The benchmark indices hit fresh all time high on December 4 driven by after state polls outcome pushed market momentum along with robust macroeconomic data and easing global interest rate hopes. BSE Sensex gained 1136 points or 1.68% to 68,618 and Nifty50 soared 346 points or 1.71% to 20,614, its fresh record high at 1:40 pm on December 4, 2023.
Meanwhile, Nifty Bank jumped 1243 points or 2.78% to 46,058 and Nifty Midcap surged 473 points or 1.09% to 43,856 at 1:41 pm on Monday.
HDFC Bank, ICICI Bank, Tata Tech, Reliance Industries and Adani Enterprises are most active shares on the NSE. Adani Enterprises shares soared 7.10% to Rs 2531.20 apiece.
Mid cap company operating in power sector, Kalpataru Projects International bagged new orders worth Rs 2263 crore on Monday and shares hit fresh 52-week high.
Prices of gold also witnessed a rally as 10 grams of 22 carat gold price got dearer by Rs 400 to Rs 58,850 and cost of 10 grams of 24 carat gold is Rs 64,200 after a rally of Rs 440.
Meanwhile, Jateen Trivedi, VP Research Analyst at LKP Securities said, gold reached a new record high of $2148, surging over 3% in early morning trade in Comex, In MCX prices opened gap up by strong 500rs near 64000 at 63950 as Comex Gold gave up gains from 2148$ high to 2085$ still a positive rally of 16$ compared to Friday's close. This was driven by expectations that the Federal Reserve will maintain interest rates this month and potentially cut them in 2024. Despite Fed Chair Jerome Powell's caution against premature rate-cut expectations, traders are confident in a 60% chance of a rate reduction in March, fully pricing in a cut by May. Weak data, including the below-estimate US ISM Manufacturing PMI and a slowdown in PCE inflation, supported a softer rate outlook. Continuing jobless claims reaching a two-year high further influenced the dovish Fed sentiment."
Reliance Industries, ICICI Bank, HDFC Bank gained between 1% and 3%.
Adani Group shares experienced a notable upswing, propelling the market capitalization to Rs 12 lakh crore, marking its highest point since January 31. Oil marketing companies continued their upward trend, with HPCL witnessing a 5% increase. Nearly 20 Nifty stocks reached either 52-week highs or all-time highs.
The collective market capitalization of listed companies reached a historic high of $4.10 trillion. Simultaneously, gold reached a record peak, with MCX Gold nearing Rs 64,000/10 gm. Defence stocks saw an uptick on expectations of sustained government orders, while the Rupee traded around 83.30 against the US Dollar.
The three major US indices closed higher on Friday on hopes that the Federal Reserve may put an end to rate hike cycles due to recent cooling in inflation rate.
On Friday, the S&P 500 soared by 0.59% at 4,594.63 points, the tech-heavy Nasdaq Composite advanced 0.55% to 14,305.03 and the Dow Jones Industrial Average rose 0.82%, to close at 36,245.50.
In the Indian stock market, the two benchmark indices Sensex and Nifty 50 closed higher on Friday, where Sensex gained 0.74% at 67,481.19 points, while Nifty 50 was up 0.67% at 20,267.90 points. All eyes will now be on RBI rate decisions, macroeconomic data including services PMI, and global trends.
The Indian rupee strengthened 10 paise to close at 83.30 against the US dollar on Friday.
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Dec 04, 2023, 1:49 pm IST
Amansa Holdings Offloads Rs 148 Crore Shares In Ceat
Amansa Holdings sold 7 lakh shares of Ceat, equivalent to 1.73% of paid up equity. The shares were sold by Amansa at an average price of Rs 2,115.86 apiece, amounting to Rs 148.11 crore. Current market price of Ceat Share on BSE 2158.40 per share with intraday fall of 0.56%.
Dec 04, 2023, 1:41 pm IST
Energy Stock Hits New High
Smallcap Stock Inox Wind Energy Touched a new 52-week high on Monday over its plan to pump in Rs 800 crore in Inox Wind. The stock is currently up by 10%.
Dec 04, 2023, 1:35 pm IST
Gold Prices At Record High
Gold is glittering the brightest ever as prices of these precious metals across the board have touched a new historic high. MCX gold price crossed the Rs 64,000 mark, and the 24-carat touched a record high of Rs 64,200 per 10 grams. 18-carat and 22-carat were also at their lifetime high levels. Meanwhile, spot gold topped its ,100 mark.
Dec 04, 2023, 12:44 pm IST
Kalpataru Projects Bags New Orders Worth Rs 2263 Cr, Shares Trade 52-Week High
Mid cap company operating in power sector, Kalpataru Projects International bagged new orders worth Rs 2263 crore on Monday. Current market price of Kalpataru Projects share on BSE is Rs 695.95 per share with intraday gain of 4.05%. Kalpataru Projects shares gained 105% in last 3-years and soared 9% in last 1-week only. Check details below:
Kalpataru Projects Receives New Orders: Kalpataru Projects International Limited (KPIL) & its international subsidiaries have secured new orders/notification of awards of Rs 2,263 crores. It consists of orders in the T&D business of Rs 1,564 crores in India and overseas markets, order in water business of Rs 458 crores, and orders in B&F business of Rs 241 crores.
Dec 04, 2023, 11:41 am IST
Kalpataru Projects Bags Project Worth Rs 1,564 Crore, Hits Record High
Kalpataru Projects International shares hit a historic peak in Monday's trading session, propelled by the company's Transmission and Distribution (T&D) business securing new orders valued at Rs 1,564 crore in both Indian and international markets.
Dec 04, 2023, 10:36 am IST
Adani Group Market Capitalization Crosses Rs 12 Lakh Crore
The Adani Group has achieved a market capitalization of Rs 12 lakh crore, marking its return to this valuation for the first time since January 31st.
Dec 04, 2023, 10:02 am IST
Adani Stocks Rise Up To 9% Today
Amidst the rally in the broader market, the share price of most Adani stocks traded higher today, surging up to 9% in the intraday trading. The share price of Adani Enterprises was up over 6% at Rs 2,510.90 per share at 9:58 am IST today. Adani Ports shares were up 5%, the share price of Adani Total Gas and Adani Green energy was up 5.45% and 8.26% respectively, at the time of writing this article.
Dec 04, 2023, 9:10 am IST
Market Outlook Today
Mr. Aditya Gaggar, Director of Progressive Shares said, "Indian markets commenced the December series on a strong foot and ended the week at a fresh high of 20267.90 by giving a V-shaped pattern breakout and as per the pattern, the target is 21,500. An early indication from GIFT Nifty suggests the beginning of the week at new record levels. Another positive sign for the market is the participation of the Banking stocks (Inverted Head and Shoulder Breakout in BankNifty, target- 46,300) and we are bullish on ICICI Bank which has given a breakout from a Symmetrical Triangle Formation. Our positive stance will remain on the Auto stocks with a buy-on-dips strategy (preferred picks- Bharat Forge, Eicher Motors, and Hero Motocorp). From the Energy segment, one should keep a watch on Tata Power (Cup and Handle Breakout). Consolidation in the FMCG comes to an end with a strong breakout and we believe heavyweight ITC will lead the sector rally ahead. Flag and Pole pattern breakout was confirmed in the Metal sector which indicates a continuation of the uptrend. There is a long way to go for the Pharma sector and we continue to advocate a buy-on-dips strategy."
Dec 04, 2023, 9:10 am IST
Morning Market View
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The state elections results have turned out to be a big event which can trigger renewed optimism and further rally in the market. Market likes political stability and a reform-oriented, market-friendly government. From the market perspective, the results were better-than-expected. The market has already partly discounted a BJP victory with a 500 point rally during the last 4 sessions. But the mood is so exuberant that the rally will continue. The global backdrop also is favourable with the US 10-year bond yield declining to 4.23%. An across the board rally in stocks is in the offing.
A restraining factor will be the valuations which are high and will get stretched further with the rally gaining momentum. In the near-term the market will ignore fundamentals and move up but soon high valuations will trigger some selling."
Dec 04, 2023, 9:02 am IST
Gold Prices Touch Fresh Record High On Monday
Gold prices touched a new record on Monday — with spot prices touching ,100 as the global rush for non-yielding bullion appears set to continue.
The current geopolitical uncertainty, a likely weaker US dollar, and possible interest rate cuts seem to have increased demand for the yellow metal.
Spot gold prices rose to a new record high of ,110.8 an ounce Monday before giving up some gains.
Dec 04, 2023, 8:53 am IST
Oil Prices Tick Higher As Geopolitical Tension In Mideast Returns To Focus
Oil futures edged higher on Monday as geopolitical tension in the Middle East returned to focus, raising concerns about supply from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth obscured the sector's outlook.
Brent crude futures jumped 0.4% higher to .16 per barrel as of 0018 GMT, while US West Texas Intermediate (WTI) crude futures gained 0.4% at .36 per barrel.
The share price of stocks that will remain on investors' watchlist on Monday include HUL, GAIL, Adani Group, Maruti Suzuki, Hero MotoCorp, and Tata Power.
Hindustan Unilever Ltd: HUL shares will remain in focus today as the company has decided to divide its beauty and personal care business into two separate divisions to increase focus on these high-growth segments as the competition from new-age brands is rising in the market.
GAIL: The share price of the PSU company will remain in focus today as the company has filed a claim worth .817 billion over non-supply of LNG cargoes by SEFE Marketing and Trading Singapore in the London Court of International arbitration.
Adani Group: The share price of Adani Group firms will remain in focus on Monday after a media report highlighted that the group is planning to raise 0 million via dollar bonds to prepay December 2024 bonds.
Gautam Adani-led Indian conglomerate is working on a plan to raise 0 million via dollar bonds next year, mainly to refinance a 0 million RG1 (restricted group 1) bond that will mature in December 2024, according to the Economic Times report. Recently, at Trust Group's India Debt Capital Market Summit 2023, Jusgeshinder Singh, CFO of Adani Group reportedly said that the group is looking to invest Rs 7 lakh crore in infrastructure in the coming decade.
Dec 04, 2023, 8:14 am IST
GIFT Nifty Indicates A Positive Start
GIFT Nifty on the NSE IX traded 0.71 higher at 20,638, signaling that the Indian equity market was headed for a positive start on Monday.
Dec 04, 2023, 8:11 am IST
Asian Markets Open Higher on Monday
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6%, led by gains in South Korea and Australia. Japan's Nikkei dipped 0.4% as the yen extended recent gains.
At the time of writing this article, South Korea’s Kospi was up 0.53% and the small-cap Kosdaq rose 0.53%. Japan’s Nikkei 225 was down 0.72% and the Topix declined 0.69%. Hong Kong’s Hang Seng index futures were down 0.42%.
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