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Sensex Today Gains 307 Points | Nifty Ends Above 19,750 | IT Stocks Rally, TCS, HCL Tech, Infosys Up 3%

Thu, 16 Nov Closing

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After opening the day on a flat note, Indian share markets extended gains as the session progressed and ended higher.

Benchmark indices rallied supported by gains in IT stocks. Meanwhile a drop in Bajaj twins capped gains.

Bajaj Finance shares fell after the RBI directed India's largest non-bank lender to immediately cease the sanctions and disbursal of loans under its eCOM and Insta EMI Card lending products.

At the closing bell, the BSE Sensex stood higher by 307 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 90 points (up 0.9%).

TCS, HCL Tech and Infosys were among the top gainers today.

Axis Bank, Power Grid and ITC, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,817, up by 53 points, at the time of writing.

Both the BSE MidCap index and the BSE SmallCap index ended higher by 0.5%.

Sectoral indices ended mixed with stocks in the IT sector, realty sector and healthcare sector witnessing most of the buying.

While FMCG stocks and banking stocks witnessed selling.

IT stocks rallied for the second straight day, helped by an improved rate outlook in the US. IT companies earn a significant share of their revenue from the US.

Shares of Tata Elxsi, Solar Industries and Persistent Systems hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended in the negative territory. The Shanghai Composite fell 0.7% while the Nikkei fell 0.3%.

The rupee is trading at 83.22 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 60,264 per 10 grams.

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah talks about India's bullish decade and the opportunities and challenges that lie ahead, in his latest video.

Tune in below to find out more:

Rategain Travel Tech QIP

In news from the AI sector, the largest SAAS (software as a service) player in travel and hospitality segment in India recently launched its QIP to raise Rs 6 billion (bn).

Rategain Travel Technologies opened its QIP on 15 November to raise Rs 6 bn while keeping the greenshoe option open for an oversubscription of Rs 2 bn.

This will lead to an 8% equity dilution through the QIP route.

The company had fixed the floor price at Rs 676.66 per share, reflecting a 5% downside from 15 November's closing price.

Note that earlier this month, the company reported its Q2 numbers where profit more than doubled on a YoY basis to Rs 300.4 million (m) amid strong operational performance.

Revenue growth was recorded at 88% and stood at Rs 2.3 bn.

Meanwhile, the company saw a significant improvement in its operating margins which spiked to 19.8%.

The company said that this strong operational performance was due to expansion of relationships with its marquee enterprise global customer base across the travel & hospitality space and because of new client additions.

The company has new contracts worth Rs 4 bn and this healthy pipeline provides the much needed revenue visibility for the medium term.

The company's business is going in the right direction as the lifetime value to customer acquisition cost has been inching up.

For FY24, the management has shared a guidance of 55% to 58% growth with PAT margin at 12%.

In the past one month, the stock has rallied over 16%.

On a YTD basis, the stock is up 140%.

Top 5 Stocks that Mutual Funds Bought and Sold in October

Mutual fund data released by the association body AMFI shows that fund managers reduced stake in banks, IT, capital goods and metals in October 2023.

India's largest fund - SBI Mutual Fund picked shares of Canara Bank, Nazara Tech, Shriram Finance, Sundaram Fasteners and Dr Lal Pathlabs as new entrants.

Meanwhile, Kotak Mahindra Bank, SBI and Axis Bank were the complete exit for the mutual fund.

Another prominent fund with Rs 2,798 bn worth of equity assets - HDFC Mutual Fund - added more of Kotak Mahindra Bank, Power Grid and Apollo Hospitals during the month.

Meanwhile, it reduced stakes in ONGC, Cholamandalam Investment and Tata Communication.

How the mutual fund buying and selling trend pans out in the month of November 2023 remains to be seen.

As you're interested in what mutual funds are buying and selling, check out Equitymaster's Indian Stock Screener.

This tool tracks the stocks recently bought by mutual funds along with the stocks recently sold by them.

PTC India to Become Debt Free

Power trading solution provider PTC India would soon achieve a debt-free status following the divestment of its arm, PTC Energy, to ONGC for an enterprise value of Rs 20.2 bn.

In October 2023, PTC India announced that ONGC had emerged as the successful bidder for acquiring its 100% stake in PTC Energy.

Mishra said the enterprise value of PTC Energy includes Rs 9.3 bn bid of the ONGC as well as over Rs 11 bn debt component which will be transferred to the oil company after the transaction is complete.

PTC India's outstandings have reduced drastically due to the Late Payment Surcharge scheme and it is now emerging as a company that does not take loans to meet its working capital needs.

This move by PTC India is part of its strategy to come out of non-core business segments and focus on becoming an asset-light firm.

The company has been consistently paying dividends since 2002.

To know more about the company, check out PTC India's financial factsheet and its latest quarterly results.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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