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The stock market faced a significant downturn, with the BSE Sensex dropping over 1,000 points and the Nifty 50 declining by 1.4%. Key factors included investor caution ahead of the US Federal Reserve's meeting, fears of foreign institutional investor selling due to China's budget deficit plans, and weak global market cues. Among the major losers were HDFC Bank, Reliance Industries, and TCS, while only ITC and Hindustan Unilever showed gains in the Sensex.
The Nifty and Sensex rallied for the second consecutive session on December 2, with gains driven by pharma, realty, and auto stocks, despite weaker-than-expected GDP data. The broader market reached a one-month high, while bond yields fell to a 30-month low. Investors are anticipating the RBI's MPC meeting on December 4, where the policy rate is expected to remain unchanged due to high inflation.
Sajjan Jindal, Chairman and Managing Director of JSW Group, announced a $70 billion capital investment plan across sectors including steel, cement, renewable energy, and automobiles. The largest share will go to JSW Steel, which requires around ₹25,000 crore annually, with increasing investments expected in renewable and thermal energy.
Market returns in India are expected to moderate after two years of strong performance, as the equity market faces challenges like slowing earnings growth and high valuations. In response, traders are turning to pair trading, a strategy that allows them to profit from the relative performance of two correlated stocks while minimizing market exposure. Short-term pair trade ideas include JSW Steel versus Tata Steel, offering opportunities in a sideways market.
On November 25, Zomato, RITES, and JSW Steel emerged as notable gainers and losers in the trading session. Investors are encouraged to opt-in for push notifications to receive relevant updates and transaction alerts.
Zomato shares surged 6% following its inclusion in the BSE Sensex, set to replace JSW Steel on December 23. This milestone comes as Zomato's stock has skyrocketed over 113% this year, marking it as the first new-age tech stock to join the 30-stock index amid a significant index reconstitution by Asia Index Private.
Zomato will replace JSW Steel in the Sensex index starting December 23, as announced by BSE. Additionally, several changes will occur in other indices, with companies like Ashok Leyland and IDFC First Bank being dropped from BSE 100, while Jio Financial Services and others will be added. In the BSE SENSEX 50, HDFC Life, BPCL, and LTI Mindtree will be replaced by Zomato, Jio Financial, and HAL.
Dr Reddy’s Labs, JSW Steel, Tata Power, PSP Projects, Strides Pharma, UPL, and Aegis Logistics are in focus on Thursday due to significant market developments. PSP Projects is set to see a major shift as Adani Infra (India) has signed agreements to acquire up to a 30.07% stake from promoter Prahladbhai S Patel for Rs 685.4 crore, alongside an open offer for an additional 26% stake at Rs 642.06 per share.
Nifty companies reported a 4% year-on-year profit growth in Q2, marking the second consecutive quarter of single-digit growth, driven by SBI, Hindalco, ONGC, ICICI Bank, and Axis Bank. However, underperformance from BPCL, JSW Steel, and others offset gains, with consumption and asset-quality stress in BFSI sectors noted as weak spots. FY25 earnings projections have been downgraded by 7%, with a mere 5% growth expected, the weakest since FY20.
JSW Steel and South Korea's POSCO are set to invest Rs 65,000 crore ($7.7 billion) in a new integrated steel plant in Odisha, India, to meet rising steel demand. The initial capacity will be 5 million metric tons per year, with plans to expand to 18 million metric tons within three years. The initial investment of Rs 20,000 crore is expected to establish the plant by next year.
JSW Steel Limited
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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