Nov 27, 2024, 3:10 pm IST
Stock Market Live Updates: Ashoka Buildcon Stock Falls Sharply
Ashoka Buildcon shares tumbled by at least 3.5% after NHAI cancelled bid for hybrid annuity mode (HAM) project in #WestBengal for administrative reasons. The highway authority has issued fresh bids, and Ashoka is eligible for re-bidding.
Nov 27, 2024, 2:18 pm IST
Nifty Prediction By Akshay Chinchalkar, Head Of Research At Axis Securities
The nifty reversed its gains yesterday but bottomed out at an ichimoku support level on the daily chart. That means the 24,120 area is key in the near-term while the 24,300 - 24,500 zone is an immediate upside hurdle. The gap near 23,956 created by the Friday surge remains critical, so any daily close below this level will have us review the bias for an extended recovery.
Nov 27, 2024, 2:01 pm IST
Technical & Alternative Research: Seasonality: December
Neeraj Agarwal of JM Financial Institutional Securities said, “Globally, markets deal with a deceptively simple concept: Seasonality. In our analysis, it pertains to the consistent pattern of price returns that the underlying asset demonstrates throughout the calendar month. Our analysis indicates that the Nifty has exhibited an average price seasonality in the month of December. In the last 10 years, the index has closed in the green on 6 occasions with an average and median return of 1.4% and 0.5% respectively. The Nifty Mid-cap index has exhibited a relatively stronger price seasonality in the month of December. In the last 10 years, the index has closed in the green on 7 occasions with an average and median return of 2.1% and 1.8% respectively. The Nifty Mid-cap index has outperformed the Nifty on 6 occasions with an average outperformance of 0.7%.”
Nov 27, 2024, 1:17 pm IST
Company Update: Mahindra & Mahindra (MM IN) | Upping The Ante With Unveiling of Electric Origin SUVs
Vivek Kumar of JM Financial Institutional Securities said, “M&M unveiled its Electric Origin SUVs, the BE 6e and XEV 9e, showcasing distinct designs under the "Heartcore Design" ethos. Both models are built on the scalable INGLO EV platform, powered by BYD’s blade cell technology and offering up to 682 km range with fast charging capabilities. Both these models are loaded with advanced tech (incl. AI) and offers hosts of modern and luxury features with an aim to set-up an industry benchmark. Pricing seems to be competitive, in our view. Bookings open in Jan’25 with deliveries scheduled to begin in Feb-Mar’25. M&M has allocated INR 45bn towards its development and planned an initial capacity of 90k vehicles p.a. Driven by strong execution in autos and healthy outlook for farm segment, we maintain BUY with a Mar’26 TP of INR 3,325 (SOTP valuation, 24x core business). Success of recent/upcoming launches (EV and ICE) remains a key monitorable.”
Nov 27, 2024, 12:54 pm IST
Rating Upgrade: L&T Finance | Transforming Digitally; Valuations Inexpensive - Upgrade To BUY
Sameer Bhise of JM Financial Institutional Securities said, “We attended L&T Finance’s (LTF) digital investor day where the management articulated its digital transformation journey and its way forward to drive stringent operations and stabilize credit quality led by Project Cyclops, an AI-driven, multi-dimensional underwriting engine. The company has made significant efforts to improve its credit underwriting practices across different product lines and has created an omni-channel digital architecture to support steady growth. We remain circumspect on MFI exposure for LTF (30% MFI book exposure) though it is relatively well placed given the company had been tightening its belt well in advance and it has exposure of only 5% (INR 12.5bn) of its MFI book to customers with high leverage (>=4 associations). LTF also maintains additional macro-prudential provisions of INR 9.7bn on its MFI book (~3.7% of total MFI loans) which insulates from any future shocks. LTF has assigned a fresh sourcing vertical with a team of 500+ members to acquire lower leveraged customers which would ensure continued and healthy growth in the segment. We believe the recent correction of ~ 16% in last 3 months led by issues across MFI industry offers significant upside from here. The current valuations of 1.2x FY26E P/B are relatively inexpensive in return for RoAs/RoEs of 2.7%/13.4%. We upgrade the stock to BUY with a TP of INR 180, assigning a target multiple of 1.6x FY26E BVPS.”
Nov 27, 2024, 12:22 pm IST
PNB Shares In Focus
In order to improve banking convenience and satisfy the changing demands of its Non-Resident Indian (NRI) clients, Punjab National Bank (PNB), the leading public sector bank in the country, opened its 24-hour NRI Customer Service Centre on November 23, 2024, along with a full range of new financial services. The new product offering includes: FCNR-(B) Forward Linked Premium Deposit Scheme; 50 Specialised NRI Service Branches; Extended Toll-Free Numbers for NRI Customers in 7 Countries; Doorstep Document Pickup Facility; WhatsApp Banking for NRI Customers; NRI Navigator: A Comprehensive Guide with FAQ; and a redesigned website for the convenience of NRI customers.
Nov 27, 2024, 11:57 am IST
Exide Industries Infuses Rs 100 Crore into Subsidiary Exide Energy Solutions
Exide Industries has invested Rs 100 crore in its wholly owned subsidiary, Exide Energy Solutions, through a rights issue. With this infusion, the company's total investment in Exide Energy Solutions has reached Rs 3,052.24 crore. Notably, the shareholding percentage of Exide Industries in the subsidiary remains unchanged following this investment.
Nov 27, 2024, 11:56 am IST
NCLT Approves Kesoram Industries and UltraTech Cement Merger
The National Company Law Tribunal (NCLT), Mumbai Bench, has sanctioned the Composite Scheme of Arrangement between Kesoram Industries and UltraTech Cement. In a parallel development, UltraTech Cement's board has approved a ₹1,000 crore fundraising initiative through non-convertible debentures via private placement.
Nov 27, 2024, 11:56 am IST
Aster DM Healthcare to Boost Stake in Prerana Hospital to 100%
Aster DM Healthcare has signed a Share Purchase Agreement to acquire an additional 13% equity stake in Prerana Hospital (Aster Aadhar) located in Kolhapur, Maharashtra. This acquisition will increase the company's ownership from 87% to full 100%.
Nov 27, 2024, 11:16 am IST
Adani Group Stocks Surge as Bribery Allegations Against Executives Dismissed
Adani Group stocks rallied by up to 7% on Wednesday after Adani Green Energy Ltd (AGEL) issued a statement refuting allegations of violations under the US Foreign Corrupt Practices Act (FCPA). The clarification dismissed claims of bribery charges against key executives, including Gautam Adani, Sagar Adani, and Vneet Jaain.
Nov 27, 2024, 10:51 am IST
Adani Green Clarifies on US FCPA Charges, Stocks Surge
Adani Green Energy announced that Gautam Adani, Sagar Adani, and Vneet Jaain have not been charged with violating the US Foreign Corrupt Practices Act (FCPA). In a statement, the company clarified that the directors are not implicated in any counts related to the FCPA in the indictment by the US Department of Justice (DOJ) or the civil complaint filed by the US Securities and Exchange Commission (SEC).
The trio has, however, been charged under three counts in the criminal indictment: alleged securities fraud conspiracy, alleged wire fraud conspiracy, and alleged securities fraud. Following the clarification, Adani Group stocks saw an uptick in trading today.
Nov 27, 2024, 10:49 am IST
NTPC Green Energy Hits Upper Circuit After Muted Listing
NTPC Green Energy shares surged on their debut day, hitting the 10% upper circuit limit after a modest listing on November 27. The stock locked at its highest permissible trade limit of Rs 122.65 per share on the NSE, marking a 13.56% rise from its IPO price of Rs 108.
Initially, the renewable energy arm of NTPC listed at Rs 111.50 per share on the NSE, reflecting a 3.24% premium over its issue price. Despite the subdued listing, investor enthusiasm pushed the stock to significant gains within hours, showcasing strong confidence in NTPC Green Energy’s growth prospects.
Nov 27, 2024, 9:55 am IST
Opening Bell
Following poor global signals, the Indian benchmark indexes began Wednesday on a flat note. While the Sensex was trading higher at 80,032.96 in the early trade, the Nifty began slightly higher at 24,204.80 compared to the previous close of 24,194.50.
Nov 27, 2024, 9:38 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
President-elect Trump has already started declaring what he intends to do immediately upon his taking office on January 20th. 25% tariffs on Mexican and Canadian imports and an additional 10% tariffs on Chinese imports have already been announced. How these countries react to these tariffs remains to be seen. Trump has declared only 10% additional tariffs on Chinese imports indicating that he will be careful not to trigger imported inflation in the US. Market participants will be closely watching this trade space which has become unpredictable. India is unlikely to be impacted in the initial phase of Trump’s tariff plan but may come under Trump’s radar soon since India has a trade surplus with the US.
Market is likely to consolidate around the current levels since there are no immediate triggers for a breakout or a break down. A major market concern from relentless FII selling is receding since they have turned buyers, though marginally.
Nov 27, 2024, 9:11 am IST
Rupee Vs Dollar
On Wednesday, the Indian rupee began at 84.35 against the US dollar, up from its previous closing level of 84.33.
Nov 27, 2024, 8:35 am IST
Nifty Prediction Today By Om Mehra, Technical analyst, SAMCO Securities
Although a bearish candle was formed, indicating consolidation rather than outright weakness. Nifty is navigating in a broad range, with a 23.6% Fibonacci retracement at 23,980 providing strong support, and a 38.2% retracement at 24,415 acting as near-term resistance. A breakout above this range could spur renewed bullish momentum, for further upside in the coming sessions. Until then, the index maintains a consolidative tone with a cautiously optimistic outlook.
Nov 27, 2024, 8:07 am IST
Nifty Bank Options Market Insights By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
Options data reflects a bullish inclination, with substantial put-writing observed throughout the session. The 53,000-strike call recorded the highest open interest at 31.41 lakh contracts, while the Put strike of 51,500 saw robust additions at 31.80 lakh contracts. Activity in the 52,200–52,500 call range and 52,000–51,500 put range underscores immediate resistance at 52,500 and strong support near 51,500. This tug-of-war highlights the significance of a breakout in determining the index’s trajectory. The put-call ratio (PCR) dipped to 1.22 from 1.30, indicating strengthening bullish sentiment. Additionally, the "max pain" level at 52,000 suggests that this level will likely serve as a pivotal support zone in the near term.
Nov 27, 2024, 8:07 am IST
Bank Nifty Outlook Today By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
The Nifty Bank index maintains a bullish-to-neutral outlook, trading just below the critical resistance at 52,500. Heavy call writing in this zone continues to pose a challenge, but a breakout above 52,500 could spur short covering, driving the index toward the 53,000–53,300 range. Sustaining above the psychological level of 52,000 provides a solid base, with the 52,000–51,700 range supported by significant put-writing activity. Pullbacks toward support are likely to invite renewed buying interest, favouring a "Buy on Dips" strategy. However, failure to hold above 51,700 could expose the index to further downside, with potential targets near 51,300–51,000. As long as the index holds above key support levels, the overall outlook remains optimistic for continued upside momentum.
Nov 27, 2024, 8:04 am IST
Nifty Prediction Today By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
The index is currently testing a significant resistance zone at 24,400–24,500, which aligns with the 0.382% Fibonacci retracement level and the 50-day moving average (DMA). This zone also shows concentrated call-writing activity, signalling robust selling pressure. For bullish momentum to gain traction, a decisive breakout above this level is essential. On the downside, immediate support is positioned at 24,100, with a clear move beyond either of these levels expected to determine the index’s next trend. Notably, the daily RSI sustains above 50, maintaining a positive bias for the index.
Nov 27, 2024, 8:04 am IST
Nifty Options Market Insights By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
Options data indicates a balanced sentiment, with call and put writing activity appearing nearly equal. The 24,500-strike call has accumulated the highest open interest at 95.69 lakh contracts, while the 24,000 strike put holds significant open interest of 66.40 lakh contracts. Key activity is concentrated between the 24,300–24,500 call range and the 24,200–24,000 put range, highlighting immediate resistance at 24,500 and firm support at 24,000. This tug-of-war between buyers and sellers emphasizes the likelihood of a breakout dictating the next directional move. The put-call ratio (PCR) declined to 0.93 from 1.03, reflecting subdued sentiment as the market remains range-bound. The "max pain" level at 24,250 indicates limited downside risks in the near term.
Nov 27, 2024, 8:04 am IST
Nifty Outlook Today By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
The Nifty index is exhibiting a bullish-to-neutral stance as it navigates a critical resistance zone at 24,400–24,500. This zone is defined by robust call-writing activity alongside the confluence of the 0.382% Fibonacci retracement and 50-DMA, making a decisive breakout pivotal for the continuation of the upward trend. While the index remains within the 24,400–24,100 range, a breakout on either side will establish the next directional move. As long as the index sustains above 24,100, buyers maintain strength, favouring a "Buy on Dips" strategy. A breakout above the 24,400–24,500 level could trigger short-covering, driving the index toward 24,900–25,000. Conversely, a breach below 24,100 might intensify selling pressure, pulling the index toward 23,900–23,850.
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