Indian equity benchmark indices rallied over 1 per cent on Wednesday on the back of buying in index heavyweights HDFC Bank, Axis Bank, ICICI, and TCS amid expectations of more foreign fund inflows.
In a notable session for Indian equities, the combined market valuation of all listed companies on the BSE touched $4 trillion for the first time on Wednesday.
The BSE Sensex jumped 727.71 points or 1.10 per cent to close at 66,901.9. The NSE Nifty climbed 206.90 points or 1.04 per cent to hit the 20,000- mark after a gap of over two months and settle at 20,096.60.
“Market optimism was fuelled by better-than-expected US consumer confidence data and dovish comments from US Fed official Christopher Waller, suggesting a rate cut in 2024. Further, upgrade in India’s GDP growth forecast by global rating agency S&P to 6.4% for FY24 and FIIs turning net buyers from last four trading session boosted the sentiments. All these factors led BSE-listed companies to reach Rs 333 billion market-cap,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
“We expect the market momentum to sustain over the next few days. However, several important events including India GDP, monthly F&O expiry, state election exit polls and OPEC+ meeting on Thursday could induce some volatility over the last 2 days. Market will also react to US GDP data to be release late today,” he added.
Top Stocks To Watch On 30 November:
Nykaa/Metro Brands
US-based specialty athletic retailer Foot Locker announced the signing of a long-term licensing agreement with Metro Brands Limited and Nykaa Fashion. As per the agreement, Metro Brands is granted exclusive rights to own and operate Foot Locker Stores in India and sell authorised merchandise in Foot Locker stores. Nykaa will be the exclusive e-commerce partner.
IDBI Bank
The government issued a fresh Request For Proposal (RFP) for the appointment of an asset valuer for strategic disinvestment of IDBI Bank. The last date for submitting bids by asset valuer is January 5, the Department of Investment and Public Asset Management (DIPAM) said.
Thomas Cook
Fairbridge Capital (Mauritius) will offload up to an 8.5 per cent stake in the tour and travel services company Thomas Cook (India) through an offer for sale. The promoter OFS includes a 6.80 per cent base offer and a 1.70 per cent greenshoe option. The offer will open for non-retail investors on 30 November and for retail investors on 1 December.
JSW Infrastructure
JSW Infra’s subsidiary company Masad Infra Services Pvt Ltd signed an agreement with the Karnataka Maritime Board government to develop a Rs 4,119 crore greenfield port project in the southern state, the company said in an exchange filing. On 16 November, JSW infra said it received a letter of award to develop an all-weather, deep-water, Greenfield port at Keni Port in Karnataka on a public-private partnership basis for Rs 4,119 crore.
SBI Life Insurance
The public sector insurer approved the appointment of Amit Jhingran as Managing Director and CEO on 29 November, the company said in a regulatory filing. SBI Life said, "The resolution is deemed to have been passed on the last date specified for remote e-voting which is on November 29, 2023."
