Stock Market Closing Update: Sensex, Nifty End Higher; Wipro, HCL Tech, Bajaj Auto Top Gainer

The Indian equity market closed higher on Friday. The BSE Sensex was up 0.34% at 71,106.96 points and the Nifty 50 was up 0.44% at 21,349.40 points. The top gainers in the Nifty 50 pack were Wipro, HCL Tech, and Bajaj Auto.

BSE Sensex gained 368 points or 0.52% to 71,233 and NSE Nifty jumped 129 points or 0.61% to 21,384 at 11:55 am on December 22. Nifty Bank gained 67 points to 47,908 and Nifty Midcap soared 431 points to 45,199 in trade today at 11:56 am.

Shares of Tata Motors soared 2.70% intraday to 727.90 apiece. Tata Motors shares already offered 84.30% return to its shareholders year-to-date.

Shares of LIC hit fresh 52-week high in trade today with the intraday gain of 4.56% on BSE after the government granted a one-time exemption to the insurer to achieve 25% minimum public shareholding (MPS) within 10 years.. Current market price of LIC share on BSE is Rs 799.45 apiece. LIC stock surged 3.26% in last 2-weeks.

Among the Nifty stocks, notable gainers included Adani Ports, LTIMindtree, Hindalco Industries, HCL Technologies, and Adani Enterprises. On the flip side, M&M, ICICI Bank, Infosys, L&T, and Reliance Industries were among the major losers. The market witnessed 1679 shares advancing, 359 shares declining, and 88 shares remaining unchanged.

The Nifty 50 faced a rollercoaster ride, recovering one-third of Wednesday's losses during the weekly options expiry. The index, known for its buy-on-dips strategy, rallied nearly 260 points after briefly slipping below the 21,000 mark intraday.

However, Thursday's recovery fell short of turning the Nifty green for the week. The seven-week record-breaking run is hanging in the balance, with the index needing a close above 20,455 to secure an eighth straight weekly advance. Notably, 80% of Thursday's recovery stemmed from Reliance and HDFC Bank, underscoring the significant influence of these heavyweight constituents.

As investors gear up for Friday's trading session, several stocks are in the spotlight:

The Department of Economic Affairs has granted a one-time exemption to LIC, allowing it to achieve a 25% minimum shareholding by May 2032, deviating from the usual three-year norm.

Announcing a scheme of arrangement, Allcargo Logistics plans to demerge its International Supply Chain business into a separate entity named Allcargo ECU. Shareholders will receive 1 Allcargo ECU share for each Allcargo Logistics held. This move also considers the 3:1 bonus issue announced in November.

BSE and NSE have granted No Objection Certification for the cancellation of Tata Motors DVR shares. SEBI has issued multiple comments on the draft scheme of arrangement. The National Infrastructure Investment Fund (NIIF) is set to invest Rs 675 crore in the airport at Bhogapuram, Andhra Pradesh.

The company denies news about the Shiprocket acquisition for $2 billion, emphasizing its focus on the existing business with no plans for any acquisition at the moment. Launches Softovac Liquifibre, a first-of-its-kind liquid laxative.

Approves the allocation of 57.75 lakh equity shares as part of the QIP, raising Rs 1,400 crore. Notable investors include Nippon India AMC, HDFC MF, and ICICI Prudential. Approves closure of QIP at an issue price of Rs 1,183 per share, offering a 5% discount to the floor price of Rs 1,245 per share.

Receives NCLT approval for the scheme of amalgamation with Tata Steel. Operations resume at a plant that was shut down on December 4 due to cyclone Michaung. Mutual settlement of an arbitral award worth Rs 41.38 crore with the National Highways Authority of India (NHAI) under the Vivad Se Vishwas II scheme.

To consider a dividend proposal at its board meeting on January 15, 2024. The record date is set for January 23, 2024. Secures a Rs 66.83 crore work order from NF Railway Construction for the supply, installation, and integrated tunnel communication system in the Lumding division.

The Asia-Pacific markets gained momentum. Japan's Nikkei 225 rebounded by 0.36%, and the Topix gained 0.5%. South Korea's Kospi and the Smallcap Kosdaq index both rose by 0.4%. However, Hang Seng's futures indicated a subdued start to the trading session.

In the US, markets saw a rebound with the S&P 500 gaining 1%, recovering from its worst day since September. The Dow Jones gained 0.9%, while the Nasdaq ended 1.3% higher.

Looking ahead, the GIFT Nifty was seen trading with gains of nearly 50 points against Nifty Futures Thursday close, suggesting a mildly positive start for the Indian market. As the global landscape shifts, investors remain vigilant, navigating uncertainties and opportunities in the ever-evolving financial markets.

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Dec 22, 2023, 3:04 pm IST

Happy Forgings IPO: GMP Drops Ahead Of Allotment

The grey market premium (GMP) of Happy Forgings dropped slightly to Rs 405 ahead of the IPO allotment. The public issue received a strong response as it was subscribed 82 times at close.

Dec 22, 2023, 2:37 pm IST

KPI Green Energy Gains Over 3% After Subsidiary Secures 1.80 MW Solar Contract

KPI Green Energy shares traded in the green on Friday after the company announced it had received new orders from a private entity for a 1.8MW solar power project for its wholly owned subsidiary. In a stock exchange filing, the company informed that its KPIG Energia Pvt Ltd received the order from Radhamohan Dyeing and Printing Mills Pvt Ltd, under the captive power producer (CPP) segment. The stock was up 3.53% higher at Rs 1337.10 per share at 2:33 pm IST.

Dec 22, 2023, 2:13 pm IST

Airtel Xstream Play Enhances Regional Content Portfolio

Airtel Xstream Play, India's fastest-growing OTT aggregator service with over five million paying customers, has announced that it would now provide aha Tamil and Telugu to its users, according to Bharti Airtel. One of the nation's fastest-growing regional OTT networks, aha OTT was established in 2020 as a joint venture by Allu Arvind's Geeta Arts and My Home Group. With a single app, Airtel Xstream Play provides the widest selection of over-the-top entertainment in India. With a minimum recharge of Rs. 148, Airtel subscribers can watch over 40,000 movie titles and shows from 20 content partners on the Airtel Xstream app. These partners include Sony LIV, Lionsgate Play, Chaupal, Hoichoi, FanCode, ManoramaMax, ShemarooMe, Alt Balaji, Ultra, ErosNow, EPICon, Docubay, Playflix, and more.

Dec 22, 2023, 1:14 pm IST

SBI Shares In Focus

On December 22, 2023, in Delhi, State Bank of India announced that it has signed a USD 165 million Line of Credit with the World Bank to assist grid-connected rooftop solar PV projects in the residential and institutional sectors.

Dec 22, 2023, 12:46 pm IST

Bharat Electronics Bags Orders Worth Rs 2759.15 Crs

Bharat Electronics Limited (BEL) received orders worth Rs. 2,673 Crs from Goa Shipyard Limited of Rs. 1701 Crs and Garden Reach Shipbuilders & Engineers of Rs. 972 Crs for the supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV). Since the last declaration on December 15, 2023, the firm has additionally received new orders totalling Rs 86.15 Crs. These orders are related to various spares and services. With the aforementioned, BEL has received orders totalling Rs. 25,935.15 Crs. so far this fiscal year.

Dec 22, 2023, 12:27 pm IST

PSP Projects Shares In Focus

In the INR 158.61 Crores (excl. GST) project "Civil, MEP & Finishing work for Development of Street" for Gandhinagar Municipal Corporation in Gandhinagar, Gujarat, the company has come in as the Lowest (L1) Bidder. After taking into account the aforementioned, the company's total value of projects for which it is the lowest bidder for the fiscal year 2023–2024 is INR 1222.47 crores. This is in addition to the work orders that the company has already received, which total INR 1060.30 crores for the same fiscal year.

Dec 22, 2023, 12:16 pm IST

KPI Green Energy Order Deal

Under the company's "Captive Power Producer (CPP)" segment, M/s. KPIG Energia Private Limited, a fully owned subsidiary, has placed additional orders with the company totalling 1.80 MW for the execution of solar power projects. With the addition of the aforementioned contract, the company's total orders for solar power projects within the CPP division have exceeded 151+ MW to date.

Dec 22, 2023, 11:52 am IST

Tata Motors Shares Rally, Jump 85% In Last 1-Year

Shares of Tata Motors soared 2.70% intraday to 727.90 apiece. Tata Motors shares already offered 84.30% return to its shareholders year-to-date. In last 1-year, Tata Motors stock offered return of 85%.

Dec 22, 2023, 11:23 am IST

LIC Shares Hit 52-Week High, Gain Over 4% Intraday

Shares of LIC hit fresh 52-week high in trade today with the intraday gain of 4.56% on BSE after the government granted a one-time exemption to the insurer to achieve 25% minimum public shareholding (MPS) within 10 years.. Current market price of LIC share on BSE is Rs 799.45 apiece. LIC stock surged 3.26% in last 2-weeks. It will eliminate a crucial overhang from the stock because its earlier deadline to achieve MPS was May 2027, as per the Sebi regulation, which would have meant share sales by the government. The government holds 96.5 percent in LIC.

Dec 22, 2023, 11:16 am IST

Zomato Rubbishes Shiprocket Acquisition Report, Shares Rally Over 2%

Online food delivery provider Zomato Ltd shares witnessed a gain of 2.00% intraday on BSE to 130.10 per share at 11:05 am on Friday, December 22, 2023. A day before, Zomato sought to refute reports to acquire Shiprocket for billion. The company issued a BSE filing stating, “We have noticed that there are certain news articles circulating in the mainstream media with the subject “Zomato offers to acquire Shiprocket for billion”. We deny this statement and would like to caution investors against such incorrect news floating in the market. We remain focused on our existing businesses with no plans for any acquisition at this moment.

Dec 22, 2023, 9:54 am IST

Coforge Gets Income Tax Demand Notice Worth Rs 122 Crore

Coforge has recently been issued an income tax demand notice amounting to approximately Rs 122 crore, which includes a tax demand of Rs 97.97 crore and an interest liability of Rs 23.79 crore. This notice was officially communicated to the company on December 20. Coforge clarified that the total tax demand stands at Rs 97,97,99,720, encompassing an interest liability of Rs 23,79,49,419.

Dec 22, 2023, 9:50 am IST

LIC Gets Special Exemption To Attain 25% MPS

LIC announced that it has received a special exemption to attain the required 25% minimum public shareholding (MPS) within the next decade from its listing date, now extended to May 2032. This special dispensation is covered by Rule 19A (6) of the Securities Contract (Regulations) Rules (SCRR) 1957.

Dec 22, 2023, 9:26 am IST

Market Opens With Mild Gains, Nifty Hovers Around 21,300

On December 22, Indian indices commenced the day on a positive note, with the Nifty hovering around 21,300. The Sensex saw a modest gain of 18.36 points or 0.03 percent, reaching 70,883.46, while the Nifty recorded an increase of 16.30 points or 0.08 percent, standing at 21,271.30. Among the Nifty stocks, notable gainers included Adani Ports, LTIMindtree, Hindalco Industries, HCL Technologies, and Adani Enterprises. On the flip side, M&M, ICICI Bank, Infosys, L&T, and Reliance Industries were among the major losers. The market witnessed 1679 shares advancing, 359 shares declining, and 88 shares remaining unchanged.

Dec 22, 2023, 9:23 am IST

Rupee Opens Stronger Against Previous Close

The Indian rupee commenced trading slightly higher at 83.24 per dollar on Friday compared to the previous day's closing rate of 83.27.

Dec 22, 2023, 9:12 am IST

Morning Market Outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The market signal is that Wednesday’s sharp correction was a one day event and not a reversal of the uptrend. This confirms the success of the buy on dips strategy, which has played out consistently in the ongoing rally. The global cues continue to be favourable with the dollar index below 102 and the US 10-year bond yield hovering around 3.9%. The concern in the market now is the excessive valuations in the mid and small cap segments. Retail exuberance and sustained flows into the mid and small cap mutual funds are driving this rally, which has slipped into a frothy zone. This broader market rally cannot continue for long. Safety is as important as returns. Undoubtedly safety is in large caps now. Going forward, large caps are likely to outperform mid and small caps."

Dec 22, 2023, 9:02 am IST

Crude Prices Brace For Weekly Gains

Oil is positioned for a second consecutive weekly increase, with concerns over heightened attacks in the Red Sea leading to a decline in tanker traffic, and Angola's decision to exit OPEC shedding light on the unity within the producer group. West Texas Intermediate hovers around per barrel, marking a rebound after seven consecutive declines. The increased attacks on vessels in the Red Sea by Iran-backed Houthi rebels have prompted shippers to avoid the region. Against this backdrop, Angola's departure from OPEC after 16 years underscores the tensions within the group as it navigates output limitations heading into the new year.

Dec 22, 2023, 9:00 am IST

Asian Markets Open Higher Mirroring US Market Trends

The equity rally gains momentum as new data supports expectations of additional interest rate cuts by the Federal Reserve in 2024. Asian shares, including Australian and Japanese stocks, saw advances, and Hong Kong's equity futures also experienced a rise. Following a 1% increase in the S&P 500 on Thursday, the benchmark is on track for its longest winning streak in over five years, with eight consecutive weeks of gains. In early Asian trading, contracts for US shares showed minimal changes.