Gift Nifty Up 25 Points | Tata Technologies Listing | MSCI Rebalancing | Top Buzzing Stocks Today

Thu, 30 Nov Pre-Open

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On Wednesday, Indian share markets extended gains as the session progressed and ended firmly in the green.

Benchmark indices rallied on the hopes of rate cuts as early as March 2024, rising gold prices, and falling dollar index.

Meanwhile, broader markets witnessed a sharp rally with several midcaps and smallcaps spiking over 10%. This positive sentiment further supported overall sentiment.

At the closing bell on Wednesday, the BSE Sensex closed 1% higher at 66,901, rising by 728 points.

Meanwhile, the NSE Nifty closed higher by 207 points at 20,097.

Axis Bank and M&M were among the top gainers.

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

The BSE MidCap index closed 0.8% higher and the BSE SmallCap index ended 0.4% higher.

Sectoral indices ended in green with stocks in the banking sector, auto sector and IT sector witnessed most of the buying.

Meanwhile, stocks in the realty sector witnessed selling.

Shares of Bajaj Auto, Bosch and Titan hit their 52-week highs on Wednesday.

The rupee was trading at 83.31 against the US$.

Gold prices for the latest contract on MCX were trading at Rs 62,650 per 10 grams, down by 0.1%.

At 7:50 AM today, the Gift Nifty was trading up by 25 points or 0.1% higher at 20,260 levels.

Indian share markets are headed for a positive opening today following the trend on Gift Nifty.

Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about AI stocks, in her latest video.

AI is transforming the business models of decades old tech majors in India.

Tanushree believes 2024 can very well be the year of return of India's big tech stocks like Infosys and TCS.

Tune in to the below video to know more.

Top Buzzing Stocks Today

Tata Power share price will be in focus today.

The Maharashtra Electricity Commission (MERC) on Wednesday directed Tata Power arm distributing electricity in the financial capital to extend its power purchase agreement (PPA) with the company's generating units for five more years.

This order paves the way for continuation of generation from its units in suburban Trombay.

ZEE Entertainment share price will also be in focus.

The media company late Wednesday clarified that news reports of Sony-Zee merger risks collapsing are factually incorrect.

Market participants will also track share price of Zomato.

China's Alipay has sold its entire stake in the food delivery company for about Rs 33.4 bn through a block deal on Wednesday.

According to the block deals data available with the exchanges, Alipay Singapore Pte has offloaded 3.5% stake in the company.

The transaction was done at Rs 112.7 apiece.

Tata Technologies IPO Listing

Three companies are set to list today - Tata Technologies, Gandhar Oil and Fedbank Financial.

Going by grey market trends, Tata Technologies seems to be the most exciting one to track as it could see a bumper listing like IREDA.

According to the latest GMP trend, Tata Technologies is trading with a premium of Rs 406, which indicates a listing gain of over 80%.

The IPO of Tata Technologies received bids worth over Rs 1.5 lakh crore. The overall subscription was nearly 70 times the shares on offer.

The main question on investors mind is what they should do once Tata tech is listed? Book profits or hold?

Here's what we wrote in our article a few weeks ago -

• Coming to the question on when is the right time to buy into an IPO stock... should it be on the listing day itself or should you wait a day, week or even a month for all the hype surrounding the IPO to die down? So that the stock could possibly come back to its "real" valuation...
  
  Studies show that the highest returns are obtained by someone who invested on the day of the IPO itself. It's all about the basics...the more amount of time you wait, the lesser your returns would be!
  
  But if you are a long-term investor, and believe in the approach of buy and hold investing, you would be better off buying shares of the newly listed company after waiting a week or two, as during this time, it's when the hype usually dies down or fuels up.
  
  This way, you get to see how it performs in the market, avoid any large swings that the first week might cause, and still come out on top over the long run!

Check out the entire article here - Our Take on the Tata Technologies IPO.

MSCI Rejig from Today

Nine new stocks will be part of the MSCI India Index as the rejig comes into effect from Thursday.

The stocks include:

• IndusInd Bank
• Suzlon Energy
• Persistent Systems
• APL Apollo
• Polycab India
• Macrotech Developers
• Tata Motors
• One 97 Communications (Paytm)
• Tata Communications

Meanwhile, seven stocks - Zomato, Hindustan Aeronautics (HAL), Jio Financial Services, Vedanta, PFC, REC and Colagate Palmolive will see their weights go up.

As a result of the weight changes, passive inflows are likely to be seen for these stocks.

With no exclusions, India's stock count will rise to 131 post the rebalancing exercise with weights set to move close to 16.3%.

Choosing to invest in stocks featured in the MSCI index provides a strategic avenue for exposure to a diverse global portfolio, historically showcasing superior performance compared to asset classes such as bonds and cash.

However, it is crucial to acknowledge that while the MSCI index presents opportunities, investing in stocks inherently carries risks and does not guarantee assured success.

Gold is Spiking. Should You Buy?

Gold prices in MCX Gold futures touched a historic high on Wednesday, 29 November 2023 reaching an intraday peak of Rs 62,934 in the February contract.

This surge was attributed to a weaker dollar in the international markets, with the dollar index (DXY) trading at three-month lows and slipping below the 103-mark.

On the Comex, Gold futures traded at US$ 2,045 per troy ounce, marking a gain of 0.24%.

The international gold price touched an all-time high of US$ 2,048.29 per ounce. This uptrend was driven by comments from Federal Reserve officials hinting at potential future interest rate cuts supported the rise in gold prices.

The key question now on investors' minds is whether they should buy gold now?

We at Equitymaster have always had a very simple answer to this question.

Yes, you should invest in gold. However, it ideally shouldn't form more than 10-15% of your overall portfolio. This will be sufficient to tide over bad times in the market and economy.

We're not too fond of trading gold. However, if you are willing to put in the time and effort to study the gold market globally (gold is an international asset), and also study trading tools like technical analysis, then you can give trading a shot.

If you choose to trade gold in the futures market, you will also need to learn money management, trading psychology, and keep a close eye on the latest gold market trends on an ongoing basis.

We believe good old fashioned long-term investing in gold would be preferable.

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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