BSE Sensex declined 346 points or 0.48% to 71546 and Nifty50 fell 96 points or 0.44% to 21,569 at 1:40 pm on Wednesday dragged by IT and financial stocks tracking a decline in global markets. Nifty IT emerged biggest sectoral loser, declining nearly 2% and Nifty Metal declined over 1%. Nifty Bank fell 160 points to 47,600 and Nifty Midcap gained 80 points to 46,469.
Shares of Tata Steel Ltd witnessed a sharp decline of nearly 2% to 136.45 apiece in trade today.
"Market has turned highly volatile with profit booking triggered by high valuations. Even DIIs who have been consistent buyers are booking profits. Buying on dips also is happening simultaneously. These twin moves of profit booking and dip buying will keep the market highly volatile in the near-term," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Earlier, all Adani shares were top performers ahead of the Supreme Court's verdict on the Hindeburg report. Other stocks like Bajaj Finserv, ITC, Bajaj Finance, Nestle and M&M.
While stocks like JSW Steel, Tata Steel, Hindalco, Wipro, Infosys, HCL Tech, Tech Mahindra, IndusInd Bank and TCS were top bears.
Accordingly, IT stocks were the top underperformers in early trade, accompanied by metal and banking stocks. While oil and gas, FMCG, pharma and media stocks were top gainers.
In the early trade Gift Nifty traded in the red, while Asian shares performed on a mixed note as Chinese stocks struggled despite monthly private factory activity data strengthening for the second time in a row. However, trading in Japanese shares remained closed due to destruction caused by a series of earthquakes. Meanwhile, US equities took a beating as tech stocks fell with sharp selling in Apple shares.
Popular stocks to watch today are Adani Group shares, Adani Ports, Hero MotoCorp, Coal India, Avenue Supermarts, Yes Bank, Hindustan Zinc, Muthoot Finance, Easy Trip Planners, and Vedanta among others.
Meanwhile, stocks like Delta Corp, Indian Energy Exchange, SAIL, Zee Entertainment Enterprises, Balrampur Chini Mills and Hindustan Copper were added in the F&O ban list for Wednesday.
LIVE Feed
Jan 03, 2024, 3:47 pm IST
Sensex Tumbles By 0.75%, Nifty Falls By 0.69%, Top Gainers and Losers Today
Today's live session ended with Sensex falling more than 535 points to 71,356, while Nifty lost more than 148 points, falling to 21,517 levels. Bajaj Auto, Adani Ent. And Cipla is among the top gainers climbing 4.8%, 2.4%, and 1.6% respectively. Top losers are from the Metal sector, with Hindalco losing 3.8%, JSW Steel at 3.74% and Tata Steel falling at 3.04% today. Nifty PSU Banks gain the highest sector-wise by 1.15% and Nifty IT loses the most by 2.5%. USD Futures expiring Jan 5th are currently trading around Rs. 83.295/-.
Jan 03, 2024, 3:17 pm IST
Amber Enterprises India Acquires Stake In Ascent To Strengthen EMS Portfolio
On January 2, 2024, the Amber group, a leading domestic manufacturer and diverse B2B provider of electronic manufacturing services (EMS), signed formal agreements with Ascent Circuits Pvt. Ltd. to acquire a majority 60 per cent stake in Ascent. Amber's EMS portfolio will be strengthened by the acquisition, which will increase its local value addition and backward integration into PCB assemblies' passive components. This corresponds to the government of India's "Make in India" and "Atma Nirbhar Bharat" visions and the group's strategy of enhancing backward integration for its electronics (EMS) play into a variety of applications, including consumer electronics, automotive, aerospace and defense, and medical.
Jan 03, 2024, 3:01 pm IST
Dr. Reddy's Acquires MenoLabs To Address Perimenopause & Menopause
In the course of Amyris, Inc.'s ("Amyris") Chapter 11 sales process, Dr. Reddy's Laboratories Ltd. and its subsidiaries announced that it acquired the MenoLabs® business, a well-known women's health and dietary supplement branded portfolio. The whole line of MenoLabs supplements, which comprises seven branded goods intended to promote overall health and alleviate menopausal and perimenopausal symptoms, has been acquired by Dr Reddy's. Probiotics MenoFitTM and MenoGlowTM, dietary supplements Happy FiberTM and Well RestedTM,
“The MenoLabs acquisition will serve as a catalyst to accelerate growth in this space and build upon our aspiration to lead in the fast-growing women’s nutritional and wellness markets,” says Marc Kikuchi, Chief Executive Officer for Dr. Reddy’s in North America. “The acquisition complements Dr. Reddy’s U.S. selfcare and wellness business portfolio of brands and addresses unmet needs of consumers for sciencebased, research-driven products that provide relief from the symptoms of menopause. For these and many other reasons, I believe we are well-positioned to successfully integrate and grow the business.”
Jan 03, 2024, 2:46 pm IST
DroneAcharya Aerial Innovations Shares In Focus
DroneAcharya Aerial Innovations Limited on Wednesday acquired a majority stake, i.e. 51% in M/s PYI Technologies Private Limited. Following the share acquisition, the latter firm will now be regarded as DroneAcharya Aerial Innovations Limited's subsidiary. This strategic action is consistent with DroneAcharya's business goals and marks a significant turning point in the company's growth plan.
Jan 03, 2024, 2:14 pm IST
Adani Total Gas Collaborates With Shigan For Decarbonizing The Supply Chain
In an effort to decarbonise the supply chain and facilitate the switch to cleaner fuels like LNG and CNG, Adani Total Gas Limited (ATGL) and Shigan Quantum Technologies Limited (Shigan), a provider of alternative fuel system solutions for automotive, locomotive and stationary engine applications, today announced the signing of a Memorandum of Understanding (MoU). Both ATGL and Shigan will look into potential areas of cooperation under the MoU. Both partners will prioritise implementing sustainable solutions for fleet operators, such as those used by Adani Group firms in the cement, port, and logistics sectors, to help them adopt natural gas for transportation and mining applications. The LNG retrofitting solution will additionally explore additional applications such as marine machinery, locomotives, and stationary engines. The cooperation will look into creating e-mobility-based solutions for last-mile delivery businesses and use cases for green hydrogen as fuel for ICE (internal combustion engine) automobiles in addition to developing CNG/LNG-based retrofitment options.
Jan 03, 2024, 1:39 pm IST
Miniratna PSU RailTel Stock Bags Order From RVNL
Miniratna public sector undertaking RailTel Corporation operating in telecommunications sector today obtained new order from Rail Vikas Nigam Limited for Data Centre Hosting & Application Support services amounting to Rs. 35,08,09,200 (Excluding Tax) for service period of 3 Years. RailTel Corporation shares offered shareholders attractive return of 181% in last 6-months only. RailTel Corporation share hits its new 52-week high as well soon after bagging the fresh order.
Jan 03, 2024, 11:54 am IST
IPO Fundraising Declines By 17% In 2023
In 2023, IPO fundraising witnessed a 17% decline, with 57 Indian corporates raising ₹49,434 crore through main board IPOs. This marked a decrease from the Rs59,302 crore mobilized by 40 IPOs in the previous year, as reported by primedatabase.com, India's primary database on the primary capital market. Notably, excluding the substantial LIC IPO in 2022, IPO mobilization experienced a 28% increase from the previous year.
Jan 03, 2024, 11:34 am IST
MOIL Achieves Record Monthly Manganese Production, Shares Surge by 1.6%
Shares of the state-run company, MOIL, experienced a 1.6 percent surge in trading on January 3, following the announcement that the manganese ore producer achieved its highest-ever monthly output in December 2023.
In December 2023, MOIL recorded a production of 1.85 lakh tonnes, marking a significant 31 percent increase compared to the same month the previous year. The cumulative production for the current financial year up to December surpassed the previous year's figures by an impressive 41 percent, totaling 12.73 lakh tonnes of manganese ore.
On the sales front, the company also demonstrated robust growth, with a 40 percent increase in sales during the first nine months of FY24, reaching a total of 11.01 lakh tonnes of manganese ore.
Jan 03, 2024, 11:17 am IST
India's Manufacturing PMI Hits 18 Month Low In December
India's manufacturing PMI reaches an 18-month low of 54.9 in December, indicating a slowdown in the sector's expansion. Data released on January 3 revealed that despite the dip from November's 56.0, the manufacturing PMI remains above the crucial 50 level, signifying continued expansion for the 30th consecutive month. S&P Global, the compiler of the index, considers the December PMI print as indicative of a significant improvement in the sector's health.
The benchmark indices deepened their early losses, with the majority of frontline sectors grappling with declines. The Sensex witnessed a drop of 360 points, equivalent to 0.50%, at 71,531.36, while the Nifty experienced a decline of 108 points or 0.50%, at 21,557. In the market, 1,974 shares registered gains, 1,605 faced declines, and 154 remained unchanged.
Jan 03, 2024, 10:46 am IST
SC Orders SEBI To Conclude Ongoing Investigations In Adani Matters Within 3 Months
In the Adani-Hindenburg case, the Supreme Court has issued its verdict, directing the Securities and Exchange Board of India (SEBI) to finalize the pending investigations within a three-month timeframe. The Apex Court has asserted that there are no valid grounds raised to annul the amendment to the Foreign Portfolio Investment (FPI) and Listing Obligations and Disclosure Requirements (LODR) recommendations.
Jan 03, 2024, 10:27 am IST
Gensol Engineering Secures Rs 139 Crore Solar Power Project
Gensol Engineering Ltd, a leading provider of renewable energy project development services, has successfully secured a contract from Sarda Energy & Minerals for the development of a 33 MW AC solar power project in Chhattisgarh. The announcement was made through an official filing with the stock exchange.
The awarded project is designed to cater to the captive energy needs of Sarda Energy's Kharora plant located in the state. This initiative represents a significant step towards expanding sustainable energy infrastructure in the region.
Jan 03, 2024, 10:08 am IST
Adani Stocks In A Massive Rally
All Adani shares have skyrocketed in the range of 2% to as high as 14% in early trade, amidst a volatile market on Wednesday. Hindenburg saga has once again brought Adani Group-backed stocks into the limelight as the Supreme Court is likely to announce its verdict on the US short seller's allegations against the billionaire Gautam Adani's empire which led to a hundred of crores of market rout and investors lost huge chunk of wealth. Adani shares will be in focus on January 3rd.
Jan 03, 2024, 9:41 am IST
Top Gainers And Losers Of Opening Bell
All Adani shares were top performers ahead of the Supreme Court's verdict on the Hindeburg report. Other stocks like Bajaj Finserv, ITC, Bajaj Finance, Nestle and M&M.
While stocks like JSW Steel, Tata Steel, Hindalco, Wipro, Infosys, HCL Tech, Tech Mahindra, IndusInd Bank and TCS were top bears.
Jan 03, 2024, 9:41 am IST
Nifty Price
Nifty opened at 21,661.10 and touched an intraday high of 21,677 in the early trade before correcting and dropping to hit an intraday low of 21,578.10. Currently, the benchmark is trading at 21,580.85, lower by 84.95 points or 0.39%.
Jan 03, 2024, 9:41 am IST
Sensex Price
Sensex opened at 71,832.62 in the early trade, and touched an intraday high of 71,862. However, soon after, gave up the 71,800 mark and tumbled to hit an intraday low of 71,595.29. Currently, Sensex is trading at 71,569.67, down by 322.81 points or 0.45%.
Jan 03, 2024, 9:03 am IST
Day Trade Guide
Prashanth Tapse, Senior VP (Research), Mehta Equities said: “On the second trading day of 2024, Nifty and Bank Nifty experienced uneasiness marked by profit-taking, driven by a surge in COVID-19 sub-variant JN.1 cases in India. Described as a day of "volatility" on Dalal Street, the overbought technical conditions triggered panic among Nifty Bulls after it reached a new all-time high at 21,834.35. Buzzing stocks included DIVISLABS, ADANIPORTS, and SUNPHARMA as top gainers, while EICHERMOT, M&M, and ULTRACEMCO were the leading losers. Key indicators, including Nifty PCR and INDIA VIX, reflected market dynamics. Looking ahead, the benchmark may consolidate with Nifty's support at 21487 being a critical level, and aggressive upside targets at 22000 from a technical perspective.”
Jan 03, 2024, 8:35 am IST
Adani Ports Share In Focus
Adani Group-backed Adani Ports stock price will be in focus today as the company's board members will meet to consider the proposal of non-convertible debentures issue. Also, the company's cargo volumes jump 42% YoY in December 2023, while its portfolio ports deliver 300 MMT cargo milestone in a record 266 days. During 9M FY24, APSEZ handled 311 MMT of cargo, which is 23% YoY growth.
Jan 03, 2024, 8:33 am IST
Adani Shares In Focus
The port-to-power empire Adani Group's led stocks will be in focus on Wednesday as the Supreme Court is set to announce its verdict on Hindenburg's controversial report that led to billions of dollars worths market rout.
Jan 03, 2024, 8:30 am IST
Key Factors To Drive Market
The immediate focus will be on the upcoming Q3 earnings of IT companies coupled with auto sales, metal sales, upcoming FOMC minutes, and trends in global market. IT companies will be queued to declare Q3 results with TCS and Infosys being the first ones to declare financial results on January 11th.
Jan 03, 2024, 8:29 am IST
Stocks In Focus
Popular stocks to watch today are Adani Group shares, Adani Ports, Hero MotoCorp, Coal India, Avenue Supermarts, Yes Bank, Hindustan Zinc, Muthoot Finance, Easy Trip Planners, and Vedanta among others.
Jan 03, 2024, 8:28 am IST
Market Previous Performance
Sensex dipped by 379.46 points or 0.53% to end at 71,892.48, while Nifty 50 fell by 76.10 points or 0.35% to close at 21,665.80. Bank Nifty shed 472.65 points or 0.98% to finish at 47,761.65. Pharma, oil & gas, metals and media stocks were top performers, while banking, IT, FMCG, auto, and financials stocks were top losers on January 2nd.
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