Sensex Today Ends 108 Points Higher; Metal Stocks Fall; Hindustan Aeronautics, Nifty Hit New High

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After opening on a negative note, Indian share markets reversed course as the session progressed to end with marginal gains.

Benchmark indices opened lower today following muted global cues amid blasts in Poland that local authorities said were caused by Russian-made missiles.

Markets were volatile, moving between gains and losses tracking global geopolitical uncertainty.

Benchmark index Nifty hit a new 52-week high today while the Bank Nifty index followed.

At the closing bell, the BSE Sensex stood higher by 108 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 6 points (up 0.1%).

Kotak Mahindra Bank, HUL, and TCS were among the top gainers today.

Tata Steel, Bajaj twins, and NTPC, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,453, down by 42 points, at the time of writing.

Broader markets erased early gains and settled lower. The BSE MidCap fell 0.7% while the BSE SmallCap index ended 0.3% lower.

Sectoral indices ended on a mixed note with stocks in the banking sector and capital goods sector witnessing most of the buying.

Metal stocks and power stocks, on the other hand, came under pressure.

Shares of Hindustan Aeronautics and HUDCO hit their 52-week highs today.

Hindustan Aeronautics shares surged 7% after the company received a letter of intent (LoI) for nine more advanced light helicopters (ALH) Mk-III from the Indian Coast Guard (ICG).

Kotak Bank and Tata Steel were amongst the most active shares on the BSE today.

Asian shares ended on a negative note. The Hang Seng fell 0.5% while the Shanghai Composite ended 0.4% lower. The Nikkei ended on a flat note.

The rupee is trading at 81.30 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.8% at Rs 53,168 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 1.8% at Rs 62,714 per kg.

In crypto markets, the top tokens somewhat recovered following the collapse of the FTX exchange. Bitcoin traded near the US$17,000 mark while Ethereum traded near the US$1,200 level.

Tata Group to Open 'Beauty Tech' Outlets

In news from the retail space, the Tata Group is planning to open at least 20 beauty tech stores where it will use virtual makeup kiosks and digital skin tests to get young, affluent shoppers to buy premium cosmetic products.

This is a different move from the Tatas who have now focused on cars, jewelry, etc. The group is eyeing a share in the fast-growing US$16 billion beauty and personal care market in India.

The group is in talks with more than two dozen companies to supply exclusive products to the new stores.

If Tata does enter the fray, it will face strong competition from Sephora, Reliance, and Nykaa.

How this pans out remains to be seen. 

Stocks FIIs Bought Recently

Even as the shareholding of foreign institutional investors in Indian stocks went down to a 10-year low of 19%, FIIs have reportedly spent over Rs 1 lakh crore (Rs 1 trillion) in buying just 10 stocks including Zomato and ITC in the September quarter.

Data shows that out of the 764 stocks that FIIs bought last quarter, Tata Steel topped the list with a net buy estimated at Rs 249 bn.

The second in line was defense stock Bharat Electronics, where FIIs bought 878.9 million (m) shares worth over Rs 220 bn.

FIIs also hiked their stake in new-age tech stock Zomato.

Apart from these, FIIs also bought these five stocks in the quarter gone by.

Nykaa Shares Under Pressure

After taking a respite for a few sessions, Nykaa's share price is falling once again. The stock plunged around 10% in intraday trade yesterday and was down over 4% today.

The recent fall in shares is on the back of heavy volumes after nearly 2,374 million bonus equity shares got listed with effect from today.

New securities were listed and permitted to trade on the exchange with effect from Wednesday, 16 November 2022, BSE said in a notice.

The company allotted 2,37,35,63,075 bonus equity shares of Rs 1 each on 12 November 2022.

Despite having a strong niche and big-ticket products, there are dark clouds hovering over Nykaa's growth.

However, the company is well-positioned to capture the opportunity generated by future growth opportunities.

In the long run, the company stands to be a big beneficiary given its established market position, and wide product portfolio.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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