Benchmark indices Sensex and Nifty hit fresh record high on December 5 for second consecutive session. BSE Sensex witnessed a rally of 355 points or 0.52% to 69,220 and Nifty50 gained 128 points or 0.62% to 20,814 at 1:52 pm on December 5, 2023. Nifty Bank soared 602 points or 1.30% to 47,034 and Nifty Midcap gained 106 points or 0.24% to 44,024 at 1:53 pm on Tuesday.
Meanwhile, Bajaj Group emerged as fifth business house to cross the Rs 10-lakh-crore mark in market cap. Among the several Bajaj Group stocks, Bajaj Auto witnessed 72% rise in 2023 so far. Current market price of Bajaj Auto share is Rs 6146.75 apiece. Bajaj Auto shares soared 87% in last 2-years.
Shares of Adani Green Energy Ltd hit 20% upper circuit today. Current market price of Adani Green Energy share on BSE is Rs 1348.00 apiece.
Meanwhile, shares of Adani Group companies witnessed a rally of up to 19% on December 5 after a report that a US agency found the charges made by Hindenburg Research against the Gautam Adani-led power-to-port conglomerate to be irrelevant.
International Development Finance Corp (DFC) conducted a due diligence investigation before extending the conglomerate a $553-million loan for a container terminal in Sri Lanka, according to a Bloomberg report.
From the pack of Sensex, the top gainers include M&M, ICICI Bank, SBI, Power Grid Corp, and Titan Company. Meanwhile, shares of HCL Tech, Infosys, and HUL turned out to be laggards.
On Monday, the benchmark indices closed at a fresh record closing high with the BSE Sensex surging 2.05% to 68,865, while the Nifty50 climbed 2.07% to 20,687, the biggest single-day gain since October 4, 2022. The positive performance of Indian equities on Monday showed that the market cheered BJP's sweeping victory in the three states - Rajasthan Madhya Pradesh and Chhattisgarh.
The Wall Street indices closed lower on Monday as traders accessed whether the market was getting ahead of itself following five straight winning weeks. The Dow Jones Industrial Average fell 0.11%, to close at 36,204.44, and the S&P 500 declined 0.54% to 4,569.78. The Nasdaq Composite declined 0.84% to 14,185.49.
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Dec 05, 2023, 2:01 pm IST
NECC To Acquire 20% Stake In SG Logistic, Shares Jump 254% In 3-Yrs
Small cap company operating in logistics sector, North Eastern Carrying Corporation Ltd (NECC) declared that it has inked a memorandum of understanding (MoU) with SG Logistic Management Private Limited (a group company of SG Group) to acquire 20% stake for an aggregate amount of Rs 20 crore in a phased manner, according to its December 4 BSE filing. However, NECC shares witnessed a decline of 0.16% to 31.45 per share. NECC shares offered shareholders return of 254% in last 3-years.
Dec 05, 2023, 12:54 pm IST
Adani Enterprises Shares Shine, Hit Upper Circuit After US Agency Finds Hindenburg's Accusations 'Irrelevant'
The share price of different Adani group firms extended a rally for the second day this week, surging up to 20% in intraday trading after the Gautam Adani got another clean chit from a US agency.
US Agency International Development Finance Corp (DFC) has concluded that the accusations against the Guatam Adani-led conglomerate weren't relevant, according to a Bloomberg report. This news reimposed investors' faith in the Indian conglomerate and was one factor that contributed to the stark jump in the share price of Adani group companies in today's intraday trading.
Today, Adani Total Gas shares were up 7.61% at Rs 787.90 per share at 10:48 am IST. Adani Green Energy shares jumped 19% at Rs 1336.40 per share at 10:49 pm IST. The share price of Adani Ports and Adani Power was up 9% and 6.44% respectively at the time of writing this article.
Dec 05, 2023, 12:49 pm IST
AVG Logistics Bags Contract From Indian Railways, Shares Rally 40% In 6-Months
Small cap logistics solution provider AVG Logistics Ltd shares gained 0.89% in trade today after the company informed in an exchange filing about bagging a contract from Indian Railways for operations of Leased Parcel Express Train. Last trading price of AVG Logistics share on BSE is Rs 322.75 per share. AVG Logistics shares soared 40% in last 6-months.
According to the BSE filing of the company dated December 5, 2023, “AVG Logistics Limited has secured a contract, valued at ~INR 150 Cr over 6 years, for lease of Parcel Cargo Express Train (PCET) from the Indian Railways. This special train, connecting Bangaloreto Ludhiana (Punjab), will complete one round trip every week over the next 6 years, totalling 313 trips.
Dec 05, 2023, 11:28 am IST
Dec 05, 2023, 11:15 am IST
Bharat Forge Hits 52-Week High, Up 2%
Bharat Forge shares reach a 13-month high as they trade with nearly a 2% gain on Tuesday. This surge follows the news that Class 8 truck orders in North America have reached their highest level in the past 13 months.
Dec 05, 2023, 11:00 am IST
Adani Green Raises Billion Debts For Construction Of Renewable Energy Park
Adani Green Energy secures billion in debt financing for the construction of the world's largest renewable energy park at Khavda. This significant project is set to contribute substantially to Adani Green's ambitious goal of achieving 45 GW of operational renewable capacity by 2030. Furthermore, the Khavda facility is expected to play a crucial role in advancing India's commitment to achieving net-zero emissions.
Dec 05, 2023, 10:01 am IST
Adani Stocks Extend Gains On Second Day Amidst Positive Trading On D-Street
The share price of most Adani group stocks extended gains on Tuesday. In today's early trade Adani Enterprises share rose 6% to Rs 2,678.2, while Adani Green Energy rose 5.3%. Adani Ports and Adani Total Gas shares were up over 4%.
Dec 05, 2023, 9:50 am IST
Rupee Depreciates 3 Paise To All-Time Low Of 83.41 Against US Dollar
Indian Rupee fell 3 paise to all-time low Of 83.41 against the US Dollar in the early trade on Tuesday.
Dec 05, 2023, 9:31 am IST
Morning Market Outlook Today
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The super Monday which delivered a 418 point rally in the Nifty is unlikely to be repeated with the same ferocity in the coming days. But the market construct stays bullish. The massive institutional buying of above Rs 7000 crores yesterday is a reflection of institutional confidence in the Indian market. It is important to understand that FPIs have reversed their selling strategy and have been consistent buyers during the last 7 days. There is accumulation happening in the frontline banking stocks. This, along with short covering and reasonable valuations, will keep this segment strong.
The market has the potential to go up by another 5 % in the next many weeks. Beyond that valuations will get stretched inviting correction in the market."
Dec 05, 2023, 9:30 am IST
USD-INR Outlook
Anand James, Chief Market Strategist at Geojit Financial Services said, "Dips eased off without having to stretch all the way to 83.19 and the consolidation thereof has allowed USDINR to get back into the upside trajectory. Breach of 83.4 should be expected to see a rise towards 83.65, while inability to do so could see yet another consolidation, without breaching 83.29."
Dec 05, 2023, 9:30 am IST
Nifty Derivative Outlook
Anand James, Chief Market Strategist at Geojit Financial Services said, "Nifty weekly contract has highest open interest at 21000 for Calls and 20500 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 21500 for Calls and 20500 for Puts in weekly and at 21500 for Calls and 20500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 29.23%, increased future index shorts by 0.89% and in index options by 38.85% in Call longs, 48.78% in Call short, 11.60% in Put longs and 60.00% in Put shorts."
Dec 05, 2023, 9:29 am IST
Nifty Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, "Whilie oscillators are at upper extremes calling for corrections, momentum had worked in favour of the upsides so far allowing Nifty to persist with the prevailing uptrend. But with VIX also rising, enroute a 20% gain which we are eying, our bets are on corrections finding buying interest again, atleast initially. Meanwhile, early trades in the vicinity of 20720 are likely to see buyers withdrawing, and our favoured point for such turnaround on the lower side is 20590 or 20500. Alternatively, a close above 20660 could call for 20880."
Dec 05, 2023, 9:28 am IST
Market Outlook Today
Aditya Gaggar, Director of Progressive Shares said, "The Indian equities started the week on a robust note and in the presence of a strong follow-through, the Index was traded in uncharted territory and finally settled at a fresh high of 20,686.80. The Index rally was primarily driven by the Banking stocks and our target of 46,300 on BankNifty has been achieved as well. Looking at the hourly charts, both Nifty and BankNifty are in an extremely overbought condition; however, an early indication from GIFT Nifty suggests another strong opening of the markets. It will be a wait-and-watch condition in the opening 30-40 minutes (sustainability at a higher level will be a key factor). Our preferred stocks from the Auto and Energy segments are performing as per the anticipation; and thus, we continue to remain bullish on the same (Eicher Motors, Hero Motocorp, and HPCL). From the Banking sector, Kotak Bank did give a breakout from an Inverted Head and shoulder formation with a considerable volume but we advise to opt for the buy-on-dips strategy in it. The FMCG sector is set to give a breakout from a continuation pattern known as Rounding Bottom, post the breakout, one can expect a sharp uptick in the sector. The star performer of yesterday's trade was the PSU Banking sector which has given a breakout from a Symmetrical Triangle Formation. A strong outperformance can be expected from the same (Central Bank and Union Bank Of India)."
Dec 05, 2023, 8:46 am IST
HCL Technologies, JSW Infrastructure, SpiceJet, Thomas Cook (India): Buzzing Stocks
HCL Technologies: HCL Technologies shares will remain in focus today as the company is reportedly holding negotiations with State Street Corp. to offload its entire 49% equity stake in joint venture State Street HCL Services for approximately 0 million.
JSW Infrastructure: The share price of JSW Infrastructure will remain in the limelight today as the firm's wholly owned subsidiary, JSW Dharmatar Port Pvt., has signed a share purchase agreement to buy over 50% of PNP Maritime Services Pvt. for Rs 270 crore.
Thomas Cook (India): Thomas Cook Ltd share price will remain in focus today as the company's promoter Fairbridge Capital (Mauritius) Ltd has completed an offer for the sale of 4 crore equity shares of Thomas Cook (India) Limited. The transaction is valued at Rs 5.58 crore.
SpiceJet: On Monday, the National Company Law Tribunal (NCLT) rejected a plea by aircraft lessor Willis Lease Finance Corp. to start insolvency proceedings against the cash-strapped airline.
Dec 05, 2023, 8:16 am IST
Asian Markets Trade Negative on Tuesday
The Global equity market including Japan, South Korea, and Australia, commenced trading on a negative note on Tuesday due to poor handover from Wall Street indices with all eyes on the upcoming release of critical US jobs data. The Nikkei 225 index fell 1.31% at 32,794.71, the Topix index slipped 0.77%, South Korea’s KOSPI fell 0.29% at 2,507.63, and Australia’s S&P ASX200 was down 0.90% at 7,060.40 points.
Hong Kong’s Hang Seng index futures were down 1.10% at 16,505.0 points.
Dec 05, 2023, 8:14 am IST
GIFT Nifty Indicates A Positive Start
GIFT Nifty traded 0.18% lower at 20823.5, signaling a negative start for the Indian stock market.
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