Sensex Ends 153 Points Higher; Kotak Mahindra Bank & HCL Tech Among Top Nifty Gainers

Mon, 29 Nov Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended marginally higher.

Benchmark indices trimmed early losses and ended in green backed by IT and healthcare stocks, amid lingering worries over the emergence of the new Covid variant.

The BSE Sensex dipped to a low of 56,383 in early deals, and then rebounded and surged to a high of 57,627 - up 1,244 points from the day's low. Meanwhile, the NSE Nifty cracked to a low of 16,782 in opening deals and then pulled-back to a high of 17,161.

At the closing bell, the BSE Sensex stood higher by 153 points (up 0.3%), at 57,260 levels.

Meanwhile, the NSE Nifty closed higher by 28 points (up 0.2%).

Cipla and Divi's Lab were among the top gainers today.

BPCL and JSW Steel, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,098, up by 66 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.9% and 1.9%, respectively.

Sectoral indices ended on a negative note with stocks in the realty sector, power sector and oil & gas sector witnessing most of the selling pressure.

IT stocks and consumer durables stocks, on the other hand, witnessed buying interest.

Shares of Torrent Pharma and Rajesh Exports hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

The Hang Seng ended down by 1%, while the Shanghai Composite ended on a flat note. The Nikkei ended down by 1.6% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 115 points.

The rupee is trading at 75.10 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.7% at Rs 47,928 per 10 grams.

Crude oil prices gained today, recouping some losses after Friday's plunge of about US$10 a barrel.

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In news from the banking sector, Kotak Mahindra Bank was among the top buzzing stocks today.

Shares of Kotak Mahindra Bank rose as much as 4% to hit an intraday high of Rs 2,043.5 on the BSE after the private lender informed exchanges that the country's central bank, Reserve Bank of India (RBI) has given its approval to Life Insurance Corporation of India (LIC) for acquiring shares in the bank.

The RBI has given approval to LIC to increase its holding in the bank up to 9.99%. Currently, LIC owns 4.96% stake in Kotak Mahindra Bank.

While announcing reformed rules on the structure of private sector banks, the RBI had on Friday said that non-promoter shareholdings would continue to be capped at 10% for individuals and non-financial institutions.

The approval by the central bank will be valid for one year.

In an exchange filing, the bank said,

• We wish to inform you that Kotak Mahindra Bank has received an intimation from Life Insurance Corporation of India stating that the Reserve Bank of India had granted its approval to UC, for increasing its holding in the bank up to 9.99% of the paid up equity share capital of bank.

LIC's raising of stake is subject to compliance with the provisions of the directions given by RBI in 2015 and required regulations by the market regulator.

The RBI norms mandate that every person or an entity who intends to make an acquisition in Private Banks of more than 5% stake, prior approval is needed from the central bank.

Kotak Mahindra Bank share price ended the day up by 2.4% on the BSE.

Moving on to news from the cement sector...

Ambuja Cements, ACC Collaborate with IIT Delhi to Develop Low Carbon Cement

Ambuja Cements and ACC have partnered with the Indian Institute of Technology Delhi (IIT-D) to develop next-generation, calcined clay cements, a low carbon material to promote sustainable construction.

This academic collaboration will be implemented through a research project funded by Holcim Innovation Centre, Lyon, France.

It will comprise an in-depth scientific study into the influence of clinker, calcined clay and limestone on the performance of calcined clay cements.

The partnership aims to create next-generation low CO2 cement with more than 50% lower carbon emissions for Indian and international consumers.

Neeraj Akhoury, CEO Holcim India, and managing director & CEO, Ambuja Cements said,

• Through our extensive R&D set up, we consistently strive to develop new 'low CO2' materials for the construction industry.
  
  Calcined clay cement is one such avenue to make a significant quantitative difference in the industry and further accelerate our 'sustainability drive'.
  
  Our academic partnership with IIT Delhi is a big step towards building a greener future and we are excited to collaborate with the best minds in the country.

Both the companies have also previously partnered with the Indian Institute of Technology Madras (IITM) to study 'optimized use of low CO2 binders with alternative reinforcements and the Indian Institute of Hyderabad (IITH) to develop 'smart sensing technology for continuous on-site strength evaluation of a concrete structure'.

These academic collaborations stem from the company's vision to reimagine how the world is built in order to make it greener, smarter, and more sustainable.

Shares of Ambuja Cements and ACC ended the day down by 0.6% and 0.8%, respectively.

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To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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