Helping You Build Wealth With Honest Research
Since 1996. Try Now


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

The Big India Revival

A Once-in-a-Generation Wealth Building Opportunity
With 1,000% Long-term Gain Potential

**Important: We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
**By submitting your email address, you also sign up for Profit Hunter, a Free-for-life newsletter from Equitymaster,
which offers the most profitable investing ideas in India.


Sensex Today Hits Record High | 3 Reasons Why Sensex Surged 762 Points | IT Stocks Rally, Infosys & HCL Tech Top Gainers
Thu, 24 Nov Closing

Sensex Today Hits Record High | 3 Reasons Why Sensex Surged 762 Points | IT Stocks Rally, Infosys & HCL Tech Top Gainers

Extending strong gains to the third straight day, Indian share markets ended on a firm note tracking strength in US markets.

More than 100 stocks hit their 52-week high.

PSU bank stocks continued their upward trend and extended rally for the eighth straight session.

At the closing bell, the BSE Sensex stood higher by 762 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 217 points (up 1.2%).

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

Bajaj Finserv and Kotak Mahindra Bank, on the other hand, were among the top losers.

The SGX Nifty was trading at 18,670, up by 190 points, at the time of writing.

Broader markets ended on a positive note. The BSE MidCap climbed 0.5% and the BSE SmallCap index ended higher by 0.4%.

Barring consumer durable stocks, all sectoral indices ended on a firm note today with stocks in the IT sector, finance sector, and banking sector witnessing most of the buying.

Shares of Power Finance Corp and Rail Vikas Nigam hit their 52-week highs today. Railway stocks have been on fire recently, rising over 50% in a month.

Infosys and Bajaj Finserv were amongst the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

--- Advertisement ---
The Big India Revival

3 Hidden Forces Converging To Trigger a Multi-Trillian Dollar Shockwave

That Could Mint Countless Dollar Millionaires in India

You Could Be One of Them

Full Details Here

Asian share markets ended on a positive note today. The Nikkei ended the day 1% higher while the Hang Seng gained 0.8%. The Shanghai Composite ended 0.3% lower.

US stock futures are trading in green with Dow futures up by 0.2%. US markets will be closed on Thursday on account of Thanksgiving holiday.

The rupee was trading at 81.59 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 52,660 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.8% at Rs 62,147 per 1 kg.

Here are three reasons why Indian share markets rallied today.

#1 Moderation in the pace of interest rate hike - Minutes of the US Federal Reserve's November policy meeting hinted at a possible moderation in the pace of interest rate hikes.

#2 Upbeat global cues - Asian markets registered gains while US stocks also ended higher overnight. This improved sentiment back home.

#3 Sectoral impact - All sectoral indices registered gains while IT stocks were the big gainers. The BSE IT index rose more than 2.5%.

Among the best IT stocks, HCL Tech and Infosys rose 3%.

Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about the breakout sector for 2023, in her latest video.

Tata Consumer to Acquire Bisleri

Ramesh Chauhan is divesting Bisleri International to FMCG major Tata Consumer Products for an estimated Rs 60-70 billion (bn).

The current management will continue for two years as part of the deal.

At an age of 82, Chauhan has been in indifferent health in recent times and says he doesn't have a successor to take Bisleri to the next level of expansion. Bisleri is India's largest packaged water company.

Chauhan said that the Tata Group will nurture and take care of it even better, although selling Bisleri was still a "painful" decision.

Bisleri is said to have had several suitors at different times, including Reliance Retail, Nestle and Danone.

There were ongoing talks for two years and Chauhan finally made up his mind after meeting Tata Sons chairman N Chandrasekaran and Tata Consumer CEO Sunil D'Souza a few months back.

Chauhan has clarified in the deal that they are looking to sell part stake, not whole.

Tata Consumer already has Himalayan and Tata Copper Plus Water, which cater to the premium water segment.

Bisleri's annual turnover at present stands at Rs 25 bn with profit at Rs 2.2 bn.

Note that Tata Consumer has become the most globalised company in the group with 70% of its revenues coming from international operations.

More people around the world drink Tata Tea than using Tata vehicles, Tata steel, or even TCS software!

Here's a look at how the company has performed on the stock market over the years.

With the Tata group foraying into new growth sectors, and coming together towards a new goal and banking on futuristic themes, the future seems exciting.

Why Chemical Stocks are Falling

Chemical stocks in India have seen a sharp fall in recent months after the Federal Reserve gave a hawkish monetary policy amid rising inflation.

Even as chemical companies report good quarterly earnings, the spike in raw material costs have impacted their share price performance.

We recently covered editorials on Chemcon Speciality Chemicals and Aarti Industries and explained why they were falling.

Note that restrictions in China due to environmental concerns and closure of several units across the country have opened up huge opportunities for Indian chemical companies.

Indian chemical exports hit a record high at US$ 29.3 bn in the financial year 2021-22. This was an eye-popping 106% growth over 2013-14 exports.

China commands 20% share in the global speciality chemical industry worth US$ 800 bn.

Even a 5% shift from China to India will unleash a US$ 8 bn opportunity for specialty chemical companies in India. Within five years, India could double its share in global chemical industry.

No wonder, the sector is poised to become the trillion dollar sector of 2025.

TCS, ITI in Race to Buy BSNL 4G Network

India's largest IT company Tata Consultancy Services (TCS) and Bengaluru-headquartered ITI have submitted their bids for the 4G network roll-out for Bharat Sanchar Nigam (BSNL).

Officials at BSNL confirmed that both TCS and ITI have submitted their bids, and that the process is expected to close in the next fortnight to a month.

Reportedly, TCS is the front runner with a deal size of Rs 160-200 bn.

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!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Sensex Today Hits Record High | 3 Reasons Why Sensex Surged 762 Points | IT Stocks Rally, Infosys & HCL Tech Top Gainers". Click here!