Nifty 50 index surges 800 points, nearing 20,000 mark
US consumer prices remain unchanged in October, signaling easing inflation
UK inflation data shows a sharper slowdown in October, driven by energy price drop
SoftBank sells 1.83 crore shares of Delhivery at ₹403.51 per share
Foreign portfolio investors (FPIs) reverse trend, invest ₹1,433 crore in Indian equities
RITES awarded tender for 10 diesel electric locomotives by CFM Mozambique
Aurobindo Pharma’s Telangana unit receives USFDA inspection clearance
South Indian Bank hikes lending rates by 5 basis points across tenors
IPO rush in November: 5 companies, including Tata Technologies and IREDA, aim to raise ₹7,300 crore
Benchmark indices buoyed by stable fiscal year 2023-24 earnings reported by Nifty 50 companies
Data points showing signs of slowing inflation provide relief to global markets
Domestic markets surge, mirroring Wall Street rally after encouraging US inflation report
Financial market news from November 20, 2023:
The Indian stock market witnessed a strong rally on November 20, 2023, with the Nifty 50 index surging over 800 points to close near the 20,000 mark. This significant gain was attributed to positive cues from global markets and stable earnings reported by Nifty 50 companies for the fiscal year 2023-24.
Foreign portfolio investors (FPIs) turned net buyers in Indian equities on November 20, investing ₹1,433 crore in the market. This reversal of trend from previous selling provided further support to the market’s upward momentum.
South Indian Bank announced an increase in its lending rates by 5 basis points across all tenors. This decision was made in response to the rising interest rate environment.
The US consumer price index (CPI) remained unchanged in October, indicating a moderation in inflation. This data release fueled optimism among investors, as it suggested that the Federal Reserve’s aggressive interest rate hike cycle might be nearing an end.
The UK’s inflation rate also showed a sharper decline in October, driven by a drop in energy prices. This positive news further eased concerns about persistently high inflation and boosted investor sentiment globally.
Asian stocks were set for a mixed open on November 21, 2023, as the rally in US equities fueled by easing inflation bets appeared to be losing steam. Equity futures in Australia and Hong Kong pointed to gains, while contracts in Japan and mainland China signaled losses.
Other Notable Developments
SoftBank, the Japanese technology investment company, sold 1.83 crore shares of Delhivery, the Indian e-commerce logistics firm, at ₹403.51 per share. This partial exit reduced SoftBank’s stake in Delhivery to around 16.5%.
Rites Ltd., an engineering and construction company, was awarded a tender for 10 diesel electric locomotives by CFM Mozambique, a railway operator in Mozambique. This contract is expected to boost Rites’ order book and revenue in the coming years.
Aurobindo Pharma’s manufacturing facility in Telangana received clearance from the US Food and Drug Administration (USFDA) following an inspection. This clearance is a significant development for the company, as it enables it to continue exporting products to the US market.