Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

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

  • MyStocks


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

Sensex Jumps 500 Points, Nifty Above 17,100; Metal & Automobile Stocks Rally
Wed, 1 Dec 10:30 am

Sensex Jumps 500 Points, Nifty Above 17,100; Metal & Automobile Stocks Rally

Asian stock markets swung between positive and negative territory as investors remained cautious about a new virus strain and US monetary policy moves over inflation.

The Hang Seng zoomed 1.3% while the Shanghai Composite gained 0.1%. The Nikkei advanced 0.8%.

In US stock markets, Wall Street indices closed lower on Tuesday after Federal Reserve Chair Jerome Powell signaled that the US central bank would consider speeding up its withdrawal of bond purchases as inflation risks increase.

The Dow Jones Industrial Average plunged 1.9% while the Nasdaq tumbled 1.6%.

Back home, Indian share markets have opened on a strong note. Riding on positive Asian cues, and GDP data, benchmark indices advanced over 1% in early trade.

Markets staged a gap-up opening on the back of a strong GDP growth of over 8% in the second quarter. With this, India continues to remain the fastest growing large economies in the world.

The BSE Sensex is trading up by 554 points. Meanwhile, the NSE Nifty is trading higher by 151 points.

IndusInd Bank and HDFC are among the top gainers today.

Dr Reddy's Lab, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.3% and 0.1%, respectively.

--- Advertisement ---
Govt's 257 Bn Rupees Boost for EVs- Your Chance for Potentially Wild Profits

Recently, the government announced that it will be pumping a whopping 257 billion rupees into electric vehicle initiatives by 2025.

We urge you to become a part of the EV gold rush that's happening now and gain the early mover advantage.

We have closed in on 3 EV stocks which could potentially hand you over insane profits in the long run.

We will be revealing all the details in one of our upcoming special online event.

Sign Me Up For the FREE Event

Sectoral indices are trading mixed with stocks in the metal sector and automobile sector witnessing most of the buying.

Power stocks and healthcare stocks, on the other hand, are trading in red.

Shares of Rajesh Exports and KPIT Technologies hit their 52-week highs today.

The rupee is trading at 74.96 against the US$.

Gold prices are trading up by 0.1% at Rs 47,606 per 10 grams.

Meanwhile, silver prices are trading at Rs 61,646 per kg.

Crude oil prices clawed back some losses today after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.

Speaking of stock markets, smallcap guru Richa Agarwal discusses how to pick the best growth stocks in fiscal 2022, in her latest video.

Tune in to the below video to find out more:

In news from the IPO space, the initial public offering (IPO) of Tega Industries, a manufacturer of consumables for the mining industry, has opened for subscription today and will conclude on 3 December.

The company is looking to raise over Rs 6 bn through public listing of shares, which is entirely an offer for sale (OFS) of 13 m equity shares by promoters and existing shareholders.

Revealed: Richa Agarwal's Top 3 Stocks for 2022

The company's shares are trading at a premium of Rs 310 per share in the grey market.

Tega Industries provides customised solutions to the mining, bulk material handling and transportation industry like manufacturing of wear resistant lining components required for grinding, sizing and others.

It has a product portfolio of more than 55 mineral processing and material handling products. The company has six manufacturing sites, including three in India and three sites in major mining hubs of Chile, South Africa and Australia.

In other news, a majority of domestic mutual funds skipped the share sale of Star Health & Insurance before the IPO on account of differences over valuations.

The Rakesh Jhunjhunwala-backed insurer's Rs 72.5-bn IPO, the third largest in 2021, raised Rs 32.2 bn from 62 funds as part of the anchor allotment on Monday but only one mutual fund participated in the process. Edelweiss Mutual Fund's scheme which invests in IPOs put Rs 148.8 m in the anchor allotment.

Reportedly, mutual funds had raised concerns about rich valuations in the company's IPO roadshows.

Star Health's issue was subscribed 12% on the first day of bidding on Tuesday. While the retail portion saw bids for 64%, the qualified institutional investors and high networth individual categories were yet to be subscribed.

Star is the largest retail health insurer with 31% market share. The company has posted a loss of Rs 8.3 bn for the year ended March 2021, compared to a profit of Rs 2.7 bn in fiscal 2021.

How these IPOs sail through remains to be seen.

--- Advertisement ---
Markets in Downturn? Here's What You Must Do...

The markets corrected sharply in recent days...

And it's impossible not to be reminded of the bloodbath we saw in March 2020.

The truth is...

Stock market corrections and recessions are inevitable and painful...

But this #1 video with Rahul Shah has the power to change how you perceive corrections and crashes. In fact, you'll master the art of turning every market crash to your advantage...

Watch the COMPLETE Lazy Millionaire Summit Right Now

Moving on to stock specific news...

NMDC is among the top buzzing stocks today.

State-owned mining company NMDC on Tuesday slashed prices of lump ore by Rs 750 a tonne and fines Rs 200 per tonne, with immediate effect.

In a regulatory filing, the company said it has revised the rates of lump ore or higher grade ore to Rs 5,200 a tonne.

While the price of lump ore or low-grade ore has been fixed at Rs 4,560 per tonne.

The prices are excluding royalty, district mineral fund, cess, forest permit fee and other taxes, NMDC said in a filing.

On 5 November, the company had fixed the rates of lump ore at Rs 5,950 per tonne, and that of fines at Rs 4,760 a tonne, with effect from 4 November 2021.

Note that iron ore is the key steel making raw material. A change in its prices has a direct impact on the rates of steel. NMDC is the country's largest iron ore-producing company.

NMDC share price is currently trading up by 1.4%.

To know more, check out NMDC's 2020-21 annual report analysis.

Speaking of PSUs, have a look at the chart below which shows the performance of BSE PSU index compared to BSE Sensex over the past few years.

As can be seen from the chart above, over the last decade, Rs 100 invested in BSE PSU index would have eroded to Rs 80, compared to almost 3x gains for the Sensex.

Here's what Richa Agarwal, lead Smallcap Analyst at Equitymaster, wrote about PSU stocks in one of the edition of Profit Hunter...

  • However, it will be folly to paint all PSUs with the same brush. There are some exceptions in this space, which put their private peers to shame.

    In a recent editorial, I shared an opportunity in a PSU stock that is riding and enabling an irreversible megatrend - digitisation.

One of Richa's stock recommendation is a PSU stock. This smallcap PSU is leading the digitisation drive from the frontlines.

Richa believes it could be a perfect bet for these uncertain times. Hidden Treasure subscribers can read the recommendation here.

And if you're not a 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!

Read the latest Market Commentary

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

Equitymaster requests your view! Post a comment on "Sensex Jumps 500 Points, Nifty Above 17,100; Metal & Automobile Stocks Rally". Click here!


Stock Market Updates

Sensex Zooms 750 Points as IT & Realty Stocks Rally; M&M, ONGC and NTPC Surge 4% (Today's Market)

Jan 28, 2022 10:30 am

Indian share markets trade firm with the Sensex up by 754 points, while the Nifty is trading higher by 245 points.

SGX Nifty Up 44 Points; Indicates Positive Opening for Indian Stock Markets (Today's Market)

Jan 28, 2022 SGX Nifty

Trends on SGX Nifty indicate positive opening for Indian stock markets.

TVS Acquires Largest Swiss E-Bike Company, Canara Bank Quarterly Results, and Buzzing Stocks Today (Today's Market)

Jan 28, 2022 Pre-Open

Top cues to track in today's stock market session.

View More Indian Share Market News

Most Popular

These 5 Penny Stocks are Held by Rakesh Jhunjhunwala. Worth a Look?(Views On News)

Jan 18, 2022

Rakesh Jhunjhunwala is holding these penny stocks in his portfolio for several years now.

Tech Mahindra's CTC Acquisition: Too Expensive?(Views On News)

Jan 18, 2022

Tech Mahindra's acquisition of European IT-company fails to excite investors.

5 Hidden Tata Group Companies to Add to Your Watchlist(Views On News)

Jan 18, 2022

Here's all you need to know about these five Tata group stocks that aren't as popular as the others.

Insiders are Buying into these 6 Stocks Aggressively. More Details here...(Views On News)

Jan 19, 2022

While promoter holding is an important parameter, it should not be the sole reason for buying a stock.

Top Indian Drone Companies to Watch Out for in 2022(Views On News)

Jan 21, 2022

Several companies are adopting drone technology for regular business operations.


Become A Smarter Investor
In Just 5 Minutes

Multibagger Stock Guide 2022
Get our special report Multibagger Stocks Guide (2022 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Jan 28, 2022 (Close)