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Sensex Soars 620 Points, Nifty Ends Above 17,150; IndusInd Bank & JSW Steel Rally 5%
Wed, 1 Dec Closing

Sensex Soars 620 Points, Nifty Ends Above 17,150; IndusInd Bank & JSW Steel Rally 5%

Indian share markets witnessed positive trading activity throughout the day today and ended on a strong note.

Benchmark indices displayed a positive bias throughout the day backed by supportive global cues and encouraging macro-economic data.

Yesterday, after market hours, India reported quarter two GDP growth rate at 8.4%, and the eight core-sector output for October also came in strong at 7.5%.

Further, robust GST collections at Rs 1.31 tn in November, the second highest since implementation and a smart up-tick in manufacturing activity reading at 57.6 in November up from 55.9 in October lifted the market sentiment.

At the closing bell, the BSE Sensex stood higher by 620 points (up 1.1%).

Meanwhile, the NSE Nifty closed higher by 184 points (up 1.1%).

IndusInd Bank and JSW Steel were among the top gainers today.

Cipla and Divi's Lab, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,239, up by 205 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 0.3%, respectively.

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Sectoral indices ended on a mixed note with stocks in the metal sector, energy sector and banking sector witnessing most of the buying interest.

Healthcare and consumer durables stocks, on the other hand, witnessed selling pressure.

Shares of Bajaj Holdings & Investment and TCI Express hit their respective 52-week highs today.

Asian stock markets ended on a positive note today.

The Hang Seng and the Shanghai Composite ended up by 0.8% and 0.3%, respectively. The Nikkei ended up by 0.4% in today's session.

US stock futures are trading on a firm note today with the Dow Futures trading up by 317 points.

The rupee is trading at 74.90 against the US$.

Gold prices for the latest contract on MCX are trading on a flat note today at Rs 47,600 per 10 grams.

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Moving on to the stock-specific news, Zomato was among the top buzzing stocks today.

Close on the heels of launching a US$1 bn corpus to invest in startups, food delivery company Zomato unveiled Zomato Wings, a platform to help restaurants raise investments.

Zomato said it would facilitate fundraising for its partner restaurants by helping them position their story and metrics and connecting them with investors. Zomato itself, though, will not invest in the restaurant brands.

Zomato founder and chief executive Deepinder Goyal said,

  • We are excited to announce the launch of Zomato Wings, a platform to connect investors with restaurants. Just like ambitious restaurant entrepreneurs look for investors, investors also hunt for brands and teams that have the potential to become the next big chain.

    By curating a set of restaurants and cloud kitchens that could become rocket ships if fueled with equity capital, we hope to build the go-to platform for venture capital firms, angel investors, family offices, etc. that are looking to make private investments in restaurants and cloud kitchens.

In April, rival Swiggy revamped its Jumpstart programme for restaurant partners, helping them raise business loans and improve cash flows through bi-weekly payments and avail of other benefits.

Over the past months, several other start-ups, including BharatPe and Unacademy, have sharpened their focus on helping their partners and launched new equity stock ownership programmes to deepen brand loyalty.

Zomato's new platform aligns with its aim to build an ecosystem of industry partners.

Zomato share price ended the day down by 1.1% on the BSE.

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Moving on to news from the auto sector...

Shares of Maruti Suzuki gained almost 4% as the country's largest carmaker announced an increase in prices of all non-cargo variants of its Eeco van by Rs 8,000.

The rise in prices of the non-cargo varieties of the Eeco vehicle are on account of introduction of passenger airbag and the increased fare will be effective from 30 November 2021.

The starting price of the passenger version of the Eeco is Rs 4.3 lakh and scales up to Rs 5.6 lakh. The variant which is used for ambulances ex-showroom Delhi is priced at Rs 7.3 lakh.

The Eeco has four variants through five and seven-seat layouts and the vehicle are powered by a 1.2-litre, four-cylinder, G12B petrol engine, reports said.

The version which only runs on petrol produces 72bhp and 98Nm of torque as against the the petrol-CNG variant produces 62bhp and 85Nm of torque. The only gearbox on offer is a five-speed manual transmission.

In what was the third price hike for passenger vehicles, the automobile major had in September ramped up prices of its overall product range by up to 1.9%, with the exception of Celerio.

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In July-September, Maruti Suzuki's earnings undershot estimates because of disruptions on the supply side, with net profit rising 7.8% quarter on quarter (QoQ) to Rs 4.8 bn.

Maruti Suzuki share price ended the day up by 3.2% on the BSE.

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

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Read the latest Market Commentary

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Jan 24, 2022 (Close)