Share Market Highlights 02 January 2024: Sensex dips 379 pts; Nifty around 21,650; auto stocks face headwinds

Benchmark Sensex declined by 379 points on Tuesday due to profit-taking in bank and IT shares after recent sharp gains and fresh foreign fund outflows.

The 30-share BSE Sensex fell by 379.46 points or 0.53 per cent to settle at 71,892.48. During the day, it tumbled 658.2 points or 0.91 per cent to a low of 71,613.74.

The broader Nifty declined by 76.10 points or 0.35 per cent to close at 21,665.80. As many as 31 Nifty shares declined while 19 advanced.

The rupee depreciated by 11 paise to 83.32 (provisional) against the US dollar on Tuesday, amid a muted trend in domestic equities and dollar demand from importers.

Forex traders said foreign fund outflows and dollar demand from importers weighed on investor sentiments.

At the interbank foreign exchange market, the rupee opened at 83.28 and finally settled at 83.32 (provisional) against the dollar, down by 11 paise from its previous close.

“The market extended yesterday’s last hour’s sell-off, taking negative cues from Asian peers due to weak Chinese manufacturing data and mounting tensions in the Red Sea, which has the potential to disrupt global trade and crude supplies. Ahead of the impending results season, investors are adopting a profit booking strategy. Auto stocks declined on below-expected volume numbers, while pharma stocks were the standout due to catch-up in the US economy”

Bharat Aluminium Company Limited (BALCO), a subsidiary of Vedanta Limited, has received an Order from The Office of the Commissioner, Korba, confirming demand of GST for FY 2017-18 on account of procedural issue in terms of relevant provisions of the Central Goods and Services Tax Act, 2017 read with Integrated Goods and Services Tax Act, 2017 (‘GST Law’). 

Demand issued: GST of ₹22,75,32,098 along with applicable interest and penalty of 10% of the GST demand

The company has decided to file the appeal with the Appellate Authority within the time limit prescribed under the GST Law.

“A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future. Sentiment is expected to stay bearish as long as it remains below 21750. Any upward movement toward 21750 could encounter selling pressure. However, a clear breakout above 21750 could shift sentiment in favor of the bulls. Support is established at 21500 on the lower end”

Mahindra & Mahindra Financial Services has informed that in December 2023, it recorded overall disbursement at approximately ₹4,900 crore, delivering a 5% growth over previous year. The Q3 FY2024 disbursements at about ₹15,500 crore registered a growth of 7% Y-o-Y and the YTD December disbursement estimated at approximately ₹40,950 crores registered a growth of 15% Y-o-Y. 

The stock inched up by 0.56% on the NSE, at ₹276.75.

Alok Industries informed about the receipt of ₹3,300 crore from Relaince Industries for allotment of 9% Non-Convertible Redeemable Preference Shares of ₹1 each. Alok Industries stock hit 52- week high at ₹25.80, up by 20% on the NSE.

Arihant Superstructures Ltd (ASL) has signed a new Low-rise township project spread across 118 acres at Chowk, Off Old Mumbai-Pune Highway near Panvel, Navi Mumbai. The project is being acquired partly on outright basis and partly in a Joint-Venture transaction. The total development potential is estimated at 2 million sq. ft.

The company’s stock jumps 14.51% on the NSE, trading at ₹313.65. The stock hit its 52-week high today at ₹324.90.

Coal India (3.38%); Adani Ports (3.04%); Sun Pharma (2.87%); Cipla (2.52%); Divi’s Lab (2.47%)

Major losers:

Eicher Motors (-3.48%); M&M (-2.95%); Ultratech (-2.41%); LT (-2.31%); Kotak Bank (-2.20%)

The number of stocks that recorded a 52-week high was 364, and those that hit a 52-week low was 16.

Coforge (-2.24%)

Mphasis (-2.20%)

LTIMindtree (-1.95%)

Wipro (-1.65%)

Intellect Design Arena Ltd’s consumer banking arm, Intellect Global Consumer Banking, has renewed its licence agreement with one of Vietnam’s top five banks for its core banking solution, Intellect Digital Core (IDC), an eMACH.ai-based core banking platform.

The company has over 5 million individual and corporate customers and over $24 billion in assets. It will use IDC to introduce innovative products across banking services, including current and savings accounts, deposits, payments, lending, treasury, and trade finance.

The IT industry is likely to showcase muted QoQ growth in Q3 due to near-term challenges such as prolonged higher inflation & interest rate, delaying discretionary projects and slowing down future earnings growth. Valuations are above long-term average; however, margins are expected to improve led by cost-cutting measures, easing attrition and improvement in utilization. Despite industry challenges, there is optimism in the sector, which is driven in anticipation of the end of the rate tightening cycle, which is expected to accelerate the resumption of delayed projects. While future attention is on new demand emerging from technologies like generative AI, machine learning and cloud computing, as well as new deals won by Indian IT companies during 2023. In context to the recent rally of the sector, IT may endeavour volatility in the short-term, however don’t foresee substantial weakening, offering accumulation strategy

As the global monetary tightening comes to an end with the US Fed’s pivot, we are in for a long pause in the rate cycle at least for the next two quarters. RBI will also be on a long pause and though we expect rate cuts only in Q3 next calendar year, bond yields tend to move in advance of rate action and thus we believe that with the rate cutting cycle on the horizon investors can look to increase allocation to Fixed Income.

Investors with medium to long term investment horizon can look at funds having duration of 3-4yrs with predominant sovereign holdings as they offer a better risk reward currently. Investors having an investment horizon of 6-12 months can consider Money Market Funds as yields are pretty attractive in the 1yr segment of the curve. Dynamic Bond Funds and Gilt Funds are also likely to do well with fall in long end bond yields in anticipation of rate cutting cycle starting next year. We expect the benchmark 10yr bond yields to continue to fall and come down below 7% over the next couple of months.

Indian Markets:

Bond yields were stable in the last week of the year with the 10yr benchmark bond yield ending the week and the year at 7.18%. Money market yields came off towards the end of the week though the overnight lending rates stayed elevated close to the MSF rate. The current liquidity tightness in the banking system is due to the very high level of government surplus, which in our estimate is running close to Rs.4 lakh crore. 

We expect government spending to pick up as we go into the final 3 months of FY24. As the government spends, the interbank liquidity will improve leading to decline in money market yields. Towards the end of the week, news reports suggested a possible fuel price cut of up to Rs.10 and if this happens it will be positive for Inflation outlook. The country’s largest Bank, the State Bank of India increased deposit rates on some tenures of Fixed Deposit by up to 50bps. Bank of Baroda followed suit. 

Government left the small savings rate unchanged albeit for a 20bps increase in the Sukanya Samriddhi Scheme and a 10bps increase in the 3 year fixed deposit with post offices. State Bank of India, HDFC Bank and ICICI Bank continued to be classified as the three systemically important banks in India and citing contagion risks RBI hiked capital requirement for SBI and HDF Bank though the financial stability report forecasts a lower GNPA ration of all scheduled banks at 3.10% by September 2024 from 3.2%. It forecasts a GNPA ratio of 4.40% and a capital adequacy ratio of 12.20% in a severe stress case scenario which indicates a healthy outlook for Indian banking system even in stress case scenarios. 

The fiscal deficit number stood at 50.70% till November which means that government expenditure is likely to pick steam in the next three months. India’s Current Account Deficit came in at 1% of GDP in Q2 down from 3.8% in Q2 of last year and marginally better than the 1.1% number recorded in in Q1 of this year. Current Account Deficit is expected to increase in this quarter with the full year CAD expected to be in the vicinity of 1.50%.

Money Market rates up to 3 months came down by around 10bps with 3 month CD’s around 7.30-7.35%. INR was stable depreciating marginally by 6paise, ending the week at 83.21. Crude oil fell below 80 ending the week and the year at USD 77 a barrel.The Overnight Index Swap curve (OIS) curve was flat week on week with the 5yr OIS ending the week and the year at 6.20% unchanged from last week’s closing whereas the 1yr OIS closed the week and the year at 6.65% up 1 bps from last week’s closing of 6.64%.Recapitulating markets over the last 1 year, bonds markets have been stable and yields have traded in a range with the 10yr bond yield down 16bps in the year and the 5yr OIS down by 25 bps in the year. INR depreciated by 48 paise during the year.

International Markets:

Global bond yields were also stable with the benchmark US 10yr bond yield ending the year at 3.88% unchanged from last year’s closing of 3.87% though it masks the tremendous volatility in the US bond markets with the 10yr bond yield touching a high of 5%. It is only in the last couple of months that we have seen the US yields come down after the US fed signalled the end of the rate hiking cycle. The benchmark US 10yr yield has come down from 5% to 3.90% in the last couple of months and we expect some consolidation going ahead. 

Yields may retrace a bit going ahead. US bond markets are now pricing in 125 bps rate cuts in 2024 compared with the Fed dot plot of 75bps rate cuts. The Dollar Index continues to weaken ending the week at 101.33. While the rate hiking cycle has ended, global markets may again be turning a bit optimistic on the pace of rate cuts and we would be mindful of any recalibration in markets expectation of easing in monetary policy if incremental economic data remains strong especially in US.

The domestic equity benchmarks commenced Tuesday’s session in the red, influenced by mixed global market cues and a notable occurrence of profit booking at higher levels. Nifty is currently trading at 21,582.35, down by 160 points, while Bank Nifty is at 47,845, reflecting a decrease of 388 points.

Options interest (OI) data reveals that the call side has the highest OI at 22,000, followed by 21,800 strike prices. On the put side, the maximum OI is observed at the 21,700 strike price. Support for the Nifty50 index is anticipated to emerge at levels between 21,600 and 21,675, with a robust buy zone expected at 21,500-21,600.

Concerning Nifty Bank, support is predicted to be present at levels ranging from 47,925 to 48,075, with a strong buy zone identified in the 47,725-47,850 range.

The stock trades at ₹40.50 on the NSE, down by 0.49%.

Divine Power Energy Limited, a leading manufacturer of insulated wires and strips, aims to achieve Rs. 400 crore in revenue by March 2026. The Ghaziabad-based company intends to expand its production capacity by raising capital through an initial public offering (IPO). 

It has appointed Khambatta Securities as the Book Running Lead Manager for the issue.

DPEL manufactures insulated and bare wires as well as strips with copper and aluminum for its customers in India. Its product line includes Paper Covered Conductors, Fiber-Glass Insulation, Double Cotton Covered and Super-Enameled Insulation, widely used in transformers, motors and other electrical devices.

Adani Ports stock rises by 2.34% on the NSE, trading at ₹1,072.40.

Dry bulk cargo handling was up 63% while handling of containers increased by over 28% on a YoY basis.

Transformers and Rectifiers India has successfully fat tested multiple numbers of 210 mva, 420/√3/21 kv single phase generator transformers with indigenous technology to a client in India.

TRIL stock trades at ₹239.55 on the NSE, up by 0.61%.

Crompton Greaves has won an order to supply 188 solar photovoltaic water pumping systems.

HDFC Mutual Fund, one of India’s leading mutual fund houses has inaugurated 24 new branches across India. This is a strategic expansion initiative aimed at increasing penetration of mutual funds in India. These new branches will be opened at Angul, Coochbehar, Hazaribagh, Kharghar, Renukoot, Raebareilly, Balia, Muzaffarnagar, Firozabad, Chhindwara, Satna, Palanpur, Bardoli, Ratnagiri, Latur, Alappuzha, Thiruvalla, Vijaypura, Thoothukudi, Greater Noida, Solan, Dwarka, Sonepat and Sirsa. The unveiling of new branches positions HDFC Mutual Fund as one of the most accessible wealth creators in the country. 

Royal Orchid & Regenta Hotels Ltd’s shares jumped 7.15 per cent after the company inaugurated its seventh property in Himachal Pradesh. The property, Regenta Inn Luxinna, Bhagsung, is located in the tranquil hill town of McLeodganj.

Federal Bank reported that its total deposits reached ₹2,39,591 crore in December 2023, with a growth of 19% over ₹2,01,408 crore as of December 31, 2022. The Bank’s gross advances grew by 18% to ₹2,02,475 crore in December 2023 from ₹1,71,043 crore as of December 2022. 

The stock declines by 1.50% on the NSE, trading at ₹154.20.

Infrastructure finance companies (IFCs) focussed on the power sector are expected to disburse loans worth Rs 2.9 lakh crore in the current fiscal year, with 14 per cent of the total loan portfolio going to the renewable energy (RE) sector, ratings agency CareEdge said.

The state-run PFC and REC are two of India’s biggest lenders to the power sector. Power-focussed IFCs contributed 64 per cent of the total loan book of NBFC-IFCs (non-banking financial company) and IDFs (infrastructure debt funds), as on March 31, 2023.

Reliance Industries has subscribed 9% non-convertible redeemable preference shares of ₹1 each of Alok Industries for cash at par, aggregating ₹3,300 crore. 

Reliance Industries stock down by 0.40% on the NSE, trading at ₹2,579.95. Meanwhile, Alok Industries stock surged by 8.84% on the NSE, trading at ₹23.40.

Vodafone Idea has clarified regarding a news article captioned “Elon’s Starlink Tie-Up Talks In Market Pumps Vodafone Idea To The Skies In India”. 

The Company is not in any such discussion with the named party. We are not aware of the basis of the said news item, it said in a regulatory filing.

The stock falls by 5.29% on the NSE, trading at ₹16.10.

Crompton Greaves Consumer Electricals Ltd has bagged an order for 188 Solar pumps with value over ₹8 crore for supply, installation, and commissioning of Solar Water Pumping Systems (SWPS) with PV Modules under the PM-KUSUM Scheme at various location across the State of Haryana.

The company’s stock trades at ₹310.30 on the NSE, down by 1.13%.

Snowman Logistics, a leading cold chain and integrated temperature-controlled logistics service provider in India, has initiated operations at a newly leased multi-temperature-controlled warehouse in Guwahati, Assam. The total capacity of the warehouse is 5,152 pallets and this facility features eight chambers and four loading bays, equipped with the latest infrastructure. Specifically designed to accommodate products from ambient temperatures to minus 25 degrees Celsius, the warehouse will primarily focus on providing storage, handling and transportation services for ice cream, poultry, ready-to-eat food, dairy products, confectionery, bakery products, seafood, fruits and vegetables. Other products include pharmaceuticals, specialised chemicals and various commodities.

Gujarat Alkalies and Chemicals Ltd (GACL) has signed an MoU with Vedanta Ltd (Aluminium Business) for exploring various business opportunities in the areas of Caustic-Chlorine and other allied businesses. 

GACL stock is up by 1.67% on the NSE, trading at ₹824.15. Vedanta stock is down by 0.29% on the NSE, trading at ₹256.40.

MSTC informed that the Ministry of Steel has appointed Manobendra Goshal, Chairman and Managing Director of MSTC Limited, as Ex-officio Chairman of Ferro Scrap Nigam Limited (FSNL), a wholly owned subsidiary and assigned him additional charge of the post of Managing Director of FSNL, for a period of one year w.e . f 01.01.2024 or till further orders , whichever is earliest.

The stock trades at ₹640 on the NSE, down by 2.91%.

• Silver Spot : Rs 74,142 (per kilo)
• Standard Gold (99.5): Rs 63,290
• Pure Gold (99.9): Rs 63,544

Intellect Design Arena informed the exchanges that OTP Bank has chosen Intellect Digital Core (IDC) core banking system to power its banking experience. The contract was signed by OTP Bank represented by Péter Csányi, Deputy CEO, Chief Digital Officer of OTP Bank and András Becsei Deputy CEO for Retail, and Rajesh Saxena, the CEO of Intellect Global Consumer Banking.

Intellect Design Arena stock trades at ₹827.90 on the NSE, down by 0.14%.

Goldman Sachs: India’s external vulnerability remains low as: (a) import cover (measured as months of imports that FX reserves can fund) remains comfortable at around 11 months, higher than the pre-pandemic average of 9.5, and (b) FX reserves as a share of external debt of 99% is at its highest level in the last 10 years (excluding during the pandemic).

We continue to like the INR as a relatively low-vol carry currency. However, despite this “goldilocks” scenario, we expect the INR to underperform most EM Asia currencies as we expect the RBI to accumulate inflows and build FX reserves at every opportunity. We continue to expect the USD/INR to hover around 83.0-82.0 in the next 3-6 months, and then appreciate slightly to 81.0 over the next 12 months

Goldman Sachs: In 2024, we expect robust capital flows, driven by: (a) robust equity portfolio flows as the Fed starts the easing cycle, (b) robust debt inflows as India starts being included in the JPM GBIM global bond index (beginning June 2024), and (c) FDI inflows with India continuing to benefit from regional supply chain diversification.

These capital inflows should help offset lower net corporate dollar borrowing inflows owing to sizable maturities of earlier loans coming up in 2024. Overall, we project balance of payment surplus of $39billion in 2023 and $27billion in 2024

Sanginita Chemicals (19.91%)

Akash Infra-Projects (16.35%)

Rajshree Sugars & Chemicals (14.54%) 

CL Educate (13.69%) 

VST Industries (13.49%)

Strides Pharma Science board has approved investment in the securities of following entities: 

1) AMP Energy C&I Six Private Limited (AMP-6); and 2) AMP Energy C&I Eight Private Limited (AMP-8) 

According to company’s regulatory filing, “AMP-6 & AMP-8 are special purpose entities formed for purpose of setting up captive solar power projects in Karnataka. The proposed arrangement is in line with Strides’ commitment to enhance usage of renewable power source in Strides’ operations.”

The stock of Strides Pharma trades at ₹661.60 on the NSE, up by 1.12%.

Gujarat Tool Room Limited (GTL) has concluded the acquisition of 6 hectares of mines in Zambia.

The stock rises by 4.98% on the BSE, trading at ₹51.64.

State Bank of India stock: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt, said, “The stock has witnessed a decent rally in the last one month and has resisted near 660 zone with some consolidation seen thereafter. Currently a pennant formation is indicated on the daily chart and with some signs of improvement, we anticipate for further rise in the coming days. The RSI has cooled off from the overbought zone and is currently well placed to expect for second round of momentum. With the chart looking good, we suggest to buy and accumulate for an upside target of 700 keeping the stop loss at 620.”

Major gainers on the NSE at 12:

Coal India (2.80%); Divi’s Lab (2.69%); Sun Pharma (2.30%); Dr Reddy’s (1.84%); ONGC (1.78%)

Major losers:

Eicher Motors (-3.51%); Ultratech (-2.82%); M&M (-2.45%); LT (-2.25%); Wipro (-2.20%)

Stocks advanced on BSE at 12 noon on January 2, 2024, were 1,538 against 2,135 stocks that declined; 128 stocks remain unchanged. Total stocks traded were 3,801. The number of stocks that recorded a 52-week high was 310, and those that hit a 52-week low was 12.

Tata Asset Management Company launched four passive funds to attract fresh investment.

It has launched two Exchange Traded Funds (ETFs) and two Fund of Fund. 

Tata Gold ETF an open-Ended Exchange Traded Fund will replicate domestic price of Gold. The NFO closes on January 9.

Tata Gold ETF Fund of Fund, an open-ended fund of fund scheme, will invest in Tata Gold Exchange Traded Fund. NFO closes on January 16. 

Tata Silver ETF an open-ended Exchange Traded Fund replicate domestic price of silver and the NFO closes January 9.

The Tata Silver ETF Fund of Fund, an open-ended fund of fund scheme investing in Tata Silver Exchange Traded Fund and the NFO closes on January 16.

Kings Infra Ventures Ltd’s shares were up by 3.73 per cent after the company set growth targets for 2024 and announced the launch of “Kings Bento,” a line of ready-to-eat seafood delicacies, inspired by the Japanese concept of Bento. The product, developed in association with the Central Institute of Fisheries Technology (CIFT), will be available in Kerala from January 2024.

Bank Nifty (47,850): The trend is bullish for Bank Nifty. However, it has moderated over the past couple of sessions.

TVS Motor Company recorded monthly sales of 301,898 units in December 2023 with a growth of 25% as against 242,012 units in the month of December 2022.

Total two-wheelers registered a growth of 27% with sales increasing from 227,666 units in December 2022 to 290,064 units in December 2023. Domestic two-wheeler registered growth of 33% with sales increasing from 161,369 units in December 2022 to 214,988 units in December 2023.

Motorcycle registered a growth of 19% with sales increasing from 124,705 units in December 2022 to 148,049 units in December 2023. Scooter registered a growth of 34% with sales increasing from 76,766 units in December 2022 to 103,167 units in December 2023.

Bank Nifty opened today’s session with a gap-down at 48,194.80 versus yesterday’s close of 48,234.30. It is now hovering around 47,900, down 0.7 per cent.

Currently, all 12 stocks in the system are down, giving the index a bearish bias. AU Small Finance Bank, down 2.1 per cent, and IDFC First Bank, down 1.5 per cent, are the top losers.

Lloyds Metals recorded a 27% increase in Direct Reduced Iron (DRI) production and 169% growth in iron ore volumes on the iron ore front, reflecting its ability to capitalise on market opportunities and enhance production capabilities. The Company also started iron ore dispatches to the Mandovi River Pellets Private Limited (pellet plant) and marketed the same under the brand name “LMELPEL”. 

Lloyds Metal and Energy stock is up by 0.75% on the NSE, trading at ₹608.30.

Top gainers on the BSE at 11 am:

Allcargo (12.12%); MOL (9.31%); Lemon Tree (8.76%); Sparc (7.85%); PTCIL (7.71%)

Major losers:

Suryarosni (-4.47%); NLC India (-4.15%); Lodha (-4.01%); TeamLease (-3.96%); 360 One (-3.74%)

Veerhealth Care has secured a Preliminary Sample Export Order worth US$ 50,000 (₹ 41.50 Lakh Approx.) to manufacture & supply of Oral Care products to one of the top institutional supplier company in the United States of America.

The stock rises by 3.35% on the BSE, trading at ₹21.88.

KFin Technologies Limited has unveiled XAlt, a first-of-its kind, and integrated fund administration platform designed exclusively for Alternative Investment Funds (AIFs). The stock declines by 0.68% on the BSE, trading at ₹480.20.

NMDC informed the exchanges that the prices of Iron Ore has been fixed as under:

i) Lump Ore (65.5%, 6-40mm) @ ₹5,600 per ton. 

ii) Fines (64%,-10mm) @ ₹4,910 per ton

NMDC stock rises by 2.62% on the NSE, trading at ₹217.

nullSavitribai Phule Pune University (SPPU) integrates DroneAcharya’s courses in its credit - based academic schedule, allowing students to enroll for credit-based DGCA certified drone training via the university’s website. 

DroneAcharya Aerial Innovations stock down by 1.26% on the BSE, trading at ₹188.70.

TVS Motor (-3.17%)

Eicher Motors (-3.03%)

M&M (-2.73%)

Ashok Leyland (-2.72%)

Hero Motocorp (-2.16%)

Nifty 50 seems to be struggling to get a strong follow-through rise over the last few days. The index is now trading at 21,645, down 0.45 per cent.

Strong resistance is now in the 21,700-21,750 region. As long as the index trades below this resistance zone, the view will remain negative. So, a fall to 21,500 looks likely now.

Crude oil futures traded higher on Tuesday morning as the attacks in the Red Sea region raised increased fears of oil supply disruptions in the coming days. 

At 9.52 am on Tuesday, March Brent oil futures were at $78.28, up by 1.61 per cent; and February crude oil futures on WTI (West Texas Intermediate) were at $72.69, up by 1.45 per cent. Read more

ICRA Analytics: Indian equity markets rose with marginal gains as investors looking ahead for the economic data releases during the week which will provide insights on the economic growth. Strong buying in some of the key stocks helped to boost the market sentiments. However, lack of global cues due to holiday on the New Year’s Day coupled with profit booking in the final trading hours restricted the upside.

Bond yields increased in the first trading session of the new year 2024 as a higher-than-expected borrowing plan by the state governments hurt demand in secondary market.

Yield on the 10-year benchmark paper (7.18% GS 2033) rose by 2 bps to close at 7.20% as compared to the previous close of 7.18%.

Asian Paints has informed the exchange that an order dated December 29, 2023, was passed by the Assistant Commissioner of State Tax, Cuttack, Odisha, imposing penalty under provisions of the Central Goods and Services Tax Act, 2017, and the corresponding provisions of the Odisha Goods and Services Tax Act, 2017 (‘Acts’) for FY 2017-18 raised a demand amounting to₹1,53,67,014 (including interest) w.r.t disallowance of transitional credit and input tax credit (‘ITC’) on hotel accommodation and imposing a penalty of ₹7,45,310.

The Company has rightly availed the transitional credit and ITC and has also fulfilled all the conditions prescribed under the Acts w.r.t. availment of the credits. It said that it has a strong case based on merits and will be filing a rectification and/or appeal against the said Order within the prescribed timelines.

Asian Paints stock is down by 1.18% on the NSE, trading at ₹3,356.

Morning view on the market from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“The 1000 point rally in the Nifty in the last one month has imparted momentum to the market. Retail investors encouraged by the excellent returns of 2023 have turned exuberant and are chasing stocks, unmindful of the high valuations, particularly in the mid and small cap segments. Investors should not fall into the trap of ‘recency bias’ and chase low grade stocks in the broader market.

Declining dollar and US bond yields provide a favourable global context for equities. FII inflows in 2024 are likely to be huge and have the potential to lift high quality large-caps, particularly in segments like banking where valuations are fair.

An important trend to watch is the spike in the volatility index VIX to 14.5 which indicates that high volatility is round the corner. Yesterday’s sell off in the last 30 minutes is a warning that at higher levels there can be bouts of big selling.”

After reaching an all-time high in October 2023, Acuité Macroeconomic Performance Index (AMEP index) witnessed a moderation in November 2023 by dropping 9.1 %MoM. While this may be partly due to the typical seasonal moderation in economic activity post the peak festive season, this also reflects the likelihood of a slowdown in the robust pace of economic activity in the remaining fiscal period.

Nevertheless, the index has still shown an annualized growth of 6.8% during the month with only three indicators out of sixteen indicators recording a contraction. While the trade metrics – exports and imports continue to see an adverse impact of lower commodity prices and the global slowdown, diesel consumption has also declined vs a higher base in last Nov-22.

Mumbai-based Rays Power Infra, an integrated solar power company with implementation of solar power projects of 1,207 mega-watts peak, has filed its Draft Red Herring prospectus (DRHP) with capital market regulator Sebi to raise funds through for its initial public offering (IPO). 

The IPO with a face value of Rs 10 comprises fresh issue of equity shares up to Rs 300 crore and an offer for sale (OFS) of up to 2.99 million shares by Promoter Selling Shareholders. 

The offer for sale comprises of up to 1.4 million shares by Ketan Mehta, up to 7.78 lakh shares by Pawan Kumar Sharma, up to 7.78 lakh by Sanjay Garudapally. 

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders. 

The Company in consultation with the book running lead managers, may consider undertaking a further offer of equity shares, including by way of a private placement of equity shares, aggregating up to Rs 45 crore or a secondary sale by the promoter selling shareholders of up to 1.49 million equity shares or a combination thereof. If such placement is completed, the fresh issue size will be reduced. 

The proceeds from the fresh issue, to the extent of Rs 210 crore, will be used for funding incremental working capital requirement of the company and general corporate purpose. 

Established in 2011, this company emerged as an early participant in the solar park sector and has since evolved into a reputable provider of comprehensive solar engineering, procurement, and construction (EPC) services. Its growth has been driven by the escalating demand for renewable energy solutions in the country.

SRF shares trade at ₹2,469.60 on the NSE, up by 0.08%. The company had incorporated SRF Altech Limited, a wholly owned subsidiary, for setting up the manufacturing facility for manufacture of aluminium foil. The facility has been commissioned and capitalised on January 1, 2024, at an aggregate cost of ₹536 crore (approx).

R.P.P Infra Projects has received a letter of acceptance for a three new order of Construction of Integrated Storm Water Drain Works in M1 & M2 Components in Kovalam Basin in expended areas in Greater Chennai Corporation Package 4, covering various streets of zone 12 & 14 for the contract price of ₹70.50 crore and Package 5, covering various streets of zone 12 & 14 for the contract price of ₹53.17 crore and Package 8, covering various streets of zone 14 for the contract price of ₹59.92 crore is expected to be completed within 24 Months from the appointed date. 

The stock rises by 4.96% on the NSE, trading at ₹128.

Vedanta Resources Ltd. faces a moment of reckoning this week as Indian billionaire Anil Agarwal’s miner seeks approval for a proposal that could help it buy more time to honor its debt liabilities.

Bondholders have until Jan. 2 to give an early consent on a plan to push out due dates on $3.2 billion in bond repayments, a move that prompted S&P Global Ratings in December to cut the company’s rating deeper into junk.

Bharti Airtel Services, a wholly-owned subsidiary of Bharti Airtel, has entered into an agreement for the acquisition of 49.45 lakh shares or 97.1 per cent stake in Beetel Teletech, another Bharti Group company, according to a filing.

Pegging the cost of acquisition at Rs 669 crore, the filing said this acquisition is a part of the company’s strategy to enable indigenisation initiatives within its own ecosystem of telecom products in line with the Government’s ‘Make In India’ policy and add distribution and service capabilities (including system integration) largely for the enterprise business.

Ashok Leyland has recorded domestic and exports sales for the month of December 2023 at 16,324 units as against 18,138 units in December 2022. The stock is up by 0.54% on the NSE, trading at ₹186.95.

IndusInd Bank informed the stock exchanges that Arun Khurana – Executive Director & Dy. CEO of the Bank, has additionally taken over the Gems & Jewellery business from Bijayananda Pattanayak. Pattanayak, Head Gems & Jewellery business of the Bank, ceased to be the part of Senior Management upon his superannuation on December 31, 2023. 

The stock trades at ₹1,596.40 on the NSE, down by 0.15%.

Anand James, Chief Market Strategist at Geojit Financial Services on Nifty outlook, “After coming close to the 21860 objective that we had pencilled in last week a turn lower ensued, underscoring the several reversal signals that we had discussed yesterday. The chances of extension of uptrend to 22400 thereby stands reduced, and unless we see couple of hours of trade above 21740, Nifty appears poised to slide towards 21420/370.”

Major gainers on the NSE at 9:30 am:

Divi’s Lab (2.31%); Tata Consumers (1.75%); Dr Reddy’s (1.62%); Sun Pharma (1.33%); Cipla (1.17%)

Major losers:

Ultratech (-1.29%); Eicher Motors (-0.99%); M&M (-0.97%); Hindustan Unilever (-0.75%); Infosys (-0.73%)

Godrej Properties Ltd has purchased a 4-acre land parcel located in Yeshwanthpur abutting the National Highway - 75, one of the prime locations in Bengaluru. Stock inches up by 0.70% on the NSE, trading at ₹2,016.

On the global front, Stock futures were flat in overnight trading Monday as the market is poised to kick off the new year following a surprisingly strong 2023 that saw the S&P 500 rally 24%. Asian markets traded mixed in thin trading this morning after a series of powerful earthquakes hit western Japan on New Year’s Day and triggered a widespread tsunami warning. Whereas, the dollar held steady in Asian trade while oil prices rose after Iran sent a warship to the Red Sea in response to the destruction of three Houthi boats by the U.S. Navy over the weekend. On the domestic front, yesterday Auto Sales data for December came out that proved to be a mixed bag. Despite being a month when OEMs usually go for inventory clearances and limited dispatches to dealers, the Passenger Vehicle (PV) industry saw its wholesale numbers rise 4.4% to 2,87,904 units on a YoY basis. Furthermore, GST collections rose 10% YoY in December and a record high of 8.18 crore ITRs were filed in assessment year AY23-24 as of December 31, 2023. Yesterday key benchmark indices Sensex and Nifty hit new record highs in intraday trading on Monday before giving up all gains to end little changed. The benchmark Sensex and Nifty indices are likely to open marginally higher today as trends in the GIFT Nifty indicate a positive start for the broader index.

The 50 index opened on a flattish note, continued to move higher for most of the trading session, and scaled to new life highs of 21834. However, the index sharply declined in the final 30 minutes and closed flat. If the level 21590 remains intact, the opening hourly candle will likely set the tone for the trading session.

Crude oil futures traded higher on Tuesday morning as the attacks in Red Sea region increased fears of oil supply disruptions in the coming days. At 9.11 am on Tuesday, March Brent oil futures were at $78.30, up by 1.64 per cent; and February crude oil futures on WTI (West Texas Intermediate) were at $72.69, up by 1.45 per cent. January crude oil futures were trading at ₹6072 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6027, up by 0.75 per cent; and February futures were trading at ₹6109 as against the previous close of ₹6069, up by 0.66 per cent.

India’s benchmark indices, Sensex and Nifty, opened weak on Tuesday, following modest gains in the last session that triggered some selling pressure amid another record peak. The 30-share BSE Sensex fell 116.37 points to 72,155.57 in early trade. The NSE Nifty dropped 12.55 points to 21,729.35. 

Across Asia, markets saw marginal dips, influenced by contrasting economic data from China—official reports indicated a contraction in manufacturing, while a private survey indicated growth. Wall Street remained closed on Monday for the New Year holiday.

The domestic market’s resilience is under scrutiny as the Nifty and BSE Sensex face the challenge of sustaining upward momentum post Monday’s selling pressure, spurred by fresh record highs.

Foreign institutional investors offloaded shares worth Rs 856 crore on Monday, whereas domestic institutional investors net purchased stocks worth Rs 410 crore, as per exchange data.

In other news, Goods and Services Tax (GST) collections for December 2023 totaled ₹1,64,882 crore, marking a 10.28% increase from the same period last year when collections stood at ₹1,49,507 crore. December became the seventh month this fiscal year where average GST collections surpassed ₹1.6-lakh crore. November 2023 recorded GST collections of ₹1,67,929 crore.

Indian Link Chain Manufactures Ltd

Stock Split From Rs.100/- to Rs.10/-\u0009

Previous day Closing Price – Rs. 1786.75

Ex - Stock Split 03 January 2024 (Tomorrow)

Last day trade for before split Today

Nomura on Lupin: Maintain Buy on Company, target price at Rs 1593/sh (Positive) 

MOSL on Lemon Tree: Maintain Buy on Company, raise target price at Rs 150/sh (Positive) 

Antique on BHEL: Maintain Buy on Company, target price at Rs 230/sh (Positive) 

Citi on Delhivery: Maintain Buy on Company, raise target price at Rs4/sh (Positive) 

Emkay on Sagar Cement: Maintain Add on Company, target price at Rs 310/sh (Positive) 

Jefferies on JSW Steel: Upgrade to Hold on Company, raise target price at Rs 800/sh (Positive) 

Jefferies on Coal India: Maintain Buy on Company, raise target price at Rs 450/sh (Positive) 

Jefferies on Hindalco: Maintain Buy on Company, raise target price at Rs 725/sh (Positive) 

Jefferies on Tata Steel: Maintain Buy on Company, raise target price at Rs 160/sh (Positive) 

Jefferies on India Equity: Key Picks: Axis bank, ICICI Bank, Coal India, JSW Energy, TVS, Eicher, Bharti, Adani Ports and Kajaria (Positive) 

Citi on Infosys: Maintain Neutral on Company, target price at Rs 1695/sh (Neutral) 

Citi on Persistent: Maintain Sell on Company, raise target price at Rs 5035/sh (Neutral) 

Citi on LTTS: Maintain Sell on Company, cut target price at Rs 3510/ (Negative)

Price band revised from 10% to 5%: HPL Electric and Power. 

Ex/record Bonus Issue: Allcargo Logistics.

Jindal Saw: Promoter group Shradha Jatia bought 41,396 shares on Dec. 29. 

Ultramarine and Pigments: Promoter group S Narayan sold 9,000 shares on Dec. 29. 

MTAR Technologies: Promoter group K Vamshidhar Reddy sold 26,000 shares on Dec. 28. 

Deccan Gold Mines: Promoter Rama Mines Mauritius sold 78,040 shares between Dec. 27 and Dec. 28.

Silver prices are being supported by a weaker US Dollar and positive developments in China’s economic stimulus measures. However, concerns about a potential US recession and possible rate cuts from the Federal Reserve are weighing on the Greenback. Market expectations are now pricing in an 86% chance of rate cuts in March.

This week, investors will closely monitor the release of minutes from the last Fed meeting for further insight into potential rate cuts. Additionally, data on U.S. job openings and December non-farm payrolls will be important indicators to watch.

G R Infraprojects: Company gets a project in Madhya Pradesh, with annual transmission charges of Rs 41.9 cr

Power Grid: Company gets LoI for 20 GW inter-state transmission system in Rajasthan. 

TVS Motors: Monthly sales of 301,898 units in December 2023 with a growth of 25%. 

Kernex: South Central Railway has awarded an Order for Rs.109.46 crores to joint venture of the company for comprehensive signaling and telecommunication works. 

Auto Stocks: The Ministry of Heavy Industries extends the tenure of the Production Linked Incentive Scheme for Automobile and Auto Components by one year 

SJVN: Company gets approval to form four Joint Ventures in India & Nepal 

Gensol Engineering: Board approves raising up to Rs 300 crore via QIP 

Aviation and Oil Marketing PSUs: The tax on diesel and Jet fuel was cut to Nil. 

Adani Group stocks: Adani Group’s financial health is now far more robust than ever before in our 30-year history, says Gautam Adani 

Mining Stocks: India’s mineral output rose 13% in October: Government. 

Tinplate: Company gets NCLT nod for merger of company into Tata Steel 

Coal India: December coal production at 71.9 MMT, up 8.2% year-on-year. 

Alembic Pharma: Company received approval for various products, including Selexipag tablets, Rivaroxaban tablets. 

JTL Industries: Q3 FY24 sales volume reached 1,00,905 MT, up by 76.05% 

SRF: Company has successfully commissioned a new manufacturing facility for aluminum foil production 

NIBE: Nibe Limited has signed a Memorandum of Understanding with Munitions India Limited to develop new generation ammunition 

Surya Roshni: Company’s Lighting & Consumer Durable Segment now is debt free with zero borrowings for both long-term and working capital. 

Eicher Motors: Royal Enfield total sales at 63,387 units versus poll of 68,667 units. 

Container Corp: Received tax demand notice of Rs 3.57 cr from GST Department. 

Ultratech Cement: Grey Cement 25.44 mt +5% yoy, Consolidated 27.32 mt +6% yoy. 

BHEL: Company clarified that it still has not bagged the order worth Rs 19,400 crore from NLC India. 

Bharti Airtel: Company to acquire 97.1% stake in Beetel Teletech. 

South Indian Bank: Gross advances at Rs 77,713 crore, up 10.8% year-on-year. 

Asian Paints: Company receives GST demand notice of Rs 13.83 crore. 

Nestle India: Has received a tax demand of ₹46.4 crore under the CGST/SGST Act. 

LIC: Company gets GST demand including penalty of Rs 806 cr for FY18 

Hindustan Unilever: Company gets 5 tax notices from different states adding up to Rs 450 crore.

Gold prices rose slightly as investors anticipate interest rate cuts from the Federal Reserve in 2024. However, physical gold demand in India remained weak due to high local prices. The Fed’s December policy meeting indicated a dovish stance and predicted a 75 basis point reduction in rates for 2024. 

This week, investors will closely monitor the release of minutes from the last Fed meeting for further insight into potential rate cuts. Additionally, data on U.S. job openings and December non-farm payrolls will be important indicators to watch.

Oil prices jumped 1% on Tuesday, starting the New Year higher as a Red Sea naval clash focused attention on potential Middle East supply disruptions and expectations of Chinese economic stimulus boosted the demand outlook in the world’s top crude importer.

Brent crude rose $1.03, or 1.3%, to $78.07 a barrel by 0225 GMT while U.S. West Texas Intermediate crude was at $72.53 a barrel, up 88 cents, or 1.2%. - Reuters

As infrastructure and its many sub-segments took off sharply over the past couple of years and continue to thrive with heavy government investments and initiatives, many companies have benefitted from smart execution of such projects.

In this regard, NCC is a company that has been a key beneficiary of the focus on improvement in infrastructure across the country.

Leading FMCG maker Hindustan Unilever Ltd on Monday said it has received Goods and Services Tax demands and penalties totalling Rs 447.5 crore from the authorities.

In a regulatory filing, HUL -- which owns brands such as Lux, Lifebuoy, Surf Excel, Rin, Pond’s and Dove -- said these “orders are currently appealable” and it will make an assessment.

The company received a total of five orders passed from different zones of GST officials over issues such as disallowance of GST credit, salaries including allowances paid to expats etc on Friday and Saturday last week.

“The Orders were received by the company on 30th December, 2023 and 31st December, 2023, respectively and the intimation is being submitted today i.e. 1st January, 2024, being the first working day after receipt of the Orders,” said HUL. - PTI

Majority of the stocks of the Adani group of companies have ended 2023 with losses ranging from 8-73 per cent, indicating that the key companies in the group have not been able to recapture the former highs seen in 2022, prior to Hindenburg Research’s damaging allegations of fraud and stock price manipulation.

The losses have come despite the selective foreign portfolio investors and strategic investors picking up significant stakes in group companies during the year and injecting much-needed funds at opportune moments.

Bharat Electronics Ltd, a defence public sector undertaking, is engaged in the business of Defence Electronics, especially a dominant supplier of radar, communication and electronic warfare equipment to the Indian armed forces. Besides, the government ownership leads to a sizeable inflow of orders on a nominated basis, providing a steady earnings stream to the company.

The company’s unexecuted order book stood at ₹68,728 crore as of Sept 30, 2023, which grew 50 per cent y-o-y. The order book stands at 3.8 times of the operating income on TTM basis, which provides adequate revenue visibility over the medium term. Order inflow stood at ₹26,613 crore for FY24 so far vs. order inflows in FY23 of ₹20,690 crore.

Dalmia Bharat has underperformed the BSE Sensex and most cement stocks under our coverage in the last six months (Exhibit 3) mainly due to a delay in the acquisition of JPA’s cement assets (announced in Dec’22) and a slowdown in cement demand in the eastern region, in our view.

However, we are optimistic about the company’s long-term outlook, given: its plan to increase capacity to 110-130mtpa at a 14-17 per cent CAGR by 2031; focus on sustainable growth through various initiatives such as higher blended cement, green energy mix; and strong balance sheet with the target to maintain a net debt-to-EBITDA ratio of less than 2x.

Buzzing Stocks: LIC, Asian Paints, Kernex Microsystems, SJVN, VeerHealth Care, aviation/OMC stocks, 

Bharat Heavy Electricals Ltd. has clarified that it still has not bagged the order worth Rs 19,400 crore from NLC India Ltd. The company had submitted a price bid for the mentioned NLC order, which is an “activity in the normal course of business”, the company said in its exchange filing. “Submission of bid does not result into automatic bagging of an order,” it said.

Its sales volume dropped marginally to 6,03,659 tonnes compared to 6,05,049 tonnes in Q2. However, It reported a 19% YoY growth in sales volume for the first nine months of CFY, totalling 19,39,921 tonnes. 

The Q3FY24 sales volume declined QoQ due to channel de-stocking in anticipation of steel price correction. In the first two months of Q3FY24, global steel prices had fallen 12% from the peak levels. 

The dip in Q3 sales volume is attributed to channel de-stocking as a precautionary measure amid expectations of a correction in steel prices. Global steel prices had seen a 12% decline from peak levels in the initial two months of Q3 of FY24.

APL Apollo emphasised its strategic focus on de-commoditisation, with the value-added segment contributing 59% to sales in Q3FY24. The ramp-up of the new Raipur plant aligns with expectations, achieving utilisation levels of 41% for Q3 of FY24 and reaching 53% by December 2023.

It is optimistic about the increasing demand for heavy structural steel tubes, reflecting a growing trend in tubular construction. Additionally, the Dubai plant commenced production in December 2023, garnering positive responses from global steel tube distributors.

Despite the current dip, APL Apollo anticipates an improvement in overall sales volume in the upcoming quarters, citing visible signs of re-stocking following a recent reduction in domestic steel prices.

Turnover: (NSE + BSE)

Cash Volume: 77272.13 + 6978.26 Total: 84250.39

F&O Volume: 296779.48 + 4556813.73 Total: 4853593.21

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -855.8 

(1311.29 - 2167.09) 

DII: NET BUY: +410.46 

(7004.39 - 6593.93)

Rs 1,64,882 cr gross GST revenue collection for December, 2023

April-December 2023 gross GST collection at Rs 14.97 lk cr, a growth rate of 12% YoY

The Caixin China General Manufacturing PMI inched up to 50.8 in December 2023 from 50.7 in November, exceeding market forecasts of 50.4 and pointing to the highest reading since August. Output grew the most in seven months while new orders rose at the fastest pace since February, with new export orders falling at the softest pace in six months.

• BALRAMCHIN

• HINDCOPPER

07.15 CHINA Final Manufacturing PMI (Expected: 50.4 versus Previous: 50.7)

14.30 EURO Final Manufacturing PMI (Expected: 44.2 versus Previous: 44.2)

15.00 U.K. Final Manufacturing PMI (Expected: 46.4 versus Previous: 47.2)

20.30 U.S. Final Manufacturing PMI (Expected: 48.4 versus Previous: 48.2)

This Tamil Nadu-headquartered Karur Vysya Bank has regrouped its Q3CFY numbers - the numbers are different, compared to its figures in Q3FY23. The re-grouping means that YoY growth rates have seen changes as follows:

- Total business at ₹1,58,357 crore, up 14.74%

- Deposits at 12.82% vs without re-grouping at 11.67%

- Advances at 17.09% vs without re-grouping at 12.69%

- CASA at ₹27,012 crore, up 4.7%

It had reported a 51% YoY surge in its net profit at ₹378 cr in Q2CFY. Its operating profit for Q2 increased 12% YoY to ₹638 cr. During the period, its NII rose 11.45% YoY to ₹915 cr in Q2. NIMs stood at 4.07% in Q2CFY.

Unified Payments Interface (UPI) ended 2023 at a high, recording over 1,200 crore transactions worth more than ₹18-lakh crore in December, a peak for both the transaction count and value.

Over 11,765 UPI transactions worth ₹182.2-lakh crore were processed in 2023, up 59 per cent in terms of volume and 45 per cent in terms of value compared with 2022, as per data by the National Payments Corporation of India (NPCI).

Rice procurement by the Food Corporation of India (FCI) for the Centre’s buffer stocks in the first three months since the season began on October 1 dropped 14 per cent to 299.33 lakh tonnes (lt) from 347.87 lt in the year-ago period. During October-December in 2022, rice procurement was 11 per cent higher from the 2021-22 level, experts see the current year’s purchase missing the target by a big margin.

More than ₹1,42,000 crore worth Acceptance of Necessity (AoN) was accorded this year by the Ministry of Defence for induction of several Defence Research and Development Organisation (DRDO) developed systems, its chairman Dr Samir V Kamat said on Monday.

The passenger vehicles (PVs) and two-wheeler wholesales (dispatches to dealers) continued their growth momentum in December and ended the year in a positive note, 2023 being the unique year for PVs where sales grew every month.

However, India’s largest car maker, Maruti Suzuki India Ltd (MSIL), recorded a dip in its sales figures in December 2023 compared with the same month in 2022. According to the data, sale for PVs was 1,04,778, which was less than last year’s 1,12,010 units. The dip was witnessed across PV segments except utility vehicles. 

Leading FMCG companies are stepping up focus on direct distribution in rural markets at a time when rural consumption trends continues to lag behind urban consumption. The renewed focus on deepening rural reach also comes at a time when competition from small and regional players has intensified.

Risks to growth and stability outlook mainly emanate from outside the country, says Half Yearly Economic Review

Insurance behemoth Life Insurance Corporation of India (LIC) has received a goods and services tax (GST) demand notice of ₹806.3 crore from the Deputy Commissioner of Sales Tax, Mumbai.

The life insurer intends to file an appeal against this order before the Commissioner (appeals), Mumbai, a regulatory filing by LIC with the stock exchanges on Monday showed.

The total amount in the notice comprises GST worth ₹365.02 crore, a penalty of ₹404.7 crore, and interest of ₹36.5 crore.

Indian Space Research Organisation (ISRO) has a load full of launches/missions planned for 2024. While it is targeting one launch/mission every month, there is a possibility that it could exceed more than 12 during the year.

“In 12 months (in 2024), we have to have a minimum of 12 missions. That’s our target. It may exceed depending upon our ability to produce hardware, complete the testing and if things go well. If it is not going well, there could be an impact. Otherwise, we are getting ready for at least 12-14 missions,” ISRO Chairman S Somanath told newspersons after the successful launch of XPoSat mission to study black holes.

India has hiked the windfall tax on crude oil while reducing the tax on diesel and aviation turbine fuel, according to a government notification.

The government hiked the windfall tax on petroleum crude oil to ₹2,300 ($27.63) a tonne from ₹1,300, it said. - Reuters

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

United Breweries Limited’s (UBL) stock has been appreciating since May after finding support at ₹1,400. A couple of weeks ago, it resumed the rally from ₹1,680 after witnessing a minor correction in price. Last week, it saw a fresh breakout, opening the door for further upside.

Asian markets opened cautiously on Tuesday following a slight retreat in US stocks from recent highs, interrupting a record-setting streak dating back to 2004. Australia’s benchmark edged up by 0.39% to 7,620.60, but Japan, recovering from a tragic New Year’s earthquake, remained closed for holidays. Meanwhile, South Korea’s KOSPI declined by 0.49% to 2,642.31, and Hong Kong’s Hang Seng Index showed a 0.51% increase to 17,135.12 points. 

Meanwhile, crude oil prices advanced following Iran’s deployment of a warship to the Red Sea in retaliation for the US Navy’s destruction of three Houthi boats. West Texas Intermediate hovered around $72 a barrel, marking a recovery after a 5.2% drop in the preceding three sessions.