Indian equity benchmark indices witnessed a sharp rally on Wednesday on the back of heavy buying in banking, IT, Oil & Gas stocks amid a positive sentiment in global markets on softer US inflation data. Lower than expected US inflation data has raised hopes for an end to interest rate hikes by the Federal Reserve.
The BSE Sensex jumped 742.06 points or 1.14 per cent to close at nearly a four week's high of 65,675.93. The NSE Nifty50 jumped 231.90 points or 1.19 per cent to 19,675.45.
“Domestic equities surged higher fuelled by moderation in both India as well as US inflation. Nifty opened gap up and strengthen during the day to close near day’s high with gains of 232 points (+1.2%) at 19675 levels. All sectorial indices, including broader market ended in green. IT, Realty, Oil & Gas and Auto were top gainers today. Rally was seen in global markets after weak U.S. inflation data raised hopes that interest rate-hiking cycle has reached its peak,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Advertisement
“Additionally, news of fresh stimulus in China and sharp fall in UK’s inflation boosted the sentiments. We expect market to maintain its momentum, driven by positive domestic data, cooling off US bond yields and dollar index,” he added.
Top Stocks To Watch On 16 November:
Bajaj Finance
The Reserve Bank of India (RBI) barred Bajaj Finance from disbursing loans through two of its lending products “eCOM” and “Insta EMI Card” with immediate effect, according to an official statement issued on November 15. The order has been issued due to “non-adherence” to the extant provisions of RBI’s digital lending guidelines. The action has been taken under section 45L (1) (b) of the Reserve Bank of India Act, 1934.
Advertisement
TCS
The India IT major Tata Consultancy Services fixed the record date for its Rs 17,000 crore share buyback plan on 25 November, the company informed exchanges on Friday. On October 11, the company had announced to buyback up to 4,09,63,855 fully paid-up equity shares of face value of Rs 1 each at Rs 4,150 per equity share for an amount equivalent to Rs 17,000 crore.
Dabur
Two foreign subsidiaries of Dabur Ltd, Dabur International and Dermoviva Skin Essentials have been removed as defendant from a lawsuit in the United States over allegations that their hair-relaxer product caused ovarian cancer, uterine cancer and other health related issues.
Suzlon Energy
The renewable energy solutions provider on Wednesday said its S144 – 3 MW series of wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy (MNRE). This listing marks and important milestone for the successful commercialization of the product, the company said in a filing.
One97 Communications
The fintech major announced a partnership with global travel technology partner company Amadeus for the next three years. It will integrate Amadeus’s expansive travel platform to improve the travellers’ overall experience from search to booking, and payments.
Just one email a week