BSE Sensex declined 95 points or 0.14% to 69,557 and Nifty50 fell 21 points or 0.10% to 20,916 at 1:44 pm on Thursday amid weak global cues and selling by FIIs.. Nifty Bank gained 47 points to 46,881 and Nifty Midcap gained 212 points to 44,445 at 1:45 pm on December 7, 2023. Meanwhile, shares of budget airline company Spicejet Ltd today hit 20% upper circuit on BSE ahead of the December 12, 2023 board meeting.
Shares of One 97 Communications Ltd hit 20% lower circuit in trade today.
From the pack of Sensex, shares of Power Grid Corp, UltraTech Cement, Titan Company, Maruti Suzuki, and Bajaj Finserv emerged as the top gainers in trade on Thursday. Shares of Bharti Airtel, HUL, and Tata Steel are the top laggards.
Banking and IT stocks witnessed the highest selling pressure today. Nifty Bank soared marginally by 9 points to 46,844 and Nifty Midcap gained 186 points to 44,418 at 12:42 pm.
US stocks and oil declined on Wednesday after data showed jobs and wage growth slowed higher than expected in November. The tech-heavy Nasdaq Composite ended 0.6% lower, while the S&P 500 fell 0.39% and the Dow Jones Industrial Average declined 0.19%.
Oil prices remained under pressure amid concerns about a slowing US and global economy. The yield on the benchmark 10-year Treasury slumped to less than 4.15%, its lowest since early September.
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Dec 07, 2023, 2:35 pm IST
Delta Corp Share Price
Delta Corp shares traded in the green on Thursday, a day after the company informed that the High Court of Calcutta has provided interim relief to Deltatech Gaming Limited (DGL) in connection with the alleged tax shortfall of Rs 6,384 crore payment in goods and services tax (GST).
Leading budget airline company Spicejet Ltd shares today hit 20% upper circuit on BSE ahead of the December 12, 2023 board meeting. Last trading price of Spicejet share is Rs 52.29 per share. The company has a market capitalisation of Rs 3577.37 crore. Spicejet shares soared 95% in last 6-months and gained 34% year-to-date. Check details below:
Board of Directors of Spicejet To Meet On December 12: According to the regulatory filing of the company dated December 6, 2023, “This is to inform you that the Board of Directors of the Company in its meeting scheduled on December 11, 2023 (Monday) will discuss and consider, inter-alia, options for raising fresh capital through issue of equity shares and/or convertible securities on preferential basis, in accordance with the relevant provisions of applicable laws and subject to approval of the shareholders of the Company and receipt of applicable regulatory approvals, as may be required.”
Dec 07, 2023, 12:45 pm IST
Board Of Sandur Manganese Set To Consider Bonus Issue
Small cap company operating in mining sector Sandur Manganese & Iron Ores Ltd shares witnessed a rally of 11.28% today at 11:52 am soon after it announced in its BSE filing about an upcoming meeting scheduled to take place on December 18, 2023 to consider the proposal for bonus shares to the equity shareholders of the company. Sandur Manganese share also hit its fresh 52-week high in trade today. Sandur Manganese stock offered return of 112% year-to-date (YTD).
Dec 07, 2023, 12:44 pm IST
Paytm Shares Tank 20%, Hit Lower Circuit; Analysts Assign Call
Shares of One 97 Communications Ltd, parent company of Paytm, witnessed a decline of 20% and touched lower circuit when price declined to Rs 650.65 apiece in trade today after the firm declared plans to scale back small ticket loans and change its Buy Now, Pay Later (BNPL) business. Current market price of Paytm share is Rs 676.00 per share. Paytm stock also witnessed a spurt of more than 13.35 times in trade today till 10:39 am. The company has a market capitalisation of Rs 42,903.04 crore.
Paytm Expands Credit Distribution Business: The company on December 6 declared in a press release, “loan distribution business. The company announced that it will further expand its business to offer higher ticket personal and merchant loans, which would be targeted at lower risk and high credit worthy customers, in partnership with large banks and NBFCs.”
Dec 07, 2023, 12:00 pm IST
ONGC Is The Top Nifty Loser, Down Over 2%
ONGC emerges as the leading loser in the Nifty 50, with its shares trading more than 2% lower. Despite this recent decline, the stock has achieved a noteworthy 31.37% gain in the year 2023.
Dec 07, 2023, 11:30 am IST
Asian Paints Hits 52-Week High, Rises For The 5th Straight Day
Asian Paints' shares have witnessed a continuous surge for the fifth consecutive day, reaching a new 52-week high of Rs 3,299.95 per share earlier in the session. Currently trading 0.8% higher, the stock has displayed positive momentum in seven out of the last 10 trading sessions.
Dec 07, 2023, 10:54 am IST
Nifty Auto Becomes Top Gaining Index, Maruti Up 2.5%
The Nifty Auto sector emerges as the top ganing sectoral index, with with it surging by 150 points. Out of the 15 index stocks, 13 are experiencing an upward trend. Except for Motherson and M&M, which have declined by 6.4% and 0.3% respectively, all other index stocks are showing positive growth. Leading the gains are Balkrishna Industries (+3.05%), MRF (+2.6%), and Maruti (+2.35%).
Dec 07, 2023, 9:52 am IST
Madhivanan Balakrishnan, Executive Director And Key Managerial Personnel Of IDFC FIRST Bank Limited Tenders Resignation, Stock Falls
In an exchange filing on Thursday, IDFC First Bank said that Madhivanan Balakrishnan, Executive Director and Key Managerial Personnel of IDFC FIRST Bank Limited (“Bank”), has tendered his resignation on December 06, 2023. Today, IDFC First Bank shares were spotted trading 3.23% lower at Rs 87.50 per share at 9:32 am IST.
Dec 07, 2023, 9:19 am IST
USD-INR Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, "The 83.4 region continues to pose a stiff challenge to upsides but the dips in the last two days appeared to have attracted bargain buying again. We continue to wait for a breach of 83.4 to play a rise towards 83.65, but brace for steeper dip, should 83.19 give away."
Dec 07, 2023, 9:18 am IST
Nifty Derivative Outlook
Anand James, Chief Market Strategist at Geojit Financial Services stated, "Nifty weekly contract has highest open interest at 21000 for Calls and 20800 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 21100 for Calls and 20900 for Puts in weekly and at 22000 for Calls and 20900 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.19%, decrease future index shorts by 12.02% and decrease in index options by 15.19% in Call longs, 19.20% decrease in Call short, 36.53% decrease in Put longs and 34.80% decrease in Put shorts."
Dec 07, 2023, 9:17 am IST
Nifty Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, "Dips and volatility did not deter buyers, as Nifty registered yet another higher close, after almost testing our first objective of 20970. Last two days’ attempts by bears were unsuccessful, but we may enter today evenly poised. While the ongoing upswings do have room till 20970-21130-21220, it is essential for dips to be contained above 20850/800. Slippage past the same should set an immediate objective of 20590/560. A collapse is still not favoured."
Dec 07, 2023, 9:15 am IST
Morning Market View
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "There are three factors that can keep the market resilient. One, steady decline in U.S. bond yields (10-year around 4.1% now) has created a global environment favourable for equities. Two, India’s GDP growth rate is improving and inflation is coming down. The steadily declining crude price is another big positive. Three, political uncertainty surrounding the 2024 General elections appears to be out of the way after the crucial state election results. These factors have emboldened the bulls and bears have been forced to cover their short positions.
In spite of these favourable factors, there will be dips in the market triggered by profit booking at higher levels."
Dec 07, 2023, 9:11 am IST
Market Outlook Today
Aditya Gaggar, Director of Progressive Shares said, "Another day, another milestone. Indian benchmark index Nifty50 registered a fresh high of 20,961.95. At record levels, the Index has made a DragonFly DOJI candlestick pattern which generally indicates a reversal of trend, and an early indication from GIFT Nifty also hinting toward a tepid opening. A close below 20,850 will confirm that a short-term top has been made. The immediate resistance is placed at the psychological level of 21,000 while on the downside, 20,850 will act as support. BankNifty has also formed a bearish candle at record levels known as the Bearish Engulfing pattern, profit booking correction can be seen there as well. On the higher side resistance arrives at 47,260 while the level of 46,250 will act as a strong support. The Auto and Metal sectors need to breathe and can go in time or price-wise correction. The same stands for the Energy sector as it has formed a DOJI candle at a record level with a reading of 90 in RSI which is an extremely overbought condition. The sectors which look strong on the technical front are FMCG and IT as both of them have given a breakout from their congestion. Many of the fertilizers have shown a sharp uptick in the previous session with a considerable volume, one can opt to buy on dips strategy. In the short run, it will be a stock-picking market as almost all the sectors have participated in the recent rally."
Dec 07, 2023, 8:48 am IST
Stocks In Focus: IRCON, Adani Group, IDFC First Bank, Delta Corp
IRCON:
The share price of multi-bagger stock IRCON International Ltd will remain on investors' radar today as the two-day offer for sale (OFS) opens on Thursday. The floor price of the offer is set at Rs 154, down 10.46% to Rs 172. IRCON shares closed 0.95% lower at Rs 171.65 per share on Wednesday.
The government has decided to sell up to 8% stake in IRCON via an OFS to mop up about Rs 1,100 crore.
Adani Group:
Adani Group shares will remain in focus today after a media report highlighted that Gautam Adani's Adani Ports and Special Economic Zone is holding talks to acquire Shapoorji Pallonji Group’s (SP) Gopalpur Ports in Odisha for up to Rs 1,100-1,200 crore in equity value.
Delta Corp:
The High Court of Calcutta has granted interim relief to subsidiary Deltatech Gaming of Rs 6,384 crore in relation to a GST notice which was sent in October.
Vedanta: Vedanta shares will remain in focus today as the company's subsidiary Hindustan Zinc Board on Wednesday approved a second interim dividend of Rs 6 per share for FY24, amounting to Rs 2,535 crore.
IDFC First Bank Ltd:
IDFC First Bank Ltd shares will remain in the spotlight on Thursday after a media report suggested that Warburg Pincus would be selling a 1.30% stake in the lender through Cloverdell Investment via a block deal.
Dec 07, 2023, 8:41 am IST
Asian Markets Open Lower Today
Japan's Nikkei 225 plummeted 1.28% in the early trade on Thursday. At the time of writing this article, South Korea’s Kospi was down 0.42% at 2,484.84 points and the small-cap Kosdaq slipped 0.46% at 2,695.28. Topix declined 0.80%. Hong Kong’s Hang Seng index futures were down 1.49% at 16,232.5 points.
Dec 07, 2023, 8:35 am IST
GIFT Nifty Indicates A Negative Start For Indian Equities
GIFT Nifty traded 0.07% lower at 21047 points signaling that the Indian equity market was headed for a weak start on Thursday
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