Equity barometers hit fresh intraday high; private bank stocks rise for 4th day

The key equity indices surged and hit fresh intraday high in afternoon trade. The Nifty traded above the 20,000 level. Private bank stocks witnessed decent buying for fourth day in a row.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 476.87 points or 0.72% to 66,651.07. The Nifty 50 index added 145.25 points or 0.73% to 20,034.95.

In the broader market, the S&P BSE Mid-Cap index gained 0.80% while the S&P BSE Small-Cap index advanced 0.30%.

The market breadth was positive. On the BSE, 2003 shares rose, and 1586 shares fell. A total of 137 shares were unchanged.

Economy:

Auto industry body FADA has reportedly said that the vehicle registrations - a proxy for retail sales - increased to a record 3.8 million units this festive season amid robust consumer demand in the local market.

Buoyed by the PLI scheme and free trade agreements with the UAE and Australia, the industry reportedly expects India�s exports of manmade fibre textiles to increase 75% to USD 11.4 billion in 2030 from around USD 6.5 billion in 2021-22.

As per media reports, India is set to launch its first-ever auction of 20 critical mineral blocks on November 29. This initiative aims not only to bolster economic growth but also secure essential resources for driving the nation`s green energy shift, the reports added.

Buzzing Index:

The Nifty Private Bank index added 0.82% to 23,027.15. The index has gained 1.81% in the past four trading sessions.

Axis Bank (up 1.84%), HDFC Bank (up 1.36%), Bandhan Bank (up 1.06%), ICICI Bank (up 0.73%) and Kotak Mahindra Bank (up 0.73%) were the top gainers.

Among the other gainers were IndusInd Bank (up 0.44%), RBL Bank (up 0.4%), City Union Bank (up 0.34%), and Federal Bank (up 0.03%).

Stocks in Spotlight:

Munjal Auto Industries surged 6.41%, following the rectification of its Income Tax demand from Rs 401.42 crore to Rs 69.74 lakh. This adjustment came subsequent to the company`s application filings and the receipt of a Rectification order for the Assessment Year 2022-23.

Bharat Petroleum Corporation advanced 1.60%. The company announced that its board has declared an interim dividend of Rs 21 per equity share for the financial year 2023-24.

Aster DM Healthcare zoomed 12.78%. The company has received approvals from the board its subsidiary Affinity Holdings (Affinity) and from its board of directors to separate the India and GCC businesses into two distinct and standalone entities.

Under the separation plan, Affinity has entered into a definitive agreement with a consortium of investors led by Fajr Capital, a sovereign-owned private equity firm headquartered in the UAE, to invest in Aster�s GCC business.

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