Indian equity benchmark indices snapped the two day losing streak and ended high on Tuesday following buying in select metal and banking stocks and a bullish trend in the US markets on easing Fed rate hike concerns.
The BSE Sensex climbed 275.62 points or 0.42 per cent to settle at 65,930.77. The NSE Nifty went up by 89.40 points or 0.45 per cent to 19,783.40.
"Today, the market exhibited positive momentum, with attention centred on the minutes of the latest Fed meeting. The declining inflation and the recent cooling job data in the US provides foundation for a dovish comment from the Fed. The drop in bond yields and the dollar index suggests mounting speculation regarding the potential peak in the interest rate cycle. This will attract funds to emerging markets. The gain in the broad market was led by consumer durables and realty, thanks to a strong rebound in festive demand," said Vinod Nair, Head of Research at Geojit Financial Services.
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Top Stocks To Watch On 22 November:
Maruti Suzuki
The automobile company said that the board of directors will meet on 24 November to consider the allotment of 1.23 crore equity shares to Suzuki Motor Corporation.
TCS
The United States Supreme Court declined the company’s petition to appeal against the US Court of Appeal’s decision. The ruling upholds the punitive damages award of $140 million in the EPIC Systems Corporation case, originally passed by the District Court of Wisconsin, the company said in a regulatory filing. Now, TCS aims to include a balance provision of approximately $125 million as an exceptional item its financial statements for the third quarter and nine months ending December 31, 2023.
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Reliance Industries
At the Bengal Global Business Summit, Chairman and Managing Director Mukesh Ambani said that the company plans to Rs 20,000 crore in West Bengal over the next three years. It is also planning to setup a compressed biogas plant in the state.
Colgate Palmolive
The State Goods and Service Tax Officer (GST) has conducted a search at the Chennai ware house of the oral care company during November 16-17. A penalty of Rs 1 lakh was charged for minor procedural non-compliance under Section 125 of the CGST Act and the SGST Act.
Texmaco Rail & Engineering
The company has launched its qualified institution placement (QIP) issue on November 21. The floor price has been fixed at Rs 135.90 per share. The board of directors will meet on November 24 to consider the issue price, including a discount if any.
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