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SBI Seeks India's Largest Bank Loan | MFs Buy Big | Top Buzzing Stocks Today

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After opening the day on a positive note on Thursday, Indian share markets slipped into the red as the session progressed and ended marginally lower.

Benchmark indices opened in green, supported by gains in index heavyweights like HDFC Bank, Reliance, and IT stocks.

The positive US inflation data also fuelled expectations of a Federal Reserve rate cut in December. Indian markets were closed on Friday on account of Guru Nanak Jayanti.

At the closing bell on Thursday, the BSE Sensex stood lower by 111 points (down 0.1%).

Meanwhile, the NSE Nifty closed  lower by 26 points (down 0.1%).

Kotak Bank, Reliance and Tech Mahindra were among the top gainers.

HUL, Nestle and NTPC on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index and the BSE SmallCap index ended higher by 0.4% and 0.8%, respectively.

Speaking of the stock market, Speaking of stock markets, Zill Jain talks about the 3 big IPOs to watch out for in 2025, in her latest video.

As we look towards 2025, a remarkable lineup of companies is gearing up to make their market debut.

Watch this video till the end to find out more.

Top buzzing stocks today

SpiceJet share price will be in focus today.

SpiceJet share price jumped over 4% on 14 November 2024 after the airline settled US$ 90.8 million (m) dispute with Export Development Canada (EDC) for US$ 22.5 m, taking ownership of thirteen Q400 planes.

This resolution will result in savings of US$ 68.3 m.

Jio Financial will also be a top buzzing stock.

Shares of Jio Financial Services surged on Thursday following the National Stock Exchange's (NSE's) announcement to introduce 45 additional stocks in its futures and options (F&O) segment.

This will be effective from November 29 and it includes some notable names such as Zomato, Avenue Supermarts, BSE, Yes Bank, Paytm, LIC, and Jio Financial Services.

SBI Seeks India's Largest Bank Loan

State Bank of India plans to borrow up to US$ 1.25 billion (bn), in what would be the largest dollar-denominated loan from the country's financial sector this year.

CTBC Bank, HSBC Holdings Plc and Taipei Fubon Bank are arranging the five-year loan, which carries an interest margin of 92.5 basis points over the risk-free Secured Overnight Financing Rate.

India's top lender is raising the facility for general corporate purposes through its branch at the Gujarat International Finance Tec-City, the country's newest financial hub.

State Bank joins several other local borrowers in raising foreign currency debt this year. Non-banking finance companies, or so-called shadow banks, in particular have increasingly tapped dollar-denominated facilities amid stricter regulations at home.

Cholamandalam Investment & Finance Co. is the latest Indian non-banking finance company to seek a US$ 300 million syndicated term facility.

Elsewhere, local financier Union Bank of India's Sydney branch is marketing a a US$ 125 million ($81 million) three-year loan, while Bank of Baroda is raising a US$ 750 million borrowing.

Despite the flurry of activity, India's dollar loan volume has shrunk 27% to US$ 14.2 billion this year due to the absence of large company borrowings.

MFs Buy Big

As Indian markets experienced corrections in October amid weak earnings, sustained foreign investor outflows and heightened geopolitical tensions in the Middle East; domestic mutual funds (MFs) took an aggressive stance, accumulating blue-chip stocks.

Foreign institutional investors (FIIs) sold over Rs 940 bn in October, while MFs made net purchases exceeding Rs 920 bn in local equities, according to National Securities Depository Limited (NSDL) data.

Major indices, including the Sensex and Nifty, each dropped over 7%, with the BSE mid-cap and small-cap indices declining by more than 6 per cent and 3%, respectively.

Around Rs 450 bn of MF purchases were concentrated in the top 15 Nifty stocks. Mahindra & Mahindra led as the largest acquisition, followed by HDFC Bank, Axis Bank, ICICI Bank, and the State Bank of India (SBI).

MFs invested Rs 6,840 crore in Mahindra & Mahindra shares, even as the stock saw a 12 per cent drop due to underwhelming second quarter (Q2) earnings.

HDFC Bank saw inflows of Rs 5,756 crore, with Axis Bank and ICICI Bank following at Rs 41.1 bn and Rs 38.9 bn, respectively.

SBI drew investments worth Rs 31 bn from MFs. In terms of performance, HDFC Bank rose marginally by 0.2% in October, while Axis Bank fell 6%t, ICICI Bank edged up by 2 per cent, and SBI gained 4%.

Hyundai Motors' Top Level Management change

Hyundai Motor Co named Jose Munoz as chief executive officer, making him the first foreigner to lead the South Korean automaker as it seeks to grow outside its home country.

Munoz, 59, joined Hyundai in 2019 as global chief operating officer, with responsibility for the carmaker's north and south American operations. He previously worked at Nissan Motor Co. for 15 years, including a stint as chairman of its China unit.

The Spanish-born Munoz replaces Jaehoon Chang, who is being promoted to vice-chairman of Hyundai's automotive division, the company said in a statement Friday. The changes are effective 1 January 2025.

Munoz will be tasked with leading Hyundai through a seismic shift in the global auto industry, which is grappling with a slowdown in the switch to electric cars.

Asian battery maker stocks fell Friday after a report President-elect Donald Trump plans to eliminate a key consumer tax credit aimed at boosting electric-vehicle adoption. Hyundai's popular Ioniq 5 EV is in on the list of vehicles that can qualify for the credit.

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!

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