FIRST TRADE: Sensex rises over 65 pts; Nifty above 20,100; Hero MotoCorp up over 2%
Stock market today: The S&P BSE Sensex was up 76.48 points, or 0.11 per cent, at 66,978.39 at the time of filing this report, and the NSE Nifty was up 28.85 points or 0.14 per cent at 20125,45.
Stock market today: The domestic equity market on Thursday, November 30, opened marginally higher amid buying in all the sectoral indices. Further, expectations of a cut in interest rates by the US central bank by March 2024 have triggered foreign inflows ahead of key macroeconomic data.
The S&P BSE Sensex was up 76.48 points, or 0.11 per cent, at 66,978.39 at the time of filing this report, and the NSE Nifty was up 28.85 points or 0.14 per cent, at 20125,45.
In the broader market, the Nifty Mid Cap 100 and Smal Cap 100 opened in green.
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High-beta Nifty Bank was up 0.28 per cent at 44,692.15.
"Post the consolidation breakout on November 28, follow-up buying was seen in yesterday's trade, and the index reclaimed the level of 20,000 and ended the day at 20,096.60. Nifty50 has formed a big positive candle on the daily chart, which suggests the continuation of the current move and is likely to register a fresh high in the coming days," said Aditya Gaggar, Director of Progressive Shares.
Gaggar added that in the recent past, the auto sector, as well as its constituents, rallied well, and we believe that a profit-booking correction can be seen, which will offer better entry opportunities. The same stands for OMC stocks in the energy segment. Stock-specific buying will remain in the metal and pharmaceutical sectors.
Metro Brands shares were up nearly 5 per cent after Foot Locker, Inc., a New York-based specialty athletic retailer, announced the signing of a long-term licencing agreement with Metro Brands. The retailer also inked a deal with Nykaa, whose shares were up over 1 per cent.
IDBI Bank shares were up over 2 per cent after the Department of Investment and Public Asset Management called for fresh bids from asset valuers for IDBI strategic divestment.
UltraTech Cement shares hit a 52-week high after the company acquired the 0.54 mtpa cement grinding assets of Burnpur Cement Limited.
PCBL shares were up over 2 per cent after the company announced a joint venture with Kinaltek and an investment of around Rs 134 crore.
Alembic Pharma shares were up over 13 per cent after DSP Mutual Fund acquired an additional 0.02 per cent equity in the firm, taking its total stake to 5.08 per cent from the earlier 4.99 per cent.
Conversely, Thomas Cook shares hit the lower circuit and were down 5 per cent after Fairbridge Capital (Mauritius) will sell up to an 8.5 per cent stake in the company via an offer for sale (OFS).
Jupiter Wagons shares were down over 1 per cent after the company launched its Qualified Institutional Placement (QIP) offer on November 29 at a floor price of Rs 331.34 per share.
Asian stocks were poised to clock their strongest performance in 10 months at the end of Thursday's trading, even as most regional stock markets opened listless after mixed messages from the Fed and a similar struggle in US stocks overnight.
The MSCI Asia-ex-Japan stocks index is up 6.7 per cent so far this month, setting it on course to mark the best month since January.
(With agency inputs)
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