Life Insurance Co. were the top losers.

The broader indices outperformed their larger peers, with the mid-cap and small-cap indices gaining 0.75% and 0.71%, respectively. While large-cap mostly mirrored its larger peers.

Twelve out of the 20 sectoral measures complied by BSE Ltd. advanced, with BSE Realty and Auto gaining the most.

The market breadth is skewed in favour of the bulls. About 2,064 stocks rose, 1,329 fell and 136 remained unchanged.

• The board of VA Tech Wabag has approved a proposal to raise up to Rs 200 crore via issuance of non-convertible debentures to Asian Development Bank.

• The board also noted the management's efforts towards debt optimization and mentioned that the NCD proposal will further contribute to the same.

Source: Exchange filing

Shares of Castrol India Ltd. advanced after the company inked pact to acquire 7.09% stake in Ki Mobility Solutions Pvt. Ltd. for Rs 497.50 crore.

The stock gained as much as 2.92%. Total traded quantity is 0.5 times the 30-day average.

Castrol India has purchased a 7.09% stake in TVS Group-owned Ki Mobility for Rs 488 crore in cash. This is Castrol's largest all-cash deal till date, according to the company.

The acquisition will take place in two tranches and will be completed by January 2023.

Ki Mobility houses all the recent acquisitions of the TVS group in the India automotive aftermarket.

The investment by Castrol is aimed at expanding its presence in the after sales service and maintenance segment. Both the parties will explore business and technology tie-ups through this partnership.

The acquisition will take place in two tranches, to be completed by January 2023.

Of the 10 analysts tracking the company, seven maintain 'buy', three suggest 'hold' and none recommend 'sell'. The return potential of the stock is 4.4%.

Source: Bloomberg, Exchange filing

Shares of IDFC Ltd. rose after company announced scheme of amalgamation of IDFC Alternatives, IDFC Trustee Company and IDFC Projects into IDFC Ltd.

The stock gained as much as 4.15%. Total traded volume is 1.4 times the 30-day average.

The scheme has been approved by the National Company Law Tribunal on Nov. 22.

Source: Bloomberg, Exchange filings

Shares of Engineers India Ltd. rose after it secured new order from Mangalore Refinery & Petrochemicals Ltd.

The stock gained as much as 3.4%. Total traded volume is 2.8 times the 30-day average.

The company won the order for preparation of basic design and engineering package, detailed feasibility reports and pre-project activities for Mangalore Refinery's Bio-ATF plant.

Of the 11 analysts tracking the company, ten maintain 'buy', none suggest 'hold' and one recommends 'sell'. The return potential of the stock is 9%.

Source: Bloomberg, Exchange filings

The local currency appreciated by 14 paise to 81.48 on Friday- its highest level in six days.

Rupee opened at 81.66.

Source: Bloomberg

Shares of all PSU banks gained on Friday with Punjab National Bank Ltd. leading the pack.

The stock gained as much as 8.16% after it received an approval from the Department of Investment and Public Asset Management to offload partial or entire stake of 15.22% it holds in UTI Asset Management Ltd.

Shares of other lenders such as Indian Overseas Bank Ltd., Canara Bank Ltd., Axis Bank Ltd. and State Bank of India Ltd. also increased.

Meanwhile, the central board of State Bank of India will meet on Nov. 29 to consider raising Rs 10,000 crore, including a green shoe option of Rs 5,000 crore, via infrastructure bonds during the current fiscal.

Source: Bloomberg, Exchange filings

Shares of Indian Oil Corporation Ltd. and Chennai Petroleum Corporation Ltd. extended gains for second straight day after joint venture deal.

Indian Oil shares were up 1.18%, with total traded quantity at 2.3 times the 30-day average. The relative strength index of the stock is at 75, indicating that it may be overbought.

Of the 36 analysts tracking the company, 23 maintain 'buy', seven suggest 'hold' and six recommend 'sell'. The return potential of the stock implies an upside of 8.4%.

Meanwhile, Chennai Petroleum Corp. gained as much as 2.26%.

Chennai Petroleum, Indian Oil Ink Joint Venture Pact For Rs 31,580 Crore Refinery Project

• Chennai Petroleum Corp., Indian Oil Corp., along with seed equity partners have signed joint venture agreement for 9 MMTPA refinery project in Nagapattinam, Tamil Nadu.

• IOC, CPCL to hold 25% of equity stake each, while balance 50% stake would be held by investors.

• The planned investment in the refinery is Rs 31,580 crore and it will cater to the demand for petroleum products in Southern India.

• Seed equity partners include ICICI Bank, HDFC Life and SBI Life, among others.

Source: Bloomberg, Exchange filing

Shares of Punjab National Bank Ltd. gained after the lender got government nod to divest stake in UTI Asset Management Company Ltd.

The stock advanced as much as 7.28%- the most since Nov. 9. Total traded quantity is 7.5 times the 30-day average. The relative strength index is 84, suggesting that it may be overbought.

The bank received an approval from the Department of Investment and Public Asset Management to offload its entire or partial stake held in the company.

As of today, PNB hold 15.22% stake in the asset management firm.

Of the 18 analysts tracking the company, five maintain 'buy', six suggest 'hold' and seven recommend 'sell'. The return potential of the stock implies a downside of 28%.

Source: Bloomberg, Exchange filings

Indian stock benchmarks opened volatile on Friday following a decline in Asian equities amid muted sentiments after Thanksgiving holiday in the U.S.

Sensex rose 0.09% to open at 62,327.88 and fell 0.19% thereafter. While the Nifty 50 gained 0.24% to 18,528.45 at the open before declining 0.16%.

Of the 50 Nifty 50 stocks, 34 declined and 16 advanced. Larsen & Toubro Ltd., HDFC Life Insurance Co. Ltd., Axis Bank Ltd., Apollo Hospitals Enterprise Ltd., and Ultratech Cement were the top gainers on Nifty.

Power Grid Corp of India Ltd., Cipla Ltd., BPCL Ltd., ONGC Ltd., and Adani Enterprises Ltd. were the top losers.

The broader indices outperformed their larger peers, with the mid-cap and small-cap indices gaining 0.47% and 0.49%, respectively.

The large-cap index was down by 0.07%.

Nine of the 20 sectoral measures complied by BSE declined, with BSE Utilities and FMCG declining the most.

The market breadth is skewed in the favour of bulls. About 1,788 stocks rose, 932 fell and 126 remained unchanged.

• Chennai Petroleum Corp., Indian Oil Corp., along with seed equity partners have signed joint venture agreement for 9 MMTPA refinery project in Nagapattinam, Tamil Nadu.

• IOC, CPCL to hold 25% of equity stake each, while balance 50% stake would be held by investors.

• The planned investment in the refinery is Rs 31,580 crore and it will cater to the demand for petroleum products in Southern India.

• Seed equity partners include ICICI Bank, HDFC Life and SBI Life, among others.

Source: Exchange filing

Yield on the 10-year bond opened flat at 7.24% on Friday.

Source: Bloomberg

Indian currency depreciated by four paise to 81.66 at the open against the greenback on Friday. It closed at 81.62 on Thursday.

Source: Bloomberg

• U.S. Dollar Index at 106.07

• U.S. 10-year bond yield at 3.67% on Thursday

• Brent crude down 0.08% to $85.34 per barrel

• Nymex crude at $78.10 per barrel

• SGX Nifty down 0.18% to 18,634 as of 6:20 a.m.

• Bitcoin fell 0.08% to $16,531.1.

• ISMT: Kirloskar Industries bought 1.5 crore shares (4.99%), Indian Seamless Enterprises sold 1.5 crore shares (4.99%) at Rs 52 apiece.

• Fino Payments Bank: Capri Global Holdings bought 6.06 lakh shares (0.73%) at Rs 258.5 apiece.

• PB Fintech: WF Asian Smaller Companies Fund bought 34.2 lakh shares (0.76%) at Rs 400 apiece on NSE, 33.5 lakh shares (0.75%) at Rs 400 apiece on BSE.

• Keystone Realtors: Plutus Wealth Management LLP bought 17.1 lakh shares (1.5%) at Rs 555 apiece.

• Salasar Techno Enggineering: Sawarnbhumi Vanijya bought 20 lakh shares (0.63%) at Rs 32.2 apiece, Shri Balaji Investments sold 20 lakh shares (0.63%) at Rs 32.2 apiece.

• Venus Pipes & Tubes: Hemant Rajnikant Shah sold 1.05 lakh shares (0.52%) at Rs 649.5 apiece, Mrunal Agency & Financials sold 1.2 lakh shares (0.59%) at Rs 649.3 apiece.

• Rossell India: Quant Mutual Fund bought 1.94 lakh shares (0.53%) at Rs 302.6 apiece, Harvin Estate sold 2 lakh shares (0.55%) at Rs 302.9 apiece.

• Indian Oil Corporation: ICICI Bank, ICICI Prudential Life Insurance, HDFC Life Insurance, and SBI Life Insurance have entered into agreements to invest in seed capital of a proposed joint venture of Indian Oil Corporation and Chennai Petroleum Corporation.

• Punjab National Bank: The bank received government approval to divest 15.22% stake in UTI Asset Management Company.

• Allcargo Logistics: The company’s wholly owned subsidiary Allcargo Belgium NV has entered into a share purchase agreement with NBG Logistik Beteiligungs und Beratungsges mbH to acquire 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik for €12 million (Rs 101.9 crore).

• Adani Enterprises: The company's board of directors will meet today to consider and approve the proposal of raising of funds through further public offering, preferential allotment and/or combination by issuing equity shares or any other eligible securities.

• Tata Steel Long Products: The company acquired additional 4.69 crore shares of subsidiary Neelachal Ispat Nigam at a premium of Rs 54 apiece for Rs 300 crore.

• HDFC Bank: The bank appointed Bhavesh Zaveri as executive director and redesignated Kaizad Bharucha as deputy managing director for a period of three years.

• West Coast Paper Mills: ICRA Ratings revised the long-term rating to [ICRA] AA from [ICRA] AA-, with stable outlook.

• State Bank of India: The central board of the bank will meet on Nov. 29 to consider raising Rs 10,000 crore, including a green shoe option of Rs 5,000 crore, via infrastructure bonds during the current fiscal.

• Laurus Labs: The company will acquire 7.4 lakh shares of Ethan Energy India at Rs 52.7 apiece to secure 26% shareholding.

• Biocon: Subsidiary Biocon Biologics allotted equity shares worth Rs 2,205.6 crore to the company.

• Bharti Airtel: The company revised its foreign currency convertible bonds conversion price to Rs 521 per share.

• KIOCL: The company restarted operations at its pellet plant unit in Mangalore.

• Lupin: The U.S. FDA issued a Form-483 with eight observations each for the drug product facility and API facility the company’s Mandideep unit-1.

• PVR: The company opened a 12-screen multiplex in Thiruvananthapuram, Kerala.

• Tube Investments of India: The company will buy a 50% stake in X2Fuels and Energy for Rs 6.15 crore.

• Veranda Learning Solutions: The company has partnered with IIM Raipur and Society for Human Resource Management to launch an online MBA course in HR management for executives.

Stocks were mixed in subdued trading in Asia on Friday after the Thanksgiving holiday in the U.S. The dollar inched up after a three-day drop.

At 8:10 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- declined by 0.23% to 18,625.50.

Crude dropped 0.1%, while gold futures rose 0.6%. Bitcoin rose 0.7% to trade near the $16,600-level.

The Indian benchmarks mirrored the upswing in their global peers, with the Sensex closing at lifetime highs, spurred by the expectations of lower rate hikes by the Federal Reserve. Gains in I.T., banking, and oil stocks underpinned the rally during the day.

The rupee strengthened against the U.S. dollar on the back of dovish Fed minutes and lower crude prices.