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The domestic equity indices soared on Monday, extending their gains from the previous session. The Nifty 50 index surpassed the 24,200 mark, driven by strong performance across sectors, particularly PSU banks, energy, and realty.
The market rally was primarily fueled by the Bharatiya Janata Party's landslide victory in the Maharashtra assembly elections. Investors were optimistic about the continuity of pro-business policies under the BJP-led government. Additionally, a reverse trade dynamic, triggered by sell-offs in Chinese stocks, further supported the Indian market's upward momentum.
On November 25, the MSCI index reshuffle is scheduled to take effect. Five new stocks will be added to the MSCI India Index, bringing the total count to 156. This inclusion is expected to attract significant foreign investment into the Indian market.
The S&P BSE Sensex soared 992.74 points or 1.25% to 80,109.85. The Nifty 50 index jumped 314.65 points or 1.32% to 24,221.90. The Nifty 50 index has jumped 3.73% in two trading sessions.
Larsen & Toubro (up 4.13%), HDFC Bank (up 2.21%) and ICICI Bank (up 1.82%) boosted the indices.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rallied 1.61% and the S&P BSE Small-Cap index surged 1.86%.
The market breadth was strong. On the BSE, 2,675 shares rose and 1,389 shares fell. A total of 150 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 4.93% to 15.30.
The BJP-led Mahayuti alliance delivered a sweeping win in Maharashtra, with the BJP itself claiming a record-breaking 132 seats. In total, the Mahayuti won 235 out of the 288 assembly seats, comfortably crossing the majority mark and consolidating its position in the state.
On the other hand, the INDIA bloc, led by the Jharkhand Mukti Morcha (JMM), emerged victorious against the BJP-led NDA in the Jharkhand Assembly elections. The bloc won 56 out of the 81 seats, with Chief Minister Hemant Soren's JMM securing 34 seats, the Congress winning 16, and the RJD taking four seats. Additionally, the Communist Party of India (Marxist-Leninist) Liberation [CPI(ML)(L)], a constituent of the INDIA bloc, claimed two seats.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 1.30% to 6.939 as compared with previous close 6.850.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.3150, compared with its close of 84.4100 during the previous trading session.
MCX Gold futures for 5 December 2024 settlement fell 1.36% to Rs 76,559.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.60% to 106.91.
The United States 10-year bond yield slipped 1.56% to 4.341.
In the commodities market, Brent crude for November 2024 settlement fell 31 cent or 0.41% to $74.86 a barrel.
Global Markets:
The Dow Jones index futures were up 304 points, signaling a strong opening for U.S. stocks today.
European market advanced on Monday as global market sentiment rose. Bank stocks were also on the move after UniCredit offered to buy its fellow Italian lender Banco BPM for roughly 10 billion euros ($10.5 billion).
Global market sentiment got a boost when President-elect Donald Trump signaled his intention to nominate Key Square Group founder Scott Bessent as U.S. Treasury secretary.
Investors have generally viewed the pick favorably and see the hedge fund manager as someone who will be supportive of equity markets. However, Trump stated that Bessent would help him implement protectionist trade policies, which could have significant negative impacts.
Asian stocks ended mixed as investors awaited a slew of economic data this week, including China's industrial data and India's third-quarter GDP numbers.
On Monday, Singapore released its inflation figures for October. Singapore saw its headline inflation rate fall to 1.4%, the lowest rate of inflation since March 2021.
China on Monday kept its medium-term lending facility rate unchanged at 2.0% on 900 billion yuan ($124.26 billion) worth of one-year loans to some financial institutions, according to the bank's official statement.
On Friday, US stocks moved higher as industries poised to benefit from the incoming administration's pro-business and deregulation policies outperformed. The Dow Jones Industrial Average led major indices, gaining nearly 1% to close at 44,296.51 points. Meanwhile, the S&P 500 added 0.35% to finish at 5,969.30 points, and the NASDAQ Composite rose more modestly, inching up by 0.16% to 19,003.65 points.
Among individual stocks, Boeing Co. surged over 4%, boosting the broader industrials sector. The aircraft manufacturer's gains came after it secured a $2.39 billion contract modification from the US Department of Defense.
Economic data released Friday pointed to steady momentum in the US economy. The S&P Global Manufacturing PMI for November rose slightly to 48.8 from October's 48.5, signaling a slower contraction. Meanwhile, the more critical Services PMI jumped to 57.0 from October's 55.0, reflecting robust activity in the services sector. These figures, coupled with last week's strong jobless claims data, reinforce the view of a relatively healthy US economy.
Stocks in Spotlight:
Central Bank of India soared 8.71% after the Reserve Bank of India (RBI) approved the banks entry in the insurance business through a joint venture with Generali group under FGIICL and FGILICL.
Sarda Energy & Minerals soared 6.07% after being declared preferred bidder for Gare Palma IV/5 Coal Mine in Chhattisgarh on 25.75% revenue sharing basis with State Government.
RailTel Corporation of India jumped 8.81% after bagging Rs 9.93 crore order from Central Medical Services Society (CMSS) for manpower outsourcing services.
Paras Defence and Space Technologies climbed 4.51% after inaugurating a new optical systems testing facility in Navi Mumbai. The company plans to invest Rs 500 crore to build India's first advanced Optical Systems Development Park.
UPL rose 0.52%. The company signed strategic partnership agreement with CH4 Global to bring the latter's methane-reducing feed supplement, 'Methane Tamer' to millions of cattle per day.
Dev Information Technology jumped 7.13% after its board approved sub-division/ split of the existing equity shares having face value of Rs 5 each, into such number of equity shares having face value of Rs 2 each.
Tips Music gained 2.91% after announcing a strategic partnership with TikTok. The deal will bring a vast library of Bollywood and regional hits to the platform, enhancing the user experience and strengthening the cultural connection.
Markolines Pavement Technologies surged 12.60% after the company announced that it has secured a service order worth Rs 72.78 crore from Varanasi Aurangabad NH-2 Tollway.
Escorts Kubota gained 2.91% after its wholly owned subsidiary, Escorts Kubota Finance is intending to commence its business activities of non-banking financial institution from 26 November 2024.
Dhanuka Agritech gained 1.11% after the company signed an agreement with Bayer AG, Germany, for the acquisition of the crop protection active ingredients, Iprovalicarb and Triadimenol, along with the trademark Melody for Iprovalicarb.
Bliss GVS Pharma rose 0.57%. The company's Maharashtra-based facilities received a GMP compliance certificate from the National Agency for Medicines and Medical Devices of Romania post an EU GMP inspection.
IPO Update:
The initial public offer (IPO) of Enviro Infra Engineers received bids for 38,52,17,131 shares as against 3,07,93,600 shares on offer, according to stock exchange data at 17:00 IST on 25 November 2024. The issue was subscribed 12.51 times.
The issue opened for bidding on 22 November 2024, and it will close on 26 November 2024. The price band of the IPO is fixed between Rs 140 to Rs 148 per share. An investor can bid for a minimum of 101 equity shares and in multiples thereof.
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