The Indian benchmark indices traded in the red on Friday. At 11:29 am IST, Sensex was at 72,249.59, down over 160 points, while Nifty 50 was down 0.22% at 21,731.40 points at 11:29 am IST. In the Nifty 50 pack top Losers were BPCL (down 2.63%), SBIN (down 1.63%), and Kotak Bank (1.44%).
On December 29, Indian indices opened in the red, with the Nifty trading below 21,750. The Sensex saw a decline of 172.69 points or 0.24%, settling at 72,237.69, while the Nifty experienced a drop of 53.00 points or 0.24%, reaching 21,725.70. The market scenario showcased 1,481 advancing shares, 742 declining shares, and 122 unchanged shares.
Major losers on the Nifty included BPCL, Apollo Hospitals, Dr. Reddy's Labs, Power Grid Corp, and ONGC. Conversely, notable gainers comprised Tata Consumer, Tata Motors, Adani Enterprises, Adani Ports, and L&T.
As the final day of trading in 2023 is here, the Nifty index emerges as the star performer of the year, boasting an impressive 20% surge. The post-September rally catapults the index to its best annual performance since 2017, setting the stage for positive annual returns for the eighth consecutive year.
HDFC Bank takes centre stage as the key driver behind the December rally, contributing nearly one-fifth of the overall gains. Investors are now eyeing the bank as a potential investment opportunity, intrigued by its pivotal role in the market surge. For more details on why HDFC Bank is catching the attention of investors, you can delve into our in-depth analysis.
The Nifty Bank steals the spotlight in the December series, witnessing a remarkable 75% of its 2023 gains materializing in the closing month. Despite a lacklustre performance earlier in the year, the Nifty Bank closes with a nearly 13% increase, inching closer to the significant 50,000 mark. Notably, all 12 constituents of the Nifty Bank register positive returns for the year, with PNB leading the pack with a commendable 70% surge.
Asian equities open mostly higher on the final trading day of 2023, driven by Xiaomi's unveiling of its first electric vehicle. Despite a slight dip in Japan's Nikkei 225, which remains the top performer in Asia with a 30% gain, overall sentiments are positive. South Korea's Kospi and Kosdaq show gains, and Hang Seng's futures indicate a positive start to trade.
In the US, markets were flat overnight, with the Dow Jones reaching a fresh record close. The S&P 500 is within 13 points of its previous record closing high of January 2022. On the home front, the GIFT Nifty trades unchanged against Nifty Futures Thursday close, suggesting a potentially muted start for the Indian market.
As 2023 concludes, the markets exhibit resilience and strength, leaving investors optimistic as they look toward the opportunities and challenges that 2024 may bring.
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Dec 29, 2023, 3:38 pm IST
Market Performance On Last Trading Day Of 2023
Nifty Stays 0.2% below the previous closing at 21,726 and Sensex falls 170 points to reach 72,240. Over this year, Nifty gained 19.3% in 52 weeks while Sensex climbed 18%, breaching record-high ranges recently in December. Tata Steel and Tata Motors were among the highest volumes today with Tata Consumer as the highest gainer, climbing above 4%. While BPCL and PSU Stock SBI lost 3.18% and 1.5% today respectively. Nifty Auto, FMCG, and Metal were among the top indices in green on the last trading day of 2023.
Dec 29, 2023, 3:26 pm IST
Power Mech Shares Rallies 8% Amidst Receiving Major Orders
Multiple orders have been
received by Power Mech on Friday, as the company informed the exchanges regarding government orders from Uttarakhand and Andhra Pradesh. Totaling up to Rs. 2,192/- crores from Meenakshi Engineering, Dehradun Geology and Mining Department, and O&M service contract from Tirupati District. Shares have surged more than 8% in today's session, opening at Rs. 4,151/- and breaching Rs. 4,400/- levels. The 52-week low is around Rs. 1,570/- and 52-week
high above Rs. 5,000/-.
Dec 29, 2023, 2:59 pm IST
USD Recovers Against Rupee After Falls Posted In Early Session, GBP Losses
USD December Futures are floating currently at the Rs. 83.30/- range, climbing back to previous closing levels after tumbling below previous lows. On the other hand, GBP stays
in red despite rebounded
from early falls today and trade around Rs. 106.11/-, while EURO lost the highest, falling 0.5% lower than the previous
closing.
Dec 29, 2023, 2:43 pm IST
Gold and Silver Prices Jump Lower Today Amidst CEPA Signed Between India and UAE
Yellow Metal Prices in India have fallen by Rs. 380/- to reach Rs. 63,870 today after breaching an all-time high range yesterday while Silver Metal has sharply fallen by Rs. 1,200/- per kg to stabilize at Rs. 78,300/- per kg. The fall is witnessed despite international demand for Spot Gold staying firm and a Comprehensive Economic Partnership Agreement between India and UAE would allow major jewelers and authorized banks in India to import up to 140 tonnes of Gold metal at 14% custom charges rather than 15% charges levied earlier. The significant move is expected to bring down jewelry prices locally.
Dec 29, 2023, 2:21 pm IST
Nifty Banks And Nifty Oil Losses Above 1%, Nifty Auto Shines With FMCG
So far, the Nifty Oil and Gas index has lost the most at 1.15% while Nifty PSU Bank is trading below 1% from the previous closing. Sharp buying is witnessed in auto stocks with Tata Motors breaching Rs. 800/- levels. Nifty FMCG climbs in green by 0.58%.
Dec 29, 2023, 1:58 pm IST
LIC Offloads Stake In BHEL
Through open market transactions, insurance giant Life Insurance Corporation of India (LIC) offloaded its stake in Bharat Heavy Electricals Limited from 40,74,40,614 to 33,48,62,025 equity shares as a result its shareholding has decreased from 11.701% to 9.617% of the paid-up capital of the said company. This resulted in a decrease of 2.084% in shareholding during the period from 20.06.2019 to 28.12.2023 conducted at an average cost of Rs 79.58.
Dec 29, 2023, 1:44 pm IST
Hindustan Foods Acquires Subsidiary For Rs 30.72 Cr To Expand Business Footprint
With its acquisition of a sports shoe manufacturing factory located in Kundli, Haryana, Hindustan Foods Limited announces a major move to strengthen its sports shoe manufacturing industry. Its fully owned subsidiary, KNS Shoetech Private Limited (KNS), facilitates this strategic development, which is formalised by a Business Transfer Agreement (BTA). The acquisition represents a significant milestone in the company's ambitions to expand inside the sports shoe market. It is valued at around Rs. 30.72 crores (subject to closing adjustments).
Dec 29, 2023, 1:25 pm IST
Star Cement Shares Gain 1.15% On CRISIL Stable Ratings
The CRISIL ratings for the company's long-term rating have been upgraded to "CRISIL AA/Stable" (pronounced CRISIL double A) from "CRISIL AA-/Positive" (pronounced CRISIL double A minus). The long-term rating has a "Stable" outlook. On Friday, the shares of Star Cement were trading 1.15% higher at Rs 176.40 apiece during the afternoon deals.
Dec 29, 2023, 12:35 pm IST
Ugro Capital Shares In Green After Board Announces NCDs of Rs. 200 Cr
The company's Board of Directors declared NCDs of up to Rs 200 Cr, which included a 100 Cr green shoe option at a coupon rate + 2.0% annually. Additionally, the Board approved the issue of listed commercial papers for an 85-day period of Rs. 5 crores. Following the aforementioned declaration on Friday, Ugro Capital's shares were trading 0.15% higher at Rs 269.
Dec 29, 2023, 12:19 pm IST
Top 5 Gainers and Losers Today
Source:NSE
Dec 29, 2023, 12:15 pm IST
CESC Shares In Focus
At today's meeting, the Committee of the Board of Directors of the company approved the private placement of 10,000 Secured, Unlisted, Redeemable, Rated Non-Convertible Debentures, each with a face value of Rs. 1,00,000, totalling Rs. 100 Cr. Axis Bank Limited, which has its registered office at "Trishul"—3rd Floor Opp. Samartheswar Temple, Near Law Garden, Ellisbridge, Ahmedabad – 380006—has been granted the allocation of these debentures on a private placement basis.
Dec 29, 2023, 11:55 am IST
NBCC (India) Receives Order Worth Rs 88.9 Crore, Stock Down 1%
State-owned NBCC (India) Ltd on Friday said it has bagged an Rs 88.90 crore order from Delhi Metro Rail Corporation Ltd.
NBCC shares traded 1.10% lower at Rs 81.94 at 11:51 am IST on Friday.
Dec 29, 2023, 11:21 am IST
HPCL, BPCL, IOC: Oil Stocks Under Pressure Today
Shares of Oil Marketing Companies (OMCs) including Hindustan Petroleum (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) remained under pressure in intra-day trading on Friday on reports of a likely cut in petrol and diesel prices. At 11:18 am IST, HPCL was down over 4%, BPCL shares were down 2.63%, and IOC shares were down 2.33%.
Dec 29, 2023, 11:01 am IST
Shares Of Tata Consumer Products, Tata Coffee Trade At New 52 Wk High-Level Today
On Friday, the share price of Tata Consumer Products traded at a new 52-week high value of 1078.20. Meanwhile, Tata Coffee shares also traded at a 52-week High value of 321.15 in the early morning trade on Friday. Tata Coffee's proposed merger with parent company Tata Consumer Products Ltd will come into effect from January 1, 2024. Meanwhile, January 15 has been set as the record date for the purpose of determining the shareholders of TCL to whom equity shares of TCPL would be allotted pursuant to the Demerger and the Amalgamation.
Dec 29, 2023, 10:09 am IST
Federal Bank Ltd, RBL Bank Shares Trade Higher After ICICI Pru AMC Gets RBI Approval To Acquire 9.95% Stake
n today's early morning trade, the share price of Federal Bank Ltd and RBL Bank Ltd traded almost 2% higher after the RBI granted permission to ICICI Prudential Asset Management Company Ltd to acquire aggregate holding of up to 9.95% of the paid-up share capital or voting rights of the two lenders. Today, shares of Jhunjhunwala-backed stock Federal Bank were seen trading 0.74% higher at Rs 156.60 per share at 10:06 am IST. The share price of RBL Bank Ltd was up 4.11% at Rs 280 per share at 10:07 am IST.
Dec 29, 2023, 10:06 am IST
RailTel Shares Surge 3% On Order Win
RailTel witnesses a nearly 3% surge in its shares after seeing a dip in the past two days. The company has recently announced securing an order valued at Rs 120.45 crore from the South Central Railway, contributing to its positive market performance. Year-to-date, RailTel's stock has shown remarkable growth, marking an impressive increase of 136.77%.
Dec 29, 2023, 9:45 am IST
Pranav Haridasan, MD & CEO, Axis Securities, Views On Year-End Market Outlook
"2023 was intriguing for both the Indian and Global equity markets. While the year commenced with restrained expectations and notable volatility in the initial months, the Indian market witnessed a remarkable recovery in the second half from its Mar 2023 bottom. In 2024, the Indian economy will continue to stand out, especially against the challenging backdrop of other emerging economies. We firmly believe that India will continue its growth momentum in the year ahead and remain the land of stability against the backdrop of a volatile global economy. The bolstered balance sheet strength of corporate India and the significantly enhanced health of the Indian banking system are positive factors. These elements are poised to facilitate Indian equities in achieving double-digit returns over the next two to three years, supported by robust double-digit earnings growth."
Dec 29, 2023, 9:42 am IST
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"As 2023 draws to a close, the most significant feature of the year’s rally is the sharp outperformance of the broader market. The midcap index is up by almost 45 % and the small cap index is up by 55 % leaving the Nifty far behind with appreciation of around 20%. This trend is likely to be reversed in 2024 since the mid and small caps are overvalued and large caps are relatively fairly valued.
Autos, construction and financials are set to do well in 2024. Autos are in a cyclical rebound, financials are fairly valued even after the recent run up and the prospects for construction related segments continue to look good. Capital goods will continue to do well in 2024 too.
January is normally a poor month for the market. Q3 results and management commentary will be keenly watched by the market."
Dec 29, 2023, 9:22 am IST
Market Opens With Mild Cuts, Nifty Slides Below 21,750
On December 29, Indian indices opened in the red, with the Nifty trading below 21,750. The Sensex saw a decline of 172.69 points or 0.24%, settling at 72,237.69, while the Nifty experienced a drop of 53.00 points or 0.24%, reaching 21,725.70. The market scenario showcased 1,481 advancing shares, 742 declining shares, and 122 unchanged shares.
Kalpataru Projects International, in collaboration with its Joint Ventures (JVs) and international subsidiaries, has successfully secured new orders and notifications of awards totaling Rs 3,244 crore.
Dec 29, 2023, 9:13 am IST
Rupee Opens Flat Against Previous Close
The Indian rupee commenced trading at an unchanged rate of 83.15 per dollar, mirroring the previous closing rate of 83.17.
Dec 29, 2023, 9:11 am IST
Recommendation By Aditya Gaggar, Director Of Progressive Shares
"The bull run continued on D-Street and Nifty50 registered another high of 21,801.45 and finally settled the last monthly expiry of the calendar year at 21,778.70. One more bullish candle was formed on the daily chart but at the same time, the Index is about to enter an extremely overbought condition as well. There is a possibility of bearish divergence, although it is too premature to say. BankNifty has formed a DOJI candlestick pattern at record levels which leaves the clue of a probable correction in the form of profit booking. The Auto sector is likely to continue its outperformance and one can opt to buy on dips strategy as well. A rally in some of the Metal stocks seems to be overstretched (HindCopper, NALCO, and Sail), hence, we advise booking partial profits. Apart from the mentioned sectors and stocks, Investors should focus on the Chemical and IT stocks as several counters have pointed out towards the completion of their corrective moves."
Dec 29, 2023, 9:09 am IST
GE T&D India Secures A Contract From UK Grid Solutions
GE T&D India has been awarded a contract by UK Grid Solutions Limited for the supply and manufacturing of an HVDC converter transformer valued at 74 million GBP. Both companies are affiliated with the GE Group, and it's important to note that this transaction between related parties received approval from shareholders during the last Annual General Meeting held on August 21, 2023.
Dec 29, 2023, 9:08 am IST
RBI Releases Draft Guidelines On Bond Forwards On Govt Securities
On December 28, the Reserve Bank of India (RBI) unveiled draft guidelines concerning bond forwards in government securities, intending to enhance the array of interest rate derivative products available in the market. Responding to suggestions advocating the introduction of bond forwards in government securities, the central bank's draft directions pertain to contracts facilitating the delivery of government securities on a forward basis. The primary objective is to empower market participants, particularly long-term investors, in effectively managing their cash flows and mitigating interest rate risk.
Dec 29, 2023, 8:53 am IST
PNB Board Approves Raising Capital Up To Rs 7,500 Crore
The Board of Directors of PNB, in a meeting convened on December 28, has granted approval for the proposition to raise equity capital. The approved capital raising is set at an aggregate amount of up to Rs 7500 Crore, with the issuance planned in one or more tranches throughout the fiscal year 2024-25. The modes of raising capital may include Qualified Institutions Placement (QIP), Follow on Public Offer (FPO), or any other approved method or a combination thereof.
Dec 29, 2023, 8:21 am IST
Asian Markets Open Mixed; US Market Ends With Mild Gains
Asian stocks cautiously opened the final session of 2023 with a mix of trading activities, reflecting the previous marginal gains in US stocks and investor bargain-hunting in China. Australian equities faced a decline due to a drop in iron ore prices, whereas Japanese shares saw a slight uptick, maintaining the benchmark Topix's trajectory for its most substantial yearly gain in ten years. Korean shares experienced an upswing, driven by the prevailing artificial intelligence enthusiasm that mirrors the Nasdaq 100's strongest performance since 1999. Chinese futures indicate an early uptick as investors return to the recovering market.
Dec 29, 2023, 8:19 am IST
Crude Prices Set For Annual Decline Since 2020 Despite Production Cuts
Oil is poised to experience its most significant annual decline since 2020, despite ongoing conflicts and production cuts by OPEC+. Prices have not seen substantial uplift, and there are growing apprehensions among traders that global crude supplies could surpass demand in the upcoming quarters. West Texas Intermediate remains above per barrel but is on track for weekly, monthly, and quarterly losses. The US crude marker has fallen approximately 10% this year, while the global benchmark, Brent, has also retreated by around 9%. A broader measure of commodities has similarly experienced a decline of a comparable magnitude.
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