Nifty trades near 21,600 level; Financial Services shares advance.
The domestic equity indices continue to trade with modest gains in mid-morning trade. The Nifty traded near the 21,600 level. Financial Services shares advance after declining in the past three consecutive trading sessions.
The barometer index, the S&P BSE Sensex, was up 452.67 points or 0.64% to 71,639.53. The Nifty 50 index lost 134.95 points or 0.63% to 21,597.20.
In the broader market, the S&P BSE Mid-Cap index rose 1.07% and the S&P BSE Small-Cap index added 1%.
The market breadth was strong. On the BSE, 2,561 shares rose and 1,089 shares fell. A total of 133 shares were unchanged.
Buzzing Index:
The Nifty Financial Services index rose 0.84% to 20,510.35. The index fell 5.29% in the past three trading sessions.
Indian Energy Exchange (up 2.48%), Axis Bank (up 2.37%), Muthoot Finance (up 2.25%), REC (up 2.23%), Power Finance Corporation (up 1.95%), Shriram Finance (up 1.84%), ICICI Prudential Life Insurance Company (up 1.83%), LIC Housing Finance (up 1.71%), ICICI Bank (up 1.66%) and HDFC Life Insurance Company (up 1.1%).
Stocks in Spotlight:
Bajaj Finance rose 0.59%. The NBFC said that its board is scheduled to meet on Monday, 29 January 2024 to consider a proposal for raising funds through issuance of debt instruments.
Poonawalla Fincorp added 1.03%. The NBFC reported 76% jump in net profit to Rs 265 crore in Q3 FY24 from Rs 150 crore in Q3 FY23.
Metro Brands declined 3.27%. The company reported 3% decline in standalone net profit to Rs 111.19 crore in Q3 FY24 as compared with Rs 114.63 crore in Q3 FY23.
Global Markets:
Most of the Asian stocks advanced on Friday, tracking an overnight rise in US stocks.
Japan?s headline inflation rate fell to 2.6% in December, down from 2.8% in November and hitting its lowest level since June 2022. Japan?s core inflation rate ? which strips out prices of fresh food ? also fell to 2.3% from November?s figure of 2.5%.
US stocks ended with strong gains on Thursday, as AI optimism drove gains in Nvidia and other chipmakers. Atlanta Fed President Raphael Bostic said he would be open to reducing U.S. interest rates sooner than he had anticipated if inflation fell faster than he expected.
Benchmark indices at the high point of the day; IT shares decline.
The benchmarks indices edge higher and currently traded at the day's high in morning trade. The Nifty scaled above the 21,400 mark. IT shares witnessed across the board selling.
The barometer index, the S&P BSE Sensex, was up 220.05 points or 0.31% to 71,327.01. The Nifty 50 index added 86.05 points or 0.4% to 21,435.45.
In the broader market, the S&P BSE Mid-Cap index gained 0.88% and the S&P BSE Small-Cap index rose 0.41%.
The market breadth remained strong. On the BSE, 2,381 shares rose, and 1,208 shares fell. A total of 184 shares were unchanged.
New Listing:
Shares of Muthoot Microfin were currently trading at Rs 273.45, representing a discount of 6.19% as compared with the issue price of Rs 291. The scrip was listed at Rs 278, exhibiting a discount of 4.47% to the issue price.
So far, the stock has hit a high of 280.80 and a low of 265.30. On the BSE, over 3.92 lakh shares of the company were traded in the counter so far.
The IPO Muthoot Microfin was subscribed 11.52 times. The issue opened for bidding on Monday (18 December 2023) and it closed on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 277 to 291 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.
Shares of Suraj Estate Developers were currently trading at Rs 348.10, representing a discount of 3.31% as compared with the issue price of Rs 360. The scrip was listed at Rs 343.80, exhibiting a discount of 4.5% to the issue price.
So far, the stock has hit a high of 354.35 and a low of 323.95. On the BSE, over 1.90 lakh shares of the company were traded in the counter so far.
The IPO of Suraj Estate Developers was subscribed 15.65 times. The issue opened for bidding on 18 December 2023 and it closed on 20 December 2023. The price band of the IPO was fixed at Rs 340-360 per share.
Shares of Motisons Jewellers were currently trading at Rs 101, representing a premium of 83.64% as compared with the issue price of Rs 55. The scrip was listed at Rs 103.90, exhibiting a premium of 88.91% to the issue price.
So far, the stock has hit a high of 109.09 and a low of 99.65. On the BSE, over 18.48 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Motisons Jewellers was subscribed 159.61 times. The issue opened for bidding on 18 December 2023 and it closed on 20 December 2023. The price band of the IPO was fixed at Rs 52-55 per share.
Buzzing Index:
The Nifty IT index fell 0.65% to 35,406.95. The index had advanced _ % in the past two sessions.
Mphasis (down 1.26%), Wipro (down 1.02%), HCL Technologies (down 0.89%) and Tech Mahindra (down 0.73%) were the top losers.
Among the other losers were Persistent Systems (down 0.6%) and Tata Consultancy Services (down 0.39%).
On the other hand, LTIMindtree (up 0.47%), Coforge (up 0.31%) and L&T Technology Services (up 0.16%) moved up.
Infosys slipped 1.49%. According to the IT firm?s exchange filing, a global company has elected to terminate the memorandum of understanding with Infosys, and the parties will not be pursuing the master agreement. Infosys was supposed to provide enhanced digital experiences, along with modernisation and business operations services, leveraging Infosys platforms & AI solutions. The total client target spend over 15 years was estimated at $1.5 billion. Infosys had announced that it was signing the MoU in September 2023.
Stocks in Spotlight:
LT Foods rose 1.72%. The Court of Madhya Pradesh has issued a decree in favor of DAAWAT Foods, a material subsidiary of LT Foods, in connection to a commercial suit stemming from a fire incident at its plant location in Mandideep, Madhya Pradesh on 7 June 2014.
Talbros Automotive Components (TACL) advanced 0.98%. TACL announced that its board has approved the divestment of its entire 40% stake in its joint venture company, Nippon Leakless Talbros.
Thermax fell 1.58%. The company stated that it has received NCLT's approval for demerger of its wholly-owned units, Thermax Cooling Solutions and Thermax Instrumentation.
Adani Green Energy added 1.44%. The company has completed power purchase agreement with the Solar Energy Corp of India to supply 1,799 MW of solar power. This concludes the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded by SECI.
RITES surged 4.25%. The company signed an MoU with the Northeastern Electric Power Corp. for consultancy work.
Global Markets:
Asian stocks are subdued Tuesday amid thin trading volumes. Several markets including Australia, New Zealand and Hong Kong were shut on account of Boxing Day.
US stocks gyrated to a mixed close on Friday as investors headed into the Christmas holiday weekend, having digested cooler-than-expected inflation data which firmed bets for Federal Reserve interest rate cuts in the new year.
Sensex adds 316 pts; IT shares in demand.
The key equity indices traded with moderate gains in morning trade.
The Sensex and the Nifty, both, attained fresh record high levels. The Nifty traded above the 21,550 mark. IT shares edged higher after declining in the past two trading sessions.
The barometer index, the S&P BSE Sensex, was up 316.19 points or 0.44% to 71,753.38. The Nifty 50 index gained 101.20 points or 0.47% to 21,554.30.
The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,593 and 71,913.07 respectively in early trade.
In the broader market, the S&P BSE Mid-Cap index added 0.67% and the S&P BSE Small-Cap index rose 0.65%.
The market breadth was strong. On the BSE, 2,264 shares rose and 1,232 shares fell. A total of 157 shares were unchanged.
New Listing:
Shares of DOMS Industries were currently trading at Rs 1,393.90 at 10:09 IST on the BSE, representing a premium of 76.44% as compared with the issue price of Rs 790.
The scrip was listed at Rs 1,400, exhibiting a premium of 77.22% to the issue price. So far, the stock has hit a high of 1,416.50 and a low of 1,354.70. On the BSE, over 4.02 lakh shares of the company were traded in the counter so far.
Shares of India Shelter Finance Corporation were currently trading at Rs 573.70 at 10:15 IST on the BSE, representing a premium of 16.37% as compared with the issue price of Rs 493.
The scrip was listed at Rs 612.70, exhibiting a premium of 24.28% to the issue price. So far, the stock has hit a high of 625 and a low of 567.60. On the BSE, over 6.31lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty IT index gained 1.52% to 35,881.85. The index slipped 1.22% in two trading sessions.
Persistent Systems (up 2.6%), LTIMindtree (up 2.37%), L&T Technology Services (up 2.32%), Wipro (up 1.82%), Tata Consultancy Services (up 1.55%), Infosys (up 1.24%), Coforge (up 1.09%), Tech Mahindra (up 0.96%), Mphasis (up 0.86%) and HCL Technologies (up 0.36%) advanced.
Stocks in Spotlight:
Transformers and Rectifiers (India) added 2.69% after the company announced that it has been awarded orders of transformers for total contract value of Rs 118 crore from Uttar Pradesh Power Transmission Corporation.
Varun Beverages surged 10.41% after the company announced that it is set to acquire 100% stake in South Africa-based The Beverage Company (BevCo) along with its wholly-owned subsidiaries for Rs 1,320 crore.
Jk Tyre & Industries rose 0.88% after the company's board has approved the opening qualified institutions placement of equity shares with the floor price of Rs 358.96 per share.
BPCL rose 0.78%. The state-owned oil marketing firm said that its board has approved a proposal for setting up a polypropylene unit for the production of polypropylene at Kochi refinery, at a gross project cost of Rs 5,044 crore.
IndusInd Bank added 0.67% and Nippon Life India Asset Management jumped 6.95%. IndusInd Bank is reportedly likely to sell up to 1.79 crore shares, or 2.86% equity, in Nippon Life India Asset Management via block deals. The floor price has been set at Rs 426.60 per share, as per reports.
Rail Vikas Nigam (RVNL) rose 1.20%. KRDCL-RVNL joint venture has emerged as the Lowest Bidder (L1) for major upgradation/redevelopment of Varkala Sivagiri Railway Station in Kerala. The project cost is Rs 123.26 crore and the time period for the project is 30 months.
Numbers to Track:
The yield on India's 10-year benchmark federal paper added 0.04% to 7.174 as compared with previous close 7.171.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1325, compared with its close of 83.1825 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement rose 0.07% to Rs 62,519.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 102.22.
The United States 10-year bond yield shed 0.19% to 3.915.
In the commodities market, Brent crude for February 2024 settlement declined 4 cents or 0.05% to $79.19 a barrel.
Global Markets:
Most of the Asian stocks were trading higher on Wednesday, with Japan stocks extending gains to another session after the country?s central bank left its ultra-loose monetary policy unchanged at its final meeting this year.
The People?s Bank of China held its one-year loan prime rate at 3.45%. The five-year benchmark loan rate was unchanged at 4.2%.
US stocks ended higher on Tuesday as the Federal Reserve?s recent dovish shift on rates lifted stocks.
Nifty above 21,450 mark, breadth strong.
The benchmark indices were trading near the flat line in early trade. The Nifty traded above the 21,450 mark. Negative Asian stocks dampened the sentiment. Pharma, healthcare, and consumer durables shares were in demand while media, realty and private bank stocks declined.
The barometer index, the S&P BSE Sensex, was down 33.78 points or 0.05% to 71,449.97. The Nifty 50 index added 5.55 points or 0.03% to 21,462.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index gained 0.45%.
The market breadth was strong. On the BSE, 1,884 shares rose and 1,115 shares fell. A total of 151 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 9,239.42 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,077.43 crore in the Indian equity market on 15 December, provisional data showed.
Economy:
India's forex reserves jumped $2.816 billion to $606.859 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday.
Gold reserves were down $199 million to $47.13 billion during the week, the RBI said. The Special Drawing Rights were down $63 million to $18.188 billion, the apex bank said.
India's reserve position with the International Monetary Fund (IMF) was down $11 million to $4.842 billion in the reporting week, the apex bank data showed.
Stocks in Spotlight:
Adani Enterprises added 0.11%. Adani Enterprises announced that its wholly owned subsidiary, AMG Media Networks (AMNL) has acquired 50.50% stake in Indo-Asian News Service (IANS). IANS is a private news agency.
Tata Power Company rose 0.98%. The company said that Tata Power Solar Systems has signed a contract to supply 152 MWp DCR Solar PV Modules for NTPC?s Nokh Solar PV Project in Rajasthan.
Lupin advanced 2.41% after the drug major said that it has received an approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Allopurinol Tablets.
Mazagon Dock Shipbuilders rallied 3.08% afer the company informed that it has signed shipbuilding contracts with the European client for construction of hybrid powered vessels worth $ 42 million.
Numbers to Track:
The yield on India's 10-year benchmark federal paper added 0.07% to 7.168 as compared with previous close 7.163.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9600, compared with its close of 83.0300 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement declined 0.34% to Rs 62,980.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 102.47.
The United States 10-year bond yield shed 0.18% to 3.922.
In the commodities market, Brent crude for February 2024 settlement added 35 cents or 0.46% to $76.90 a barrel.
Global Markets:
Most of the Asian stocks were trading lower on Monday ahead of Japan's monetary policy decision on Tuesday. The BOJ is likely to maintain its benchmark interest rate at -0.1%, as per reports.
US stocks ended mixed on Friday. Comments on Friday by Fed Bank of New York President John Williams that it was too soon to be talking about rate cuts, however, dampened some of the day's optimism.
Sensex breaches 71K, Nifty above 21,250 mark, IT stocks in demand.
The key equity barometers marched higher and hit a fresh life high in morning trade. The Nifty traded above the 21,300 level. IT stocks rallied for the second consecutive trading session.
The barometer index, the S&P BSE Sensex, was up 517.08 points or 0.73% to 71,031.28. The Nifty 50 index advanced 161.60 points or 0.76% to 21,344.30.
The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,355.65 and 71,084.08 respectively, in morning trade today.
In the broader market, the S&P BSE Mid-Cap index rose 0.25% and the S&P BSE Small-Cap index gained 0.76%.
The market breadth was strong. On the BSE, 2,254 shares rose and 1,201 shares fell. A total of 166 shares were unchanged.
Buzzing Index:
The Nifty IT index advanced 2.85% to 35,199.20. The index jumped 6.45% in two trading sessions.
Infosys (up 3.04%), Persistent Systems (up 2.55%), LTIMindtree (up 2.03%), Coforge (up 2%), HCL Technologies (up 1.95%), L&T Technology Services (up 1.88%), Tata Consultancy Services (up 1.75%), Wipro (up 1.39%), Tech Mahindra (up 1.37%) and Mphasis (up 0.77%) rallied.
Stocks in Spotlight:
Adani Ports and Special Economic Zone added 0.20%. The company has entered into a second strategic partnership with Terminal Investment (TiL) for the operation of Adani Ennore Container Terminal (AECTPL).
PVR INOX shed 0.11%. Plenty Private Group and Multiples Private Group are reportedly likely to sell a 2.33% stake in the multiplex chain. The offer price may be in the range of Rs 1,750?1,769.5 per share, and the offer size may be Rs 404.5 crore, as per reports.
Mahindra & Mahindra Financial Services rose 1.92%. The board of directors of the company has approved undertaking supplemental business activity of soliciting and procuring insurance business as a Corporate Agent (composite) in the areas of life, health and general insurance- both group and individual.
Vedanta advanced 1.16% after the company proposes to hold a meeting of its duly constituted Committee of Directors on 19 December 2023 to consider the proposal for issuance of Non-Convertible Debentures on a private placement basis as part of its routine refinancing that is undertaken in ordinary course of business.
SBI rose 0.50%. The bank has executed transactions documents for purchase of 3,70,644 shares (6.35%) of Canpac Trends Private Limited (CTPL). CTPL provides paper-based packaging solutions.
Hero MotoCorp added 1.13% after the board of directors of the company approved purchase of additional shares of Ather Energy Pvt. Ltd, an existing Associate company for up to Rs 140 crore. After this transaction, Hero's stake in Ather Energy will increase to 39.7% from 36.7%.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined 0.13% to 7.187 as compared with previous close 7.194.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3125, compared with its close of 83.3050 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement rose 0.13% to Rs 62,538.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 101.91.
The United States 10-year bond yield added 0.44% to 3.949.
In the commodities market, Brent crude for February 2024 settlement added 42 cents or 0.55% to $77.03 a barrel.
Global Markets:
Asian stocks were trading higher on Friday as Wall Street continued to rally after the U.S. Federal Reserve held rates and laid out a roadmap for cuts in 2024 and beyond. Investors await key economic data out of China, including November house prices, industrial output, and retail sales data.
Japan?s manufacturing activity contracted in December for the seventh straight month, according to a private survey. A flash reading of the au Jibun Bank Japan manufacturing purchasing managers? index shrank to 47.7 in December from 48.3 in November, signaling the quickest deterioration in manufacturing business conditions for ten months. The au Jibun Bank flash services PMI, however, was 52.0 in December versus 50.8 in November, the fastest gain in the three months.
US stocks ended higher on Thursday lifted by optimism that borrowing rates will decrease next year following a dovish pivot by the Federal Reserve. The 10-year Treasury note yield dropped below 4% for the first time since August as traders bet on rate cuts for 2024 mount.
The Bank of England kept interest rates at the highest level in 15 years as its policy makers persisted with their higher-for-longer message despite growing market bets on a wave of cuts in 2024. The Monetary Policy Committee voted 6-3 to keep its key policy rate at 5.25% for the third consecutive meeting, according to minutes of the decision released Thursday.
The European Central Bank left interest rates unchanged as expected on Thursday and signalled an early end to its last remaining bond purchase scheme.
Indices hit fresh life high, Sensex spurts 842 pts, IT stocks in demand.
The benchmark indices marched higher and hit a fresh intraday high in morning trade. The Nifty traded above the 21,150 mark. IT stocks rallied after declining in the past two trading session.
The barometer index, the S&P BSE Sensex, was up 842.28 points or 1.21% to 70,426.88. The Nifty 50 index advanced 236 points or 1.13% to 21,162.35.
The Nifty 50 and S&P BSE Sensex hits an all-time high at 21,189.55 and 70,540 respectively in morning trade.
In the broader market, the S&P BSE Mid-Cap index rose 0.71% and the S&P BSE Small-Cap index gained 0.81%.
The market breadth was strong. On the BSE, 2,252 shares rose and 1,195 shares fell. A total of 151 shares were unchanged.
Buzzing Index:
The Nifty IT index advanced 2.63% to 32,910.30. The index fell 1.34% in the past two trading sessions.
Mphasis (up 5.6%), Coforge (up 4.92%), Persistent Systems (up 3.25%), LTIMindtree (up 2.95%), HCL Technologies (up 2.81%), L&T Technology Services (up 2.76%), Tech Mahindra (up 2.63%), Wipro (up 2.45%), Infosys (up 2.24%) and Tata Consultancy Services (up 1.71%) jumped.
Stocks in Spotlight:
Uno Minda rose 0.74%. The company has commissioned its new automotive seating systems plant under its subsidiary Uno Minda TACHI-S Seating Private Limited (UMTS) in Bhagapura, Ahmedabad, Gujarat. The plant will manufacture mechanical parts for automotive seats for passenger cars. UMTS has already received orders from OEM and is expected to start supplies by Q4FY24.
I G Petrochemicals added 0.34%. IGPL Energy is incorporated as a wholly owned subsidiary of the company on 30 November 2023 with Jebel Ali Free Zone, Dubai.
Numbers to watch:
The yield on India's 10-year benchmark federal paper fell 0.66% to 7.211 as compared with previous close 7.259.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3000, compared with its close of 83.4025 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement advanced 1.92% to Rs 62,374.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.38% to 102.48.
The United States 10-year bond yield declined 1.43% to 3.976.
In the commodities market, Brent crude for February 2024 settlement added 20 cents or 0.27% to $74.46 a barrel.
Stocks in Spotlight:
State Bank of India (SBI) rose 0.69%. The bank will be signing EURO 70 million Line of Credit with KfW (German Development Bank) for supporting Solar PV projects in India on 14 December 2023 at Bank?s IFSC Gift City Branch, Ahmedabad.
Biocon fell 0.18%. Bicara Therapeutics Inc. (Bicara), an associate company of Biocon, has completed its US$165 Million Series C funding. Consequent to this infusion of Series C funding and post allotment of shares by Bicara, the company''s shareholding in Bicara on fully diluted basis will fall below 20% and thereby, Bicara will cease to be an associate company of Biocon.
IRCTC advanced 1.62% after the company is eyeing expansion in the areas of business beyond Railways for promoting its brand and business across the nation. IRCTC has already signed MoUs with various government and autonomous bodies.
Global Markets:
Asian stocks were trading higher on Thursday as investors embraced the U.S. Federal Reserve?s move to end its interest-rate-hiking cycle and signal cuts for the next year.
US stocks closed at yet another fresh highs of the year on Wednesday, with the dovish Federal Reserve signals pushing the S&P 500 closer to the all-time high. US Fed Chair Jerome Powell said inflation easing without an unemployment spike is good news, while reiterating that policy has moved well into restrictive territory.
The Fed held rates at 5.25%-5.5% for a third straight time and laid out the timeline for at least three quarter-percentage point cuts in 2024 and beyond. The Federal Reserve is willing to cut rates even if the U.S. economy doesn?t dip into a recession in 2024, Chair Jerome Powell said.
Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.
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