Stock Market Closing Update: Sensex, Nifty Extend Gains; Coal India, NTPC, M&M Top Gainer

The Indian equity market closed on a higher note on Thursday. At market close, the benchmark index Sensex was up 0.52% at Rs 72,410.38, while Nifty 50 gained 0.57% at 21,778.70 points.
The top gainers in the Nifty 50 pack were Coal India (up 4.21%), NTPC (up 3.07%), and M&M(up 2.79%). BSE Sensex gained 341 points or 0.51% to 72,380 and NSE Nifty jumped 125 points or 0.58% to 21,778 at 3.15 pm on Thursday. Nifty Bank soared 187 points to 48,470 and Nifty Midcap gained 241 points to 45,800 at 3:16 pm today.

Public sector undertaking Housing & Urban Development Corporation shares witnessed a sharp rally of 19.09% intraday today. The company informed today via its regulatory filing that it has signed a memorandum of understanding (MoU) with Gujarat government for an investment up to Rs 14,500 crore to finance the housing and urban infrastructure projects in Gujarat.

Top performers on the Nifty included NTPC, JSW Steel, BPCL, Tata Steel, and SBI Life Insurance, emerging as major gainers. On the flip side, Eicher Motors, UltraTech Cement, Bajaj Auto, Infosys, and Britannia Industries faced declines during the trading session.

The Nifty 50 not only shattered its previous record high but closed above the 21,600 mark, setting the stage for a potential breach of the 22,000 milestone. As the curtains draw on the December F&O series, it emerges as the best-performing period for the Nifty 50 in 2023, boasting a remarkable surge of over 1,500 points.

Wednesday's surge was propelled by the Nifty Bank, with HDFC Bank spearheading the gains. Overcoming resistance at the 48,000 mark, the Nifty Bank not only crossed this significant level but also closed above it for the first time since December 15, adding fuel to the broader market rally.

Stocks to Watch Ahead of Thursday's Trading Session:

JSW Steel: CEO reveals plans to exceed Rs 1 lakh crore in capex for capacity expansion.

South Indian Bank: Board greenlights raising Rs 1,750 crore through a rights issue.

Sula Vineyards: Sets new revenue records on December 24-25, reaching Rs 2.28 crore over the period.

Petronet LNG: Signs binding documents to establish an LNG terminal on the east coast with Gopalpur Ports Ltd.

Canara Bank: In-principle approval to list mutual fund subsidiary Canara Robeco Asset Management Company via an IPO.

IndusInd Bank: CCI approves the acquisition of a controlling stake in Reliance Capital.

NTPC: Aims for an IPO of its green vertical in the next 1-2 years, says CMD Gurdeep Singh.

Confidence Petroleum: BPCL awards LoA for supplying CNG cascades worth Rs 67 crore for City Gas Distribution projects.

Zomato: Receives Show Cause Notice over alleged tax liabilities, and claims it is not liable to pay any tax.

KPI Green: The Board is to consider a bonus issue of shares on December 30.

Ramky Infra: Approves the sale of 100% shareholding in Visakha Pharmacity Ltd for Rs 288.36 crore.

Markets in the Asia-Pacific region resumed trading after the Christmas break. The Nikkei 225 is down 0.7%, while the Topix is down 0.5%. South Korea's Kospi opened 0.2% higher, and the Kosdaq is down 0.2%. Hang Seng's futures indicate a positive start.

In the US, mid-week trading saw modest gains as the S&P 500 inches closer to a record high. The Dow gained 0.3%, achieving a new closing high. The GIFT Nifty is trading with a premium of nearly 70 points from Nifty Futures, suggesting a gap-up start for the Indian market.

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Dec 28, 2023, 2:04 pm IST

Larsen & Toubro Completes Acquisition of Entire Shareholding of Sapura Nautical Power Pte Ltd (JV Partner)

On December 27, 2023, the company finalised the acquisition of Sapura Nautical Power Pte Ltd (JV Partner)'s entire stake in L&T Sapura Offshore Private Limited. L&T Sapura Offshore Private Limited is now a fully owned subsidiary of the company as a result.

Dec 28, 2023, 1:58 pm IST

KEC International Secures New Orders of Rs. 1,566 Cr For Various Businesses

KEC International Ltd., a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs. 1,566 crores across its various businesses including transmission & distribution (T&D), civil, oil & gas pipelines and cables.

Dec 28, 2023, 1:08 pm IST

Suzlon Energy Wins A 300 MW Order For The 3 MW Series From Apraava Energy

Suzlon Group announced today that it has secured a new order win for the development of a 300 MW wind power project for Apraava Energy Private Limited. At the client's site in the state of Karnataka, Suzlon will set up 100 wind turbine generators (WTGs) with a hybrid lattice tower (HLT) and a rated capacity of 3 MW each. As per the agreement, Suzlon will oversee the project's commissioning and provide the wind turbines (equipment supply). After commissioning, Suzlon will also provide full operations and maintenance services.

Dec 28, 2023, 12:53 pm IST

L&T Construction Secures Orders For Its Power Transmission & Distribution (PT&D) Business

L&T Construction's Power Transmission & Distribution division has landed significant contracts in the Middle East. The company has been given an order to engineer, supply, construct, install, test, and commission a 400/132kv substation in the United Arab Emirates. Associated Transformer, Reactor, and Substation Control & Monitoring Systems (SCMS) are also included in the scope. The company has been awarded a contract in Kuwait to build 400kV overhead transmission lines and the related 400kV underground cable interconnections. This transmission section, spanning over 100 km, will aid in power generation and evacuation. There are still substation orders in the area that have been won.

Dec 28, 2023, 12:25 pm IST

Dronaacharya Bags A Contract Worth Rs. 15,78,840.00 From Tata Consultancy Services (TCS) To Provide Drone Based 5G Solutions

DroneAcharya Aerial Innovations Limited is pleased to announce that Tata Consultancy Services (TCS) has awarded the firm a ground-breaking contract valued at Rs. 15,78,840.00. This contract represents a significant development in drone offerings as it calls for the deployment of state-of-the-art Drone Based 5G Solutions.

Dec 28, 2023, 11:59 am IST

Adani Group Firm Adani Ports Receives AA+ Rating From ICRA For Planned Bond Issue

The share price of Adani group firm Adani Ports and Special Economic Zone (APSEZ) remained in focus on Thursday after Rating agency ICRA assigned AA+ rating for the company's Rs 100 billion planned bond issue. With this rating, Adani Ports has moved one step closer to returning to the corporate bond market. Today, Adani Ports shares traded a tad lower at Rs 1021.10 per share at 11:55 am IST.

Dec 28, 2023, 11:26 am IST

Enforcement Directorate Names Congress Leader Priyanka Gandhi In PMLA Case Charge-Sheet

According to ANI, Enforcement Directorate (ED) has named Congress leader Priyanka Gandhi Vadra in its charge sheet mentioning her role in purchasing agricultural land measuring 40 kanal (five acres) in Haryana's Faridabad from a Delhi-based real estate agent HL Pahwa in 2006 and selling the same land to him in February 2010.

Dec 28, 2023, 11:01 am IST

Canara Bank Shares Jump Over 2% On Plans To Launch IPO Of MF Unit

Canara Bank shares jumped 2.38% at Rs 442.90 per share at 10:57 am IST on Thursday after the lender informed via an exchange filing on Wednesday that it has in principle approved to initiate the process of listing its Mutual Fund Subsidiary Canara Robeco Asset Management Company Ltd, in the Stock Exchanges by way of Initial Public Offer (IPO).

Dec 28, 2023, 10:20 am IST

Rupee Appreciates 8 Paise To 83.26 Against US Dollar

The Indian rupee gained 8 paise to 83.26 against the US dollar in early trade on Thursday. At the interbank foreign exchange, the domestic unit opened at 83.33 and gained further to 83.26 against the US dollar. On Wednesday, the domestic currency settled at 83.34 against the dollar.

Dec 28, 2023, 9:57 am IST

Sula Vineyards Witnesses A 1.5% Surge In Share Prices

Today, Sula Vineyards shares have seen a 1.5% increase in trading. Notably, both December 24 and 25 have exceeded the previous single-day revenue record of Rs 83 lakh, which was established on August 13, 2023. The cumulative revenue over the three-day period from December 23 to 25 reached Rs 2.28 crore. Year-to-date, the stock has experienced a remarkable gain of 46.7%.

Dec 28, 2023, 9:52 am IST

SEBI Extends Deadline For Demat And Mutual Fund Nominations Until June 2024

The Securities and Exchange Board of India (SEBI), the capital markets regulator, has prolonged the deadline for nominating a beneficiary or opting out for both mutual fund and demat account holders. The new deadline for this process is now June 30, 2024, compared to the previous deadline of December 31, 2023.

Dec 28, 2023, 9:51 am IST

KPI Green Climbs More Than 7%

After a two-day period, KPI Green shares are once again on the rise, currently showing a 7.32% increase. The company's board is scheduled to convene on December 30 to discuss a potential bonus share issuance.

Dec 28, 2023, 9:22 am IST

Market Opens At Fresh Record Highs, Nifty Surpasses 21,700 Mark

On December 28, Indian indices marked a new milestone as the Nifty surged beyond 21,700. The Sensex recorded a gain of 221.00 points or 0.31%, reaching 72,259.43, while the Nifty witnessed an uptick of 64.40 points or 0.30%, closing at 21,719.20. Among the listed stocks, 1823 witnessed gains, 468 experienced declines, and 88 remained unchanged.

Dec 28, 2023, 9:12 am IST

Block Deal In Zydus Wellness

A large trade involving 7.80 lakh shares, valued at Rs 127.3 crore, occurred at Rs 1,632 per share in the block deal window during the pre market session for Zydus Wellness.

Dec 28, 2023, 9:08 am IST

Rupee Opens Higher Vs Previous Close Against Dollar

The Indian rupee commenced Thursday's trading session 8 paise stronger, opening at 83.27 per dollar, as opposed to the previous day's closing rate of 83.35.

Dec 28, 2023, 9:07 am IST

Recommendation By Aditya Gaggar, Director Of Progressive Shares

"The markets extended their northward journey and not only reclaimed their previous peak but also ended the session at a record level of 21,654.75. Index rally was mainly propelled by Auto, Banking, and Metal counters. A strong bullish candle was formed on the daily chart which suggests an extension of the current underlying uptrend. Now the next hurdle for the Index will be around 21,860 while the downside seems to be protected at 21,510. A range breakout was witnessed in the BankNifty and as per the pattern, the short-term target comes to 49,460. Dream bull run continued in the Auto and Metal sectors, buy on dips would be an ideal strategy. A gradual uptick with a considerable volume was seen in the Cement space and some of the stocks have already given a strong breakout (ACC, Grasim, JK Lakshmi Cement, and Orient Cement). On a technical front, we believe that the worst is over for the chemical stocks and one should start looking at those pockets."

Dec 28, 2023, 9:06 am IST

Nifty Quarterly Index Reshuffling Today - Inflows And Outflows Expected For These Stocks

As the quarterly index rebalancing is scheduled for the conclusion of today's trading session, Bajaj Finance Ltd. and HDFC Bank Ltd., along with three other Nifty constituents, are anticipated to witness inflows and outflows. Bajaj Finance, boasting a 10% increase in 2023 and heading towards its 11th positive annual return in the last 12 years, is projected to attract inflows of up to million, as per insights from Nuvama Alternative and Quantitative Research.

Dec 28, 2023, 9:05 am IST

Oil Prices Remain Unchanged Amid Indications Of Growing Crude Stockpiles

Crude oil stabilized following its most significant decline in a fortnight, driven by signals of an increase in US stockpiles and weak technical indicators. West Texas Intermediate (WTI) managed to hold above per barrel after experiencing a 1.9% drop on Wednesday, while Brent crude hovered around . The American Petroleum Institute's report, cited by Bloomberg, revealed a nationwide inventory surge of 1.8 million barrels, with Cushing levels also expanding. These developments suggest a growing imbalance between supply and demand as the year-end approaches.

Dec 28, 2023, 9:04 am IST

Nifty 50 Poised For Best Finish In Top F&O Series Of 2023, Nearing 22,000 Mark

As highlighted on Wednesday morning, the final Wednesday of any F&O series tends to be a significant day, given the imminent expiry on the following day. True to expectations, it unfolded as another day of noteworthy trends, with the Nifty 50 not only surpassing its previous record high of 21,593 but also concluding above the 21,600 mark, achieving a record close. Following this Wednesday surge, the index now stands just over 300 points away from the coveted 22,000 mark. Notably, the December F&O series has emerged as the standout performer for the Nifty 50 in 2023. Following a robust 1,200-point surge in November, the index has further gained over 1,500 points throughout this series, capping off the year on a high note.

Dec 28, 2023, 9:02 am IST

Bonds Rally Across The Globe Amid Auction Demand, Trailing Surge In Stocks

The global bond market witnessed a rally extending to Asia on Thursday, driven by investors positioning themselves for anticipated interest rate cuts by the Federal Reserve. Australian and New Zealand bonds saw notable gains, with more than six basis points shaved off their respective 10-year yields. This trend mirrored the upward movement in Treasuries, causing yields on five- to 30-year maturities to drop by at least 10 basis points. In Australia, the 10-year yield reached 3.79%, marking a level unseen since July. A similar sentiment was evident in Germany, where yields on 10-year maturities hit a fresh low for 2023.