Sensex Today Ends 21 Points Higher; BHEL, RVNL Surge 10% To Hit 52-Week High; Why PNB Share Price Is Rising

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Indian share markets traded in a rangebound manner throughout today's session to end flat.

Benchmark indices opened marginally lower, following record closing highs registered in the previous session, as investors digested signals from global central banks on the interest rate environment.

The European Central Bank's equivalent of the Federal Reserve rate-setting committee's minutes that came out on Thursday showed that the room for slowing down the pace of interest rate adjustments remained limited, in contrast to the US central bank's assessment.

Gains were limited today as global markets remained subdued and oil prices rose.

At the closing bell, the BSE Sensex stood higher by 21 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 29 points (up 0.2%).

Reliance Industries, Wipro, and Axis Bank were among the top gainers today.

Nestle, Kotak Bank, and ICICI Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,670, up by 7 points, at the time of writing.

Broader markets settled on a firm note with small caps and midcaps both outperforming benchmark indices.

The BSE MidCap gained 0.8% while the BSE SmallCap index ended 0.7% higher.

Sectoral indices ended on a mixed note with stocks in the realty sector, energy sector, and metal sector witnessing most of the buying.

While private bank stocks and FMCG stocks witnessed selling.

Shares of Escorts Kubota and REC hit their 52-week highs today.

The IPO market is set to see some action next week as two companies are launching their offers. Among them, one is an agrochemical company.

Adani Enterprises and Bajaj Finance were amongst the most active shares on the BSE today.

Asian share markets ended on a mixed note as investors worried about rising Covid-19 cases in the region.

The Hang Seng fell 0.5% while the Shanghai Composite ended 0.4% higher. The Nikkei ended down by 0.4%.

US stock futures are trading on a positive note today as black Friday shopping swings into focus. Dow futures are trading up by 0.1% while Nasdaq futures are up by 5 points.

The rupee is trading at 81.70 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 52,503 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.9% at Rs 61,457 per kg.

Recently, the Indian stock market closed at its all-time high. Stocks across many sectors have moved up recently.

Adani Enterprises' Board Approves Mega FPO

Adani group's flagship firm Adani Enterprises today approved a Rs 200 billion (bn) further public offering (FPO) of equity shares of the company.

At a board meeting of the company to consider the fundraising exercise today at Ahmedabad, it was decided to raise funds via FPO through a fresh issue of equity shares.

The capital raise will boost the conglomerate's aggressive growth across business verticals, both organically and via acquisitions.

Note that Gautam Adani is planning to invest more than US$4 bn in a petrochemical complex in the state of Gujarat.

According to reports, Asia's richest person plans to launch a super app in the next three to six months to connect Adani airport passengers with other Adani Group services.

Adani Enterprises' share price ended the day 1% lower.

Speaking of Adani stocks, two Adani group stocks have seen a sharp fall in recent weeks. The stocks are Adani Green and Adani Transmission.

To know why they are falling, check out why Adani Green is falling and why Adani Transmission is falling.

Why PNB Share Price is Rising

PSU banks continued their upward trend on Friday. Among individual stocks, Punjab National Bank (PNB) rallied over 10% intraday to hit a 52-week high.

The stock ended 5% higher on the BSE.

This comes after the lender got government approval to divest its entire stake in UTI Asset Management Company.

The bank, which holds a 15.22% stake in UTI AMC will divest its entire stake in the mutual fund company in single or multiple tranches for the realization of gains on investment.

PSU bank stocks are rising and PNB is no exception. In a month, the stock has gained around 30% while the past three months' performance shows gains in excess of 50%.


Govt. to Sell Stake in Coal India, Hindustan Zinc, RCF

Moving on to news from the divestment space, the Indian government is planning to sell small stakes in state-run firms including the world's biggest coal miner Coal India and Asia's largest zinc producer Hindustan Zinc.

Reportedly, the government will sell a 5%-10% stake in Coal India, Hindustan Zinc, Rashtriya Chemicals, and Fertilizers via the so-called offer-for-sale mechanism.

In all, five firms could be chosen, including a listed entity under the railway ministry.

Hariom Pipes Touches Roof

Moving on to news from the pipes and fitting space, shares of Hariom Pipe Industries rallied today to hit an all-time high after the company completed the set-up of a 15-ton electric melting furnace.

The commercial production for the same will commence on 25 November 2022.

This, therefore, will increase the company's production of MS Billets from 95,832 MTPA to 104,232 MTPA, the company said.

Hariom Pipe is one of the most backward integrated steel pipe mill companies, which manufactures sponge iron, billets, HR strips, and pipes.

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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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