Indian equity benchmark indices settled higher for the second straight day on Thursday on account of gains in IT, tech and consumer durable stocks amid a mixed trend in global equities. Lower-than-expected US inflation data and easing bond yields have boosted the market sentiment.
The BSE Sensex climbed 306.55 points or 0.47 per cent to settle at 65,982.48. The NSE Nifty gained 89.75 points or 0.46 per cent to 19,765.20.
“Although key indices pared gains towards the closing hour, markets continued its upward bias due to upsurge in IT and realty stocks. Moderating inflation in the US could be signalling that the Federal Reserve may be done with rate hikes, which is good for global markets. Further, domestic economic numbers like exports have shown signs of recovery, which has further boosted the market sentiment and has triggered renewed buying interest in recent sessions,” said Prashanth Tapse, Research Analyst-Sr VP Research, Mehta Equities Ltd.
“Technically, Nifty needs to reclaim the 19889 mark to unleash fresh upside. Nifty’s biggest supports are placed at 19471 mark, while the benchmark's 200 DMA is at 18708 mark,” he added.
Top Stocks To Watch On 17 November:
The company on 16 November received a letter of award (LOA) for the development of Keni Greenfield port in Karnataka. The estimated cost of the project is Rs 4,119 crore with initial capacity of 30 million tonnes per annum (MTPA), the company informed in a statement.
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 90.92 lakh on Axis Bank for non-compliance with certain directions issued by the central bank on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Loans and Advances – Statutory and Other Restrictions’, ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ and ‘Code of Conduct for Opening and Operating Current Accounts’. According to RBI, Axis Bank failed to preserve records related to the identification of customers and their address in certain cases, and made persistent calls to some of the customers.
Investment holding firm, Softbank, is expected to sell 4 per cent stake worth $150 million in the logistics company through a fresh block deal, according to a Moneycontrol report. Kotak Mahindra Capital is the advisor on the block deal, as per the report. As of September 30, Softbank, through its subsidiary SvF Doorbell (Cayman), owned a 14.5 per cent stake in Delhivery.
TVS Motor has announced its entry into the European market by signing an import and distribution pact with Zurich-based Emil Frey Group, a leading name in automotive distribution, the company said in a statement. Under the partnership, Emil Frey will take charge of distribution of TVS products in selected countries, utilizing their sales, marketing and service networks.
The company has signed a power purchase agreement with Solar Energy Corporation of India for a 200 MW grid-connected wind power project at a tentative cost of Rs 1,400 crore. The project will be concluded in 24 months of the agreement’s effective date, the company informed the exchanges on Thursday.