Share Market News Highlights: Sensex, Nifty hit fresh closing highs, extend winning run for 6th session; HUL, JSW Steel, Cipla among top gainers

On an immediate basis, Q3 GDP numbers and monthly auto sales numbers will be important domestic factors, then the market will keep an eye on the RBI credit policy and the Gujarat election. Globally, news flow from China may continue to cause volatility, while the movement of the dollar index, US bond yields, and crude oil prices will be other important factors.

For the PSU banks, the asset quality concerns are behind because of major write-offs and recoveries from legacy NPAs. The public banks are playing well with the contemporary theme of growth and margins. The superior customer reach and a high number of branches are good for the banks. Therefore, we can witness strong credit growth. The lower CDR may provide further room for growth. On the margin front, the repricing of loans is keeping the NIMs intact. Furthermore, an attractive valuation is a key driver for the outperformance of PSU banks. We expect the public banks to continue performing well in the coming period.

The Nifty made a new all-time high during the day; however, the overall bias for the day remained sideways. The momentum oscillator RSI is in a positive crossover. The crucial short-term moving averages are sitting below the index value, confirming the positive trend. The trend is likely to remain bullish as long as it remains above 18,500, where significant Put writing has been seen. On the higher end, resistance is visible at 18,800.

The Bank Nifty index faced lackluster movement and failed to surpass the hurdle of 43,500 on the upside. The index's immediate support on the downside stands at 42,800 and if breached will see further declines toward the 42,500 level. The options data suggest a range bound between 42,500-43,500 where a significant amount of put and call open interest is built up.

As oil dropped to its lowest level since December 2021, Sensex today almost touched 62,900 before profit-taking pared gains in late afternoon trade. The market capitalization of BSE-listed companies touched a new record high of Rs 287 trillion on the back of good support from FMCG stocks. On a day when Indices defied opening trends in SGX Nifty, the bulls truly made it look motivational with several stocks hitting new one-year highs.

The overall market breadth stood slightly weak as 1,722 shares advanced while 1,756 declined on BSE. The market capitalization (m-cap) of BSE-listed companies stood at Rs 286.08 lakh crore.

11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty FMCG, Nifty Metal and Nifty Pharma outperformed the NSE platform by rising as much as 1.87 per cent, 1.03 per cent and 0.72 per cent, respectively. In contrast, Nifty Auto slipped 0.22 per cent.

Mid- and small-cap shares finished on a lower note as Nifty Midcap 100 fell 0.45 per cent and small-cap slipped 0.55 per cent.

On the stock-specific front, Hindustan Unilever (HUL) was the top Nifty gainer as the stock soared 4.39 per cent to close at Rs 2,635.95. JSW Steel, Cipla, Hero MotoCorp and Sun Pharma were also among the gainers. In contrast, IndusInd Bank, Coal India, Bajaj Finserv, Eicher Motors and PowerGrid were among the top losers.

Sensex rises 177 points or 0.28 per cent to hit fresh closing high of 62,681.84, Nifty moves 55 points or 0.30 per cent higher to settle at new closing peak of 18,618.05

Shares of Prism Johnson Ltd jumped 6.94 per cent to trade at Rs 129.50. The stock touched a day high of Rs 133. A total of 47.89 lakh shares changed hands today, amounting to a turnover of Rs 57.70 crore. The company's market capitalisation (m-cap) stood at Rs 6,518.47 crore.

Demand in the current quarter generally remains soft for AC's due to seasonality, however stocking for the same to happen in Q3FY23. However, in the longer run, housing/home improvement led the demand for appliances/consumer durables to continue. The demand is being led by commodity softening, soft channel inventory, pick up in B-B and infra activities. The primary demand for Fans might be impacted in Q3FY23 due to the imposition of BEE rating from Jan ’23; however, this demand should get shifted to Q4FY23. The medium to long term macro continues to be strong, with B-C sustaining multiple growth drivers along with recovery in industrial Capex driving B-B/B-G demand. With RM pressure easing, margin expected to improve ahead.

The initial public offering (IPO) of Uniparts India would open for subscription on Wednesday (November 30). The offer would conclude on December 2. One lot comprises 25 shares and retail investors can buy a maximum of 13 lots of 325 shares worth Rs 1,87,525 at the upper end of the price band. (Read more)

Shares of Gland Pharma Ltd surged 7.16 per cent to trade at Rs 1,870. The stock touched a day high of Rs 1,896. A total of 42,000 shares changed hands today, amounting to a turnover of Rs 7.69 crore. The company's market capitalisation (m-cap) stood at Rs 30,796.74 crore. (Read more)

Sensex hits fresh all-time high of 62,887.4; Nifty scales new peak of 18,678.10; HUL, Hindalco, JSW Steel, Hindalco, Tata Steel, Nestle India among top gainers

On the valuation front, the issue is priced at P/E of 20.40x to its FY22 earnings, which seems to be attractive in comparison to its peers. This is a good buy for long-term investors in this IPO. The IPO is attractive due to the company's robust R&D and distribution network across the nation, development plans, acceptable values when compared to rivals, favorable economic conditions, and excellent financials. An investor may subscribe to the issue for both listing and long-term benefits.

Shares of Ami Organics Ltd surged 7.01 per cent to trade at Rs 1,010. The stock touched a day high of Rs 1,012.25. A total of 27,000 shares changed hands today, amounting to a turnover of Rs 2.70 crore. The company's market capitalisation (m-cap) stood at Rs 3,680.14 crore.

Shares of IRB Infrastructure Developers Ltd jumped 5.93 per cent to trade at Rs 276.05. The stock touched a day high of Rs 280. A total of 2.84 lakh shares changed hands today, amounting to a turnover of Rs 7.76 crore. The company's market capitalisation (m-cap) stood at Rs 16,670.66 crore.

Shares of Sasken Technologies Ltd jumped 7.40 per cent to trade at Rs 981.50. The stock touched a day high of Rs 985.95. A total of 2,055 shares changed hands today, amounting to a turnover of Rs 19.73 lakh. The company's market capitalisation (m-cap) stood at Rs 1,477.24 crore.

Shares of Gland Pharma Ltd surged 7.81 per cent to trade at Rs 1,881.35. The stock touched a day high of Rs 1,896. A total of 37,000 shares changed hands today, amounting to a turnover of Rs 6.73 crore. The company's market capitalisation (m-cap) stood at Rs 31,016.59 crore.