BSE Sensex ended with the gain of 271 points or 0.38% to 71,657 and Nifty 50 rose 78 points or 0.37% to 21,623 on Wednesday ahead of US Inflation data and IT majors TCS and Infosys Q3 results. Nifty Bank rose 118 points to 47,360 and Nifty Midcap 100 surged 137 points to 47,107 on January 10. Meanwhile, shares of Tata Motors traded fresh 52-week high today with intraday gain of 1.05% to 807.30 per share on BSE.
Shares of Cochin Shipyard surged 20% today as shares traded ex-split today. Last trading price of Cochin Shipyard stock on BSE is Rs 802.40 per share.
Nifty Bank soared 130 points to 47,373 and Nifty Midcap 100 surged 40 points to 47,010 on January 10. Meanwhile, shares of Tata Motors traded fresh 52-week high today with intraday gain of 1.05% to 807.30 per share on BSE.
Earlier, Nifty opened flat at the 21,529.30 level while Sensex was down 0.14% in the pre-opening session.
On the Nifty pack, the top 5 gainers were Cipla, HCL Tech, SBI Life, HDFC Life and Wipro whereas the top losers were ONGC, BPCL, NTPC, Axis Bank and Coal India. On the sectoral front, IT sector opened as the top performer followed by pharma and consumer durables while the worst performers were oil & gas, realty and private bank sectors.
With a loss of 25.50 points, or 0.12 per cent, the GIFT Nifty trends suggest a poor start for the Indian benchmark indices. In Wednesday's early session, the Nifty futures were trading at about 21,571 marks. Wednesday's global market saw Asian markets primarily decline, with the Nikkei rising 1.75 per cent and the Shanghai Composite and Kospi trading lower. Spot gold climbed 0.3% to $2,031.31 per ounce, while U.S. gold futures climbed 0.16% to $2,036.30 per ounce on Wednesday. The dollar and gold prices remained stable as investors await U.S. inflation data that is expected later this week. The market is expected to maintain stability across a broader spectrum and take cues from inflation data, the approaching earnings season, and sentiment monitoring globally.
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Jan 10, 2024, 2:59 pm IST
Sarveshwar Foods Share Soars 9% On GI Tag
Small cap company from the FMCG sector, Sarveshwar Foods Ltd shares surged 8.95% in trade today at 12:21 pm after the company granted 1st “Geographical Indication”( GI) tag in Jammu & Kashmir for Basmati Rice by APEDA ( Ministry of Commerce & Industry, Govt. of India). Last trading price of Sarveshwar Foods share on BSE is Rs 7.05 per share. Sarveshwar Foods shares soared 203% in last 6-months and gained 146% in last 1-year. Sarveshwar Foods shares also hit fresh 52-week high in trade today.
Jan 10, 2024, 2:49 pm IST
GHCL Textiles Ltd Inks MoU With Tamil Nadu Govt, Shares Zoom 11% Intraday
GHCL Textiles Ltd shares witnessed a rally of 10.72% in trade today on BSE as the company entered into a Memorandum of Understanding (MoU) with Guidance, the Nodal Agency of Government of Tamil Nadu on January 08, 2024 as part of the Tamil Nadu Global Investors Meet 2024 for investing up to Rs. 535 crores over a period of four-year. Current market price of GHCL Textiles Ltd share on BSE is Rs 81.27 per share with intraday rally of 10.72%.
Jan 10, 2024, 2:02 pm IST
KIOCL Halts Operations At Mangalore's Pellet Plant Unit
KIOCL has temporarily halted the operations of its Pellet Plant Unit in Mangalore, citing the unavailability of iron-ore fines as the reason. The company has indicated that it will provide updates to the exchanges regarding the resumption of plant operations.
Jan 10, 2024, 1:52 pm IST
Shakti Pumps Surges 5% On Nod For 10th Patent For Surface Helical Pump
Shakti Pumps (India) Ltd witnessed a surge of over 5% in its shares on Wednesday following the announcement of its attainment of the 10th patent. The company disclosed that it had been granted this latest patent by the Patent Office, Government of India, for the innovative construction of a surface helical pump with collinear flow. This development marks a significant advancement in fluid technology, as highlighted in the company's official filing with the stock exchange.
Jan 10, 2024, 1:38 pm IST
Ramkrishna Forgings Partnes With McKinsey
Ramkrishna Forgings has forged a strategic partnership with McKinsey, a leading global management consulting firm. This transformative consultancy agreement entails a comprehensive 15-month program led by McKinsey, addressing key aspects of the company's operations such as Manufacturing, Logistics, Procurement, Manpower, Inventory, Pricing, and more. The collaboration aims to streamline processes, boost capabilities, and deploy advanced digital systems to ensure long-term success and drive improvements in margins.
Jan 10, 2024, 1:14 pm IST
Lupin Launches Smoking Cessation Tablets In US
Lupin has introduced Varenicline Tablets, available in 0.5 mg and 1 mg variants, in the United States. This announcement follows the approval granted by the United States Food and Drug Administration (USFDA). Varenicline Tablets serve as the generic counterpart to PF Prism C.V.'s Chantix Tablets and are prescribed as an aid for smoking cessation treatment.
Jan 10, 2024, 12:58 pm IST
MAS Financial Services Reports Q3 Business Update
MAS Financial Services has reported a remarkable year-on-year growth of 27%, with its total Assets Under Management (AUM) reaching Rs 10,225 crore as of December 31, 2023. The consolidated AUM surpassed the Rs 10,000 crore milestone during the quarter. Following this financial achievement, the company's Board of Directors, in a meeting on January 10, 2024, declared an interim dividend of Rs 3 per equity share, representing 30.00% of the face value of Rs 10.
Jan 10, 2024, 12:17 pm IST
Sony Says Talks On Merger With Zee Ent To Continue
The Sony Group, in a clarification to Nikkei, stated that it is still actively discussing a potential merger with Zee Entertainment Enterprises of their businesses in India. This update contradicts previous media speculations suggesting that Sony was considering scrapping the billion deal. The negotiations are set to continue until the January 20 deadline for deal closure, according to sources close to the matter.
Jan 10, 2024, 11:55 am IST
Stocks To Trade Ex-Split This Week
The firms that will trade ex-split this week are Franklin Industries and Kaushalya Infrastructure Development Corporation Ltd. Kaushalya Infrastructure Development Corporation will trade ex-split on Friday, January 12, 2024, whereas Franklin Industries has announced a 1:1 stock split with a record date of January 11, 2024.
Jan 10, 2024, 11:05 am IST
TCS, Infosys Q3
Ahead of Q3 results tomorrow, TCS is trading in green with an upside of nearly 1%. However, Infosys share price is under pressure.
Jan 10, 2024, 10:29 am IST
Top Bulls Of The Day
Media stocks witnessed a strong rally on Wednesday, after a bearish yesterday. Nifty Media gained more than 3%, outperforming benchmark and other indices. Network 18, TV18, Hathaway, DishTV, and ZEEL were top gainers.
Jan 10, 2024, 9:47 am IST
USD-INR outlook
Expect swings on either side of 83.10. The 82.9 trajectory has lost its momentum though. Expect pull back if above 83.17, said Anand James, Chief Market Strategist, Geojit Financial Services.
Jan 10, 2024, 9:46 am IST
Nifty Derivative Outlook
Nifty weekly contract has highest open interest at 21700 for Calls and 21000 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22150 for Calls and 21200 for Puts in weekly and at 22000 for Calls and 21800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.99%, increased future index shorts by 25.00% and in index options by 20.13% in Call longs, 3.18% in Call short, 61.53% in Put longs and 37.72% in Put shorts said Anand James, Chief Market Strategist, Geojit Financial Services.
Jan 10, 2024, 9:46 am IST
Nifty Outlook Today
Anand James, Chief Market Strategist, Geojit Financial Services said, "We had gone in yesterday, favouring a sideways move, unable to spot a directional set up. Incidentally, the sharp plunge served only to wipe off the gains of the first half, and not any more, ensuring a smaller candle than the previous day. This points to indecisiveness, and not as much of a directional bias that the plunge would have us believe. This calls for a swing higher again towards 21630, should the 20d sma at 21484 holds. Else, expect 20900s, but it is less favoured for now."
Jan 10, 2024, 9:45 am IST
RailTel Corporation of India Receives Order of Rs. 29.54 Crore From C-DoT
The Centre for Development of Telematics (C-DoT) has awarded RailTel Corporation of India Ltd a work order for the installation, testing, and commissioning of MPLS VPN connectivity at 26 sites around India. The work order is valued at Rs. 29.54 crore (excl. GST).
Jan 10, 2024, 9:08 am IST
Market Outlook Today
D-street started 9th January trade on a strong note but towards the end erased the majority of its gains and ended the session at 21,544.85. Looking at the larger picture, the Index is oscillating in a range of 21,500-21,800, and breakout in either direction will provide clarity. As indicated earlier, Banking stocks continued to dent the market sentiments as follow-up selling was seen in yesterday's trade which confirms a Head and Shoulder breakdown. From the Energy space, we remain bullish on OMCs (HindPetro- Buy on dips strategy) while Phoenix Mills (Flag and Pole Breakout) from the Realty sector looks strong. On the technical front, turnaround is expected in the Textile stocks. The technical set-up of the Pharma sector is robust and one can opt to buy on dips strategy (Divis Labs- Inverted Head & Shoulder Breakout). A couple of Civil Construction stocks have given a strong breakout with considerable volumes namely Ashoka Buildcon and NBCC (technical coverage), follow-up buying can be expected, said Mr. Aditya Gaggar, Director of Progressive Shares.
Jan 10, 2024, 8:41 am IST
Paytm Shares In Focus
Ahead of the Vibrant Gujarat Global Summit 2024 in Gandhinagar, One97 Communications Limited (OCL), the company behind the Paytm brand, today announced an investment of Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to establish a worldwide financial ecosystem. The investment will be made progressively by the corporation, which will also get the necessary permissions. Moreover, Paytm plans to establish a development facility in GIFT City to construct the aforementioned solutions and supply a technological foundation. In addition to housing engineers to build a portfolio of top-notch financial products and services, this hub will generate employment.
Jan 10, 2024, 8:34 am IST
Spot Bitcoin ETF Approvals Expected Soon
The crypto industry has experienced a remarkable journey, marked by resilience and growth, and the prospect of SEC approval for Spot Bitcoin ETFs adds optimism. The readiness of the sector to list these ETFs and the commitment of the broader market to continue the growth momentum, highlight the industry's confidence in regulatory decisions. The potential approval of Spot Bitcoin ETFs not only symbolizes a maturing market but also signifies support from regulatory authorities. This clarity is pivotal for fostering a secure and transparent environment and is essential for the sustained growth of the crypto ecosystem. As we eagerly await the SEC's decision, ZebPay remains dedicated to providing a secure and user-friendly platform that helps drive broader adoption and acceptance of crypto. We believe that the approval of Spot Bitcoin ETFs will not only enhance accessibility for investors but also contribute to the establishment of a more robust and regulated crypto market, aligning with our vision for a thriving web3 economy, said Mr. Rahul Pagidipati, CEO, ZebPay.
The top 8 stocks, which include well-known companies like Tata Power, Tata Motors, M&M, ONGC, and LIC, will be the focus of attention for market watchers on Wednesday, January 10.
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