Global markets are suggesting Mixed signals, so our Indian markets are likely to start with a Flat opening today.
Indian markets are trading positively, with Nifty 50 expected to breach 24,500. Top gainers include Larsen & Toubro, State Bank of India, HDFC Bank, Wipro, and ICICI Bank.
* The recent victory of the NDA in Maharashtra elections has positively impacted the PSU sector, leading to a pre-budget rally, particularly in railways and defense.
* Analyst Ajay Bagga suggests that while the PSU sector is experiencing a temporary boost, the sustainability of this rally is questionable, especially post-budget.
* The Nifty index reported a 4% year-on-year PAT growth in Q2FY25, slightly exceeding expectations, but marked the second consecutive quarter of single-digit growth since the pandemic.
* Key contributors to the decline in corporate earnings included BPCL, Coal India, and JSW Steel, with BPCL experiencing a 72% YoY decline in PAT.
* Rajputana Biodiesel’s SME IPO opened today, aiming to raise Rs 25 crore with a price band of Rs 123-130 per share.
* The IPO is entirely a fresh equity sale of 19 lakh shares and will close on November 28, with a GMP of Rs 80 indicating a premium of 62% over the issue price.
* Benchmark indices rallied over 1% on Monday, driven by blue-chip stocks and positive political developments, with HPCL, PFC, and IRFC being the focus of analysts’ insights.
* HPCL shows signs of resistance and a potential trend reversal, while PFC exhibits signs of fatigue after a significant increase, suggesting cautious optimism for short-term opportunities.
