Stocks Bounce Around, Tata Tech and Gandhar Oil Soar on Debut

Arjun Pandit
30 Nov, 2023
Mumbai

Stocks in Mumbai extended weekly gains ahead of the release of the GDP estimate later in the day.

The Sensex index and the Nifty index increased 0.1% following a tech-fueled surge in the previous session.

GDP in the fiscal second quarter ending in September is expected to expand by 6.5%, according to an estimate released by the Reserve Bank of India. 

Rising consumer spending and steady government spending are expected to drive economic growth in the quarter.

In commodities trading, crude oil traded mixed in London and in New York ahead of the OPEC+ meeting later today as oil-producing nations struggle to agree on a monthly production quota.

Gold and silver continued to march ahead, primarily reflecting the weakness in the U.S. dollar following the speculation that the Federal Reserve is likely to cut interest rates as early as March 2024.

The expectation of a decline in interest rates drives the dollar lower and lifts the price of gold higher.

Traders anticipate the gold price to advance over the next two months as the Federal Reserve is expected to hold rates steady after the next policy meeting ending on December 13.

 

India Indexes and Yields

The Sensex index increased 262.28 points to 66,436.58, and the Nifty index rose 122.95 points to 20,012.60.

On the Mumbai stock exchange, 133 stocks traded at their 52-week highs and 14 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds edged up to 7.25%, and the Indian rupee weakened to ₹83.20 against the U.S. dollar.

The gold price increased by 0.04% to ₹62,570 per ten grams, and silver decreased by 0.1% to ₹77,180 per kilo.

Crude oil decreased by 0.1% to ₹6,488 per barrel, and natural gas fell by 0.7% to ₹234.70 per thermal unit.

 

India Stock Movers

Tata Technologies, Gandhar Oil, and Fedbank Financial Services are scheduled to list their initial public offerings today.

Tata Technologies offering is oversubscribed by 69 times, Gandhar Oil by 64 times, but the Fedbank offering attracted lukewarm market interest.

Tata Technologies raised ₹3,040 crore and priced its stock at the upper end of its price range, ₹500 per share, and the stock is expected to open above ₹1,100.

On Wednesday, the Indian Renewable Energy Development Agency priced its offering at ₹32 per share, and the stock was listed at ₹50 and closed at ₹60.

The public offering of the state-controlled lending institution was oversubscribed 38 times.