BSE Sensex gained 701 points or 0.98% to 72,038 today for the first time while NSE Nifty soared 213 points or 1.00% to 21,654. Nifty Bank gained 557 points to 48, 282 and Nifty Midcap jumped 170 points to 45,558 on Wednesday.
Earlier, indices initiated the trading session on a positive note, with the Nifty surpassing the 21,500 mark. The Sensex showed an increase of 244.44 points or 0.34 percent, reaching 71,581.24, while the Nifty saw a rise of 83.40 points or 0.39 percent, settling at 21,524.70. In terms of market breadth, 1912 shares advanced, 424 shares experienced a decline, and 87 shares remained unchanged.
Notable gainers on the Nifty included LTIMindtree, Divis Labs, Tata Motors, Power Grid Corp, and ONGC. Conversely, major losers for the day comprised Hero MotoCorp, Sun Pharma, HDFC Bank, Apollo Hospitals, and Maruti Suzuki.
Dalal Street witnessed an absence of any fisticuffs between the bulls and bears as the Nifty steadily climbed, gaining an impressive 300 points over the last three sessions. This upward momentum erased the losses incurred during last Wednesday's market drop, signalling a resilient and bullish end to the year on Dalal Street.
As of Tuesday's close, the Nifty finds itself within striking distance, just 150 points away from its previous intraday high of 21,593, achieved on December 20. The anticipation builds for Wednesday, which marks the final weekly and monthly options expiry for the Nifty Bank index.
Despite a lacklustre performance during Friday's session, the Nifty Bank moved in tandem with the Nifty, trading within a 400-point range. Notably, the index refrained from attempting a record high unlike the preceding eight trading sessions, concluding around 100 points lower from the day's peak at 47,838.
The December series has proven to be a standout performer, with the Nifty gaining around 2,200 points or 7%, making it one of the best series in a year that has otherwise witnessed underperformance.
Beyond Dalal Street, global cues indicate a positive sentiment. In the Asia-Pacific region, markets rebounded on Wednesday, with Australian stocks hitting their highest level in two years. The Nikkei 225 leads with a 1% gain, marking a remarkable 27% increase in 2023, making it the top-performing index in Asia. South Korea's Kospi is up 0.3%, and the Kosdaq is up 1.3%.
Futures on the Hang Seng suggest a strong start to the week's first trading day. Wall Street contributed to the optimism, with the S&P 500 ending higher by 0.4%, the Nasdaq gaining 0.5%, and the Nasdaq 100 notching a record closing high.
GIFT Nifty traded with gains of more than 60 points against Nifty Futures' Tuesday close, indicating a potential gap-up start for the Indian market on Wednesday.
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Dec 27, 2023, 2:45 pm IST
Concord Control Collaborates With L2MRail, Gains 9% Intraday
Ace investor Mukul Agrawal portfolio stock Concord Control Systems has collaborated with L2MRail. Shares of Concord Control Systems Ltd rallied 9% intraday. Last trading price of Concord Control Systems share on BSE is Rs 866.55 apiece. It is worth noting that Mukul Agrawal has 4.01% stake in Concord Control Systems. He owns 2,40,000 shares in Concord Control, according to BSE. The collaboration is set to rapidly cascade the innovation across the vast expanse of the Indian Railways Network, covering approximately 70,000 kms.
Dec 27, 2023, 1:51 pm IST
Aurobindo Pharma Subsidiary Receives USFDA Approval For Posaconazole Injection
The US Food & Drug Administration (USFDA) has given Eugia Pharma Specialities Limited, a wholly-owned subsidiary of Aurobindo Pharma Limited, the final license to produce and sell posaconazole injections. December 2023 is anticipated to see the product's introduction. IQVIA estimates that the authorised product will have a market size of US$ 25.4 million for the year ending in October 2023. The Eugia Pharma Specialities Group (EPSG) facilities that produce both oral and sterile specialty pharmaceuticals have earned 173 ANDA approvals, including 8 tentative approvals.
Dec 27, 2023, 1:46 pm IST
HDFC Bank Re-appoints Atanu Chakraborty As The Part-Time Non-Executive Chairman And Independent Director
During the bank's meeting today, the board of directors recommended that Mr. Atanu Chakraborty be reappointed to the Reserve Bank of India (RBI) as the bank's part-time non-executive chairman and independent director. The new term would run for three years, starting on May 5, 2024, and ending on May 4, 2027 (inclusive). The aforementioned reappointment is subject to the RBI's and the bank's shareholders' approval.
Dec 27, 2023, 1:35 pm IST
Suzlon Energy Secures New Order of 100.8 MW From Mahindra Susten
The creation of a 100.8 MW wind power project for Mahindra Susten Private Limited, the clean-teach branch of the Mahindra Group, was the subject of a fresh order victory announced today by Suzlon Group. In Maharashtra, Suzlon plans to construct 48 of its S120-140m wind turbine generators (WTGs), each with a rated capacity of 2.1 MW and a hybrid lattice tubular (HLT) tower. The project will be carried out by Suzlon in its entirety, including supply, installation, and commissioning. Furthermore, Suzlon is going to provide post-commissioning operation and maintenance services.
Dec 27, 2023, 1:24 pm IST
Sprayking Agro Equipment Receives Orders Worth Rs 22.5 Million
Purchase orders of Rs 22.5 million have been received by Sprayking Agro Equipment Limited for the delivery of brass parts. The company, which is renowned in the industry for its dedication to quality and innovation, has been chosen as the preferred supplier for a significant project requiring premium brass components.
Dec 27, 2023, 1:19 pm IST
ITCONS E-Solutions Secures Order From Ministry of Defence Worth Rs. 10.81 Lakh
The company has received a work order from the Ministry of Defence, Department of Military Affairs, Indian Army Meerut worth Rs. 10,81,239.58/- for providing staffing services for one year.
Dec 27, 2023, 1:12 pm IST
L&T Construction Wins A Major EPC Order From Saudi Arabia
For the Amaala project in the Red Sea area of Saudi Arabia, Larsen & Toubro's Construction division has been selected as the turnkey Engineering, Procurement, and Construction contractor to develop different systems linked to renewable energy generation and utilities. The concession agreement for the fully integrated utility project with the developers of AMAALA has been signed by the consortium including French electricity utility EDF and UAE's leading renewable energy company, Masdar. An EPC agreement has been signed between Larsen & Toubro and the Sponsors, Masdar and EDF.
Dec 27, 2023, 1:08 pm IST
Aarti Industries Secures Rs 3000 Cr 9-Year Long-Term Supply Contract With Global Agrochem
Aarti Industries Limited (AIL) has entered into a 9-year long-term supply contract for the supply of a niche agrochemical intermediate with a global agrochemical products and solutions company. Being AIL's primary producer in India, this agrochemical intermediate product is an essential element of the company's current integrated product line. With the contract supply starting from the current fiscal year, AIL is given the opportunity to generate income potential of about over Rs 3,000 crores over a period of nine years. AIL does not anticipate needing any more CAPEX because its current CAPEX plans, across all of its production locations, are enough to satisfy this contract demand.
Dec 27, 2023, 12:52 pm IST
Adani Green Completes JV With TotalEnergies, Raises USD 300 Million
The 1,050 MW joint venture (JV) between Adani Green Energy Limited (AGEL) and TotalEnergies has been completed, the company stated today. Under the terms of the JV, TotalEnergies invested USD 300 million in the AGEL subsidiary in order to acquire a fifty per cent stake in the projects. This comes after the legally binding JV announcement made in September 2023 by AGEL and TotalEnergies. The JV is home to the 1,050 MW portfolio, which consists of an array of solar and wind power projects in India that are now under development (250 MW), 500 MW under construction, and 300 MW already operating. TotalEnergies has strengthened its strategic partnership with AGEL with this deal, supporting AGEL's goal of 45 GW of capacity by 2030.
Dec 27, 2023, 12:42 pm IST
Year-end and Outlook on Equity Markets 2024
"In 2023, the Indian stock market opened on a muted note and remained in a downtrend for the first quarter but delivered a smart rally from April onwards. Like Chandrayaan 3 successful launch, Nifty also catapulted to newer heights with YTD returns of +18%, while mid and small-caps outperformed with +40% and +50% returns respectively. This was accompanied by the launch of 57 mainboard IPOs. Looking at the sectoral performances this year, sectors like defence, realty, autos, PSEs, and pharma have been major outperformers while new-age businesses have been a dark horse.
On the domestic front, India became the fifth-largest economy in the world and also the fastest-growing amidst fears of recessionary pressures faced by other developed economies. The Reserve Bank of India raised its repo rate to 6.5% in February but has since paused its stance helping create a balance between inflation and growth rates. The Israel-Hamas war came as a surprise, but markets continued its uptrend. The recent state assembly elections have been decisive and the market views it to be signaling a third-term for the incumbent Modi Government.
We are exiting 2023 on a positive note with RBI upping FY24 GDP guidance by 50bps to 7% and US Fed suggesting at least three rate cuts in 2024. The Indian general elections in May and the US Presidential elections in November could make the markets jittery in the runup to those events, but a cool-off in oil prices combined with the strong earnings potential of the Indian companies paints a positive outlook for the market in 2024. Sectors like financials and IT and themes such as manufacturing, PSEs, and healthcare could be rewarding during 2024," said Jaspreet Singh Arora, CIO, Research & Ranking.
Dec 27, 2023, 12:30 pm IST
Year-End Market Outlook
"2023 was intriguing for both the Indian and Global equity markets. While the year commenced with restrained expectations and notable volatility in the initial months, the Indian market witnessed a remarkable recovery in the second half from its Mar 2023 bottom. In 2024, the Indian economy will continue to stand out, especially against the challenging backdrop of other emerging economies. We firmly believe that India will continue its growth momentum in the year ahead and remain the land of stability against the backdrop of a volatile global economy. The bolstered balance sheet strength of corporate India and the significantly enhanced health of the Indian banking system are positive factors. These elements are poised to facilitate Indian equities in achieving double-digit returns over the next two to three years, supported by robust double-digit earnings growth," said Pranav Haridasan, MD & CEO, Axis Securities.
Dec 27, 2023, 12:28 pm IST
Adani Total Gas signs MoU with Flipkart to reduce carbon footprint
An agreement has been signed today by Adani Total Gas Limited (ATGL) with Flipkart, an indigenous e-commerce platform in India. In accordance with the terms of the MoU, AGTL and Flipkart will collaborate to further the company's goal of lowering carbon emissions throughout the primary, secondary, and tertiary transportation of goods between suppliers, warehouses, and end users. With the help of ATGL, Flipkart will be able to transition to cleaner fuels, such as natural gas, and the launch of electric vehicles. An entirely owned subsidiary of ATGL, Adani TotalEnergies E-Mobility Limited (ATEL), will install EV charging infrastructure throughout Flipkart's entire supply chain in India, including at warehouses and logistical hubs. With over 8 million shipments per day, the nation's e-commerce logistics sector will significantly reduce its carbon footprint thanks to this agreement.
Dec 27, 2023, 12:21 pm IST
NBCC Shares In Focus
NBCC has secured a Rs 150 Cr order deal from SAIL ISP Burnpur for civil and various types of infrastructure works for plant and township at SAIL ISP, Burnpur.
Dec 27, 2023, 11:36 am IST
L&T Shares Trade At New 52-Week High On Winning Major Contract In Saudi Arabia
L&T shares traded at a new 52-week high value of 3548.00 in the intraday trading on Wednesday after the company secured a major order for the Amaala project in the Red Sea region of Saudi Arabia. The stock was trading 1.28% higher at Rs 3533.85 per share at 11:34 am IST.
Dec 27, 2023, 11:10 am IST
Adani Energy Solutions, Adani Green Energy: Adani Shares In Focus Today
The share price of most Adani group stocks traded in the green on Wednesday (December 27). Shares of Adani Energy Solutions grabbed attention today on news that the company has inked a share purchase agreement to acquire a 100% stake in Halvad Transmission Ltd. from PFC Consulting Ltd. Adani Energy Solutions shares were spotted trading 0.85% higher at Rs 1050.00 per share at 10:51 am IST today.
Adani Green Energy shares were seen trading 1.48% higher at Rs 1623.65 per share on Wednesday after the company announced completion of the 1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects.
Dec 27, 2023, 10:47 am IST
Happy Forgings IPO Listing: Shares List At 18% Premium Over IPO Price
Shares of Happy Forgings debuted at a premium of 18% on Indian bourses on Wednesday (Dec 27). The stock listed at Rs 1001.2 on BSE, up 17.8% compared to the issue price of Rs 850. On NSE, Happy Forgings shares debuted 17.6% higher at Rs 1000.
Dec 27, 2023, 10:21 am IST
SJVN Shares Rise Over 3% On Receiving 100 MW Solar Project Order From Gujarat Urja Vikas Nigam Limited
SJVN shares traded 3.52% higher at Rs 94.79 per share at 9:49 am IST on Wednesday (December 27), a day after the company informed that is has secured 100 MW Solar Power Project through e-Reverse Auction conducted by Gujarat Urja Vikas Nigam Limited. The project is expected to generate about 252 million units in its first year of commissioning and the cumulative energy generation over a period of 25 years would be about 5,866 million units.
In an exchange filing the company said that this Ground Mounted Solar Project shall be developed by the SJVN’s wholly-owned subsidiary i.e., SJVN Green Energy Limited (“SGEL”) at a tentative cost of Rs 550 crore.
Dec 27, 2023, 9:57 am IST
Vedanta Goes Ex-Dividend on December 27
Commencing from December 27, the mining company, Vedanta, has entered the ex-dividend phase. The company has communicated an interim dividend of Rs 11 per share for the fiscal year 2024.
Dec 27, 2023, 9:50 am IST
UltraTech Cement Surges 3%, Breaks Above Rs 10,000 Per Share
UltraTech Cement has surpassed Rs 10,000 per share, currently reflecting a 3% increase in trading. Notably, the stock has experienced a remarkable gain of 47.19% year-to-date.
Dec 27, 2023, 9:37 am IST
Wipro Files Suit Against Former CFO Jatin Dalal In Bengaluru Civil Court
Wipro, a technology services provider headquartered in Bengaluru, has initiated legal action against its former CFO, Jatin Dalal, filing a suit in the city's Civil Court, as stated by the company. The court is scheduled to address the case between the two entities on January 3, 2024.
Dec 27, 2023, 9:24 am IST
Market Opens With Healthy Gains, Nifty Above 21,500
On December 27, Indian indices initiated the trading session on a positive note, with the Nifty surpassing the 21,500 mark. The Sensex showed an increase of 244.44 points or 0.34 percent, reaching 71,581.24, while the Nifty saw a rise of 83.40 points or 0.39 percent, settling at 21,524.70. In terms of market breadth, 1912 shares advanced, 424 shares experienced a decline, and 87 shares remained unchanged.
Dec 27, 2023, 9:14 am IST
Adani Energy Solutions Plans Rs 3,000 Crore Investment For Acquisition of Halvad Transmission
Adani Energy Solutions Ltd, formerly recognized as Adani Transmission, has entered into a share purchase agreement to acquire a complete 100% stake in Halvad Transmission Ltd. from PFC Consulting Ltd.
Halvad Transmission Ltd. operates as a Special Purpose Vehicle (SPV) established by PFC Consulting Ltd. to facilitate the evacuation of 7 GW of Renewable Energy from the Khavda Renewable Energy Park, falling under the Phase III Part A package. This strategic move aims to establish a connection between Khavda and Halvad, both located in Gujarat.
Dec 27, 2023, 9:06 am IST
Rupee Opens Flat Against Previous Close
The Indian Rupee commenced trading unchanged at 83.20 per Dollar, mirroring the previous day's closing rate of 83.19.
Dec 27, 2023, 9:04 am IST
Oil Prices Increase Amidst Heightened Tensions In Red Sea, Brent Above /bbl
Amid escalating tensions in the Middle East, oil retained its most substantial gain in over a week, driven by a recent attack on shipping in the Red Sea, leading vessels to divert from this crucial maritime route.
The global benchmark, Brent, hovered around per barrel, following a 2.5% surge on Tuesday, while West Texas Intermediate remained above . The vessel MSC United VIII fell victim to an attack while traveling from Saudi Arabia to Pakistan, despite the establishment of a maritime task force by the United States and several other nations aimed at deterring such incidents.
Dec 27, 2023, 9:03 am IST
Asian Stocks Surge As US Hover Around All-Time Highs
Following a surge in US stocks that brought the S&P 500 close to its record peak, Asian shares experienced an upward trend. Investors are optimistic about a potential interest rate cut by the Federal Reserve, with expectations set as early as March.
Equity markets in Australia and Japan saw notable gains, with Australia's key S&P/ASX 200 index reaching its highest intraday level since April 2022, coming within 1% of its historical peak. The positive momentum was particularly fueled by rising iron ore prices, contributing to gains in Australian mining stocks. As markets in Australia and Hong Kong resumed trading after an extended weekend, the bullish sentiment carried over.
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