Indian stock market benchmarks, the BSE Sensex and Nifty 50, ended Tuesday's trading session with marginal gains. The Sensex closed at 81,510.05, up 1.59 points, while the Nifty 50 settled at 24,620.40, up 1.40 points. Sectorally, IT, metal, PSU Bank, and realty stocks were the top performers, while telecom, power, and media stocks lagged.
On Tuesday, the benchmark indices opened flat amid mixed global cues. Nifty 50 opened above the 24,650 mark while Sensex opened flat at 81,575.96. On the Nifty index, the top 5 gainers were Shriram Finance, Apollo Hospitals Enterprise, Infosys, HCL Tech and Bajaj Finserv whereas the top 5 losers were M&M, Tech Mahindra, ONGC, Bajaj Auto and Bharti Airtel.
Following the telecom service provider's announcement on Monday, December 9 that the Board of Directors approved issuing equity shares worth Rs 1,980 crore to two promoter group firms, market observers would be focussing on Vodafone Idea's shares on the domestic market on Tuesday. The price per share at which the shares would be issued is Rs 11.25. Omega Telecom Holdings Pvt. Ltd. will receive shares valued at Rs 1,280 crore, while Usha Martin Telematics Ltd. will receive the remaining shares valued at up to Rs 700 crore.
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Dec 10, 2024, 3:29 pm IST
Emerald Tyre Manufacturers IPO Subscribed 530 times
Emerald Tyre Manufacturers Ltd, a tyre maker known for its "GRECKSTER" brand, has attracted attention in the stock market, as its initial public offering (IPO) closed on December 9. This small and medium-sized enterprise (SME) IPO, listed on the NSE SME platform, raised interest from both retail and institutional investors. The IPO, which opened for subscription on December 5, has seen oversubscription. The Emerald Tyre Manufacturers IPO saw a subscription rate of 530.59 times by the time the bidding process concluded. This overwhelming response highlights the growing interest in the SME sector, as well as investor confidence in the company's future prospects.
Dec 10, 2024, 3:29 pm IST
Tiger Logistics Announces Rs 400 Cr Fundraising
Tiger Logistics India Limited, a key international logistics player, publicly listed on the BSE has announced new moves which would influence its growth strategy and " conduit of the industry". Some such developments came into effect recently. According to a report, Tiger Seasoned nearly 1.5% appreciation in its stock price and closed at Including Tuesday's increase, the stock closed at Rs 79.98 from Rs 79.11 the previous day. The firm has stock returns of 148.51%, which is 360% in a period of 3 years and 1540% in a period of 5 years while the stock has set a 52-week high of Rs 87 and a low of Rs 31.99. The firm has a market valuation of more than Rs 800 crore.
Coforge, today announced a partnership with ACORD Solutions Group and is part of the Licensed Integrator Partner (LIP) program. This partnership will drive automated submissions placing, accounting, and claims data exchange across its global broker, insurer, and reinsurer clients. ACORD Solutions Group’s Licensed Integrator Partner community is made up of solution and service providers alongside other industry stakeholders working to drive market-wide adoption of capabilities that modernize the global insurance industry. As part of the partnership Coforge will leverage ACORD Transcriber- Intelligent Document Processing solution and ADEPT- a real-time, cloud-based digital data exchange platform to enable easier integration between brokers and carriers as well as support carrier integration with the London Market’s ‘Blueprint Two’ market modernization initiative.
Dec 10, 2024, 3:03 pm IST
Saboo Sodium Chloro Limited Signs MoUs Worth Rs.485 Crore with the Government of Rajasthan
Saboo Sodium Chloro Limited has signed two landmark Memorandums of Understanding (MoUs) with the Government of Rajasthan at ‘Rising Rajasthan 2024’ for the development of greenfield resorts under the banner of Samskara Resorts. Samskara Resort in Udaipur (Girwa), Rajasthan with a Proposed Investment of Rs. 400.00 Crores to provide 400 direct jobs and is supposed to Commence in 2027 . Samskara Resort in Jodhpur, Rajasthan with The Proposed Investment of Rs.85.00 Crores The total savings for the company over the subsidy period of 10 years is estimated to exceed %150 crore, significantly enhancing the financial viability and competitiveness of these projects. These developments mark a pivotal step in Saboo Sodium Chloro Limited's diversification into the hospitality sector, leveraging government support to create world-class infrastructure in Rajasthan. The company will keep the exchange updated as per stipulated requirements.
Dec 10, 2024, 2:28 pm IST
Spectrum Foods Limited Signs MoUs Worth Rs.220 Crores with the Government of Rajasthan
Spectrum Foods Limited is pleased to announce the signing of two significant Memorandums of Understanding (MoUs) with the Government of Rajasthan to establish new hospitality projects under 'Rising Rajasthan 2024, Jaipur'. The Pushkar project is in advanced construction stage and is expected to be inaugurated in the coming 6 months. Further, the state government has outlined various subsidies to support fresh hospitality projects. The expected benefits for Spectrum Foods Limited include Investment Subsidy, Reimbursement of 75% of the State Goods and Services Tax (SGST) paid and deposited for 7 years, enhancing project viability.
Dec 10, 2024, 2:27 pm IST
Genpharma Sec Limited enters into a Super stockist agreement with Amneal Healthcare Private Limited.
Genpharmasec Limited [GENPHARMA] is pleased to announce its recent agreement with Amneal Healthcare Private Limited [AHPL]. In terms of this said Agreement, AHPL has agreed for Appointment of GENPHARMA as nonexclusive Supper Stockist within the territory to further sell to wholesale pharmacist and/or retail pharmacist the products which are manufactured by AHPL and its third-party contact manufacture or third-party licensors. Minimum Annual Sales Commitment: AHPL undertakes to provide GENPHARMA with a minimum annual sales commitment of approximately INR 60 Crores for the period from January 1, 2025, to December 31, 2025
Dec 10, 2024, 2:01 pm IST
Torrent Power Shares Drop for Fifth Straight Session
Torrent Power's shares continued their downward trend for the fifth consecutive session. The company successfully concluded its Rs 3,500 crore Qualified Institutions Placement (QIP), which saw demand around four times the base issue size from both domestic and international investors. The entire issue was placed with prominent long-only investors, including SBI MF, Capital Group, SBI Pension, Kotak MF, Nippon MF, Norges Bank, and Amundi.
Dec 10, 2024, 2:01 pm IST
JSW Steel's November Crude Steel Output Rises 5% YoY to 23.23 Lakh Tonnes
JSW Steel reported consolidated crude steel production of 23.23 lakh tonnes for November, marking a 5% year-on-year increase. Production from Indian operations saw a 7% YoY growth, with a robust capacity utilization rate of 94% for the month.
Dec 10, 2024, 1:05 pm IST
Lemon Tree Hotels to Launch Resort in Mirik, West Bengal
Lemon Tree Hotels has entered into a License Agreement to establish a Lemon Tree Resort in Mirik, West Bengal. The property, to be managed by its subsidiary Carnation Hotels, is slated to open in FY28.
Dec 10, 2024, 12:45 pm IST
GE Vernova T&D India Secures Rs 400 Crore Order from Sterlite Power
GE Vernova T&D India has won a Rs 400 crore contract from Sterlite Power. The order involves the supply and supervision of 765KV power transformers and reactors for the ambitious Khavda project.
Dec 10, 2024, 12:01 pm IST
Bharat Forge Raises Rs 1,650 Crores Through QIP
Bharat Forge Limited on Tuesday announced that it closed its Qualified Institutional Placement (QIP) on December 9, 2024, and successfully raised Rs 1,650 crores. Domestic and foreign qualified institutional investors showed a great deal of interest in the offer, which led to a demand that was more than ten times the issue size. The QIP was issued at a price of Rs 1,320 per share, however, the SEBI ICDR floor price was Rs 1,323.54 per share. The QIP profits will be used to fund previously stated inorganic expansion activities and repay debt.
Dec 10, 2024, 11:35 am IST
BEL Shares In Focus Today
Following the company's acquisition of an order for Rs 634 crore for EVMs, missile systems, and jammers, Bharat Electronics' share price climbed during the opening trading on December 10. These orders bring the company's total orders for the current fiscal year to Rs 8,828 crore.
Dec 10, 2024, 11:07 am IST
Vodafone Idea Shares In Focus
The issuing of up to 1.76 billion equity shares at a price of Rs 11.28 per share to two Vodafone group entities—Rs 700 crore to Usha Martin Telematics Ltd. and Rs 1280 crore to Omega Telecom Holdings Pvt Ltd—was authorised by Vodafone Idea's board of directors on Monday. Vi will use the proceeds to pay off some of its debt to Indus Towers.
Dec 10, 2024, 10:40 am IST
Market Outlook Today By Jatin Gedia – Technical Research Analyst at Mirae Asset Sharekhan
We expect the Nifty to consolidate before resuming its upmove. Dips towards support zone 24550 – 24500 should be considered as a buying opportunity. As far as derivative data is concerned, 24700 CE and 24600 PE added decent OI suggesting a rangebound price action going ahead. The Nifty Weekly PCR stands at 0.75, suggesting a slightly bearish sentiment. However, the price action suggest a rangebound price action to continue. The undertone remains bullish and dips towards support zone should be considered as a buying opportunity.
Dec 10, 2024, 10:12 am IST
Nifty Outlook Today By Anand James, Chief Market Strategist, Geojit Financial Services
Yesterday’s slow decline and consolidation in the vicinity of 24600 sets up a window for an upswing early today. But we will wait for consistent trades above 24740 to chase rallies. Be warned of slippages to 24530-24380 should Nifty show reluctance to float above 24650. Alternatively, a direct rise above 24740 could call for sizable upsides, but we do not see enough momentum to get us to 25262-600 right away.
Dec 10, 2024, 9:38 am IST
Opening Bell
Following inconsistent global cues, the Indian benchmark indices began flat on Tuesday. While the Sensex was trading 40 points higher at the 81,549 level, the Nifty opened above the 24,650 mark. On the other hand, Swiggy shares gained over 4% following CLSA's buy call on the firm, Indraprastha Gas Ltd is likely to be in focus today as the Board will consider and approve bonus shares today.
Dec 10, 2024, 9:12 am IST
Rupee Vs Dollar
Tuesday saw the Indian rupee start at 84.80 per dollar compared to Monday's closing of 84.73.
Dec 10, 2024, 9:00 am IST
Nifty 50 Today
“The Nifty finds itself in a state of price compression based on two types of popular "Narrow Range" patterns that suggest a trending type of move may just be around the corner. The bias remains higher as long as the 24360 - 24445 area holds, with the upside hurdle range coming in play between 24800 and 25000,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Dec 10, 2024, 8:47 am IST
Nifty Bank Prediction For Tuesday
“Technically speaking, the Bank Nifty has formed a doji candle on its daily chart, signifying uncertainty. The index is facing short term resistance near the 53,900-54,000 levels. Once, index sustains above 54,000 levels, then rally could extend further towards 54,500. Until then, short-term consolidation is possible. On the downside, 52,850 will provide immediate support for the index, followed by 52,500. Thus, traders are advised to adopt buy on dips strategy in Bank Nifty,” commented Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).
Dec 10, 2024, 8:25 am IST
Nifty Prediction For Tuesday
“Technically, on the daily chart, the index formed a small red candle. However, the index is still holding above its recent breakout mark of 24,550. Thus, any dips near 24,550 would offer good entry point for the short term. On the downside, 100-Days Exponential Moving Average (100-DEMA) support is placed near 24,330. As long as index sustains above it, traders are advised to adopt buy on dips strategy. On the upside, index could test the levels of 24,800-25,000 in short term,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).
Dec 10, 2024, 8:08 am IST
Bank Nifty Prediction Today By Om Mehra, Technical Analyst, SAMCO Securities
The index holds strong support near 52,800, maintaining a constructive short-term outlook. A decisive close above 53,800 is essential to re-establish bullish momentum and increase the trend. The contraction of the daily Bollinger Bands indicates the likelihood of near-term consolidation or range-bound movement. In the short term, the index is expected to trade within the range of 52,800 as support and 53,800 as resistance.
Dec 10, 2024, 8:08 am IST
Nifty 50 Prediction Today By Om Mehra, Technical Analyst, SAMCO Securities
The Nifty traded in a small range, with a high of 24,705 and a low of 24,580.05. Despite ending the session red with minor losses, the index is holding strong above its 20 and 50-day moving averages, indicating the breadth remains positive. Nifty is currently hovering near the 50% Fibonacci retracement level at 24,770, and a breakout above this could lead to more gains. Even if the market sees a small correction towards the 24,520-24,550 zone, it would likely strengthen the solid support at 24,500. Overall, the outlook remains positive as long as key support levels are intact.
Dec 10, 2024, 8:05 am IST
Nifty Prediction Today By Rajesh Bhosale, Technical Analyst - Angel One Ltd
Recently, prices have experienced a strong rebound from the swing lows of 23263. With small body candles forming over the past two sessions, it appears the market has entered a consolidation phase, with bulls taking a pause. On the daily chart, trading above the November swing highs suggests a solid formation, but some hesitation is visible around the 24750-24800 range. This zone marks a 50% retracement of the sharp decline from the all-time high of 26277 to 23263. For now, this remains a key resistance level, and a sustained move above it could open the door for a rise beyond the 25000 mark. On the downside, prices are well above major moving averages, with 24400 coinciding with the 50 DEMA and 89 DEMA, providing strong support in the event of any dips. Traders should monitor the range between 24400 and 24800, with a "buy on dip and book profits at higher ranges" strategy during this consolidation phase. Individual stocks continue to show promise, and traders should focus on stock-specific actions while being selective, as not all sectors are participating equally.
Dec 10, 2024, 8:04 am IST
Nifty Outlook Today By Rupak De, Senior Technical Analyst, LKP Securities
The Nifty remained sideways throughout the day as traders stayed on the sidelines. In the short term, the trend is likely to remain sideways due to the absence of any major events this week. Technically, Nifty has initial support around 24,470. A break below this level could trigger a correction of 200-250 points. On the higher end, the 24,700-24,750 zone is expected to act as a resistance.
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