Stock Markets: Sensex, Nifty to DHFL, Glenmark Pharmaceutical, Siemens and Meghmani Organics, all you need to know about today’s action

The overall structure shows that today's rise is nothing but a minor degree bounce and is unlikely to develop into a bigger rally right away. On the downside, 12800 and 12730 will be the key levels to watch out for. Market breadth was positive with 1261 advances and 588 declines on the National Stock Exchange. Sensex gains 432 points. Nifty ends November series near 13K. Indian markets stage smart recovery, recouping previous losses, to end the higher on November 26.

Major headlines:

DHFL Q2 net loss narrows to Rs 2123 cr vs loss of Rs 6640 cr (YoY).
Glenmark Pharmaceutical secured its position in Dow Jones Sustainability Emerging Markets Index.

Indian indices:

The benchmark indices made a smart comeback and ended 1% higher on November 26, the last day of the futures and options (F&O) contracts for the November series, amid broad-based buying. The Sensex rose by 0.98% or 432 points to 44260. The Nifty surged by 1% or 129 points to 12987. All the sectoral indices ended in the green except Oil & Gas. The S&P BSE Midcap index jumped by 0.94% or 154 points to 16598 while the S&P BSE SmallCap index rose by 0.71% or 117 points to 16480.

Following are the stocks/sectors which were in news today:

Siemens rallied by 11.7% to Rs 1521, after the company reported profit at Rs 330 cr in Q4 FY20 as compared to Rs 334 cr.
Meghmani Organics rose by 5.4% to Rs 79, as the company planned to set up a multipurpose plant at Dahej at a cost of Rs 310 cr and expects to commission it on Q4 FY22.
Laurus Labs gained 2.5% to Rs 292, after the company said it has signed a definitive agreement to acquire a majority stake in Richcore Lifesciences.
 
Global signals:

European stock markets were trading flat on November 26, as investors paused for breath after a global rally in recent sessions.
Asian markets struggled for direction on November 26, as investors reacted to minutes released overnight from the US Federal Reserve’s November meeting.
 
Mr. Ajit Mishra, VP - Research, Religare Broking Ltd: 

Markets made a smart comeback and posted gains of over a percent. Initially, the bias was on the negative side, in line with the previous session’s fall but the trend reversed in the latter half, thanks to healthy buying in metals, banking and financial packs. Consequently, the Nifty settled near 12,987 levels. The broader markets too ended in a positive range of 0.7-0.9%. Barring oil & gas, all the sectoral indices ended in the green.

This rebound indicates that bulls are in control however the possibility of consolidation is still high and it would be healthy for the markets. In the near term, markets would continue to take cues from their global peers. On the domestic front, India’s GDP data outcome schedule on 27th November will be on the radar. Religare reiterates their view to focus more on the selection of stocks during this consolidation phase and continue with the “buy on dips” approach.