Stock Market LIVE: Sensex Stages Recovery, Surges 600 Pts As Sun Pharma Leads

Gautam Adani’s Adani Power has awarded a Rs 510 crore order to Power Mech Projects, an infrastructure-construction company based in Hyderabad, related to the performance of mechanical construction works for its Raipur Thermal Power Project.

TC Stake Update: FMCG giant ITC has acquired the entire stake in Greenacre Holdings Limited (GHL), the company said in an update. GHL is engaged in property infrastructure maintenance, and providing engineering, procurement, construction management and project management consultancy services.

Gautam Adani’s Adani Power has awarded a Rs 510 crore order to Power Mech Projects, an infrastructure-construction company based in Hyderabad, related to the performance of mechanical construction works for its Raipur Thermal Power Project.

BMW Motorrad, the two-wheeler division of the German automaker BMW, on Friday said it will hike prices of its entire model range up to 2.5 per cent from January 1, 2025.

The price correction is driven by rising overall input costs and inflation pressures, the company said in a statement.

Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman.

Copper futures on Friday rose 0.26 per cent to Rs 809.50 per kilogram on the back of higher spot demand.

On the Multi Commodity Exchange, copper contracts for December delivery increased by Rs 2.10 or 0.26 per cent to Rs 809.50 per kg in a business turnover of 8,086 lots.

Zinc prices on Friday fell 0.05 per cent to Rs 282.65 per kilogram in the futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the Multi Commodity Exchange, zinc contracts for December delivery traded 15 paise or 0.05 per cent lower at Rs 282.65 per kg in 2,592 lots.

“We have maintained a cautious stance on NBFCs for FY25 due to asset quality concerns (which in-turn would affect growth levels) since our outlook for NBFCs released in Jan’24 (Outlook 2024: NBFCs - At a crossroad ),” said the global brokerage firm in a report on November 29. 

“Q2 FY25 results of the BSE-500 Index companies suggest a protracted weakness, with revenues of the universe growing 8 per cent yoy, similar to the past six quarters. Margin compression from elevated levels of the prior quarter resulted in sharply lower EBITDA and PAT growth. Small-caps were hit harder than large-caps on net profit, resulting in sharper EPS cuts,” said Kotak Institutional Securities 
 

“We expect stable Q2 results for specialty chemical companies due to relatively steady demand across discretionary applications and given small greenshoots of recovery in certain non-discretionary spends like agro and pharma,” said Emkay Global. 
 

Shares of all 11 listed Adani Group firms rallied in morning trade on Friday, with Adani Green Energy surging nearly 15 per cent.

The stock of Adani Green Energy jumped 14.64 per cent, Adani Energy Solutions zoomed 13.54 per cent, Adani Total Gas climbed 7.33 per cent, Adani Power surged 4.90 per cent and NDTV soared 4.54 per cent on the BSE.

The 30-share Sensitive Index surged as much as 654 points or 0.83 per cent led by strong gains in Sun Pharma, Bharti Airtel, Mahindra & Mahindra, and Adani Ports. 

“Nifty has an immediate resistance at 24000. If nifty closes above that, further upside can be expected towards 24070-24140 mark. On the flip side 23840-23770 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss,” Nirmal Bang said in the morning newsletter. 

In terms of sectoral indices, only Fast Moving Consumer Goods and real estate indices were trading in red while Nifty Pharma and Nifty Healthcare were the biggest gainers with over a per cent surge in the morning trade.

Apart from pharma stocks, Oil & Gas Index and PSU Bank index were also showing strong positive move. 

After a mid-day downturn in markets on Thursday, the Indian bourses opened in green on the last trading day of the week of November 29, with SunPharma, HUL, Adani Ports, and the oversold Mahindra & Mahindra taking the lead in the first few minutes of the market opening.

However, IT majors including Tech Mahindra, TCS, Infosys, and HCL Technologies were among the top losers in the initial trade. 

“Nov-24 wholesales are likely to be a mixed bag, with growth in CV and a muted performance in other segments, due to high base on account of timing of the festive period (notable portion of festive period was in November last year). Within CV, all OEMs are likely to do well, with a pickup in freight availability/infra activity given easing of monsoons and a favourable base. In 2W, we reckon TVSL shall outpace peers. Furthermore, in PV, we forecast MM shall post double-digit growth and outperform the industry,” said Nuvama. 

A social media ban for children under 16 passed the Australian Parliament on Friday in a world-first law. The law will make platforms including TikTok, Facebook, Snapchat, Reddit, X and Instagram liable for fines of up to 50 million Australian dollars ($33 million) for systemic failures to prevent children younger than 16 from holding accounts, AP reported.

The yen jumped as much as 1 per cent to a six-week high at 150 per dollar on Friday, after faster than expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month.

South Korean shares fell more than 2% on Friday and were set to end the month with their biggest drop since January on US tariff worries. 

India's economy is expected to have slowed in the July-September quarter, growing at the slowest pace in 18 months, weighed down by weak urban consumption following a rise in food prices despite an increase in government spending.

A Reuters poll of economists projected GDP growth of 6.5 per cent year-on-year for the three months through September, below the central bank's estimate of 7 per cent and 6.7 per cent in the previous quarter.