The Indian benchmark indices are expected to open on a positive note today, following strong global cues. The Asian markets tracked the gains in the US markets, as Nvidia stocks rallied after posting strong Q3 results, thereby refuelling investors’ confidence. Meanwhile, as per the US Federal Reserve’s meeting minutes, there were hints of further rate cuts, but said that “it would likely be appropriate” to keep the rates unchanged for the rest of the year. However, Chair Powell assured that if they do wind up resuming rate cuts at some point, it would be after the labour market is in a good place and with inflation on its way to 2% or at 2%.

Japan’s Nikkei 225 soared 3.14%, Singapore’s Straits Times was up by 0.22%, and South Korea’s KOSPI jumped 2.25%. The Shanghai Composite and the Hang Seng traded flat instead. 

 On the other hand, AI and tech stocks rebounded after Nvidia posted positive results, leading the Nasdaq to close 131.38 points, or 0.59%, higher at 22,564.23. The Dow Jones Industrial Average rose 47.03 points, or 0.10%, to 46,138.77, while the S&P 500 gained 24.84 points, or 0.38%, to 6,642.16. 

On the domestic front, the Gift Nifty index indicated an upbeat start for the Indian benchmark indices. At 8:00 am, the Gift Nifty index was trading at a premium of 65.50 points, or 0.25%, at 26,137. 

On November 19, the Indian stock market recovered from the previous session’s downward trend to end on a solid note. The Sensex rallied 513.45 points, or 0.61%, to close at 85,186.47, while the Nifty 50 settled 142.60 points, or 0.55%, higher at 26,052.65.

Analysts suggest that such favourable conditions with no fresh negative triggers emerging overnight would be a steady and supportive backdrop for India. “With geopolitical risks contained and no policy surprises from the U.S. or Europe, the global setup leans mildly bullish, providing Indian equities with a favourable environment as traders prepare for the session ahead,” says Ponmudi R, CEO, Enrich Money. 

Stocks in focus today:

Godrej Properties - The real estate developer announced the acquisition of an additional 3.8-acre land parcel in South Bengaluru, which could contribute Rs 2,400 crore of additional revenue and 2 million sq. ft. of additional development potential. 

Fino Payments Bank - The bank announced that on November 19, an amount of Rs 10.18 Crores was paid under protest, as the GST Authority prima facie had taken a view with respect to the input tax credit claimed by the Bank. The same will be contested by the bank, as in its view, it is not tenable.

Reliance Infrastructure - The board approved the formation of the ‘board of management’ to further strengthen governance and strategic business oversight. The board of management comprises of executive director, key managerial persons and other business leaders. Reliance Infrastructure Board noted the investments to be made in future growth areas of defence, renewables manufacturing comprising solar and battery and BSEs, India’s largest distribution company based in Delhi. 

Varun Beverages - The company has incorporated a wholly-owned subsidiary company in Kenya, i.e. VBL Industries (Kenya) Limited, inter alia, to carry on the business of manufacturing, distribution and selling of beverages.

NTPC Green Energy - The company signed a Memorandum of Understanding (MoU) with The Singareni Collieries Company Limited (SCCL) on 19th November in Hyderabad. The MoU aims to explore business opportunities of mutual interest towards the development of Renewable Energy Projects, including Solar, Wind and Hybrid Projects with or without storage, Green Hydrogen/derivatives, green mobility, etc.

JK Tyre and Industries - An agreement has been executed between JK Tornel, S.A. de C. V., a subsidiary of the Company (JK Tornel) and SMMS Trust, a private trust established under the provisions of the Indian Trusts Act, 1882. JK Tornel has agreed to sell 40,00,000 Equity Shares of Cavendish Industries Ltd., a subsidiary of the Company, to SMMS Trust at a consideration of Rs 130.64 crore. 

Info Edge - The company announced that Chintan Thakkar will cease to be the Whole-time Director and Chief Financial Officer of the company’s Board of Directors, effective November 19. Meanwhile, Ambarish Raghuvanshi will take over as the Interim Chief Financial Officer effective November 20 until the appointment of a new CFO.