Sensex touches all-time high of 62,405.65; ends at record-high close of 62,272.68Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“Two triggers assisted the Sensex rally to record highs. One, in the mother market US, the market construct turned favourable with rising equities, declining bond yields and falling dollar. Two, macro developments in India show steady rise in credit growth and capex indicating strong economic recovery. Along with this, sharp correction in crude is a big positive. This has facilitated this Sensex rally led by large-caps, mainly the HDFC twins, Infosys, TCS and RIL.”
Record-high close for Nifty at 18,484.10Vinod Nair, Head of Research at Geojit Financial Services said”Led by broad-based buying, domestic indices witnessed solid gains as investors digested the latest FOMC meeting minutes, which hinted that the rate hike cycle may be slowing down. The optimism was further boosted by falling crude prices and the declining dollar index. Crude oil prices dropped over talks of a possible price cap on Russian oil and a rise in US product stockpiles”
Indian rupee ended 23 paise higher at 81.62 per dollar against previous close of 81.85.
Market Close: Benchmark indices ended higher with Sensex hitting fresh record high and Nifty crossing 52-week high.
At Close, the Sensex was up 762.10 points or 1.24% at 62,272.68, and the Nifty was up 216.80 points or 1.19% at 18,484.10. About 1886 shares have advanced, 1494 shares declined, and 133 shares are unchanged.
Apollo Hospitals, HDFC Life, BPCL, Infosys and Tata Consumer Products were among the top Nifty gainers, while losers included Cipla, Coal India, Kotak Mahindra Bank, Tata Motors and Bajaj Finance.
All the other sectoral indices ended in the green with IT and oil & gas up 1-2 percent.
The BSE midcap index rose 0.5 percent and smallcap index up 0.4 percent.
USFDA Inspection of the Company’s Mandideep Unit-1 facility
We would like to inform you that the U.S. FDA inspected Lupin’s Mandideep Unit-1 facility from November 14, 2022 to November 23, 2022. The inspection of the facility closed with issuance of a Form483 with eight observations each for the Drug Product facility and API facility at the site, Luoin said in its release.
Lupin was quoting at Rs 718.05, down Rs 0.75, or 0.10 percent.
India Vix down over 4% as Nifty inches towards record close. The Nifty Bank index rallies for third day in a row and scales to new record high.
CLSA View on Oil Marketing Companies
-Cooling-off brent to sub-USD 90 has driven up refining & marketing margins of IOC & BPCL
-Refining & marketing margins of IOC & BPCL rise to near multi-quarter highs
-Notwithstanding big H1 losses, Q3 profit should improve materially
-Prefer BPCL & IOCL over HPCL but ONGC & Oil India remain top buys
-ONGC & OIL pricing in crude of sub-USD 40/bbl while government ensuring realisation of USD 75/bbl
Maruti Suzuki Says | #Q2 SUV market share at 10.4% vs 8.5% (QoQ). Company’s overall Q2 #market share at 41.4% vs 40.5% (QoQ) & (YoY)#MarutiSuzuki pic.twitter.com/WmLsDhHpjH— CNBC-TV18 (@CNBCTV18Live) November 24, 2022