Here is a collection of the most important stories this evening:
Taking Stock | Sensex ends at record closing peak, Nifty nears 18,500 on F&O expiry day
The Indian equity market posted strong gains on November 24 -- the expiry day of the monthly F&O contracts -- with the S&P BSE Sensex hitting an all-time high of 62,412.33 at the fag-end of the session. The broader Nifty50 too hit a fresh 52-week high while the Bank Nifty soared to a fresh record peak during the trade.
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Private capex reviving, time to focus on demand drivers: CEA Nageswaran
India’s private sector capital expenditure is improving after several years and but the country must focus on internal drivers of demand as the world remains in a so-called poly crisis, according to the finance ministry’s chief economic adviser. “We need to be cautious about the export outlook for us in the coming years and concentrate on internal drivers of demand,” V Anantha Nageswaran said on November 24 at the SBI Banking & Economic Conclave.
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Buffett smell test shows Indian equities fairly valued amid frothy global markets
One smell test is the market capitalisation to nominal GDP ratio, something that ace investor Warren Buffett considers a good indicator of market valuation. According to Buffett, anything above 100 percent would indicate that markets are leaning towards exuberance, and a ratio below 100 would be a bargain hunt. Taking the estimated FY23 nominal GDP along with the current market capitalisation, the ratio for India comes smack at 100 percent. That would mean the Indian equity market is fairly valued. But this needs to be nuanced.
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Record High: India gains as China lags in MSCI Emerging Market Index, will the trend continue?
The rise of the Indian stock market on global charts over the past year at the expense of China and other emerging markets is fuelling concerns about whether the trend will continue. India has almost doubled its weight in the MSCI Emerging Market Index to 16 percent in the last two years to become the second-largest market in the index, according to the data available at the end of October 2022.
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India's economic reforms will help boost potential growth beyond 6%: Goldman Sachs
India continuing with economic reforms over the medium term will help boost the potential growth beyond the currently estimated 6 percent, Goldman Sachs said in its 2023 outlook. “The biggest opportunity for India to spur economic growth and job creation in this decade, is to develop globally competitive manufacturing hubs as the world restructures the supply chains,” the brokerage said.
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Rustomjee Group company Keystone Realtors closes with 3% gains on debut
Real estate developer Rustomjee Group-owned Keystone Realtors' shares closed the first day with 3 percent gains despite muted response to its initial public offering, thanks to the healthy equity market mood. The stock settled the day higher by 2.93 percent at Rs 556.85 on the NSE, while the closing price on BSE was Rs 557.80, up 3.11 percent. In terms of volume, Keystone Realtors traded with 4.16 lakh shares on the India's oldest stock exchange BSE, and 58.63 lakh shares on the NSE.
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Indian Oil, Chennai Petroleum shares catch fire as ICICI Bank sinks teeth into their JV
ICICI Bank said it will be acquiring 10 percent stake in a proposed joint venture of Indian Oil Corporation and Chennai Petroleum Corporation, sending shares of the last two companies surging. The target entity which will be incorporated through seed capital of Rs 5 lakh will see the ICICI Bank buy 10 percent stake for Rs 50,000.
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