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Investment in securities market are subject to market risks. Read all the related documents carefully before investing

India's Third Giant Leap
Discover the Best Category of Stocks to Ride
this Mega Opportunity On February 29

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Gift Nifty Up 20 Points | Why Oil Stocks Are Rising | Auto Industry Registers Highest Sales | Top Buzzing Stocks Today
Wed, 29 Nov Pre-Open

Why Oil Stocks Are Rising | Auto Industry Registers Highest Sales | Top Buzzing Stocks Today

On Tuesday, Indian share markets consolidated in a narrow range and closed firmly in green.

Benchmark indices ended higher, helped by fag-end buying, snapping their two-day losing run despite weak global cues.

At the closing bell on Tuesday, the BSE Sensex closed higher by 204 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 95 points (up 0.5%).

Adani Power and New India Assurance were among the top gainers.

Suzlon Energy and Raymonds on the other hand, were among the top losers.

Broader markets ended positively. The BSE MidCap index closed 0.3% higher and BSE SmallCap index, ended marginally higher.

Sectoral indices ended mixed with stocks in the power sector and oil & gas sector witnessing buying. Meanwhile, the stocks in the FMCG sector and capital goods sector witnessed selling pressure.

Shares of Angel Broking, Alkem Labs and JK Cement hit their 52-week high on Tuesday.

The rupee was trading at 83.34 against the US$.

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Gold prices for the latest contract on MCX were flat at Rs 61,538 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:30 AM today, the Gift Nifty was trading up by 21 points or 0.1% higher at 20,150 levels.

Indian share markets are headed for a positive opening today following the trend on Gift Nifty.

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Top buzzing stocks today

IRB Infrashare price will be in focus today.

On 28 November 2023, the shares of IRB Infrastructure Developers plunged around 3%.

The decline in share price can be attributed to the company's special purpose vehicle (SPV), IRB Lalitpur Tollway, signing a concession agreement with the National Highways Authority of India (NHAI).

MCX will also be a top buzzing stock.

Yesterday, the Multi Commodity Exchange of India (MCX) stock surged around 6%, reaching a new 52-week high of Rs 3,169.

This rise was because of the stock had been removed from the NSE F&O ban list.

Why Oil Stocks Are Rising

Oil stocks have been rising for the past few weeks amid falling crude oil prices. Oil prices in international markets have declined nearly 16% in the last two months after both benchmarks hit nearly US$ 100 a barrel levels in September this year.

However, in today's trade, oil prices rose, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.

OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, will hold an online ministerial meeting on 30 November to discuss production targets for 2024.

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In Tuesday's trade, shares of Hindustan Petroleum Corporation jumped 6.7%. Meanwhile, IOCL and BPCL shares rose over 3% each. Gujarat State Petronet, GAIL, and Gujarat Gas also traded higher.

Global benchmark Brent crude futures were last up 0.3%, at US$ 80.1 a barrel. US West Texas Intermediate (WTI) crude futures were trading 0.3%, at US$ 75.04 a barrel.

In the last one month, BPCL shares jumped nearly 40%, while Indian Oil Corporation shares surged 23%. BPCL shares also gained 26% in the last one month.

For more, check out Why Crude Oil Prices are Falling.

Auto Industry Registers Highest sales

Automobile retail sales during the festive season saw the highest-ever numbers in 2023, scaling 3.8 million units, up 19% compared to 3.2 million units during the same period in the last fiscal.

The 42-day festive period started on the first day of Navratri and ended 15 days after Dhanteras.

Significant growth was observed in the two-wheeler, three-wheeler, commercial vehicle, and passenger vehicle segments, with a rise of 21%, 41%, 8%, and 10%, respectively.

Conversely, the tractor segment experienced a slight decline of 0.5%, based on the data shared by the Federation of Automobile Dealers Associations (FADA).

Record-breaking sales were reported in several categories, with rural areas contributing to the surge in two-wheeler purchases. Despite initial underperformance during Navratri, particularly in the passenger vehicle sector, the situation improved by Deepawali, ending with a 10% growth rate.

While SUVs were the highest demanded vehicles, inventory levels for passenger vehicles remain a significant concern as OEMs continue to push further dispatch thus keeping the inventory rate at near to all-time high levels.

Tractors, which saw an 8.3% decrease in sales during Navratri, made a remarkable recovery, ending the festive period with only a 0.5% decrease. This turnaround highlights the robust purchasing power in rural India.

For more, check out Equitymaster's stock screener for top auto companies in India.

Jubilant Foodworks to Acquier Stake in DP Eurasia

Jubilant Foodworks on Tuesday said it plans to acquire an additional 51.2% stake in DP Eurasia NV, the exclusive master franchisee of the Domino's Pizza brand in Turkey, Azerbaijan and Georgia, through a subsidiary for a consideration of up to Rs 6.7 bn.

Jubilant Foodworks Netherlands BV (JFN), the company's wholly-owned arm holds 48.8% ordinary shares of DP Eurasia, which is the largest pizza delivery company in Turkey.

DP Eurasia, together with its subsidiaries, offers pizza delivery and takeaway/eat-in facilities at its 694 stores.

For funding the acquisition, JFN would be using a combination of existing term-loan facility availed from HSBC, which is backed by corporate guarantee issued by JFL and avail a new long-term facility from HSBC, again backed by corporate guarantee to be issued by JFL in favour of HSBC.

Jubilant Foodworks is a Beaten Down Stocks with Strong Fundamentals, Poised to Make a Comeback in 2024.

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!

Read the latest Market Commentary


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