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Monday was the day of records - the good ones of course. The market cheered the outcome from three out of the four states that went to the polls across October and November with the incumbent Bharatiya Janta Party putting up a better-than-expected performance.
Analysts across the board believe that the state election results reinforce the consensus for the BJP's return to power in 2024, boosting market sentiment further.
The Nifty Bank emerged as the star performer on Monday with the index rising over 1,500 points, registering its best single-day gain since April 2022. A last-hour surge took the index past its previous record high of 46,369. All 12 index constituents ended higher.
What Are the F&O Cues Indicating?
Nifty 50's December futures added 5.9% or 5.89 lakh shares in Open Interest. They are trading at a premium of 112.1 points from 107.25 points earlier. On the other hand, the Nifty Bank's December futures shed 2% and 44,820 shares in Open Interest. Nifty 50's Put-Call Ratio is currently at 1.39 from 1.3 earlier.
Indiabulls Housing Finance, India Cements, Zee Entertainment have now joined Delta Corp in the F&O ban list from today's session.
Here are the stocks to watch out for during Tuesday's trading session:
Bank of India: Sources tell CNBC-TV18 that the lender is planning a QIP issue worth ₹3,500 crore to ₹4,000 crore. The QIP will have a base issue worth ₹2,000 crore to ₹2,500 crore with an additional greenshoe option of ₹1,500 crore. Issue price to be at a discount to SEBI's floor price.
Honasa Consumer: Fireside Investments is considering selling a nearly 2% stake in Mamaearth-parent, according to sources. Issue size likely to be worth ₹234 crore with a floor price of ₹368.7 - ₹384.1 per share.
JSW Infra: Arm JSW Dharamtar Port to acquire 50% plus 1 share of PNP Maritime for ₹270 crore from SP Port Maintenance, a Shapoorji Pallonji Group company.
DCB Bank: Promoter Aga Khan Fund for Economic Development proposes to invest up to $10 million by subscribing to additional shares of the bank. Capital infusion to strengthen the bank's capital position and support growth plans. The board meets on December 8 to decide on the same.
Max Life Insurance: Analjit Singh resigns are Chairman. Rajiv Anand, Non-Executive Director, nominated by Axis Bank is the new Max Life Chairman.
CAMS: Great Terrain Investment, a Warburg Pincus affiliate exits the company after selling 19% equity at a price of ₹2,766.47 per share.
HCLTech: Arm to sell 49% stake in JV to State Street for $170 million + netbook. The transaction is likely to be completed in the second quarter of the Calendar year 2024.
M&M Finance: Overall disbursements in November up 16% from last year to 5,300 crore. Collection efficiency at 94% from 96% last year. Stage-3 and Stage-2 assets continue to remain rangebound compared to September.
Bannari Amman Spinning: To raise to 200 crore via rights issue or QIP. Raised funds will be used in the reduction of debt. Exploring alternative areas of business apart from textile business. Proposes to venture into healthcare services shortly.
Brigade Enterprises: Signs joint development agreement with land owners to develop a luxury residential project in Mysore. The developable area will have a gross development value of 300 crore.
What Are Global Cues Indicating?
Asian markets have opened lower across the region amidst a slew of economic data.
The Nikkei 225 is down 0.7% in early trading, while the Topix is also trading lower. The Kospi in South Korea is down 0.5%, while the Kosdaq is down 0.6%.
South Korea's overall inflation in November fell to 3.3%, lower than the 3.7% expectations.
Futures on the Hang Seng are pointing to a subdued start to the trading day.
Wall Street saw some profit booking overnight as the Nasdaq shed 0.8%, while the S&P 500 ended 0.5% lower.
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