As reflected by the fear gauge index India VIX, volatility has been cooling off for the last nine weeks and supporting the bulls to hold at higher zones. The momentum indicator has reached the falling trendline on the daily timeframe.
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Merger with HDFC to take 8-10 months more: HDFC Bank
HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday. Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is billed as the largest merger in Indian corporate history at over USD 40 billion.At the time of announcing the merger on April 4 this year, the entities had said the merger will take 12-18 months.
Indian Energy Exchange board approves Rs 98 crore share buyback plan
The Indian Energy Exchange (IEX) on Friday said its board has approved a proposal to buyback shares worth Rs 98 crore. A decision in this regard was taken at its board meeting held on Friday, according to a regulatory filing.”The board has approved the buyback of fully paid up equity shares having a face value of Re 1 each of the company at a price not exceeding Rs 200 per equity share and not exceeding Rs 98 crore payable in cash via open market route,” IEX said.
SEBI introduces framework to address technical glitches
#NewsAlert | SEBI: Introduces framework to address technical glitches(From Agencies) #SEBI #MarketsWithETNOW… https://t.co/2ExlkSgWKR
— ET NOW (@ETNOWlive) 1669377952000
“Bulls dominated Dalal Street, with the indices parked near record highs, supported by favourable triggers like FII buying, a drop in crude prices, a falling dollar index, and declining bond yields. The FOMC meeting minutes hinted that the rate hike cycle may be slowing down. Crude oil prices dropped over talks of a possible price cap on Russian oil and a rise in US product stockpiles. However, the tight COVID lockdown in China has negatively impacted the global growth forecast. Going ahead, the lack of strong fundamental triggers will limit the upside, keeping the market volatile in the short term. The Fed Chair’s speech, which is scheduled for next week, and the release of other significant macroeconomic data will influence the market’s future trajectory.”
– Vinod Nair, Head of Research at Geojit Financial services
Forex kitty grows for 2nd consecutive week; rises $2.54 bn to $547.25 bn
In the second consecutive week of an increase in the kitty, India’s forex reserves have grown by USD 2.537 billion to USD 547.252 billion for the week ended November 18, the RBI said on Friday. In the previous reporting week, the overall kitty had swelled by USD 14.721 billion in the highest weekly rise since August 2021 to USD 544.715 billion.It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused by global developments.
The Bank Nifty index after a spectacular rally witnessed some profit booking on the last day of the week. The index undertone remains bullish and one should keep a buy-on-dip approach with 42,800-42,500 as a strong support zone. The upside resistance is seen at 43,500 and once breached will see a sharp short covering towards 44,000-44,300 levels.
– Kunal Shah, Senior Technical Analyst at LKP Securities
The index has posted a muted close after a sideward trading session. On the daily chart, the Nifty has reached the rising trend line found by joining the preceding peaks. The momentum indicator has reached the falling trendline on the daily timeframe. Based on the price chart and momentum indicator setup we can infer that the index is on the verge of strong directional movement over the short term. On the lower end, a fall below 18,450 may trigger a correction towards 18,100-18,000; whereas, on the higher end, a rise above 18,605 may induce a decent rally in the market.
– Rupak De, Senior Technical Analyst at LKP Securities
After clocking record highs in the previous session, domestic indices traded with volatility amidst mixed global cues and rising crude prices. While FIIs turning net buyers is a positive, the lack of fundamental triggers will limit the upside, keeping the market volatile in the short term. Rising COVID restrictions in China continue to negatively impact the global growth forecast.
– Vinod Nair, Head of Research at Geojit Financial Services
Closing Bell: Sensex, Nifty end flat after choppy session; BHEL jumps 10%, PNB 5%
ADANI ENTERPRISES FPO DETAILS
#StocksToWatch | Adani Enterprises approves fund raise via further public offering of up to Rs 20,000 cr, FPO via f… https://t.co/MaUZKMtSVe
— ET NOW (@ETNOWlive) 1669368126000
ADANI ENTERPRISES TO RAISE RS 20,000 CR VIA FPO
Price as on 25 Nov, 2022 02:46 PM, Click on company names for their live prices.
JLR to cut production in UK until March: Agencies
Price as on 25 Nov, 2022 02:43 PM, Click on company names for their live prices.
These stocks are the top gainers in the market
Price as on 25 Nov, 2022 02:42 PM, Click on company names for their live prices.
Sebi amends norms; brings in buying, selling of mutual funds under insider trading rules
Capital markets regulator Sebi has amended norms to bring buying and selling of mutual fund units under the ambit of insider trading rules. At present, insider trading rules are applicable to dealing in securities of listed companies or those proposed to be listed, when in possession of Unpublished Price Sensitive Information (UPSI). The units of mutual funds are specifically excluded from the definition of securities under the rules. Sebi’s latest decision follows the Franklin Templeton episode, in which the fund house’s few executives were accused of redeeming their holdings in the schemes ahead of the six debt schemes shutting for redemption.
Shares of iron & steel products company Hariom Pipe Industries (HPIL) rallied nearly 12% to hit a 52-week high of Rs 319.40 amid heavy volumes after the company completed the setup of a 15 ton electric melting furnace.
Price as on 25 Nov, 2022 02:14 PM, Click on company names for their live prices.
Shares of auto ancillary company Tube Investment of India (TII) rallied nearly 5% to Rs 2,725 in Friday’s intraday trade after the company informed that it has signed a share subscription agreement and a shareholder agreement with X2Fuels to acquire a 50% stake in the company.
Price as on 25 Nov, 2022 02:11 PM, Click on company names for their live prices.
TVS only loser in the auto pack
Price as on 25 Nov, 2022 01:07 PM, Click on company names for their live prices.
KIOCL rallies 8% as its Pellet Plant Unit at Mangalore restarted with effect from Friday.
Price as on 25 Nov, 2022 12:46 PM, Click on company names for their live prices.
Nykaa Pink Friday sale delivers 75% growth, recording over 400 orders every minute on Day 1
Price as on 25 Nov, 2022 12:23 PM, Click on company names for their live prices.
Rationalisation in long-term capital gains tax structure on the anvil
Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains.
Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax.
Hi-Tech Pipes announced fundraising via the issuance of warrants and equity shares on a preferential basis on Thursday. The company board has approved 57 lakh full convertible equity warrants at an issue price of Rs 692 per warrant. Each of these warrants can be converted into one equity share if the owner exercises the right for the same.
Price as on 25 Nov, 2022 12:17 PM, Click on company names for their live prices.
Tokyo stocks end lower
Tokyo stocks drifted lower on Friday as investors awaited fresh market-moving news after a Wall Street holiday for Thanksgiving. The benchmark Nikkei 225 index dropped 0.35 percent, or 100.06 points, to 28,283.03, while the broader Topix index barely moved, losing 0.04 percent, or 0.80 points, to 2,018.00.
Castrol India to buy 7.09% stake in Ki Mobility in a deal worth Rs 488 crore
Price as on 25 Nov, 2022 11:46 AM, Click on company names for their live prices.
Tyre companies will be big beneficiaries of fall in rubber prices: Sandip Sabharwal
Global Rubber prices have…
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