Domestic equity indices snapped a four-day losing streak and ended with decent gains on Tuesday. The Nifty managed to close a tad above 17,500 level after hitting the day's low of 17,216.10 in early trade. All the sectoral indices on the NSE ended in the green with metal, PSU banks and realty stocks gaining the most.
The barometer index, the S&P BSE Sensex, rose 198.44 points or 0.34% at 58,664.33. The Nifty 50 index gained 86.80 points or 0.50% at 17,503.35.
Bharti Airtel (up 2.35%), Larsen & Toubro (up 1.28%), Kotak Mahindra Bank (up 1.27%) and Reliance Industries (up 0.96%) boosted the indices.
The broader market outperformed the main indices. The S&P BSE Mid-Cap index added 1.61% while the S&P BSE Small-Cap index advanced 1.81%.
The market breadth was strong. On the BSE, 2,428 shares rose and 825 shares fell. A total of 162 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 2.82% at 18.015.
The Sensex fell 3.71% and the Nifty declined 3.83% in the past four sessions. The recent correction was triggered by heavy foreign outflows. So far in November, foreign institutional investors have sold Rs 13,438.27 crore in the domestic equity market.
Economy:
SBI Research has upgraded India's GDP growth projection for financial year 2022 to the range of 9.3%-9.6% from its earlier estimates of 8.5%-9%. The revised GDP estimate of SBI Research is in-line with RBI's projection of 9.5% GDP growth for the current fiscal year.
The projection comes as the country recorded only 11% increase in COVID-19 cases during the July-September quarter of 2021, second-lowest among the top 15 most affected countries
Mentioning reasons behind its revised estimates, SBI Research said that India remained unscathed in Quarter 3 from the global situation, which is marred by supply disruptions, stubborn inflation and surges of infections during Q3 2021.
Numbers to Watch:
The yield on 10-year benchmark federal paper rose to 6.366% as compared with 6.351% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.43, compared with its close of 74.395 during the previous trading session.
MCX Gold futures for 3 December 2021 settlement fell 0.64% to Rs 47,615.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.05% to 96.075.
In the commodities market, Brent crude for January 2022 settlement rose 23 cents at $79.12 a barrel.
Foreign Markets:
European stocks declined across the board on Tuesday, as markets monitored a COVID-19 surge and awaited the latest purchasing manager's index (PMI) data for the euro zone.
Asian stocks ended on a mixed note on Tuesday as investors watched for market reaction to U.S. President Joe Biden picking Jerome Powell for a second term as Federal Reserve chair. Markets in Japan were closed on Tuesday for a holiday.
New Listing:
Shares of Latent View Analytics settled at Rs 488.60 on the BSE, a premium of 148.02% compared with the initial public offer (IPO) price of Rs 197.
The scrip was listed at Rs 530, a premium of 169.04% to the issue price. The scrip has hit a high of Rs 548.75 and a low of Rs 462 in the trading session. Over 20.73 lakh shares of the company changed hands in the counter on the BSE.
The IPO of Latent View Analytics was subscribed 326.49 times. The issue opened for bidding on 10 November 2021 and it closed on 12 November 2021. The price band of the IPO was fixed at Rs 190-197.
Buzzing Index:
The Nifty Metal index rose 3.30% to 5,600.40. The index lost 5.36% in the past five trading session.
Vedanta (up 6.27%), NMDC (up 4.65%), JSW Steel (up 4%), Coal India (up 3.95%), Hindustan Copper (up 3.94%), SAIL (up 3.63%), Jindal Steel & Power (up 3.39%), NALCO (up 3.23%), Hindustan Zinc (up 2.56%), Tata Steel (up 2.15%), Adani Enterprise (up 1.98%), Hindalco Industries (up 1.98%), APL Apollo Tubes (up 1.37%), Welspun Corp (up 1.35%) and Ratnamani Metals & Tubes (up 0.92%) advanced.
Stocks in Spotlight:
Indian Energy Exchange (IEX) advanced 2.85% after the company announced the resumption in the trading of Renewable Energy Certificates (REC) with effect from 24 November 2021, after a gap of almost 16 months. The last REC trade session took place in June 2020.
Triveni Engineering & Industries jumped 7.04% after the firm announced the signing of a 10-year business agreement with GEAE Technology USA to locally manufacture the LM2500 gas turbine base and enclosure.
Zen Technologies hit an upper circuit of 5% at Rs 213.95 after the company has signed an export contract worth Rs 35 crore with one of its important Middle East customers.
Cadila Healthcare rose 1.55% after the drug major announced that it submitted the New Drug Application (NDA) to the Drug Controller General of India (DCGI) for Desidustat.
Desidustat is an oral small molecule hypoxia-inducible inhibitor used for treatment of anaemia in patients with chronic kidney disease (CKD) who are on dialysis and not on dialysis.
Alembic Pharmaceuticals spurted 4.16% after the drug company during market hours on Tuesday, announced that it received final approval from the US Food & Drug Administration (USFDA) for formoterol fumarate inhalation solution per unit-dose vial. The approved drug is therapeutically equivalent to the reference listed drug product, perforomist inhalation solution of Mylan Specialty, L.P.
KIOCL shed 0.27%. The company said that it has entered into a contract agreement with Tauman Engineering for setting-up of 1,80,000 tonnes per annum (TPA) heat recovery coke oven plant at its blast furnace unit, at a contract price of Rs 185 crore.
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