The Indian stock market rebounded on Thursday amidst a volatile session. At market close, Sensex was up 0.51% at 70,865.10 points, while Nifty 50 was also up 0.50% at 21,255.05 points. Delhivery Ltd shares closed over 6% higher at Rs 387.45, while Adani Green shares ended almost 5% higher today. BSE Sensex gained 18 points to 70,524.61 and Nifty50 soared 3.9 points to 21,154 at 11:40 am on Thursday tracking weak cues from US stocks in overnight session. The losses were mainly led by IT, bank, and auto stocks. Nifty Bank fell 64 points to 47,380 and Nifty Midcap gained 334 points to 44,359 at 11:42 am on December 21.
The top gainers from the pack of Sensex include Power Grid Corp, HDFC Bank, Reliance, Tata Motors, and Kotak Mahindra. Meanwhile, Axis Bank and Larsen emerged as the top laggards. Meanwhile, shares of Indian Railway Catering and Tourism Corporation Ltd rallied 5.65% in trade today to 861.60 apiece on BSE.
Major losers on the Nifty included Maruti Suzuki, Apollo Hospitals, Power Grid, Axis Bank, and Adani Enterprises, while Reliance Industries, ONGC, and HDFC Bank emerged as notable gainers.
The Nifty index took a sharp nosedive of 500 points from its day's high, leaving many market observers puzzled. However, this correction, without a clear trigger, follows a remarkable rally of close to 3,000 points within just two months, tempering the alarm bells that would typically ring on such occasions.
While the Nifty Bank index saw a smaller quantum of loss compared to the Nifty 50, facing resistance around the 48,000 mark for the fourth consecutive day, the broader markets felt greater pain. Notably, stocks like IREDA and IRFC, which have witnessed a remarkable 2x and 3x rise, experienced a 6-7% correction in a day-deemed standard profit booking in light of their substantial gains.
As investors gear up for Thursday's trading session, several stocks are in the spotlight. AstraZeneca Pharma India plans to launch Enhertu in January 2024, targeting the treatment of HER2-positive breast cancer. Meanwhile, Mazagon Dock Shipbuilders secures a Rs 1,614.89 crore deal with the Ministry of Defence, and Cochin Shipyard signs a Rs 488.25 crore contract for the short refit of an Indian Naval ship. Zee Entertainment receives communication on merger cooperation, while Samvardhana Motherson extends its acquisition completion timeline.
Global indices, especially in the Asia-Pacific region, mirrored Wall Street's losses, signalling a cautious market sentiment. The Nikkei 225 and Topix in Japan, along with South Korea's Kospi, experienced declines. Wall Street's worst single-day drop since September 26 impacted the S&P 500 and the Nasdaq, with the Dow Jones closing 1.3% lower. GIFT Nifty's trading cuts compared to Nifty Futures Wednesday close indicate a potential weak start for the Indian market.
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Dec 21, 2023, 3:17 pm IST
Bandhan Bank To Sell Stressed Home Loan Portfolio To Asset Reconstruction Company
The share price of Bandhan Bank Ltd traded a tad lower at Rs 238.95 a piece at 2:53 pm on Thursday after the lender said that it will sell its stressed home loan portfolio to an asset reconstruction company. The bank today informed that the Board of Directors of the Bank has, on December 21, 2023, approved the proposal to transfer the Bank’s Housing Finance NPA portfolio of 7.76 billion rupees (.23 million) in home loans, which were overdue by over 180 days to an asset reconstruction company (ARCs).
Dec 21, 2023, 2:51 pm IST
Cochin Shipyard’s Shares Surge Over 5% On Receiving Rs 488.25 Crore Order
Cochin Shipyard’s shares gained 5.48% at Rs 1291.00 at 2:46 pm IST on Thursday. On Wednesday, the company informed via an exchange filing that it has received a Rs 488.25-crore order from MoD to repair and maintain equipment and systems onboard a naval vessel.
Dec 21, 2023, 2:15 pm IST
Titagarh Rail Systems Appoints Anil Agarwal As Deputy MD & CEO Of Freight Rail Systems, Stock Up 2%
Titagarh Rail Systems Ltd has appointed Anil Kumar Agarwal as Deputy Managing Director and CEO of the Freight Rail Systems business vertical of the Company and designated him as the DMD &CEO (Freight Rail Systems). Today, Titagarh Rail Systems shares traded 2.60% higher at Rs 1025.95 per share at 2:09 pm IST.
Dec 21, 2023, 2:04 pm IST
Venus Remedies Shares In Focus
As a pioneer in pharmaceutical innovation worldwide, Venus Remedies is pleased to announce that it has successfully obtained marketing authorizations for three Docetaxel variants in Israel and Cytarabine 100MG in Colombia. The approved Docetaxel variants (160MG/8ML, 80MG/4ML, 20MG/1ML) and Cytarabine further solidify our commitment to advancing healthcare solutions globally, as per a stock exchange filing.
Dec 21, 2023, 1:29 pm IST
Airtel Business Partners With IntelliSmart For Powering Up To 20 Million Smart Meters
Bharti Airtel and IntelliSmart Infrastructure Private Limited, a top supplier of digital solutions and smart metering, have established a strategic alliance that would power up to 20 million smart meters. Along with cloud and analytics, this alliance also represents Airtel's entry into high-end applications including advanced metering infrastructure and meter data management systems. This is the largest agreement of its kind in the nation for smart meters. It will have a major impact on Airtel's rapidly expanding IoT deployment across industries. As part of its Internet of Things offering, Airtel has developed a unique platform called the "Airtel IoT Hub," which would enable the utility to track and monitor these smart meters using sophisticated analytics while upholding telco-grade security and very high reliability. As part of the AMI effort, the Government of India has set an ambitious goal to replace 250 million conventional meters with Smart meters over the next five years.
Dec 21, 2023, 1:03 pm IST
KPI Green Energy In Focus
KP Group has ordered wind turbines from Suzlon Energy Limited (Suzlon) for a total of 193.2 MW. This order is for 92 S120-140-HLT wind turbines, each with a 2.1 MW rated capacity, to be provided by Suzlon. Of this 92-turbine order, KPI Green Energy Limited (the Company) has given Suzlon an order for 50 wind turbines, or 105 MW in capacity; KPIG Energia Private Limited has given Suzlon an order for 41 wind turbines, or 86.1 MW in capacity; and KP Energy Limited has given Suzlon an order for one wind turbine, or 2.1 MW in capacity. The Vagra-Vilayat location in the Bharuch district will be the project's development site.
Dec 21, 2023, 12:38 pm IST
PVR Inox Opens Multiplex At IRIS Broadway At Gurugram, Haryana
The inauguration of a three-screen multiplex at IRIS Broadway, Sector 85, Gurugram, on the NH-8, Dwarka Expressway, has been announced by PVR Inox. With a 4K Laser Projection system powered by Volfoni, the theater offers bright 3D views, 7.1 Dolby surround sound, and extremely crisp pictures. With this introduction, PVR INOX currently runs the largest multiplex network, with 1,712 screens spread across 359 locations in 113 cities (Sri Lanka and India).
Dec 21, 2023, 12:31 pm IST
Coforge Shares In Focus
To help businesses implement generative artificial intelligence (AI), Coforge Limited has launched an initiative with Microsoft Azure OpenAI Service. With the help of Coforge's generative AI solutions, enterprises may use AI to solve difficult problems and seize new opportunities for expansion. Vic Gupta Executive Vice President, Microsoft Business Unit, Coforge said, “Coforge's collaboration with Microsoft to develop Generative AI solutions marks a significant milestone in our journey to transform enterprise possibilities. Benefitting from Microsoft Azure OpenAI Service, we are committed to delivering innovative solutions that empower businesses to embrace AI-driven transformation.” "We are pleased to collaborate with Coforge to accelerate Generative AI adoption among enterprises worldwide," said Sangita Singh, General Manager IT&ITES, Microsoft India. “Over the course of our collaboration, Coforge has consistently demonstrated expertise in harnessing the power of Generative AI, utilizing Microsoft Azure OpenAI Service. Their comprehensive approach to innovation, spanning research, development, and deployment of seamlessly integrated solutions, showcases their commitment to driving transformative outcomes."
Dec 21, 2023, 11:46 am IST
Suzlon Energy Bags Repeat Order From KP Group, Shares Rally 243% YTD
Suzlon Energy shares witnessed a gain of 3.57% in trade today after it announced a new order win for the development of a 193.2 MW wind power project for The KP Group. This will be part of Wind-Solar Hybrid and STU's (State Transmission Utility) tariff-based project for increasing Renewable Energy contribution in the state of Gujarat. Suzlon will supply 92 units of their S120 - 2.1 MW wind turbine generators (WTGs) with a 140m Hybrid Lattice Tubular (HLT) tower at Vagra and Vilayat in Bharuch district of Gujarat, added the press release.
Suzlon will execute the project with a scope of supply, supervision, and commissioning. Additionally, Suzlon will also undertake post-commissioning operation and maintenance services.
Dec 21, 2023, 10:59 am IST
Indian Rupee Losses Value Against Euro and USD, While GBP Stays Stagnant
USDINR December Futures currently float at Rs. 83.27/- range, a 0.08% increase amidst red flags on today's Indian capital markets, starting to breach the previous resistance levels. Euro jumps sharply against INR today rising around 0.14% to reach Rs. 91.19/-. In contrast, GBP stays unchanged as per the previous session at Rs. 105.28/- range.
Dec 21, 2023, 10:51 am IST
Marine Electricals India Limited Receives Orders From Multiple Corps.
The company has gained orders amounting to Rs. 27.97 crores (net). Orders have been received from Hooghly Cochin Shipyard Limited, Garden Reach Shipbuilders & Engineers Ltd., Kolkata, Garden Reach Shipbuilders & Engineers Ltd., Kolkata, and Deepak Chem-Tech Ltd., Bharuch. Share prices of the company positively rallied by 4% to reach 92.25/-, almost 7.5% below the 52-week high.
Dec 21, 2023, 10:35 am IST
Nifty Top Gainers & Losers In Early Sessions Today
Power Grid, LTIM, and Britannia grab the top position rising 1.1%, 1%, and 0.9% respectively while the overall nifty remains in red by 0.38%. Bears pushing Axis Bank, L&T, and SBILife with selling pressure to currently float 2.7%, 2.3%, and 1.7% below the previous close respectively. Tata Steels gains the highest volume with ONGC.
Dec 21, 2023, 10:20 am IST
KP Group Places Major Deal With Suzlon Energy Limited
The order comprises 92 wind turbines of the S120-140-HLT model with a rated capacity of 2.1 MW each, to be supplied by Suzlon. Out of this order of 92 wind turbines, KPI Green Energy Limited (the Company) has awarded the order of 50 wind turbines, representing a capacity of 105 MW, KPIG Energia Private Limited has awarded the order of 41 wind turbines representing 86.1MW capacity and KP Energy Limited has awarded the order of 1 wind turbine of 2.1MW, to Suzlon. The project will be developed at the Vagra-Vilayat site in Bharuch district.
Dec 21, 2023, 10:00 am IST
Piramal Enterprises Allocates for 83% of Investment in AIF Units
Piramal Enterprises Ltd. is set to allocate provisions for 83% of its investment in Alternative Investment Fund (AIF) units. According to a Thursday exchange filing, the combined value of investments in AIF units made by Piramal Enterprises and Piramal Capital & Housing Finance Ltd. amounts to Rs 3,817 crore.
Dec 21, 2023, 9:48 am IST
Samvardhana Motherson Extends Acquisition Timeline For Irillic
The closing timelines for the acquisition of a 73.05% stake in Irillic Pvt Ltd by Samvardhana Motherson have been mutually extended to the end of February 2024 from December 2023. This extension is a result of the ongoing fulfillment of condition precedents for the transaction.
Dec 21, 2023, 9:42 am IST
Mazagon Dock Signs Deal With Defence Ministry
The Ministry of Defence has inked a Rs 1,614.89 crore deal with Mazago Dock for the acquisition of six next-generation offshore patrol vessels for the Indian Coast Guard.
Dec 21, 2023, 9:38 am IST
AstraZeneca To Introduce Enhertu In The Indian Market
AstraZeneca is set to introduce Enhertu to the Indian market in January 2024. The drug is prescribed for the treatment of adult patients with unresectable or metastatic HER2-positive breast cancer, who have previously undergone an anti-HER2-based regimen.
Dec 21, 2023, 9:35 am IST
Zee Entertainment Gets CMEPL & BEPL Communication
Zee Entertainment has announced that it has received communication from CMEPL and BEPL, indicating their intention to engage in good-faith negotiations as mandated by the merger cooperation agreement.
Dec 21, 2023, 9:32 am IST
Cochin Shipyard Bags Contract From Defence Ministry
On December 20, Cochin Shipyard Ltd (CSL), a state-run entity, secured a firm contract valued at Rs 488.25 crore with the Ministry of Defence (MoD) for the brief refit of an Indian naval vessel.
Dec 21, 2023, 9:26 am IST
Market Sees A Gap-Down Opening, Nifty Near 21,000 Mark
On December 21, Indian indices opened with a gap-down, and the Nifty was trading around 21,000. The Sensex showed a decline of 400.65 points or 0.57 percent, settling at 70,105.66, while the Nifty witnessed a drop of 128.50 points or 0.61 percent, standing at 21,021.70. Market activity reflected 541 advancing shares, 1727 declining shares, and 85 shares remaining unchanged.
Dec 21, 2023, 9:16 am IST
Rupee Opens Flat Against US Dollar
The Indian rupee commenced trading unchanged at 83.18 per Dollar, maintaining parity with the previous closing rate of 83.17.
Dec 21, 2023, 9:01 am IST
Crude Snaps 3-Day Gaining Streak, Brent Below A Barrel
Oil prices dropped after a three-day uptrend as attention shifted from Red Sea threats posed by Houthi rebels to a notable jump in US supply. West Texas Intermediate, sliding as much as 1% in early Asian trading to dip below a barrel, had already started trending downward at the close of Wednesday's session. This decline was prompted by government data revealing a record-high US crude production of 13.3 million barrels per day last week. Simultaneously, the Iran-backed militant group issued a warning to Washington, stating they would retaliate if the US opted for military attacks on their bases.
Dec 21, 2023, 8:58 am IST
Asian Markets Open Lower Tracking Weak Global Cues
Asia stocks follow the lead of US losses as the global rally hits a snag. On Thursday, shares in Asia experienced a decline following the pause in a worldwide stock market upswing, despite a slight uptick in the bond market fueled by predictions of reduced interest rates.
Equities in Australia, Japan, and South Korea saw a decrease, and futures for Hong Kong benchmarks also indicated losses, mirroring the selling pressure observed in New York that resulted in a 1.5% drop in the S&P 500 index. The Nasdaq 100, dominated by tech stocks, mirrored this decline, matching the 1.5% decrease and erasing earlier session gains that initially propelled the gauge to an intraday record. In early Asian trading, US futures showed a moderate increase.
Dec 21, 2023, 8:54 am IST
S&P 500 Registers Worst Fall In 2 Months
The S&P 500 experiences its most challenging day in two months as the global rally comes to a halt. On Wednesday, high-performing stocks faced one of their toughest sessions in months following Wall Street's caution about a potential pullback in the rally triggered by the Federal Reserve's recent shift. The Nasdaq 100 recorded a significant 1.5% decline, marking its most substantial one-day drop in eight weeks, as the tech-focused benchmark retreated from its recent record high. Concurrently, the S&P 500 mirrored this descent, registering a similar pace in its most pronounced decline since September 26.
Dec 21, 2023, 8:45 am IST
Market Outlook
Mr. Aditya Gaggar, Director of Progressive Shares said, "The market witnessed one of the steepest falls in the recent past (in terms of points) on 20th December trade by ending the day at 21,150.15. With a strong bearish candle at record levels, it seems that the short-term trend turned in favor of the bears but in the lower timeframe, it is developing a possibility of a hidden bullish divergence, and if the index reverses from the support zone of 21,040- 21,080, we can expect a recovery in the markets which will be restricted to 21,380. GIFT Nifty is also indicating a muted opening around the mentioned support range, and hence initial 30-40 minutes of opening will be crucial for the markets. All the sectors corrected sharply from their record levels, one should wait for the market to stabilize and then deploy their money. Traders need to remain cautious while this correction will provide good buying opportunities to the Investors."
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