The benchmark indices ended with strong gains on Thursday, boosted by strength in index heavyweight Reliance Industries. Trading was volatile due to expiry of monthly derivative contracts on the NSE. After hitting the day's low of 17,351.70 in morning trade, the Nifty settled above 17,500 mark.
As per provisional closing data, the barometer index, the S&P BSE Sensex, jumped 454.10 points or 0.78% at 58,795.09. The Nifty 50 index gained 121.20 points or 0.70% at 17,536.25.
In the broader market, the S&P BSE Mid-Cap index rose 0.69% while the S&P BSE Small-Cap index added 0.87%.
The market breadth was strong. On the BSE, 2,133 shares rose and 1,158 shares fell. A total of 120 shares were unchanged.
Economy:
A report issued by economists at HDFC Bank, which released on Wednesday, said: India's GDP will show a 7.8% expansion on a year-on-year basis for the September 2021 quarter. Real GDP will grow 9.4% in FY22 and decelerate to 7.5% for FY23 as the base effects result in the higher growth in the ongoing fiscal wear-off.
In FY21, the GDP had contracted 7.3% due to the pandemic. For FY22, the RBI expects GDP to clock a growth of 9.5%, which will slow to 7.8% in FY23. The GDP had expanded by over 20% for the first quarter on the lower base. The official data for the second quarter is set to be released on 30 November 2021.
Buzzing Index:
The Nifty Realty index rose 1.95% to 525.70. The index fell 0.07% in the last trading session.
Prestige Real Estates (up 7.58%), Brigade Enterprises (up 3.55%), Godrej Properties (up 2.50%), Macrotech Developers (up 2.04%) and The Phoenix Mills (up 1.31%) were the top gainers in the Realty segment.
Stocks in Spotlight:
Reliance Industries (RIL) jumped 6.30% after the board decided to implement a scheme of arrangement to transfer gasification undertaking into a wholly-owned subsidiary (WOS). The board has accordingly approved a scheme to transfer the gasification undertaking as a going concern on slump sale basis for a lump sum consideration equal to the carrying value as on the appointed date.
Pidilite Industries lost 0.30%. Madhumala Ventures (Madhumala), a wholly owned subsidiary of the company, has agreed to make an investment of Rs. 1.56 crores in Constrobot Robotics (the investee company) which is engaged in the business of research, development, manufacturing and trading of robotic equipment and related software to be used in construction activities.
Siemens dropped 4.91% after the company reported a 3% decline in standalone net profit from continuing operations to Rs 323 crore in quarter ended September 2021 from Rs 333 crore posted in the corresponding quarter of the previous year. The company said profitability was dented due to increase in raw material and logistics costs. The company registered a standalone revenue of Rs 3,941 crore in quarter ended September 2021, rising by 15.2% over the corresponding quarter of the previous year, driven largely by the digital industries, energy and smart infrastructure businesses.
Aurionpro Solutions was locked in an upper circuit of 5% at Rs 217.25 after the company bagged an order in the smart transit segment from the Government of Uttar Pradesh. Aurionpro Solutions will be the system integrator for implementing IoT based Integrated Bus ticketing System for the Uttar Pradesh State Road Transport Corporation (UPSRTC) on a Build Own Operate and Transfer ('BOOT') model. The project is expected to be worth more than Rs 60 crore, over five years, with the minimum guaranteed revenue.
HCL Technologies (HCL) rose 0.58%. The global tech major, opened its new facility at the state-of-the-art Cinnamon Life complex in Sri Lanka and this new facility will be its largest in the country, accommodating 4,000 employees. As per the company's press statement, HCL Technologies (HCL) had entered Sri Lanka in 2020 with the aim to make it a global technology and IT services delivery hub for some of the largest corporations in the world. Currently, HCL intends to occupy 80% of Cinnamon Life, a project by John Keels, with plans of taking up 10 floors now and 10 floors at a later stage.
Grasim Industries added 1.47%. Life Insurance Corporation of India (LIC) sold 1,33,50,869 equity shares or 2.028% stake of Grasim Industries from 24 September 2020 to 23 November 2021. Post transaction, Life Insurance Corporation of India (LIC) decreased its shareholding to 6,47,02,813 equity shares or 9.830% stake from 7,80,53,682 equity shares or 11.858% stake held in Grasim Industries. The deal was executed as market sale.
Global Markets:
European stocks advanced across the board on Thursday, 25 November 2021. Investors continued to monitor the acute COVID-19 crisis in the region this week amid rising infections that have prompted a handful of countries to introduce new COVID-19 restrictions.
Asian closed on a mixed note on Thursday. The Bank of Korea raised its policy rate by 25 basis points to 1%, a move that was largely expected. The prices Japanese companies charge each other for services rose 1.0% in October from a year earlier, their eighth straight month of gains and a sign inflationary pressure was building due to higher global commodity costs.
The services producer price index hit 105.4 in October, the highest since November 2001, Bank of Japan (BOJ) data showed on Thursday.
U.S. stocks pushed modestly higher on Wednesday as the recent jump in bond yields took a breather, allowing tech stocks to recover. The meetings from the latest Fed meeting, released on Wednesday, showed that the central bankers were ready to accelerate the timetable for slowing asset purchases and raising the benchmark funds rate if inflation remains high. The U.S. markets will be closed for the Thanksgiving holiday on Thursday. The stock market closes early on Friday.
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