SHAILY.NSE

Shaily Engineering Plastics Ltd.

India’s benchmark stock indexes inched higher on Monday, led by information technology shares on rising expectations of a Federal Reserve rate cut in December. The Nifty 50 rose 0.19% to 26,118.05 and the BSE Sensex was up 0.15% at 85,360.3 as of 10:08 a.m. IST. Twelve of the 16 major sectors logged gains, while the broader small-caps and mid-caps traded flat. IT firms, which earn a significant share of their revenue from the US, rose 1.5% as odds of a US rate cut in December rose after New York Fed President John Williams said interest rates could fall “in the near term”. Lower US rates support economic growth in the world’s largest economy, benefitting sectors such as IT, while making emerging markets such as India more attractive for foreign investors. Other Asian markets added 0.8% on the day. With no major domestic macro announcements scheduled till the GDP data on Friday, “markets will remain sensitive to US inflation data, comments on rate trajectory, dollar index and foreign flows,” said Pravesh Gour, senior technical analyst at Swastika Investmart.

Analysts expect consolidation before another upmove, with 24,950 acting as key support.

As weight-loss drug sales surge with semaglutide's patent expiration, Gujarat's Shaily Engineering Plastics, an injector pen manufacturer, anticipates significant growth. Its stock has nearly doubled, and the company is doubling its production capacity to 80-85 million pens by fiscal year-end to meet rising domestic and export demands.

The research firm said five “multibagger” stocks may extend their rally into 2025, driven by aggressive expansion and sector tailwinds.