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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News November 16, 2022
SGX Nifty Down 60 Points | Indian Bond Yields Fall | Apollo Tyres Q2 Results | Top Buzzing Stocks Today Wed, 16 Nov Pre-Open
On Tuesday, Indian share markets gained momentum during closing hours and ended near day's high.
Index heavyweight stocks like ICICI Bank, Bharti Airtel and Infosys witnessed buying, which are also MF favourite stocks.
The benchmark BSE Sensex, which touched a low of 61,437 earlier, surged to a high of 61,956, up 519 points from the day's low.
At the closing bell on Tuesday, the BSE Sensex stood higher by 249 points (up 0.4%).
Meanwhile, the NSE Nifty closed higher by 74 points (up 0.4%).
Power Grid, ICICI Bank, and Bharti Airtel were among the top gainers.
Sun Pharma, Reliance, and ITC, on the other hand, were among the top losers.
The broader markets ended on a flat note. Both, the BSE MidCap and the BSE SmallCap index ended 0.1% higher.
Sectoral indices ended on a mixed note yesterday with stocks in the auto sector, oil & gas sector, and banking sector witnessing most of the buying.
Metal stocks on the other hand, came under pressure.
Shares of Cummins India and Cochin Shipyard hit their 52-week highs.
If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.
The rupee was trading at 81.02 against the US$.
Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 52,854 per 10 grams at the time of Indian market closing hours on Tuesday.
Meanwhile, silver prices for the latest contract on MCX were trading up by 0.1% at Rs 62,514 per 1 kg.
At 7:30 AM today, the SGX Nifty was trading down by 60 points, or 0.3% lower at 18,430 levels.
Indian share markets are headed for a negative opening today following the trend on SGX Nifty.
Speaking of stock markets, on Monday Nifty hit a new 52-week high of 18,399 but the gap-up opening and the lackluster momentum is the saga for the past few sessions.
The index is showing signs of exhaustion with the bearish harmonic pattern.
Tune into to the video below to know more about Nifty Anaylsis.
Top Buzzing Stocks Today
Globus Spirits will be among the top buzzing stocks today.
The company posted weak quarterly results. Its profit after tax declined 57.9% year-on-year (YoY) and 40.7% quarter-on-quarter (QoQ) to Rs 221 million (about Rs 22.1 crore) due to higher operational costs.
However, net revenue from operations was up 25.7% YoY and down 3.7% QoQ at Rs 4,800 m.
Market participants will also track share price of Apollo Tyres.
Yesterday, the company reported a double digit growth in revenue, and EBITDA in the September quarter despite challenging environment.
The company's consolidated net profit grew 11% year-on-year (YoY) at Rs 1,940 m due to higher sales. The tyre major had reported a net profit of Rs 1,740 m in the year-ago quarter.
Despite adverse environment, it reported 17% YoY increase in revenues at Rs 59.6 bn, largely driven by price increases.
Indian Bond Yields Fall
The benchmark Indian 10-year government bond yield fell on Tuesday as data showed that inflation eased below 7% in October.
But the gains in bond prices were capped as the easing of inflation in October was already baked into the market. Bond prices are inversely related to yields.
Hence, the benchmark Indian 10-year government bond yield dipped to 7.281% after closing at 7.2866% on Monday. The yield has declined for the seventh session in a row, dropping by an aggregate of 19 basis points.
Data released on Monday after market hours showed that India's annual retail inflation eased to a three-month low of 6.8% in October.
The reading was above RBI's tolerance band of 2%-6% for 10th straight month. The RBI has already raised rates by 190 bps since May, to 5.9% to tame inflation.
Bonds were also supported by a dip in oil prices. Brent crude fell to US$ 92.9 a barrel as rising COVID-19 cases in China sparked fears of lower fuel consumption from the world's top crude oil importer and lowering of demand forecast by OPEC.
Bloomberg reported, citing sources, said that India is considering a proposal to reduce treasury-bill sales next quarter as short-term borrowing costs surge.
Kaynes Technology IPO Oversubscribed
The Initial Public Offer (IPO) of Kaynes Technology India received 34.2 times subscription on the last day of offer on Monday. The IPO got bids for 357.6 m shares against 10 m shares on offer, according to NSE data.
The portion meant for Qualified Institutional Buyers (QIBs) was subscribed 98.5 times, non-institutional investors category got 21.2 times subscription and Retail Individual Investors (RIIs) 4.1 times.
As per market observers, Kaynes Tech shares are available at a premium (GMP) of Rs 138 in the grey market yesterday.
The company's shares are expected to list stock exchanges BSE and NSE on 22 November 2022. Meanwhile, the finalisation of the share allotment is expected to take place this week on Thursday, 17 November 2022. Link Intime India Private is the registrar of the offer.
Kaynes Technology IPO had a fresh issue of Rs 5,300 m.
It had a price range of Rs 559-587 a share. The initial share sale was open from Thursday, 10 November 2022 till Monday, 14 November.
Last week, Kaynes Technology India said it has collected Rs 2,540 m from anchor investors.
The company allotted 43.8 lakh equity shares to anchor investors at Rs 587 apiece, aggregating to Rs 2,570 m.
Nomura, Goldman Sachs, ICICI Prudential Mutual Fund (MF), Axis MF, Aditya Birla Sun Life MF, Tata MF, HDFC MF and WhiteOak Capital are among the anchor investors.
Proceeds from the fresh issue will be used to repay debt, funding capital expenditure for its manufacturing facilities at Mysore and Manesar and funding working capital requirements.
The company also plans to invest in its arm Kaynes Electronics Manufacturing for setting up a new facility at Chamarajanagar in Karnataka.
Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing and life-cycle support for major players.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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