The market snapped a four-day losing streak and bounced back with half a percent gain on November 23, supported by buying in Metal, Pharma, PSU Bank, select banking & financials, auto, and FMCG stocks. It was partly led by short covering in the beaten-down stocks.

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“Nifty has formed a bullish candle on the daily chart representing a pullback rally along with a short covering at lower levels. Any sustainable move above 17,550 may extend the rally towards the 17,650-17,750 resistance zone. However, supply pressure around this resistance zone cannot be ruled out,” says Rajesh Palviya, VP – Technical and Derivative Research at Axis Securities.

The broader markets also rebounded quite sharply after a steep fall in the past few sessions. The Nifty Midcap 100 and Smallcap 100 indices gained 1.76 percent and 1.91 percent, respectively.

According to pivot charts, the key support levels for the Nifty are placed at 17,295.03, followed by 17,086.77. If the index moves up, the key resistance levels to watch out for are 17,632.63 and 17,761.96.

Indian Indices

The BSE Sensex rose 198.44 points to 58,664.33, while the Nifty50 was up 86.80 points at 17,503.30 and formed a bullish candle on the daily charts as the closing was higher than opening levels.

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with a 40-points gain. The Nifty futures were trading at  17,633.50 on the Singaporean Exchange around 07:00 hours IST.

US Markets

The US stock markets closed mixed on Tuesday as big technology stocks lost and companies that rely on consumer spending gained. The S&P 500 and the Dow Jones Industrial Average rose, while the tech-heavy Nasdaq fell.

The S&P 500 rose 7.76 points, or 0.2%, to 4,690.70.

The Dow Jones Industrial Average rose 194.55 points, or 0.5%, to 35,813.80.

The Nasdaq fell 79.62 points, or 0.5%, to 15,775.14.

The Russell 2000 index of smaller companies fell 3.49 points, or 0.1%, to 2,327.86.

Asian Markets

Asian markets are mixed today. The Hang Seng is up 0.08% while the Shanghai Composite gains 0.03%. The Nikkei 225 is off 0.58%.

European Markets

European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.15%, while the DAX led the CAC 40 lower. They fell 1.11% and 0.85% respectively.

India’s GDP to grow 9.1% in 2022: Goldman Sachs

Wall Street brokerage Goldman Sachs on November 23 estimated India’s GDP growth at 9.1 percent in 2022. After India’s economy contracted by a sharp 7 percent in 2020, Goldman Sachs pegged the economy to grow at 8 percent in 2021 and 9.1 percent in 2022. It earlier estimated India’s economic growth to 11.1 percent in fiscal year to March 31, 2022. It expects consumption and investment to be the key drivers of growth in 2022.

TVS Eurogrip  joined hands with (CSK) as the Principal Sponsor for the next three years

TVS Eurogrip has joined hands with the Chennai Super Kings (CSK) as the Principal Sponsor for the next three years (2022-2024). TVS Eurogrip brand of tyres is manufactured by the Madurai-headquartered TVS Srichakra. TVS Srichakra Limited is one of the country’s leading manufacturers and exporters of two- and three-wheeler tyres. It also makes off-highway tyres. Incorporated in 1982, it is one of the flagship companies of the $8.5-billion TVS Group, which is India’s largest auto-ancillary conglomerate. 

Rakesh Jhunjhunwala-backed Star Health IPO opens on November 30, closes on December 2

Ace investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company is set to launch its maiden public offer on November 30, 2021. The offer closes on December 2. The company will disclose the information about price band and lot size on November 24.

The initial public offering comprises a fresh issue of shares worth Rs 2,000 crore, and an offer for sale of up to 5,83,24,225 equity shares by 11 selling shareholders.

SEBI postponed the implementation of the 50 percent cash-margin rule for F&O and CDS

Securities and Exchange Board of India (SEBI) has postponed the implementation of the 50 percent cash-margin rule for futures and options (F&O) traders and credit-default swaps (CDS) segment to February 28, 2022, from the earlier deadline of December 1, 2021. 

The regulator cited investor interest, and market regulation and development as reasons for the deferment, in its recently issued circular.

Earlier rules allowed investors to cover their margins entirely with their securities. But, from 2022, they will need to keep 50 per cent of the value in cash in their account as margins to trade in these segments.

UST Bengaluru plans to double employees to 12,000 in next 2 years

UST, a US-based digital transformation solutions company, on November 23 announced the expansion of its workforce at its Bengaluru centre to over 6,000 employees.

The tech major also plans to double the workforce of its Bengaluru centre to 12,000 by 2023 in a bid to expand its presence in India.

TVS Motor to invest Rs 1,200 crore in Future Technologies and EV, signs pact with TN government

The Venu Srinivasan-headed TVS Motor Co., one of the largest manufacturers of two- and three-wheeler makers in the world, has inked a memorandum of understanding (MoU) with the government of Tamil Nadu for an investment of Rs 1,200 crore in future technologies and electric vehicles. The MOU was signed in the presence of chief minister M.K. Stalin at the Tamil Nadu Investment Conclave 2021 in Coimbatore on Tuesday.

In all, 59 MoUs were signed at the conclave. They involved an estimated investment of over Rs 35,000 crore and are expected to generate close to 75,000 jobs in the state. Besides TVS Motor, Coimbatore-based electric vehicle (EV) manufacturer Boom Motors, too, has signed an MoU to expand its manufacturing base with an estimated investment of Rs1,000 crore.

IT services sector to hire around 4.5 lakh employees in H2 FY22: Report

Indian IT services industry is all set to make 4.5 lakh gross employee additions between October 2021 and March 2022, with attrition on the rise and cater to the increasing demand from enterprises accelerating their digital transformation, according to a report.

The report, IT Industry Q2 Insights & FY22 Forecast, by market intelligence platform UnearthInsight, revealed this is 12 percent more than what the companies hired in the first half of FY22.

NoBroker raises around Rs 1,575 crore to become India’s first proptech unicorn

Real-estate platform NoBroker.com has raised $210 million (Rs 1,575 crore) in a round led by General Atlantic, Tiger Global Management and Moore Strategic Ventures at a $1-billion valuation, to become India’s first unicorn in proptech.

It will use this latest fund to expand its business across 50 cities, a top company official said on Tuesday.

Moody’s changes Bharti Airtel’s outlook to positive from stable

Moody’s Investors Service on November 23 revised Bharti Airtel Ltd.’s (Bharti) and its subsidiary Bharti Airtel International (Netherlands) BV’s ratings outlook to positive from stable.

“The outlook change to positive reflects Bharti’s improving operating performance and credit metrics which, if sustained, could support an upgrade to investment grade within the next 12-18 months,” Moody’s Senior Vice President Annalisa Di Chiara said.

Moody’s  expects Bharti’s consolidated adjusted EBITDA to increase toward  Rs 570 billion – Rs 585 billion by the end of fiscal 2022, which ends 31 March 2022 — around a 25 percent increase over fiscal 2021’s.

Vodafone Idea raises mobile call, data rates by 18-25%

Debt-ridden telecom operator Vodafone Idea on Tuesday announced an increase in mobile call and data tariffs across plans by 18-25 percent for prepaid customers, with effect from November 25. Vodafone Idea Ltd (VIL) has increased the minimum value of recharge by 25.31 percent for 28 days to Rs 99 from Rs 79.

With this, VIL customers have to pay a minimum of Rs 99 for availing of mobile services for about a month.

Tata group to set up solar plant worth Rs 3,000 crore in Tamil Nadu: Report

Tata Power Solar, the solar arm of the Tata group is planning to invest Rs 3,000 crore in setting up a four gigawatt integrated solar photovoltaic cell manufacturing plant in Tamil Nadu’s Tirunelveli district, reported The Times of India.

The group is reportedly in the final stages of consolidating the deal with the Tamil Nadu government to set up the solar plant in Gangaikondan – a step that is expected to help the state increase its solar power capacity in the coming ten years.

Bulk Deal Data

Micro Labs acquired 1,26,296 equity shares in Bal Pharma at Rs 92.57 per share, however, Kumat Vipul sold same number of shares, at Rs 92.56 per share on the NSE. Micro Labs bought 2,73,704 equity shares in the said company at Rs 92.4 per share, however, Vipul Kumat sold same number of shares at same price, the bulk deals data showed.

Promoters Vedanta Netherlands Investments B.V. acquired 5,00,14,714 equity shares and Twin Star Holdings bought 8,78,72,748 equity shares in Vedanta at Rs 349.7 per share on the NSE, the bulk deals data showed.

HDFC Mutual Fund sold 5,23,324 equity shares in the Kirloskar Pneumatic at Rs 392 per share on the BSE, the bulk deals data showed.

Ipca Laboratories acquired 17,74,142 equity shares in Lyka Labs at Rs 126.11 per share, however, Dalal&Broacha Stock Broking sold 7,98,786 equity shares at Rs 128.45 and Amee Parikh offloaded 9,75,356 equity shares at Rs 124.2 per share on the BSE, the bulk deals data showed.

DII and FII data

Foreign institutional investors (FIIs) net sold shares worth Rs 4,477.06 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,412.05 crore in the Indian equity market on November 23, as per provisional data available on the NSE.

NSE F&O Ban

Escorts and Vodafone Idea are under the F&O ban for November 24. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

Quarterly Results

Vadilal Ind Consolidated September 2021 Net Sales at Rs 188.33 crore, up 52.6% Y-o-Y

Visa Steel Consolidated September 2021 Net Sales at Rs 256.30 crore, up 2.69% Y-o-Y

TVS Srichakra Consolidated September 2021 Net Sales at Rs 687.51 crore, up 24.46% Y-o-Y

SPEL Semiconduc Standalone September 2021 Net Sales at Rs 2.84 crore, down 44.76% Y-o-Y

Dion Global Standalone September 2021 Net Sales at Rs 2.28 crore, up 8.13% Y-o-Y

Sita Enterprise Standalone September 2021 Net Sales at Rs 0.20 crore, up 28.86% Y-o-Y

Jocil Standalone September 2021 Net Sales at Rs 197.48 crore, up 27.58% Y-o-Y

Anna Finance Standalone September 2021 Net Sales at Rs 0.12 crore, up 20.12% Y-o-Y

Bloom Ind Standalone September 2021 Net Sales at Rs 3.23 crore, down 0.81% Y-o-Y

Shri Gang Inds Standalone September 2021 Net Sales at Rs 18.53 crore, up 78.76% Y-o-Y

Pankaj Polymers Standalone September 2021 Net Sales at Rs 0.44 crore, up 29.33% Y-o-Y

Apis India Standalone September 2021 Net Sales at Rs 57.00 crore, down 20.79% Y-o-Y

Modern Thread Standalone September 2021 Net Sales at Rs 52.68 crore, up 25.14% Y-o-Y

Margo Finance Standalone September 2021 Net Sales at Rs 0.31 crore, up 54.31% Y-o-Y

Steel City Secu Standalone September 2021 Net Sales at Rs 16.53 crore, up 18.24% Y-o-Y

Som Datt Fin Standalone September 2021 Net Sales at Rs 2.26 crore, up 441.44% Y-o-Y

SKP Securities Standalone September 2021 Net Sales at Rs 5.29 crore, up 37.61% Y-o-Y

Vertoz Advertis Consolidated September 2021 Net Sales at Rs 10.06 crore, up 16.82% Y-o-Y

Samyak Intl Standalone September 2021 Net Sales at Rs 1.21 crore, up 0.05% Y-o-Y

One Point One S Consolidated September 2021 Net Sales at Rs 34.57 crore, up 43.68% Y-o-Y

Virgo Global Standalone September 2021 Net Sales at Rs 0.24 crore, down 93.68% Y-o-Y

South West Pinn Consolidated September 2021 Net Sales at Rs 27.95 crore, up 10.67% Y-o-Y

Bhanderi Infra Standalone September 2021 Net Sales at Rs 0.66 crore, down 58.83% Y-o-Y

Sanginita Chemi Standalone September 2021 Net Sales at Rs 49.95 crore, up 4.8% Y-o-Y

Libord Finance Consolidated September 2021 Net Sales at Rs 0.13 crore, up 6.23% Y-o-Y

India Sucrose Standalone September 2021 Net Sales at Rs 57.67 crore, down 22.34% Y-o-Y

Royce Marine Standalone September 2021 Net Sales at Rs 4.16 crore, down 46.99% Y-o-Y

Sumit Woods Consolidated September 2021 Net Sales at Rs 10.68 crore, up 116.17% Y-o-Y

Sumit Woods Standalone September 2021 Net Sales at Rs 2.46 crore, up 310.09% Y-o-Y

PG Industry Standalone September 2021 Net Sales at Rs 19.78 crore, up 233.05% Y-o-Y

Steel City Secu Consolidated September 2021 Net Sales at Rs 16.57 crore, up 18.49% Y-o-Y

Vertoz Advertis Standalone September 2021 Net Sales at Rs 4.90 crore, up 48.66% Y-o-Y

Libord Finance Standalone September 2021 Net Sales at Rs 0.13 crore, up 6.23% Y-o-Y

Prism Finance Standalone September 2021 Net Sales at Rs 3.85 crore, up 4228.09% Y-o-Y

Minolta Finance Standalone September 2021 Net Sales at Rs 0.09 crore, down 7.26% Y-o-Y

One Point One S Standalone September 2021 Net Sales at Rs 34.57 crore, up 43.68% Y-o-Y

JIK Industries Standalone September 2021 Net Sales at Rs 0.03 crore, up 175.73% Y-o-Y

Flora Corporati Standalone September 2021 Net Sales at Rs 4.16 crore, down 46.99% Y-o-Y

Sunedison Infra Standalone September 2021 Net Sales at Rs 13.93 crore, down 58.47% Y-o-Y