On Thursday's closing session, the benchmark indices closed on a green note amid mixed global cues. Nifty added 151.25 points or (0.70%) to close at 21,668.60 while Sensex ended 532.45 points or (0.75%) higher at 71,889.05 level. Bajaj Finance, Tata Consumer Products, NTPC, ONGC and IndusInd Bank were the top 5 winners whereas Dr Reddy's Laboratories, BPCL, LTIMindtree, HCL Tech, Hero Motocorp were the top 5 losers. All sectors ended in green with realty as the top performer with a gain of 6.75%.
Macrotech Developers rallied nearly 8% after the company finalised agreements for the acquisition of a 100 percent stake in Goel Ganga Ventures India Private Limited (GGVIPL). Godrej Properties stock jumped 7% intraday after the company on January 3 declared its acquisition of a 4-acre land parcel in Bengaluru for a luxury housing project.BSE Sensex gained 511 points or 0.72% to 71,867 and Nifty50 rallied 149 points or 0.66% to 21,660 at 12:40 pm on Thursday on January 4 following two consecutive days of fall. Meanwhile, investors continue to keep a vigil eye on the trajectory for US Fed rate cuts after December meeting minutes overnight highlighted officials viewing higher rates for some more time. Nifty Bank gained soared 430 points to 48,135 and Nifty Midcap 100 surged 565 points to 47,094 at 12:42 pm.
Meanwhile, NBCC (India) Ltd shares today hit 52-week high in trade today after it bagged new order worth Rs 98 crore.
Major gainers were Bajaj Group-backed stocks like Bajaj Finance, Bajaj Finserv coupled with NTPC, Tata Motors, Power Grid and Axis Bank. Meanwhile, stocks like Tata Steel, HCL Tech, Maruti Suzuki, TCS, and Tech Mahindra were top losers.
The upside was driven by buying in all sectoral indices. Utilities, power, financials, realty, capital goods, consumer durables, and healthcare emerging as top performers.
The domestic equities performance also comes after FOMC minutes under which Fed officials cited lower inflation risks, while being convinced that inflation was coming under control. However, the officials expressed concerns related to the damage that 'overly restrictive' monetary policy could do to the economy ahead. Accordingly, they agreed that a lower target range for key interest rates by the end of 2024 would be appropriate.
Meanwhile, market is also seeing bets with focus upcoming Q3 earnings.
Stocks like Hindustan Aeronautics (HAL), Carysil, and BSE are among top intraday picks. Stocks like SBI, Adani Ports, Jio Financial Services, Bajaj Auto, Maruti Suzuki, Vedanta, LIC India, Interglobe Aviation, Tech Mahindra, and LTIMindtree among others.
Meanwhile, the F&O ban list on Thursday included stocks like National Aluminium Company, Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indian Energy Exchange, SAIL and Zee Entertainment Enterprises.
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Jan 04, 2024, 3:04 pm IST
Persistent Systems Partners With AWS To Accelerate Generative AI Adoption
In order to quicken the rate of invention and development of generative AI solutions for customers, Persistent Systems and Amazon Web Services (AWS) have established a multi-year Strategic Collaboration Agreement. With the support of this strategic partnership with AWS, Persistent will be able to further enhance the effect it makes on its generative AI-embracing clientele. Through this partnership, Persistent will be able to work with AWS to develop proofs of concept that will enable customers to see concrete business benefits from generative AI. In addition, this will facilitate the recognition of use cases and the quick development of solutions using additional go-to-market funding from AWS. Continued early access to AWS's generative AI services and investments that will support customers' goals for growth, time-to-market, and enhanced client experience will be one of the main advantages for the joint clientele.
Jan 04, 2024, 2:40 pm IST
Paytm Shares In Focus
In order to provide Ayodhya Nagar Nigam with mobile payment capabilities utilising Paytm's innovative QR code, Soundbox, and card machines, One97 Communications Limited, the company driving the Paytm brand, announced that it has inked a memorandum of understanding (MoU) with the Nigam. With the much-awaited opening of the Ram Mandir in the city, this is meant to offer smooth mobile payment services. With this, in partnership with Ayodhya Nagar Nigam, the corporation would facilitate mobile payments in many departments. The company intends to implement Paytm card machines at cash collection facilities run by State Nagar Nigam departments, contingent on this Memorandum of Understanding. In the presence of the Honourable Mayor of Ayodhya Nagar Nigam, Shri Girish Pati Tripathi, this Memorandum of Understanding has been signed.
Jan 04, 2024, 2:37 pm IST
NBCC Bags Order From Civil Services Officers Institute(CSOI) Worth Rs 3.13 Cr
NBCC (India) Limited has been awarded an order of Rs 3.13 Cr for the renovation of swimming pool at Civil Services Officers Institute (CSOI), Vinay Marg, Chanakyapuri New Delhi from Civil Services Officers Institute(CSOI).
Jan 04, 2024, 2:30 pm IST
Jai Balaji Industries Hits All-Time High On NSE Today
Jai Balaji Industries Ltd. has devised a bold strategy to invest Rs. 1000 crore through internal accruals to increase its production capacity of high-grade ferro-alloys and ductile iron pipes. By consistently lowering debt and concentrating on these two products, the Kolkata-based iron and steel business, which had been declared non-performing assets (NPA) in 2016 with Rs. 3400 crore in debt on its books, has been able to turn matters around in the previous three years. Within the next two years, the corporation also aims to decrease its net debt to zero. On January 3, 2024, the price of a Jai Balaji share achieved an all-time high of Rs 807.6. On January 4, the price again broke above the 5% upper circuit filter on the stock markets, this time at Rs 848.90. The stock has a market value of Rs 13605 crore.
BSE Sensex witnessed a rally of 527 points or 0.74% to 71,883 and Nifty50 surged 153 points or 0.71% 21,671 at 1:41 pm on Thursday. Many real estate stocks witnessing sharp rally on Thursday as the Nifty Realty index surging nearly 6% to a fresh all-time high of 834.45. The rally were led by Sobha which gained nearly 14% to Rs 1272 apiece.
Macrotech Developers rallied nearly 8% after the company finalised agreements for the acquisition of a 100 percent stake in Goel Ganga Ventures India Private Limited (GGVIPL). Godrej Properties stock jumped 7% intraday after the company on January 3 declared its acquisition of a 4-acre land parcel in Bengaluru for a luxury housing project. Macrotech Developers rallied nearly 8% after the company finalized agreements for the acquisition of a 100 percent stake in Goel Ganga Ventures India Private Limited (GGVIPL). Godrej Properties stock jumped 7% intraday after the company on January 3 declared its acquisition of a 4-acre land parcel in Bengaluru for a luxury housing project.
Jan 04, 2024, 12:47 pm IST
NBCC (India) Bags 98-Cr Order, Surges 120% In 6-Months
Mid cap Navratna company operating in construction sector, NBCC (India) Ltd shares today hit 52-week high after it informed receiving new order worth Rs 98 crore. Last trading price of NBCC (India) share on BSE is Rs 88.50 per share with intraday gain of 0.57%. NBCC share offered shareholders return of 120% in last 6-months and rose 186% in last 3-years. NBCC (India) Ltd has a market capitalisation of Rs 15,912 crore.
Jan 04, 2024, 11:59 am IST
Angel One Share Price Hits Record High
Angel One Ltd witnessed a surge in its shares, reaching a record high, with an increase of over 7% on Thursday. This remarkable uptrend followed the brokerage's report of an extraordinary 200% growth in client acquisition during December 2023. In morning trading sessions, Angel One shares reached a peak of Rs 3,749 on the BSE, marking a substantial 7.68% surge from the previous close. The brokerage firm disclosed in a stock exchange filing that its client base experienced a notable 55.5% year-on-year expansion, reaching 1.94 crore in December 2023, compared to 1.25 crore in the corresponding period the previous year. Additionally, on a sequential basis, the client base demonstrated a steady 5.4% increase from November, rising from 1.84 crore to the reported figure in December. The impressive growth in client acquisition has evidently fueled investor confidence, driving Angel One shares to achieve this significant 52-week high.
Jan 04, 2024, 11:26 am IST
Chambal Fertilisers Board To Consider Share Buyback On January 8
Chambal Fertilisers and Chemicals have announced their intention to discuss a share buyback proposal during the Board of Directors' meeting on January 8. Consequently, the trading window for all designated persons of the company, including their immediate relatives, will remain closed until further notice.
Jan 04, 2024, 11:15 am IST
Vedanta Shares Climb On Approval From Bondholders To Clear .2 Billion Bonds Recast
Vedanta Limited observed gains of over 1% in its shares on January 4, following the approval from bondholders for the restructuring of .2 billion in four series of bonds by Vedanta Resources. In a statement released on January 3, Vedanta Resources, the parent company of Vedanta Limited, announced that over 97% of bondholders have given their consent for the restructuring of bonds set to mature within the next three years. Meetings for each of the four bond series are scheduled for January 4, with the company expected to announce the passing of the extraordinary resolution for each series after the conclusion of the meetings.
Jan 04, 2024, 10:51 am IST
Bajaj Auto Board To Consider Share Buyback On January 8
The board of Bajaj Auto is set to deliberate on a share buyback proposal on January 8. Following a 5% surge in the previous session prompted by this announcement, Bajaj Auto's shares experienced a decline in the early session on January 4. According to a regulatory filing by Bajaj Auto, the board will assess the buyback of fully paid-up equity shares, along with other related matters, in adherence to the relevant provisions of the Companies Act, 2013, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws.
Jan 04, 2024, 10:31 am IST
Poonawalla Fincorp's Reports A Rise Of 159% In Q3 Disbursements
Poonawalla Fincorp witnessed a remarkable surge in disbursements during Q3, reaching an all-time high of around Rs 8,730 crore, marking a substantial 159% YoY increase and a notable 12% QoQ growth. This substantial rise compares to disbursements of Rs 3,369 crore in Q3FY23 and Rs 7,807 crore in Q2FY24. The Assets Under Management (AUM) also experienced significant growth, escalating by 57% YoY and 8% QoQ, reaching approximately Rs 21,850 crore as of December 31, 2023.
Jan 04, 2024, 9:45 am IST
USD-INR outlook
Unsurprisingly, upsides did not appear to threaten the 83.4 region, which is required for a breakout move. The consequent pull back will find buying interest near 83.29, but slippage past 83.26 could eye 83.17, Anand James noted.
Jan 04, 2024, 9:44 am IST
Nifty Derivative Outlook
Nifty weekly contract has highest open interest at 22000 for Calls and 21500 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 21600 for Calls and 21250 for Puts in weekly and at 22000 for Calls and 20800 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 1.25%, increased future index shorts by 9.90% and in index options by 31.65% decrease in Call longs, 27.39% decrease in Call short, 29.33% decrease in Put longs and 17.27% decrease in Put shorts, stated Anand James.
Jan 04, 2024, 9:44 am IST
Nifty Outlook
Anand James, Chief Market Strategist at Geojit Financial Services said, "Intermittent buying attempts were visible throughout the day, but they weakened in the second half, ending up with a close near 21500. The day thus having played out in line with our expectations of bearish bias persisting as long as below 21693 region, we find no reason to take our eyes off the 21420/370 objectives set at the start of the week. However, the 12d EMA at 21485 does present Nifty with an opportunity to swing higher, prompting us to shift the upside marker to 21580, in which case, short covering may be attempted."
Jan 04, 2024, 9:43 am IST
Market Outlook
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "A predictable market trend is that high valuations will lead to corrections. The unpredictable part is the timing and the trigger for the correction. In the last few days, globally markets are correcting and the trigger for the correction is profit booking, which is normal and rational.
Markets have a tendency to overreact. Perhaps the sharp rise in the US market in response to the Fed pivot was a bit overdone. The marginal rise in the US bond yield is a reflection of the market concern regarding the timing of the expected Fed rate cut.
A good strategy now would be to move some money from the overpriced mid and small caps to the fairly- priced high quality large caps like the leading banking names."
Jan 04, 2024, 9:19 am IST
Rupee Outlook Today
Rahul Kalantri, VP Commodities, Mehta Equities: USD-INR's 29th January futures contract traded within a narrow range. According to the daily technical chart, the pair is currently trading above its moving average trend-line support level of 83.20, and the MACD is indicating positive divergence. While the RSI is above the 50 level, the pair is encountering strong resistance at higher levels. Upon closer inspection of the daily technical chart, it is evident that the pair has support at 83.20-83.05, with resistance levels at 83.50-83.70. To potentially test the resistance level of 83.50-83.70, the pair must sustain above 83.35; otherwise, it may revisit its support levels. It is recommended to monitor the levels of 83.25-83.45 for opportune entry points in the pair. A breakout on either side of this range could provide further guidance on the pair's future direction.
Jan 04, 2024, 9:18 am IST
Crude Oil Outlook
Rahul Kalantri, VP Commodities, Mehta Equitie: Crude oil exhibited significant volatility, initially witnessing a sharp decline in the early trading session. However, prices rebounded from their lows due to the shutdown of an oilfield in Libya and escalating tensions in the Red Sea. Protests in Libya compelled the closure of an oilfield responsible for producing 300,000 barrels per day. Additionally, Israel heightened its attacks on the Gaza Strip following the Red Sea tensions, providing support to oil prices. A bomb blast in Iran further increased geopolitical tensions in the Middle East, potentially bolstering crude oil prices. Nevertheless, the strength in the dollar index may impose limitations on potential gains. We anticipate continued volatility in crude oil prices during today's session. Crude oil finds support in the range of .10–71.50, with resistance expected in the range of .90–74.50 for today's session. In terms of INR, crude oil has support at Rs 5,990–5,940, while resistance is anticipated at Rs 6,120–6,190.
Jan 04, 2024, 9:17 am IST
Day Trade Guide Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: Amidst a prevailing atmosphere of pessimism, the Nifty faces a challenging start to the new year, marked by significant volatility and profit-taking on Dalal Street. While the first three trading days reflect a downturn in equity, caution is advised against premature panic. Wall Street's continued decline, a dip in bets for early rate cuts by the Fed, and elevated yields on the US Treasury note contribute to the apprehension. The Nifty's technical landscape sees bears capitalizing on overbought conditions, with key resistance at 22000 and support at 21307. The outlook is shadowed by anxiety over weak IT stock earnings. Trading strategies involve cautious moves on Nifty and Bank Nifty, while bullish prospects are highlighted for ADANI PORTS, COAL INDIA, ZEE ENTERTAINMENT, and SBI. The recommended stock to buy is ZEE ENTERTAINMENT, with an interweek strategy based on a breakout play.
Jan 04, 2024, 8:51 am IST
Adani Ports Share In Focus
Adani Ports, one of India's leading port operators, has undergone significant leadership changes and financial decisions, as announced on Wednesday, January 3, 2024. The founder and chairperson of the Adani Group, Gautam Adani, has been redesignated as the Executive Chairperson of Adani Ports, effective from January 4, 2024, until the conclusion of his current term on June 30, 2027.
Jan 04, 2024, 8:16 am IST
F&O Bank List
Meanwhile, the F&O ban list on Thursday included stocks like National Aluminium Company, Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indian Energy Exchange, SAIL and Zee Entertainment Enterprises.
Jan 04, 2024, 8:16 am IST
Stocks In News
Stocks like Hindustan Aeronautics (HAL), Carysil, and BSE are among top intraday picks. Stocks like SBI, Adani Ports, Jio Financial Services, Bajaj Auto, Maruti Suzuki, Vedanta, LIC India, Interglobe Aviation, Tech Mahindra, and LTIMindtree among others.
Jan 04, 2024, 8:16 am IST
Market Previous Peformance
On January 3rd, Sensex ended at 71,356.6, down by 535.88 points or 0.75%. While Nifty shed 148.45 points or 0.69% to end at 21,517.35. IT and metal stocks were the top underperformers of the market ahead of the Q3 earnings season.
Jan 04, 2024, 8:15 am IST
FOMC Minutes To Set To For Market
Investors will focus on the FOMC minutes of the December 2023 meeting on Wednesday. As per the minutes, Fed officials cited lower inflation risks, while being convinced that inflation was coming under control. However, the officials expressed concerns related to the damage that 'overly restrictive' monetary policy could do to the economy ahead. Accordingly, they agreed that a lower target range for key interest rates by the end of 2024 would be appropriate.
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