Daily Stock Market News

Stock Market LIVE: Sensex jumps 300 pts; Nifty up 100 pts; PSU Bank, IT shine


Investors can take a breather from future interest hike worries as Fed’s November meeting minutes showed interest rate hikes may slow soon. Other global indicators too mostly skewed on the positive side.

24 Nov 2022, 12:07:10 PM IST

About ₹400 cr tax deposited by filing updated ITRs so far

The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about 400 crore additional tax coming in, a senior government official said on Thursday.

The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes.

New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) with any income or earnings that may have been skipped in the original filings for fiscal years starting 2019-20 (the assessment year 2020-21).

“So far about 5 lakh updated ITRs have been filed and about 400 crore taxes have been paid,” he said. (PTI)

24 Nov 2022, 12:06:06 PM IST

Coal India comes under pressure; sheds almost 1%

Coal India

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Coal India
24 Nov 2022, 12:02:05 PM IST

Noon Update: Indices rally with Sensex jumping around 350 points and Nifty more than 100 points 

Sensex at Noon

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Sensex at Noon
24 Nov 2022, 11:53:00 AM IST

USFDA issues warning letter to Glenmark Pharma’s Goa unit

The United States Food & Drug Administration (USFDA) has issued a warning letter for Glenmark Pharma’s manufacturing facility in Goa. The US drug regulator had inspected Glenmark’s Goa facility in May 2022 and issued Official Action Indicated (OAI). (Read More)

24 Nov 2022, 11:40:26 AM IST

Non-Resident Indians investing in large housing units in India: Realtors

NRIs based in the US, the UK and Singapore are investing in larger housing units in their hometowns, having learned from the painful experience of living in space-tight units during the lockdown in India, and as the Work from Home (WFH) mode has become a requirement, according to experts.

The real estate experts, who took part in a Singapore property show held from November 19 to 20, also said that the Non Resident Indians are also settling down with extended families, another lesson from the pandemic that living together with family members is much helpful in facing another COVID-19 wave type development in the future.

“There has been a paradigm shift in the residential market in terms of living and lifestyle,” said Isha Kotwal, head of international sales at Total Environment, Bangalore, who presented a sustainable residential development concept at the show. (PTI)

24 Nov 2022, 11:26:54 AM IST

Covid-19 updates: India reports 408 new cases of coronavirus, 5 deaths in 24 hrs

India on Thursday added 408 new Covid-19 cases in 24 hours and 568 patients recovered from the disease, according to the latest data by the Union Ministry of Health. India’s coronavirus infection tally has risen to 44,670,483, while the active cases have declined to 5,881.

The death toll climbed to 5,30,601 with five fatalities reported in 24 hours.

The active cases comprise 0.01% of the total infections, while the national Covid-19 recovery rate increased to 98.80%, according to the ministry website. (Read More)

24 Nov 2022, 11:10:14 AM IST

Realty index under pressure amidst an otherwise bright day

Realty Index

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Realty Index
24 Nov 2022, 10:59:16 AM IST

Kotak Securities Ltd on Commodities Market – Gold and Crude

Ravindra V.Rao, CMT, EPAT VP-Head Commodity Research Kotak Securities Ltd on:

Gold: COMEX Gold trades higher by 0.60% at $1756/oz as dollar fell after the release of FOMC meeting minutes on Wednesday. The minutes were out yesterday and as expected it showed majority of the policymakers were with the view of slower rate hikes as the aggressive stance is impacting the economic growth.US Dollar index closed near day low of 106.03, a fall by more than 1%. Although the minutes indicated the end of jumbo rate hikes, the policy makers were uncertain on when will be the end point of the rate hikes. Smaller rate hikes by Fed is positive for precious metals especially gold which had witnessed deep corrections since Fed started the jumbo rate hikes. On the price front after a doji candlestick formation on Tuesday a high wave candlestick has been formed indicating start of bullish momentum after a brief correction. Support remains near $1740-1735/oz zone which needs to penetrated on closing and sustaining basis. Till then there is good probability of a recovery back to $1762/oz followed by $1778/oz.

Crude: WTI Crude oil trades flat near $77.80/bbl after a near 4% fall in the previous session. Price ap on Russian oil by G7 above the current market level is putting a downward pressure on price. As per the EU official they are considering a price cap on Russian oil between $65 to $70 which is around the level Russian crude is trading at. However, Russia has indicated that it will pull off the exports to nations who are joining the price cap. This will eventually be bullish for prices as supply tightness might trigger buying. Additionally, oil price also got a hit amid rise in product inventories as indicated by the EIA inventory report. On the positive side crude oil got some support from US Dollar weakness after the release of FOMC minutes. On the price front WTI crude oil didn’t sustain above $82/bbl level which was the resistance. However, the correction in oil prices might deepen further only if it closes and sustains below $75/bbl, the recent low which is also a double / identical bottom. Till then a range move expected between $82-$76/bbl. Bulls need to close it above $82 if they want to take it to $85//bbl.

 

24 Nov 2022, 10:49:16 AM IST

Apollo Hospitals stock keeps its green run; adds more than 3%

Apollo Hospitals

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Apollo Hospitals
24 Nov 2022, 10:46:54 AM IST

Rupee gains 26 paise to 81.67 against US dollar

The rupee appreciated 26 paise to 81.67 against the US dollar in early trade on Thursday as the American currency retreated from its elevated levels.

At the interbank foreign exchange, the domestic unit opened at 81.72 against the dollar, then gained ground to touch 81.67, registering a rise of 26 paise over its previous close.

The rupee has strengthened in offshore trading on broad-based dollar weakness. It is likely to trade in a range of 81.55-81.85 with sideways price action, IFA Global Research Academy said in a research note.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.41 per cent to 105.63, post the weak US data and dovish Fed minutes. (PTI)

24 Nov 2022, 10:46:19 AM IST

China stocks fall as COVID cases hit record high

China stocks fell on Thursday, as concerns over record high domestic daily COVID-19 cases overshadowed optimism from fresh economic stimulus, while Hong Kong shares tracked Asian markets higher amid hopes that the pace of U.S. rate hikes will slow.

** The CSI300 index fell 0.3% by the lunch break, while the Shanghai Composite Index lost 0.1%. Hong Kong benchmark Hang Seng rose 0.5%.

** Rising coronavirus infections in major cities including Beijing, Shanghai and Guangzhou dim growth prospects, even as Beijing rolled out a series of policies to support the troubled property sector, and flagged plans to cut banks’ reserve requirement ratio (RRR) to aid the economy.

** China on Wednesday reported 31,444 new local COVID cases for Nov. 23, its highest daily number since the start of the pandemic nearly three years ago. Chinese cities imposed more curbs to rein in the pandemic. (Reuters)

24 Nov 2022, 10:27:19 AM IST

Ashika Stock Broking on today’s market: The psychological level of 18000 would be the trend deciding level for the market.

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty ended with a bearish candle as the close was lower than the open on the daily chart however presence on a higher high-low continues to have a bullish overtone in the market. It is at that phase where a prolonged consolidation might be in the making and forming a higher base, setting itself equipped to eye the all-time high of 18600 in the near term. Though it can be established that the market has halted its slide taking support from its 20dma and the lower area of the gap up the region and 18050-18100 might be the elevated bottom for the market followed by 17950 which coincides with 23.6% retracement of the entire rally since Oct’22. However, the psychological level of 18000 would be the trend-deciding level for the market. A positive stance in the market would remain due to sharp reversals in the Dollar index, US yields have helped to taper down anxiety around further aggressive rate hikes and drop in crude oil prices which is supportive for Indian Equities. Against that backdrop, the Index has also cooled off from its overbought price reading presently trading above the 60-level mark (14-period RSI). During the day, Nifty is likely to open on a positive note as overnight US Market lifted since Fed officials see smaller rate hikes coming ‘soon,’. From this perspective, it would be wiser to hunt for the lower level at 18220-18265 for initiating long positions for an upside target of 18450 followed by 18600.

24 Nov 2022, 10:14:50 AM IST

IT Index among biggest gainers on Thursday, adds more than 0.5%

IT Index

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IT Index
24 Nov 2022, 10:14:03 AM IST

ZIM Laboratories to list on NSE on Friday

Drug delivery solution provider ZIM Laboratories Ltd on Wednesday said it is planning to get listed on the National Stock Exchange of India (NSE) on November 25.

ZIM Laboratories, already listed on the BSE since June 2018, will now extend its listing to the NSE, the company said in a statement.

As of date, the company said, it has provided over 85 per cent return to its investors from the listing price.

According to the September 2022 shareholding pattern available with the BSE, the company’s promoters own a 33.26 per cent stake in the firm, of which, Dr Anwar Daud, Chairman and Managing Director, holds a 27.37 per cent stake and Mathew Cyriac, Executive Chairman, Florintree Advisors, as an investor owns 21.86 per cent. (PTI)

24 Nov 2022, 10:02:47 AM IST

Adani Enterprises remains under pressure; sheds 1%

Adani Enterprises

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Adani Enterprises
24 Nov 2022, 09:57:15 AM IST

Rustomjee Group firm Keystone Realtors shares list at premium over IPO issue price

Shares of Keystone Realtors Private Ltd made a market debut on Wednesday with the stock listing at 555 apiece on the NSE, a premium of more than 2% as compared to its IPO issue price of 541 per share. On the BSE, Keystone Realtors shares started trading at 555 apiece.

Keystone Realtors, which sells properties under the brand ‘Rustomjee’, saw its initial public offering (IPO) receive 2 times subscription on the last day of offer that was open from Monday, November 14, 2022 to Wednesday, November 16, 2022. The public issue issue got bids for 1,73,72,367 shares against 86,47,858 shares on offer. (Read More)

24 Nov 2022, 09:39:53 AM IST

PSU Bank index zooms once again; gains more than a per cent in early trading with all stocks in green

PSU Bank Index

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PSU Bank Index
24 Nov 2022, 09:37:20 AM IST

EU Demands Derivatives Clearing Reform to Reduce Reliance on UK

The EU will require derivatives traders to use accounts at clearing houses in the bloc for some transactions, under plans aimed at boosting Europe’s capital markets.

Certain banks would need to clear a minimum amount of business using active accounts in EU-based clearing houses, according to an EU official speaking on condition of anonymity. The European Commission is expected to outline the measures next month.

The proposed shake-up — first reported by the Financial Times on Wednesday — is aimed at reducing the EU’s reliance on the UK’s financial services sector after Brexit. The demands would apply to derivatives, and could include credit swaps and futures. (Bloomberg)

24 Nov 2022, 09:27:59 AM IST

Tata Consumer shines in early trading, gains more than 2% amidst reports of acquisition of Bisleri

Tata Consumer Products Ltd will buy Bisleri International for up to 7000 crore, the Economic Times newspaper reported on Thursday, citing the packaged water maker’s chairman Ramesh Chauhan. Tata Consumer Products and Bisleri did not respond to Reuters requests for comment. Tata Consumer was the top gainer among Nifty50 stocks today, rising over 2.5% in early trade.

Tata Consumer

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Tata Consumer
24 Nov 2022, 09:25:22 AM IST

Dharmaj Crop Guard IPO: GMP rises ahead of subscription opening

Agrochemical company Dharmaj Crop Guard’s initial share-sale will open for public subscription on November 28 and conclude on November 30. The company has fixed a price band of 216–237 a share for its 251-crore initial public offering (IPO). At the upper end of the price band, the Ahmedabad-based company would fetch 251 crore.

As per market observers, Dharmaj Crop Guard shares are available at a premium (GMP) of 45 in the grey market today, up from 25 in the previous session. The shares of the company are expected to list on the stock exchanges BSE and NSE on Thursday, December 8, 2022. (Read More)

24 Nov 2022, 09:22:11 AM IST

Sensex and Nifty open in green with a gain of around 100 and 40 points, respectively, on Thursday

Sensex at Open

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Sensex at Open
24 Nov 2022, 09:12:39 AM IST

India to launch free trade pact negotiation with Gulf Cooperation Council today

In a bid to promote commerce and investment between the two regions, India and the Gulf Cooperation Council (GCC) will announce the launch of negotiations for a free trade agreement on Thursday. GCC is a union of six countries in the Gulf region — Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain. (Read More)

24 Nov 2022, 09:05:47 AM IST

India’s Pharma exports grow by 138 pc since 2013-14

India’s pharma exports have increased 138 per cent in April-October 2022-23 compared to the same period of 2013-14 when the country became the pharmacy for the world.

India’s pharma exports witnessed a growth of 138 per cent since April-October 2013-14, from 37,987.68 crores in 2013-14 to 90,324.23 crores in 2021-22.

Union Health Minister Mansukh Mandaviya in a tweet attaching an infographic of India’s pharmaceutical exports over these years said India’s medicine exports are heading the world. (ANI)

24 Nov 2022, 09:04:20 AM IST

Sensex is in the flat territory at preopen; Keystone Realtors to debut at the bourses today

Sensex at Preopen

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Sensex at Preopen
24 Nov 2022, 08:58:58 AM IST

New rules for social media influencers to be out in December

The Union government is preparing to release guidelines governing social media influencers next month, promising stiff fines for those who fail to disclose their brand partnerships.

The guidelines, similar to the rules released in June to prevent misleading advertisements, are already in the final stage, a person aware of the matter said.

“These days, young people make purchase decisions based on social media content put out by influencers. Unlike in the case of an actor endorsing a product in a television ad, it is difficult to figure out if the influencers actually use the products or not. Sometimes, people may not know the influencer, unlike in the case of actors; so, disclosure is going to be very important,” the person cited above said on the condition of anonymity. (Read More)

24 Nov 2022, 08:51:41 AM IST

Apple supplier Foxconn apologises for hiring blunder at COVID-hit China plant

Apple’s major supplier Foxconn said on Thursday a “technical error” occurred when hiring new recruits at a COVID-hit iPhone factory in China and apologised to workers after the company was rocked by fresh labour unrest.

Men smashed surveillance cameras and windows as hundreds of workers protested at the plant in Zhengzhou city on Wednesday, in rare scenes of open dissent in China sparked by claims of overdue pay and frustration over severe COVID-19 restrictions.

Workers said on videos circulated on social media that they had been informed that Foxconn intended to delay bonus payments. Some workers also complained they were forced to share dormitories with colleagues who had tested positive for COVID.

“Our team has been looking into the matter and discovered a technical error occurred during the onboarding process,” Foxconn said in a statement.

“We apologize for an input error in the computer system and guarantee that the actual pay is the same as agreed and the official recruitment posters.” (Reuters)

24 Nov 2022, 08:50:34 AM IST

Geojit Financial Services on today’s market: In India, macro news confirms the resilience of the Indian economy.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “The US market construct of ‘ rising equity-falling bond yields-falling dollar’ continues favouring the bulls. In addition to this favourable global cues, in India, the steadily falling crude is another positive. The FOMC minutes indicate slowing of the rate hikes, going forward. Consequently, the 10-year yield fell to 3.69% and the dollar index slipped to 106. So long as this trend continues, bears will be on the back foot. In India macro news confirms the resilience of the Indian economy. Investment is gaining momentum. The latest RBI data shows credit growth at an impressive 17% YoY. This is good news for the banking and capital goods stocks.”

24 Nov 2022, 08:31:38 AM IST

Cryptocurrency prices today steady as Bitcoin trades above $16,000. Check latest rates



Read More: Stock Market LIVE: Sensex jumps 300 pts; Nifty up 100 pts; PSU Bank, IT shine

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