Indian benchmark equity indices snapped two days of losing streak and settled higher on Tuesday following buying in auto, power, and metal stocks on the back of fresh foreign fund inflows.
The BSE Sensex gained 204.16 points or 0.31 per cent to close at 66,174.20 in a volatile trade. The NSE Nifty gained 95 points or 0.48 per cent to settle at 19,889.70.
"The gradual return of FIIs in the month of November post the global sell-off during the three months of (Aug to Oct) is having a steady positivity in India. However, currently, the Indian market is facing resistance above to edge above 19,800 levels. Oil prices are stable ahead of the OPEC meeting and OMCs stand to benefit from the ease,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Metal sector gained in line with expectations of Chinese stimulus, and PSU banks are doing well due to better peer performance. The market may await state exit polls for further cues, in the short-term," he added.
Top Stocks To Watch On 29 November:
TCS
The tech giant announced that its share buyback would open on 1 December and close on 7 December 2023. The company board earlier approved to buy back up to 4,09,63,855 equity shares for an aggregate amount not exceeding Rs 17,000 crore, representing 1.12 per cent of the total paid-up equity share capital, at Rs 4,150 per share, in a meeting held on October 11.
Tata Power
Tata Power Renewable Energy Ltd, a subsidiary of Tata Power, has received a letter of award to develop a 200-megawatt firm and dispatchable renewable energy project with SJVN Ltd. The plant has been designed with a hybrid combination of solar, wind, and battery storage of appropriate capacities. This will help distribution companies supply energy generated during peak hours and also provide stability to the grid, the company said in an exchange filing.
Zomato
Chinese payments group Alipay plans to offload its 29.6 crore shares or 3.4 per cent stake in the food delivery giant for Rs 3,300 crore ($395 million) through block deals on bourses, according to a Reuters report. Bank of America and Morgan Stanley are advisers on the deal, which is likely to be executed later this week.
Wipro
The IT major has launched its continuous compliance solution built on Amazon Security Lake in collaboration with Amazon Web Services (AWS). Amazon Security Lake automatically centralizes an organization’s security data from across their AWS environments, SaaS providers, on-premises environments, and cloud sources into a purpose-built data lake, according to the company regulatory filing.
Bharat Heavy Electricals Ltd
BHEL has signed a Memorandum of Cooperation with Electricite de France, a French state-owned company, to explore the content of the Jaitapur Nuclear Power Plant Project set up by the Nuclear Power Corp of India. The project in Maharashtra has a capacity of 9.6 gigawatts and aims to provide electricity to around 70 million households. It is a collaboration between the Indian and French governments.
