Indian equity markets extended their winning streak for the third consecutive session on December 3, with broad-based gains led by media and PSU bank stocks.
At the close, the Sensex jumped 597.67 points or 0.74% to settle at 80,845.75, while the Nifty climbed 181.10 points or 0.75% to end at 24,457.15. Market breadth was positive, with 2,647 shares advancing, 1,190 declining, and 99 remaining unchanged.
Top Nifty gainers included Adani Ports, NTPC, Adani Enterprises, Axis Bank, and SBI. On the flip side, Bharti Airtel, ITC, Hero MotoCorp, HDFC Life, and Sun Pharma were the day's laggards.
Except for FMCG, all other sectoral indices ended in positive territory. Media and PSU Bank indices led the rally, each gaining over 2%. The BSE Midcap and Smallcap indices also posted strong gains, rising 1% each.
The Indian rupee closed flat at 84.69 against the US dollar, marginally higher than the previous close of 84.70.
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Dec 03, 2024, 3:47 pm IST
Market Rallies for Third Straight Session; Nifty Nears 24,450
Indian equity markets extended their winning streak for the third consecutive session on December 3, with broad-based gains led by media and PSU bank stocks.
At the close, the Sensex jumped 597.67 points or 0.74% to settle at 80,845.75, while the Nifty climbed 181.10 points or 0.75% to end at 24,457.15. Market breadth was positive, with 2,647 shares advancing, 1,190 declining, and 99 remaining unchanged.
Dec 03, 2024, 3:19 pm IST
Hindustan Unilever Pays Rs 192.55 Crore Towards Outstanding Tax Demand
Hindustan Unilever Limited (HUL) has complied with the Assessing Officer’s directive by making a payment of Rs 192.55 crore, representing 20% of the total outstanding tax demand of Rs 962.75 crore. The tax demand, raised by the Income Tax Authorities, includes Rs 329.33 crore as interest and pertains to HUL's acquisition deal with GlaxoSmithKline. The payment aligns with ongoing proceedings related to the case.
Dec 03, 2024, 3:00 pm IST
Sundaram Auto Components to Divest Plastic Component Solutions Unit for Rs 215.3 Crore
The board of directors of Sundaram Auto Components, a subsidiary of TVS Motor, has approved the sale of its injection-molded plastic component solutions division to Pricol Precision Products. The transaction, valued at Rs 215.3 crore, will be executed on a slump sale basis.
Dec 03, 2024, 2:45 pm IST
Nazara Technologies Expands Horizon with Stake in Funky Monkeys and Nodwin Gaming Investment
Nazara Technologies has ventured into physical entertainment by acquiring a 60% stake in Funky Monkeys Play Centers, a prominent player in indoor soft play centers for children, for Rs 43.7 crore. In addition to this strategic move, Nazara plans to invest up to Rs 64 crore in Nodwin Gaming by subscribing to its optionally convertible preference shares (OCPS), marking a significant step in its growth strategy.
Dec 03, 2024, 2:04 pm IST
Nifty Prediction Today By Akshay Chinchalkar, Head of Research At Axis Securities
The Nifty rose for a second straight day, and is now at a point where a potential head-and-shoulders bottom may be confirmed. The level to watch out for is 24315 for the day, and any close above this hurdle will activate the pattern with a smaller upside objective near 24,800 followed by the larger target near 25,500. Any drop that brings the market below 23,873 after pattern confirmation will force this bullish take to be reviewed. In the meantime, the 24360 - 24540 area continues to remain significant.
Dec 03, 2024, 1:38 pm IST
Market Outlook Today By Sameet Chavan, Head Research, Technical and Derivative - Angel One
The recent uptick in market participation, along with an increase in buying activity among index-heavyweight stocks, has significantly lifted investor sentiment. From a technical perspective, the Nifty index is now approaching a formidable resistance level at 24350, where the 89-day and 100-day EMA confluence. Additionally, the resilience exhibited by the market last week reinforces a cautiously optimistic outlook for the benchmark index. On the lower end, the 20 DEMA placed around 24100 is likely to cushion any upcoming blips while 24000 remains sacrosanct support in the comparable period. Looking ahead, even though the key indices remain tentative and are likely to hover within a range, the broader market seems to have plenty of activity, so one must look for opportunities outside the broader space. Also, one must approach the markets with firm risk management until we witness any clarity in the overall market trend.
Ronak Mehta of JM Financial Institutional Securities said, “Nov’24 wholesale volume performance remained steady but was reflective of post-festive scenario where wholesale came off slightly across majority OEMs. With respect to wholesales, while PVs/2Ws reported low single-digit YoY volume growth, CV/Tractor vols. were flattish on YoY basis. In case of PVs, retail is led by positive response to recent UV launches / CNG vehicles. MSIL’s domestic PV wholesale volumes grew 5% YoY. Entry-level segment continued to remain muted (-5% YoY) and was offset by strong UV sales growth (+20% YoY). 2W wholesale performance stood steady and was led by strong double-digit growth in export vols. Domestic wholesales vols. were impacted by inventory correction. Near-term 2W demand remains contingent on response to new launches / rural sentiments. E2W momentum is expected to continue led by OEMs’ focus on new affordable launches, production and distribution expansion. In the CV segment, volumes were flattish YoY. Fleet operators’ sentiment remains stable supported by expected GOI spending on infra development. Healthy demand from STUs / private operators continues to reflect in strong sales for Bus segment. In the Tractor segment, wholesale volume was flattish on YoY basis. Overall sentiments remain positive led by high reservoir levels, favourable terms of trade and better MSP for Rabi crops thereby driving expectation of continued growth momentum during 2H. In PV segment, wholesales in near-term are likely to be a function of response to model launches. 2W demand is expected to witness steady momentum led by pick-up in rural demand. In case of CV segment, vols. are expected to witness gradual recovery led by strength in the underlying economy and higher GOI spending in 2H.”
Dec 03, 2024, 12:37 pm IST
Company Update: Swiggy | Key operating metrics could improve meaningfully in 2Q
Swapnil Potdukhe of JM Financial Institutional Securities Limited said, “Swiggy will report its first post-IPO results tomorrow and we expect an improving trend in most key operating metrics. In food delivery, the company is likely to deliver 6% QoQ growth, marginally better than 5% delivered by Zomato (BUY, TP INR 300), aided by growing traction for its co-branded credit card with HDFC Bank. Segment profitability too is likely to improve meaningfully to 1.8% (as % of GOV) vs. 0.8% in 1Q, on the back of lower platform discounts and operating leverage benefits. While in Quick Commerce (Instamart) we forecast 15% QoQ vs. 25% delivered by Zomato’s Blinkit, losses at contribution margin level could come down to -1.7% vs. -3.2% in 1Q, driven by an uptick in take-rates and dark store and warehousing level operating leverage. At a consol. level, Adj. EBITDA loss could subside to INR 2.7bn vs. INR 3.5bn in 1Q. Overall, we expect investors to focus on the company’s relative performance vs. Zomato and management commentary on profitability improvement in food delivery and quick commerce businesses.”
Dec 03, 2024, 12:01 pm IST
Company Update: Reliance Industries | Near bear-case valuation; reiterate BUY
Dayanand Mittal of JM Financial Institutional Securities said, “The recent weakness in RIL’s share price (down ~15% in the last 2 months) seems primarily due to: a) 5-6% downgrade in consensus FY25 EBITDA estimate driven by weak O2C and Retail business earnings in 1HFY25; and b) limited clarity on Jio’s listing timeline. Further, this was aided by accelerated stake sale by FIIs (down 112bps in Oct'24 and down 169bps during Jul-Oct’24 to 22.5% at end-Oct’24). Hence, at CMP, RIL is trading near our bear-case valuation of INR 1,230. We expect RIL’s 3QFY25E EBITDA to be robust at INR 434bn (up 11% QoQ and 6.7% YoY) led by recovery in GRM, lagged impact of tariff hike and some recovery in Retail business growth driven by the festive season. We reiterate BUY as we expect its net debt to decline gradually as capex will not only moderate (INR 1.2trln-1.4trln p.a. vs. INR 2.3trln in FY23 and INR 1.3trln in FY24) but, importantly, also be fully funded by a gradual increase in internal cash generation. Be that as it may, we believe RIL could still drive a robust 14-15% EPS CAGR over the next 3-5 years with Jio’s ARPU expected to rise at 11% CAGR over FY24-28 with ARPU being on a structural uptrend given the industry structure, future investment needs, and the need to avoid a duopoly market. Clarity on the potential timeline and valuation for Jio’s listing could be a possible near to medium term trigger.”
Dec 03, 2024, 10:50 am IST
Bank of India Shares In Focus
With more than 16 years of experience managing funds, Bank of India Mutual Fund has launched the Bank of India Consumption Fund as its newest product through a New Fund Offer. Subscriptions for the scheme's NFO will be accepted from November 29, 2024, until December 13, 2024. The sectors that the portfolio focuses on include financial services, healthcare, consumer durables, and retail. The fund is appropriate for investors seeking long-term growth and aims to maximise gains by leveraging India's consumer-driven economy's broadening potential.
Dec 03, 2024, 9:55 am IST
Ironwood Education Ltd. Join hands with Trio Infrastructure Ltd.
India is the fastest growth in the world at 5.4% has breachr:d the USD consumption, especially Ironwood Education Ltd.. acquiring skills other than economy in the world resulting in the highest per capita per annum string 2024-33. The per capita income threshold. The trend worldwide is that this leads to spending. a provider of vocational education, giving an o education, which, given the above trend, attracts Trio's objer:tive and ability is to build world-class habitats, which gives IWan capital be o,n the same expand their physical infrastructure and thereby their This gives an opportunity establish annuity revenues from this business.
Dec 03, 2024, 9:44 am IST
Godrej Properties raises INR 6,000 crore through QIP
Godrej Properties Limited (GPL) (scrip id: GODREJPROP), a leading national real estate developer, today announced that it has raised INR 6,000 crore through the QIP route. The issue saw a strong demand of ~4X the size of the QIP and was fully covered with long only demand. The issue also had a healthy mix of leading international and domestic investors including GIC, Blackrock, Aberdeen, Norges Bank, SBI Pension, and ICICI Prudential life Insurance. As a result of the QIP, GPL’s Net Worth has increased by more than 50% while the equity dilution was 7.68%. GPL’s gearing ratio will come down to below 0.2:1 from 0.7:1 as of September 30, 2024.
Dec 03, 2024, 9:30 am IST
Schaeffler India appoints Shibi Mathew as Head of Human Resources and CSR
Schaeffler India, a leading motion technology company, has announced the appointment of Ms. Shibi Mathew as Head of Human Resources and Corporate Social Responsibility (CSR), effective 4 November 2024. In her role, Ms. Mathew will lead key HR functions and CSR initiatives for Schaeffler India as a member of the Executive Leadership Team, reinforcing the company’s commitment to fostering a culture of innovation, inclusivity, and sustainable growth. Ms. Mathew brings over 22 years of extensive experience in strategic and operational HR to Schaeffler India, along with a strong track record in pivotal leadership roles. Her expertise in building high-performing teams, coupled with her proficiency in Shared Services, Digitalization, Global Mobility, HR Analytics, and Diversity & Inclusion, will play a key role in enhancing Schaeffler India’s people-first approach and advancing its CSR agenda.
Dec 03, 2024, 9:12 am IST
Rupee Vs Dollar
Rupee drops to a fresh record low of 84.74 against the US Dollar
Dec 03, 2024, 8:46 am IST
Trade Setup: Nifty Rebounds To Begin December On A Strong Note; Midcaps Shine, 26,000 For Nifty?
The market kicked off the first trading day of December with optimism, recovering from initial weakness to close in the green for the second consecutive session. Despite a shaky start following disappointing GDP data, the Indian indices rebounded sharply as heavyweight stocks drove gains. Broader market indices outperformed their large-cap counterparts, with both midcap and smallcap indices surging over 1% each.
U.S. stock markets kicked off the week on a high note, with key indices scaling record levels on Monday. The Nasdaq Composite surged 0.97% to close at an all-time high of 19,403.95, driven by robust performances in technology-related stocks following strong gains throughout November. Similarly, the S&P 500 advanced 0.24% to settle at a historic peak of 6,047.15, reflecting broad-based buying momentum. While the broader market exhibited strength, the Dow Jones Industrial Average presented a mixed picture. It gained 0.58% earlier in the session but eventually shed 0.29% to close at 44,782, weighed down by declines in select blue-chip stocks.
Dec 03, 2024, 8:39 am IST
Asian Market Performance
Asian markets displayed some mixed activity in Tuesday’s session Leading the gains, Japan’s Nikkei climbed 1.69%, driven by strong investor sentiment and optimism surrounding corporate earnings. South Korea's Kospi followed closely with a 1.67% rise, supported by a rally in technology and auto stocks.
However, the mood was less optimistic in China, where the Shanghai Composite dipped by 0.28%, weighed down by concerns over slower economic recovery and regulatory uncertainties. Similarly, Hong Kong’s Hang Seng Index saw a decline of 0.36%
Dec 03, 2024, 8:33 am IST
Market Recap of the Previous Close
Yesterday, the stock market closed on a positive note, with the BSE Sensex rising 457.61 points (0.57%) to settle at 80,260.40, and the Nifty 50 gaining 142.90 points (0.59%) to close at 24,274.
Top performers on the BSE included UltraTech Cement (+3.53%), Maruti Suzuki India, JSW Steel, Mahindra & Mahindra, and Tech Mahindra. On the downside, NTPC fell 1.66%, followed by declines in HDFC Bank, Larsen & Toubro, IndusInd Bank, and Kotak Mahindra Bank.
Sectoral indices were broadly positive, with Nifty Realty leading the gains (+3.17%), followed by Nifty Metal (+1.16%) and Nifty Media (+1.09%). IT, Pharma, FMCG, and Banking sectors also recorded gains.
Dec 03, 2024, 8:32 am IST
Welcome to the Stock Market Live Blog
Good morning, and welcome right here in our live blog! As Sensex and Nifty set the pace today, we’re here to guide you through every market move.stay with us for real-time updates, insights from the equity market
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