Sensex Ends 198 Points Higher, Nifty Reclaims 17,500; Power Grid, Coal India & JSW Steel Surge 4%

Tue, 23 Nov Closing

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Indian share markets recouped early losses during afternoon deals and ended today's volatile session higher.

Benchmark indices reversed the four-day losing streak with modest gains on the back of pull-back in select index heavyweights following the recent sell-off.

At the closing bell, the BSE Sensex stood higher by 198 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 87 points (up 0.5%).

Power Grid Corp and JSW Steel were among the top gainers today.

IndusInd Bank and Asian Paints, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,569, up by 134 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.6% and 1.8%, respectively.

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

IT stocks, on the other hand, witnessed selling pressure.

Shares of Adani Green Energy and TCI Express hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended down by 1.2%, while the Shanghai Composite ended up by 0.2%. The Nikkei ended up by 0.1% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading down by 18 points.

The rupee is trading at 74.42 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.5% at Rs 47,666 per 10 grams.

Speaking of stock markets, Brijesh Bhatia talks about why he is bullish on metal stocks, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the IT sector, TCS was among the top buzzing stocks today.

Tata Consultancy Services (TCS) has expanded its 18-year-long strategic partnership with Swiss Re, a Switzerland-based reinsurance company, to help the latter build a more social and open digital workspace leveraging the cloud to drive greater collaboration and innovation.

As part of this, TCS said it will help Swiss Re to develop its future-ready, cloud-based digital workplace using Microsoft technologies and manage the underlying operations.

TCS will help Swiss Re enhance operational excellence through state of the art, lean processes across the end-to-end workplace support function by bringing automation and implementing DevOps best practices.

A key focus area of this partnership will be to accelerate the innovation pipeline within the organisation, specifically in areas of immersive experiences and artificial intelligence (AI) with the support of edge technologies in the market, which will help Swiss Re boost its Hybrid collaboration strategy.

Siva Ganesan, global head, Microsoft Business Unit, TCS said,

• The key to building an innovative, future-ready organization is a vibrant digital workplace that fosters creativity and collaboration, while keeping data and interactions secure.
  
  TCS is thrilled to expand its long-standing partnership with Swiss Re to build a new digital workplace using Microsoft technologies, and help them accelerate their innovation and growth.

TCS share price ended the day up by 0.3% on the BSE.

Moving on to news from the IPO space...

Latent View Makes Dream Debut at the Bourses Today

Data analytics services provider Latent View Analytics started off the first day trade with a massive 169% premium on the bourses today, which was largely on expected lines.

The stock opened at Rs 530 on the BSE and the opening tick on the NSE was Rs 512.2, against issue price of Rs 197 per share, changing the mood at Dalal Street that was spoiled by the disappointing listing of Paytm, the leading digital payments platform.

Market observers had expected the listing premium of more than 150% over the issue price, while the grey market premium was around 180%. Reasonable valuations, healthy financials, strong growth prospects and good relationship with blue chip companies supported the stock price.

The initial public offering of Latent View had seen overwhelming response from investors, subscribing 326.5 times during 10-12 November 2021.

The company, which provides services to blue-chip companies in technology, BFSI, CPG & retail, industrials, and other industry domains, raised Rs 6 bn through its initial public offering (IPO).

Latent View Analytics share price ended the day down by 8% over its listing price of Rs 530 on the BSE.

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception. This compares favourably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.

If you are interested in becoming a Hidden Treasure subscriber, here's where you can sign up.

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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