The BSE benchmark Sensex today managed to hit a fresh new high as it crossed the 70,000 mark for the first time. The surge in the 30-pack index was led mainly by banking stocks. BSE Sensex ended the day with the gain of 102 points to 69,928. Meanwhile, Nifty50 gained 27.7 points to 20,997 on December 11, 2023.
From the pack of Sensex, shares of UltraTech Cement, Nestle, Power Grid Corp, IndusInd Bank, and NTPC emerged as the top gainers. Shares of Axis Bank and M&M turned out to be laggards.
"Global and domestic cues favour continuation of the ongoing rally in the market despite high valuations. FIIs turning buyers, strong DII inflows, exuberant retail investors and a thriving IPO market supported by strong economic fundamentals can sustain the rally in the short run ignoring the high valuations. The overarching message from the RBI on Wednesday was that 7% GDP growth for FY 24 is a conservative estimate. This is an indication of the growth momentum in the economy," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Indian benchmark indices traded almost flat in the afternoon trade on Monday. BSE Sensex was up 0.07% at 69,874.42 points at 1:14 pm IST, while Nifty 50 was almost flat at 20,977.75. The top gainers on Nifty 50 were Adani Enterprises (up 2.16%), UPL (1.91%), and ONGC (up 1.86%).
Indian market opened in green on Monday with Sensex and Nifty 50 extending their gaining spree and hitting new life-time high. The 30-scrip benchmark crossed its 70,000 mark, and touched a new historic high of 70,048.9. While the 50-scrip benchmark touched a new record high of 21,019.80 in the early trade. Midcaps and smallcaps rallied as well with BSE Midcap and BSE Smallcap rising by 111 points and 260 points respectively.
Banking, capital goods, oil & gas and IT stocks were top gainers in the opening bell, while financial stocks saw huge selling pressure.
The market consensus looks positive for the day!
Both global and domestic shares have continued their winning streak in December so far despite higher valuations. Indian equities have a boost from RBI's hike in GDP growth estimates to 7% for FY24, while maintaining status quo in-line with estimates.
Currently, markets have marked the early commencement of Santa Rally and as per analyst the recent FOMO-driven activity in the Nifty is poised to sustain positive momentum on Dalal Street, fueled by factors such as BJP's success, a decline in WTI Oil prices, and optimism about the Federal Reserve's monetary policy.
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Dec 11, 2023, 3:52 pm IST
2:1 Bonus Issue: Paul Merchants Hits Multiple Upper Circuits, Up 49% In 30-Days
Finance sector company Paul Merchants Ltd shares have been witnessing multiple upper circuits in last couple of days. The stock also traded several 52-week high as well ever since the company approved 2:1 bonus share. Paul Merchants shares gained 49% in last 1-month ever since its board approved bonus share on November 11 in the ratio 2:1. Paul Merchants shares jumped 88% in last 3-months and nearly doubled investors money in last 6-months with the return of 176%.
Large cap public sector undertaking Indian Railway Finance Corporation Ltd shares on Monday soared 8.29%. Current market price of Indian Railway Finance share on BSE is Rs 82.93 per share on BSE. Indian Railway Finance shares jumped 151% year-to-date and rallied 249% in last 2-years. Indian Railway Finance shares traded ex-dividend on November 10, 2023. If the current market price of Indian Railway Finance stock on BSE is taken into consideration, it offers a dividend yield of 1.85%.
Dec 11, 2023, 3:04 pm IST
Siemens Energy Offloads 18% Stake In Siemens India To Siemens Germany; Stock Up Almost 2%
Siemens Energy Holding has sold 64,101,646 equity shares (corresponding to 18% of the equity share capital) of Siemens India to Siemens Aktiengesellschaft. The stock was up 1.73% at Rs 3890.00 per share at 2:58 pm IST.
Dec 11, 2023, 2:41 pm IST
Paytm Share Price Up 0.79% At Rs 657.05
The share price of One 97 Communications (Paytm) traded 0.79% higher at Rs 657.05 per share at 2:36 pm IST. The surge in the stock's share price was seen after media reports claimed that the company is planning to invest approximately Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) for the development of a Global Payment Development Centre.
Dec 11, 2023, 2:01 pm IST
LIC Board Approves Share Capital Infusion Of Rs 25 Crore In LIC Mutual Fund Asset Management
The Board of Life Insurance Corporation of India (the Corporation), at their meeting held on Monday, December 11, 2023, has approved an infusion of the share capital of Rs.25 crore in LIC Mutual Fund Asset Management Limited on a preferential basis. LIC shares traded 0.19% higher at Rs 775.30 per share at 1:56 pm IST.
Dec 11, 2023, 1:07 pm IST
GRM Overseas Limited Sells Over 3% Stake In GRM Foodkraft Private Limited To Sauce.vc
GRM Overseas Limited has sold more than 3% stake in GRM Foodkraft Private Limited, a material subsidiary of the company to Sauce.vc (“Sauce”), a Consumer-Focused Venture Capital Fund. The share price of GRM Overseas Ltd traded 2.94% higher at Rs 194.10 per share at 12:56 pm IST.
Dec 11, 2023, 12:09 pm IST
Mazagon Dock Shipbuilders Shares Rise Over 5% On Securing Contract Worth Over Rs 1,145 Crore
Shares of Mazagon Dock Shipbuilders jumped over 5% in the intraday trading on Monday on securing an order worth over Rs 1,145 crore by Oil and Natural Gas Corporation.
The company said, "Oil and Natural Gas Corporation Limited (ONGC) has placed a Notification of Award of Contract on December 07, 2023 on Mazagon Dock Shipbuilders Limited for Part Replacement of Pipeline Project (PRPP) on a turnkey basis at a total lump sum price of Rs 11,45,10,47,012.06 including all taxes and duties." The stock was trading 3.58% higher at Rs 2129.65 per share at 12:04 pm IST on Monday.
Dec 11, 2023, 10:04 am IST
Coforge Nears 52-week high
IT giant Coforge share price rallied by nearly 2% on BSE. The stock touched an intraday high of Rs 5,900 apiece. The stock was near its 52-week high of Rs 5,915.75 apiece. Coforge has introduced the Quasar Responsible AI solution. As businesses progressively integrate AI, the notion of Responsible AI has become a crucial concern to guarantee that AI applications uphold ethical principles, fairness, security, and conformity with applicable regulations and
standards.
Dec 11, 2023, 9:59 am IST
Top Gainers And Losers On Sensex
Stocks like Ultratech Cement, IndusInd Bank, Kotak Bank, Tata Motors and HCL Tech are the top gainers. Stocks like JSW Steel, Asian Paint, Axis Bank, Wipro and M&M are top laggards.
Dec 11, 2023, 9:57 am IST
Top Gainers And Losers On Nifty
Stocks like ONGC, Coal India, UPL, IndusInd Bank, and Ultratech Cement are top gainers. Stocks like Dr Reddy's Lab, Asian Paint, Cipla, JSW Steel and Apollo Hospital are top losers in the early trade.
Dec 11, 2023, 9:54 am IST
Stocks To Watch
On Monday, December 11 hot stocks like Adani Enterprises, Zomato, Tata Motors, Adani Energy and JSW Steel are among the top 10 stocks that are likely to be in focus of the market watchers.
Dec 11, 2023, 9:53 am IST
Nifty Price:
Nifty opened below its 21,000 mark at 20,965.30, and soon picked up momentum to hit yet another lifetime high of 21,019.80. Currently, the index is trading at 20,999.30, up by 29.90 points or 0.14%. The index has gained by 50.4 points in the opening bell.
Dec 11, 2023, 9:51 am IST
Sensex Price
Sensex opened at 69,925.63, and rallied up to new historic high of 70,048.90. The benchmark corrected slightly but maintained its near-record level and traded at 69,935.21, up by 109.61 points or 0.16%. Overall, in the opening bell, Sensex gained by over 223 points.
Dec 11, 2023, 9:49 am IST
Nifty Outlook Today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "Nifty created yet another history scaling the 21000 landmark during the intraday session witnessing some volatility but regained strength in the second half to end on a positive note. As mentioned earlier, a decisive breach above 21000 levels is required to maintain the uptrend and expect for next higher targets of 21800-
21900 levels in the coming days with near-term support lying near 20550 zone of the rising trendline level. The
support for the week is seen at 68700/20600 while the resistance is seen at 71000/21400."
Dec 11, 2023, 9:47 am IST
Bank Nifty Outlook Today:
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "BankNifty also recorded new high scaling 47300 levels with bias maintained strong and with most of the frontline banking stocks well poised for further upward move, one can anticipate further rise in the coming
days with 46300 zone as the support zone visible from current levels. Bank Nifty would have a daily range of
46200–48600 levels."
Dec 11, 2023, 9:43 am IST
Rupee Price Outlook
Rahul Kalantri, VP Commodities, Mehta Equities" The USD/INR 27th December futures contract has been consolidating within a narrow range for an extended period. Upon analyzing the weekly technical chart, it is evident that the pair is currently trading above its moving average trend-line support level of 83.22, and the Relative Strength Index (RSI) remains above the 60 level. Despite the bullish indicators, there are signs of caution in the technical setup. The MACD is displaying a negative divergence, suggesting a potential weakening of the current trend. The pair seems to be stuck within a range, reflecting indecision in the market. According to the weekly technical chart, the pair has a support zone between 83.22 and 82.92, while resistance is established at 83.60-83.85. Given the prevailing tight range, it is anticipated that the pair may continue to trade within the confines of 83.15-83.70 during today's session.
Dec 11, 2023, 9:38 am IST
Crude Oil Prices Outlook
Rahul Kalantri, VP Commodities, Mehta Equities: Crude oil exhibited notable volatility, rebounding from a six-month low but succumbed to a seventh consecutive weekly decline in the international markets. On Friday, crude oil prices saw a recovery from their six-month lows, attributed to short coverings and bargain buying at lower levels. The resilience of crude oil prices was further buoyed by better-than-expected U.S. non-farm payroll data for November. However, the pessimistic growth projection for China in the 2024-2025 period and a 9% decline in Chinese imports during November may exert continued pressure on global oil prices. Additionally, the recovery of the dollar index from its lows poses a potential constraint on crude oil gains. Anticipating ongoing volatility, we project crude oil prices to fluctuate in today's session. Support for crude oil stands at .70–70.10, with resistance at .10-72.80 for the current session. In INR terms, crude oil finds support at Rs 5,880-5,810, while resistance is expected at Rs 6,090-6,150.”
Dec 11, 2023, 9:35 am IST
Santa Rally
Prashanth Tapse, Senior VP (Research), Mehta Equities:
In Friday's trading, the Nifty displayed a significant surge in bullish momentum, marking the early commencement of the "Santa rally" as it breached the unprecedented 21,000 level, reaching a historic high at 21,006. Despite market fluctuations, the Nifty remains the standout bullish performer. Analysis suggests that the recent FOMO-driven activity in the Nifty is poised to sustain positive momentum on Dalal Street, fueled by factors such as BJP's success, a decline in WTI Oil prices, and optimism about the Federal Reserve's monetary policy. All eyes are on the upcoming US Consumer Price Index (CPI) data for November. Nifty bulls are anticipated to explore new territories, and the recommended trades include buying Nifty in the 20850-20900 zone and Bank Nifty at the current market price, along with bullish perspectives on specific stocks like COFORGE, POLYCAB, LTTS, SBI, TATA CONSUMER, and PNB. The top stock to consider is POLYCAB, with a buy at CMP 5447, stop at 5327, and targets at 5507/5615, with aggressive targets at 5751, based on its momentum play in the inter-week strategy.
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