The Indian equity benchmarks soared to new highs on Thursday, with the BSE Sensex surging 797 points to reach a historic high of 70,381.24, while the NSE Nifty 50 index climbed 222 points to touch a record peak of 21,148.45. The broader market also witnessed positive momentum, with Nifty Midcap 100 rising by 0.81%, and small-cap shares gaining 1.11%. This surge comes in the wake of a dovish outlook from the US Federal Reserve, setting the stage for a potential Santa Claus rally in the Indian markets.
D-St opens at new all-time highs on Thursday, with the Sensex rising 570 points and the Nifty surpassing 21,000. The US Federal Reserve's decision to maintain interest rates at current levels and its hinting at potential rate reductions in 2024 prompted benchmark indices to open at all-time highs today. Early trading saw a rise of 656.45 points on the 30-share BSE Sensex, which reached 70,241.05. At the same time, the NSE Nifty gained 181.40 points, bringing it to 21,107.75. Hindalco, Tech Mahindra, Adani Ports, Wipro, and HCL Tech were among the top gainers, while PowerGrid, Nestle India, Tata Consumer, Asian Paints, and Dr. Reddy's were among the worst performers in the Nifty pack at the opening session.
In early trade on Thursday, Tokyo stocks fell as Asian benchmarks were rising on the global market front. Ahead of the final minutes of the FOMC meeting later tonight, the Indian benchmark indices wrapped the extremely tumultuous session on December 13 with slight gains. The Nifty gained 19.90 points, or 0.10 per cent, at 20,926.30, while the Sensex surged 33.57 points, or 0.05 per cent, at 69,584.60 at the closing.
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Dec 14, 2023, 1:27 pm IST
NBCC Shares Trade At New 52-Week High On Securing Order Worth Rs 1,500 Crore
The share price of NBCC (India) Ltd traded at a new 52 52-week high value of Rs 84.75 in the intraday trading on Thursday. The stock was up 4% at Rs 83.19 per share at 1:23 pm IST today.
The lift in the stock's share price was seen after the company informed that it had bagged an order worth Rs 1,500 crore. In an exchange filing on Wednesday the company said that it has received the work order from the National Cooperative Development Corporation (NCDC) and Primary Agriculture Cooperative Society (PACS) in various states.
Dec 14, 2023, 12:50 pm IST
Ultratech Cement Shares Gain 2.16% At Rs 9950.00 Per Share
The share price of Ultratech Cement surged 2.16% at Rs 9950.00 per share at 12:44 pm on Thursday after the cement and ready-mix concrete maker announced plans to increase the share of green energy in its total energy mix to 85% by 2030 on Wednesday.
Dec 14, 2023, 12:42 pm IST
India's WPI Inflation Rose To 0.26% In November
India's Wholesale Price Index (WPI) inflation rose to 0.26% in November, showed the data released by the Commerce Ministry on December 14. Wholesale Price Index (WPI) inflation was at -0.52% in October 2023 and 6.12% in November 2022. At 0.26% India's wholesale inflation has stepped out of the deflationary zone for the first time since March 2023.
At 0.26 percent, the latest wholesale inflation print is the highest in eight months.
Dec 14, 2023, 12:04 pm IST
Adani Green Energy Shares Gain Over 5% On Incorporation Of Step-Down Subsidiary Companies
Adani Green Energy shares surged 5.30% at Rs 1502.70 at 11:59 am IST on Thursday after the company informed that Adani Saur Urja (KA) Limited, a wholly-owned subsidiary of the Company, has also incorporated its Wholly-owned subsidiary, namely, Adani Renewable Energy Fifty One Limited on December 13, 2023. As per the exchange filing, Adani Renewable Energy Holding Nine Limited, a wholly-owned subsidiary of the Company, also incorporated its Wholly owned subsidiary, namely, Adani Renewable Energy Fifty Five Limited on December 13, 2023.
Dec 14, 2023, 11:34 am IST
HPL Electric Share Rise Almost 5%
HPL Electric's shares continue their positive trend for the second consecutive day. Following a remarkable 10% increase on Wednesday, attributed to securing smart meter orders valued at Rs 545 crore, the stock is currently up by 4.69%. Notably, the stock has exhibited a significant year-to-date gain of 120.32%
Dec 14, 2023, 11:14 am IST
SAIL Surges 8% Following Block Deal
Steel Authority Of India witnessed 8% surge in its shares after a significant block deal. A total of 3.06 million shares exchanged hands in a single block deal, as reported by Bloomberg. Nevertheless, specific information regarding the buyers and sellers remains undisclosed.
Dec 14, 2023, 11:08 am IST
Markets At Record High; Nifty Surges To 21,200, Nifty Bank Approaches 48,000
The market has reached new milestones, with the Nifty trading around 21,200 and the Nifty Bank nearing the 48,000 mark. Additionally, the Midcap Index has achieved a record high, trading above 45,300.
Dec 14, 2023, 10:14 am IST
IREDA Continues Winning Streak, Marks Seven Consecutive Days of Gains
IREDA's shares have maintained an upward trajectory for the seventh consecutive day, recording a substantial 10% increase. Notably, the stock has demonstrated its bullish trend in nine out of the 11 trading sessions since its listing.
Dec 14, 2023, 9:33 am IST
USD-INR outlook today
Anand James, Chief Market Strategist at Geojit Financial Services said, "Look for slippage past 83.29 to play downsides aiming 83.19 and 83.02 initially. Alternatively, if slippages pause at 83.19, look for a resumption of upswings that were stalled yesterday and get back to the 83.35-83.4 region."
Dec 14, 2023, 9:32 am IST
Nifty Derivative outlook today
Anand James, Chief Market Strategist at Geojit Financial Services said, "Nifty weekly contract has highest open interest at 21000 for Calls and 20500 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 20900 for Calls and 20500 for Puts in weekly and at 21000 for Calls and 20500 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 6.28%, increased future index shorts by 1.81% and in index options by 13.86% decrease in Call longs, 8.63% decrease in Call short, 28.73% decrease in Put longs and 22.32% decrease in Put shorts."
Dec 14, 2023, 9:32 am IST
Nifty Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, "Reclaiming of 20800-850 region not only negates the efforts of bears yesterday, but also allows resumption of upside trajectory aiming 21030-21220, or 21600 in an optimistic scenario. Alternatively inability to float above the 20890 region would weaken the bullish construct again, but a collapse is less favoured today."
Dec 14, 2023, 9:31 am IST
Market Outlook Today
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The clear dovish message from the Fed yesterday has set the stage for a smart Santa Claus rally in the coming days, and this can even trigger a pre-election rally that can take the markets to a series of new highs.
The takeaway from the Fed message yesterday is that the tightening cycle is over and three rate cuts are possible in 2024. The market expects four. The record breaking rally in the Dow will send many indices to new records.
The crash in the US 10-year yield to 4% will trigger large capital flows to India. The main beneficiaries will be the large caps, particularly the fairly valued large caps in banking. IT too is likely to attract buying.
Retail exuberance can lift the mid and small caps, too; but there is no valuation comfort in this segment."
Dec 14, 2023, 9:10 am IST
Inox India IPO Opens Today
Inox CVA IPO is a Rs 1,459.32 crore book-built issue of an offer for sale of 2.21 crore shares. The subscription period for the Inox CVA IPO begins on December 14, 2023, and ends on December 18, 2023. On Tuesday, December 19, 2023, the allotment for the Inox CVA IPO is anticipated to be completed. The 22 equity shares in a single lot and its multiples thereafter make up the price band for the INOXCVA offering, which is between Rs 627 and Rs 660 per share. The BSE and NSE will list the Inox CVA IPO, with a provisional listing date of Thursday, December 21, 2023. The Inox CVA IPO's book running lead managers are Axis Capital Limited and ICICI Securities Limited, while the issue's registrar is Kfin Technologies Limited.
Dec 14, 2023, 8:58 am IST
Stock Market Outlook Today
Aditya Gaggar, Director of Progressive Shares said, "Fed’s decision to keep the rates unchanged along with rate cut indications in the next year pushed the American markets higher to end the session at record levels and the same can be expected for the Indian markets as well. An early indication from the GIFT Nifty suggests a firm opening of the Indian equities at record levels. By forming a Dragonfly DOJI candlestick pattern on the daily chart, the Index had already indicated a reversal of trend. The Index may find resistance around 21,275 while the downside seems to be protected at 20,960. As indicated yesterday, the Auto sector performed as per our expectation where Hero Motocorp has given a strong breakout from a Bullish Flag and Pole Formation which indicates an extension of the current up-move while Eicher Motor has witnessed a hidden bullish divergence that also suggests continuation of a rally. From the Energy space, Power stocks stand out strong, buy on dips would be an ideal strategy. Our preferred pick from the OMC i.e., HPCL has encountered a strong reversal (hidden bullish divergence), rally towards the north will continue. From the past couple of days, the Metal sector has been seen strengthening its uptrend, one should keep an eye on the same (NMDC- Fresh Breakout and SAIL- Symmetrical Triangle Breakout). In the short run, Civil construction stocks from the Infra space can give a sharp uptick."
Dec 14, 2023, 8:56 am IST
GMM Pfaudler In Focus As Patel Family Completes Acquisition of 1% Stake
Through an off-market inter-se transfer between promoters at a price of Rs 1,700 per share, the Patel Family (through Millars Machinery Company Pvt Ltd) has successfully acquired 1% of the equity stake in GMM Pfaudler Ltd from Pfaudler Inc. (which was ultimately held by DBAG Fund VI, a private equity fund advised by Deutsche Beteiligungs AG). Of this consideration, 75% has been paid upfront, with the remaining 25% to be paid on or before March 15, 2024. With a current stake of 25.18%, the Patel Family is still the company's largest shareholder.
Dec 14, 2023, 8:49 am IST
Stocks In Focus Today
Stocks To Watch: RBL Bank, Tata Power, UPL, NBCC, IRCTC, SBI, UNO Minda & More
Thursday, December 14th, will have a spotlight on the above top 10 stocks.
Dec 14, 2023, 8:40 am IST
UltraTech Cement In Focus
The company has received an order from the Deputy Commissioner - Chandrapur, Maharashtra raising demand for GST of Rs. 5,72,984 together with interest, as applicable, and a penalty of Rs. 57,298 alleging tax credit wrongly transitioned to GST. Additionally, by 2030, the corporation aims to have an overall energy mix of 85% green energy. By FY26, the AV Birla Group corporation aims to grow its overall green energy share from its present 22% to 60% as an intermediate aim for its sustainability objectives.
Dec 14, 2023, 8:34 am IST
Bandhan Bank Authorised By RBI For Disbursing Pension To Railways
On behalf of the Ministry of Railways, Bandhan Bank declared that it has received permission from the Reserve Bank of India (RBI) to distribute pensions using electronic PPOs. With around 12 lakh employees, Indian Railways is the largest employer in the nation. The Ministry of Railways and the Bank will shortly integrate in order to operationalize the pension payout procedure. With this authorization, Bandhan Bank is permitted to pay pensions to all Ministry of Railways personnel who have retired from their positions. Additionally, this mission gives the Bank access to around 50,000 Indian railway retirees annually from all offices, including the company's eight manufacturing divisions and 17 zonal railroads. This will give Bandhan Bank's current and potential clients the chance to make use of the bank's senior citizen privileges, low-interest rates, and top-notch banking services. Additionally, retirees have access to Bandhan Bank's best-in-class digital banking platform and more than 1640 branches.
Dec 14, 2023, 8:26 am IST
US Fed Keeps Key Interest Rate Unchanged At 5.5%
For the third consecutive time, the US Federal Reserve held steady its benchmark interest rate on Wednesday, December 13. Additionally, the Fed's members hinted that they anticipate lowering their benchmark interest rate by three-quarter points in the upcoming year.
Mr. Apurva Sheth, Head of Market Perspectives and Research , SAMCO Securities said, “US Fed decided to keep rates unchanged at 5.5% in its recently concluded meeting. However, it signaled there could be three rate cuts coming next year. Fed Chief mentioned that inflation has cooled off significantly without hampering employment which is a good sign. But economic growth has started slowing down. Thus, they will consider multiple factors before 'any' further rate hikes are announced. Feds dovish stance pushed the US 10 Year Bond yields lower below 4% mark. US Markets closed higher by more than a percent. Fed has fueled an early Santa Rally. Indian markets are also likely to celebrate this with a positive opening. Simply put it in a Memefied world the market conditions are 'Just Looking Like a Wow' for the Bulls.”
Dec 14, 2023, 8:20 am IST
SBI In Focus
The bank said on Wednesday that it will sign a Line of Credit (LoC) worth 70 million euros, or around Rs 630 crore, with the German Development Bank KfW to support solar projects in the nation. On December 14, at the bank's Ahmedabad IFSC Gift City Branch, the deal will be inked. According to the statement, the LoC is intended to assist solar photovoltaic (PV) projects in India.
Dec 14, 2023, 8:16 am IST
Stocks To Watch Today
On Thursday, December 14, market watchers are likely to pay close attention to the top 10 stocks, which include popular stocks such as Ashok Leyland, SBI, IRCTC, Angel One, Tata Power, and Shriram Properties.
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