NIFTY50: 19,765 ▲ 90 (+0.4%)
SENSEX: 65,982 ▲ 306 (+0.4%)
- Benchmark indices bounced back after a slow start to end higher
- In all, 32 NIFTY50 stocks closed in the green
- The RBI believes GDP momentum will pick up in Q3 FY24 but is concerned about a global slowdown.
Among the NIFTY sectoral indices, IT (+2.6%) and Realty (0.9%) were the top gainers. Meanwhile, PSU bank (-0.2%) and FMCG (-0.15%) were the top losers.
What's Up
| Top gainers | Today's change |
| Hero MotoCorp | 3,284 ▲ 106 (+3.3%) |
| Tech Mahindra | 1,207 ▲ 34 (+2.8%) |
| HCL Tech | 1,313 ▲ 36 (+2.8%) |
What's Down
| Top losers | Today's change |
| Axis Bank | 1,026 ▼ 15 (-1.5%) |
| Coal India | 347 ▼ 3.6 (-1.0%) |
| Adani Enterprises | 2,203 ▼ 22 (-1.0%) |
Market Sentiment
| USD-INR | 83.23 ▲ 0.1 (+0.1%) |
| NIFTY MIDCAP 100 | 41,726 ▲ 321 (+0.7%) |
| NIFTY SMALLCAP 100 | 13,869 ▲ 80 (+0.5%) |
| India VIX | 11.65 ▲ 0.5 (+4.6%) |
Stock Buzz
⭐ Dr. Reddy’s Labs rises on migraine device launch
Dr. Reddy's Laboratories saw a 2% surge after it unveiled Nerivio, a USFDA-approved wearable device for migraine management. This non-invasive device is intended for acute and preventive migraine in patients aged 12 and above.
⭐ Hero MotoCorp rides the festive wave
Hero MotoCorp sold over 14 lakh units during the 32-day festive period, its highest-ever festive sales volume. Fueled by robust demand in rural markets and steady urban off-take, the world's largest two-wheeler manufacturer recorded a 19% YoY growth, surpassing its previous best of 12.7 lakh units in 2019. Shares of the company rose over 3% today.
⭐ Despite RBI curbs, Bajaj Finance up 2%
On November 15, 2023, the RBI directed Bajaj Finance to halt sanction and disbursal of loans under 'eCOM' and 'Insta EMI Card' due to non-issuance of Key Fact Statements. These supervisory restrictions will remain until rectifications are made. In response, the company said it will conduct a detailed review of the KFS and implement requisite corrective actions to the satisfaction of the RBI at the earliest. After a weak opening, Bajaj Finance shares closed nearly 2% higher today.
⭐ Oil producers rise on windfall tax cut
Oil India and ONGC shares rose 3% and 1%, respectively, after the government reduced windfall the tax on domestic crude oil and diesel exports. The Special Additional Excise Duty (SAED) on crude oil has been cut from ₹9,800 to ₹6,300 per tonne, while on diesel exports it has been trimmed from ₹2 to ₹1 per litre. The export duty on aviation turbine fuel (ATF) and petrol remains at zero. This adjustment is in alignment with the decline in global oil prices.
⭐ Pennar Industries zooms on order wins
Shares of Pennar Group, a leading value-added engineering products and solutions company, surged over 10% today. This was after the company secured orders worth ₹699 crore across diverse verticals including railways, tubes and steel, among others. The orders are expected to be fulfilled in the next two quarters.
IPO Corner
⭐ Tata Technologies is set to launch its IPO on November 22 with a price band of ₹475-500 per share. The public issue will close on November 24. The Tata Motors’ subsidiary aims to raise ₹3,042 crore through an offer for sale. Tata Technologies is the first Tata Group company to launch an IPO in almost two decades.
Learn with Upstox
What is a windfall tax?
Windfall tax is a surcharge levied on companies or industries that witness unexpectedly high profits, often due to sudden increase in prices or unforeseen circumstances. The government can impose this tax to slice out a portion of the unanticipated gains and use it for public welfare or for dealing with economic issues. In India, windfall tax is imposed on domestic crude oil when the global benchmark breaches the $75 per barrel mark. Export of diesel, aviation turbine fuel (ATF) and petrol attract windfall tax if product margins exceed $20 per barrel.
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