Share Market Highlights 27 December 2023: Sensex closes above 72,000; Nifty gains over 200 pts to settle at 21,654

Sensex and Nifty soared to fresh closing record highs on Wednesday, with the 30-share benchmark index crossing the historic 72,000 mark, boosted by optimism over the country’s macroeconomic fundamentals and firm global market trends.

Reflecting broader investor bullishness, the 50-share index surged to a record high of 21,654.75 on intense buying in metal, commodity, auto and banking sectors.

Rising for the fourth straight session, the BSE gauge jumped 701.63 points or 0.98 per cent to settle at its all-time closing high of 72,038.43. During the day, it zoomed 783.05 points or 1.09 per cent to reach its intra-day lifetime high of 72,119.85.

The Nifty climbed 213.40 points or 1 per cent to settle at a record high of 21,654.75. During the day, it rallied 234.4 points or 1.09 per cent to reach its all-time intra-day peak of 21,675.75.

Among the Sensex firms, UltraTech Cement, JSW Steel, Tata Motors, Bharti Airtel, State Bank of India, Larsen & Toubro, Infosys and Bajaj Finserv were the major gainers.

On the other hand, NTPC and Tech Mahindra were the laggards.

The rupee declined 16 paise to settle at 83.35 (provisional) against the US dollar on Wednesday due to sustained outflow of foreign funds and increased demand for American currency from importers and banks.

According to forex traders, a robust buying trend in the domestic equity market failed to boost sentiment as investors remained concerned over volatile crude oil prices fearing disruption in global trade through the Red Sea route.

At the interbank foreign exchange, the domestic currency opened at 83.21 and traded between the peak of 83.20 and the lowest level of 83.35 against dollar during intra-day deals. The local unit finally settled at 83.35 (provisional) against the greenback, registering a fall of 16 paise from its previous close.

On Tuesday, the domestic currency settled at 83.19 against the dollar.

The BSE Sensex rose 593.43 pts or 0.83% to 71,930.23. The NSE Nifty rose 180.85 pts or 0.84% to 21,622.20. 

Mish Designs Limited unveiled its latest collaboration with Nykaa Fashion, marking a step in expanding its retail presence. It is now available on Nykaa Fashion’s online platform and the company will have an exclusive space in the physical store located at Indiranagar, Bangalore.

The shares were down 2.66% to ₹129.95 at 2.28 pm on the BSE.

Suzlon Group secured a new order for the development of a 100.8 MW wind power project from Mahindra Susten Pvt Ltd, the clean-tech arm of the Mahindra Group. The project will see Suzlon supplying and installing 48 wind turbines, each with a rated capacity of 2.1 MW, in Maharashtra.

The shares were up 0.14 per cent at Rs 36.95 at 2.45 pm on the BSE.

Adani Energy Solutions has formed a joint venture (49:51) with UAE-based Esyasoft Holdings for implementing smart metering projects in India and other countries.

Adani Energy Solutions, a leading private transmission and distribution company, is a part of the globally diversified Adani portfolio.

Through its wholly owned subsidiary, Adani Transmission Step-Four Limited, Adani Energy Solutions has acquired a 49 per cent stake in Esyasoft Holdings Ltd.’s smart metering solutions arm; the entity has been renamed Adani Esyasoft Smart Solutions Ltd. - ANI

Karnataka Bank has expanded its services by enabling customers to make payments for Direct Taxes, including Income Tax and Advance Tax. The bank, already facilitating online remittance for Customs Duty and Goods and Service Taxes Payments, has added Direct Taxes to its suite of offerings.

The shares were down 0.66 per cent to ₹234.30 at 2.10 pm on the BSE.

The NSE Nifty was up by 0.59 per cent or 127.50 points at 21,570.99 points, while the BSE Sensex was at 71,768.34 points, up by 0.60 per cent or 430.34 points. 

A total of 3,835 stocks were actively traded, 1,935 advanced, while 1,752 declined, and 148 stocks remained unchanged, with 329 stocks hitting a 52-week high, and 15 stocks hitting a 52-week low at 1 pm on Wednesday.

The Minimum Support Price (MSP) for milling copra has been raised by ₹300 per quintal to ₹1,160 per quintal. Coconut oil manufacturers, including Marico and Patanjali, may face increased pressure as a result.

Union Minister Faggan Singh Kulaste said the government is working towards PLI scheme 2.0 and securing raw material supply for the steel sector in 2024. Despite a resilient steel industry recovery, concerns linger over escalating imports and raw material costs amid global uncertainties.

Adani Total Gas Ltd (ATGL) and Flipkart entered into a Memorandum of Understanding to collaborate on decarbonising Flipkart’s supply chain. The initiative aims to reduce Flipkart’s carbon footprint in the primary, secondary, and tertiary movements of goods across sourcing locations, warehouses, and customer deliveries.

At 1 pm, the BSE Sensex rose 416.10 pts or 0.58% to 71,752.90 while the NSE Nifty gained 127.50 pts or 0.59% to 21,568.85.

As of 1 pm, there were 3,837 stocks traded on the BSE. Among them, 1,945 advanced, 1,757 declined, and 135 stocks remained unchanged. Notably, 329 stocks reached their 52-week high, while 15 stocks touched their 52-week low.

Aurobindo Pharma Ltd’s wholly-owned subsidiary, Eugia Pharma Specialities Ltd, has obtained final approval from the US Food & Drug Administration (USFDA) to manufacture and market Posaconazole Injection, 300 mg/16.7 mL (18 mg/mL), Single-Dose Vial. 

The BSE Sensex gained 451 pts or 0.63% to 71,787.80. The NSE Nifty rose 140.05 pts or 0.65% to 21,581.40 pts.

Larsen & Toubro Ltd’s shares were up by 1.02 per cent after the company was awarded an EPC contract for the establishment of renewable energy generation, power utilities, and water systems for the Amaala project in the Red Sea region, Saudi Arabia. 

Amaala is an ultra-luxury tourism destination spanning 4,155 sq km, situated in the Prince Mohammed bin Salman Natural Reserve along Saudi Arabia’s northwestern coast.

IT major Wipro has filed a lawsuit in Bengaluru’s civil court against its former CFO, Jatin Dalal, who recently quit the company and went on to join Cognizant as CFO, according to reports. Dalal has since submitted an appeal requesting that the court send the case to arbitration.

Read more here.

Aarti Industries Ltd has inked a nine-year, long-term supply contract with a leading global agrochemical products and solutions company for the supply of a niche agrochemical intermediate crucial for a widely used herbicide in food and cash crops such as corn, soyabean, cotton, sugarcane, and sunflower.

Read more here.

The BSE Sensex rose 456.42 pts or 0.64% to 71,793.22. The NSE Nifty gained 139.15 pts or 0.65% to 21,580.50. 

Adani Green Energy Ltd (AGEL) completed a joint venture (JV) with TotalEnergies, involving the transfer of a 1,050 MW renewable energy portfolio. The JV, as outlined in the binding agreement announced in September 2023, saw TotalEnergies make a substantial equity investment of $300 million in AGEL’s subsidiary, acquiring a 50 per cent stake in the projects.

Read more here.

Adani Energy Solutions Ltd (AESL) was awarded the Letter of Intent (LoI) for the acquisition of Halvad Transmission Ltd, a special purpose vehicle set up by PFC Consulting Ltd for the evacuation of 7 GW of renewable energy (RE) from the Khavda RE Park. The project, valued at approximately ₹3,000 crore, involves maintenance of a 301 km transmission network connecting Khavda to the National Grid at Halvad.

Here is the post-listing view on Happy Forgings, Credo Brands and RBZ Jewellers from Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

Happy Forgings

Happy Forgings, the esteemed manufacturer of complex machinery components, made a debut on the stock market that landed slightly below pre-listing expectations. Nevertheless, the company secured a commendable 17.65% gain, listing at Rs 1000 per share compared to its IPO price of Rs 850. Happy Forgings presents a mixed bag for investors. The lower-than-expected listing raises concerns, but the decent gain and strong fundamentals offer a counterpoint. A careful evaluation of both sides is crucial before making any investment decisions. Given the uncertainty surrounding the listing, a cautious approach is recommended. Existing investors in the IPO may consider holding their shares with a stop loss at 900. However, investors who were looking for listing gains may exit their positions.

Credo Brands

Credo Brands, the company behind the Mufti brand, made a lukewarm debut on the stock markets, listing at Rs 282 per share, almost flat compared to its IPO price of Rs 280. This lackluster performance falls short of pre-listing expectations.

Despite the disappointing listing, Credo Brands still possesses its core strengths, including a strong brand, a wide distribution network, and consistent financial performance. However, the flat debut highlights the potential risks associated with the highly competitive market, seasonality, and current market sentiment.

Given the uncertain outlook, a cautious approach is warranted, and investors may consider exiting their holdings, but long-term investors with high-risk capacity may hold their position by keeping stop loss.

RBZ Jewellers

RBZ Jewellers’ stock market debut mirrored pre-listing whispers, landing at Rs 100 per share, flat listing with zero listing gain on its issue price. This lackluster listing, in line with the subdued grey market trend, reflects cautious investor sentiment toward the company despite its apparent strengths.

While RBZ Jewellers possesses strong fundamentals and a fair valuation on the surface, the significant risks cannot be overlooked. The flat listing serves as a stark reminder of the potential pitfalls associated with gold price volatility, client concentration, informal artisan arrangements, and intense competition.

Thus, investors are suggested to exit their positions.

Bank Nifty opened today’s session higher at 47,818.50 compared to Tuesday’s close of 47,724.85. The index is now hovering around 47,970, up 0.5 per cent.

Read more here.

Coromandel International Ltd, part of the Murugappa Group, on Wednesday, said normalcy had been restored at its Ennore fertiliser manufacturing factory.

Read more here.

Nifty 50 opened today’s session with a gap-up at 21,497.65 as against Tuesday’s close of 21,441.35. The index is now at 21,560, up 0.6 per cent.

Read the prediction here.

The NSE Nifty was up by 0.44 per cent or 93.80 points at 21,530.70 points, while the BSE Sensex was up by 0.37 per cent or 262.48 points at 71,615.55. A total of 3,046 stocks were actively traded, 2,301 advanced, while 649 declined, and 96 stocks remained unchanged, with 203 stocks hitting a 52-week high, and four stocks hitting a 52-week low at 9.40 am on Wednesday. 

The rupee fell 4 paise to 83.23 against the US dollar in early trade on Wednesday, amid sustained outflow of foreign funds and a stronger American currency against major overseas rivals.

The BSE Sensex rose 385.75 pts or 0.54% to 71.722.55. The NSE Nifty rose 120.56 pts or 0.56% to 21,562. 

Gold up at $2065 an ounce

Gold climbed above $2,060 benefitting largely from a weaker dollar and lower bond yields as easing US inflation reinforced bets that the Federal Reserve will start cutting interest rates next year. Data showed that the core PCE index in the US, the Fed’s preferred inflation gauge, fell to 3.2% in November from 3.4% in October, coming in below forecasts of 3.3%. Additionally, figures indicated weaker-than-expected US economic growth in the third quarter and a slight increase in unemployment benefit claims in the latest period. 

Key economic data slated for release include Richmond Manufacturing Index from US Zone.

Equirus on Protean eGov

Initiate Long, Target Rs 1,500

A Play On Digital India Initiatives

Co Earns 80% Of Its Revenues On Per-Transaction Basis Across Services

Co Has Been Generating Free Cashflows While Being Profitable

Co Is Paying Dividend For Almost Two Decades

Now Has Rs 650 Cr Of Balance Sheet Cash

Expect New Biz Of ONDC, Cloud, & Intl Expansion To Drive Growth Ahead

Emkay on Tejas Network

Initiate Buy, Target Rs 1,050

Expect the company to execute orders worth at least Rs 29,200 Cr over FY24-28E

Expect Co To Generate Revenue/EBITDA Above Rs 30,000/6,000 Cr Respectively

Revenue Generation Led By The BSNL & Bharatnet Projects

See Revenue Peaking In FY25 & Settling At 5x FY24 Levels

GoI Emphasis On Domestic Manufacturing And The PLI Scheme To Benefit

Large Spends On BSNL, Bharatnet & The Railways A Positive

Equirus on Alkem Labs

Initiate Long, Target Rs 6,295

Set To Embark On An Unprecedented Margin Trajectory

Expect Higher Domestic Margins (+650-700 bps Over FY23-FY26)

Expect a higher margin on better productivity of chronic MRs

Expect Higher Margin On Full-Year Benefit Of Recent NLEM Price Hikes

Expect Higher Margin On A Greater Chronic Market Share

Closure Of The St Louis Facility (100-120 bps Impact) Would Aid Further

A Possible Correction In Pen-G Prices Could Buoy Gross Margins (Not Factored Into Est)

MoSL On Barbeque Nation

Neutral Call, Target Rs 690

Among Few Scalable Casual Dining Players With Healthy Store Eco & Net Cash B/S

In the Last One Year, Weak Macro Has Adversely Impacted SSSg Earnings

Well-positioned To Manage 15-20% Growth Via Internal Funding Once The Mkt Recovers

At EV/Sales Of 1.4x & EV/EBITDA Of 14x On FY26, Lowest In The Retail Space

Co Offers A Better Risk Reward Opportunity

MS on Gas Sector

Gas Demand In Nov-23 Rose 19% YoY Led By Ind & Fertiliser Demand Recovery

However, City Gas Demand De-Growth Was A Key Negative Surprise

LNG Market Share Held At 54%

Remain Selective & Prefer GAIL & Gujarat Gas, UW On IGL

ICICI Sec on Godrej Cons

Upgrade To Buy, Target Raised To Rs 1,260 From 1,050

Focus On Market Beating UVG-driven By Category Development Initiatives

HI Segment Needs Improvement In Product Efficacy

Volume Market Share Gains Continue In Soaps

Fast-growing Categories Have High Double-digit Volume Growth Potential

Integration Of Acquired Brands (Park Avenue & Kamasutra) Is Largely Completed

Indonesia Growth Trajectory Has Improved With Multiple Initiatives

Target Is To Drive Indonesia Volume Growth Ahead Of GDP Growth

Target Is To Build Back EBITDA Margin To Approximately 25% In 2-3 Years

HSBC on UPL

Buy Call, Target Rs 750

Board Approves Equity Issuance Up To `4,200 Cr Via A Rights Issue

Details On Issue Price Etc To Be Announced In Due Course

If Proceeds are Directed Towards Debt Reduction, It Can Be A Positive

Stock Currently Trades At FY25 PE Of 8.6x, Which Is Attractive

Ammonia gas leaked from a pipeline of Coromandel International at Ennore, Chennai, on December 26.

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

“The resilience of the market even in the holiday season, which is normally devoid of much action, is an indication of its underlying bullishness. The global support to the market from the mother market US where the S&P 500 is close to all-time high is significant.

There are areas of concern which investors have to be careful about. Several IPOs getting heavily oversubscribed is an indication of exuberance. There is frenzy in the mid and small cap segments where valuations are excessive. The rally in the PSU space, in some segments like ship building, are being driven by hope based on order inflows. The market is ignoring the execution challenges here.

Investors should give priority to high quality bluechips which are doing well and have good earnings visibility.

A correction in the broader market is inevitable.”

RELIANCE INDUSTRIES: BIRLA HOLDINGS ACQUIRES 0.0250% CUMULATIVE STAKE IN CO FOR RUPEES 1.26B THROUGH STOCK EXCHANGES ON DECEMBER 26, 2023

CHEVIOT: CENTRAL GOVERNMENT MANDATES JUTE PACKAGING FOR FOODGRAINS AND SUGAR TO SUPPORT JUTE INDUSTRY; EFFECTIVE UNTIL JUNE 30, 2024

BIRLA HOLDINGS ACQUIRES 0.0704% CUMULATIVE STAKE IN CO FOR RUPEES 2.76B THROUGH STOCK EXCHANGES ON DECEMBER 26, 2023.- Infosys

The central government imposed an anti-dumping duty on Gypsum board/tiles from China and Oman to safeguard the domestic industry. - SAINT GOBAIN

Wednesday saw a positive start for India’s bourses, with the Sensex and Nifty exhibiting gains. The 30-share BSE Sensex ascended by 207.34 points to reach 71,544.13 in early trading, while the NSE Nifty surged by 74.80 points, reaching 21,516.15. 

Anticipated volatility later in the day precedes Thursday’s F&O expiry, expected to keep the market within a narrow range amid ongoing consolidation. Additionally, positive market reactions surfaced following surprising economic data regarding the current account deficit.

The sequential narrowing of the current account deficit (CAD) to $8.3 billion (1 per cent of GDP) in Q2-FY24 was despite a higher trade deficit, as net invisibles improved. However, the reversal of FPI and FDI flows led to a sharp fall in capital account surplus, with a small BoP surplus ($2.5 billion) for the quarter, said Madhavi Arora of Emkay Global Financial Services.

“For FY24E, we maintain CAD/GDP at 1.4 per cent, led by incrementally improving goods trade deficit vs. FY23 and solid services trade surplus. Risks from higher crude oil prices have receded. We see no risk to CAD funding currently and see FY24 BoP surplus at USD9-10bn vs. (-)USD9bn in FY23. INR will stay range-bound amid low volatility due to the RBI’s two-way FX management strategy,” she cautioned.

Technical analysts expect the market to remain in a narrow range as benchmarks are near the resistance level.

Ajit Mishra, SVP - Technical Research, Religare Broking Ltd, said: “We have reached closer to the hurdle of 21,500 in Nifty and need support from the banking index to make a serious attempt for trend resumption else profit taking would resume. Amid all, traders should avoid aggressive trades in the index and stay focused on identifying opportunities on stock-specific front. We reiterate our preference for defensive viz. Pharma and FMCG for long trades and suggest picking selectively from others.”

Avdhut Bagkar, StoxBox’s Technical and Derivatives Analyst, observes Indian shares inching up after the Christmas break, echoing global optimism that nudged the S&P 500 closer to record highs. US markets hint at sustaining positive trends. Asian indices hold firm, supported by Wall Street’s positivity and surging Chinese gaming stocks. India’s CAD shrinks to $8.3 billion, boosting market sentiment. Credo Brands Marketing (Mufti Menswear) debuts today with expectations of robust listing gains. Oil climbs 2%, backed by geopolitical tensions and hopes of Fed rate cuts. Sensex and Nifty may open slightly higher, as GIFT Nifty trends signal positivity. Technicals suggest support at 21300-21400 for bullish momentum continuation.

Meanwhile, oil prices fell in early Asian trade on Wednesday, trimming strong gains from the previous session as major shipping firms began returning to the Red Sea despite continued attacks and escalating tensions in the Middle East.

Brent crude futures fell 18 cents, or 0.22%, to $80.89 a barrel. U.S. WTI crude futures were down 22 cents, or 0.29%, at $75.35 a barrel.

NMSRESRC

E.G.M. 

VEDL

Interim Dividend - Rs. - 11.0000

ALFREDHE

General 

ASCENSIVE

General 

ASHNI

General 

BRIJLEAS

Increase in Authorised Capital;General 

GVFILM

Issue Of Warrants 

KINGSINFR

General 

OCEANIC

Audited Results;Quarterly Results 

SCL

General 

SHEETAL

Increase in Authorised Capital;Preferential Issue of shares;General

SOUTHBANK

General 

TITANIN

General 

VKAL

Preferential Issue of shares 

Indian shares eked out modest gains on Tuesday as traders returned to their desks after a long Christmas holiday weekend. On the global front, Stocks rose to start the last week of the year, pushing the S&P 500 closer to record levels. US investors believe that yesterday’s moves likely signal a continuation of the positive market trends boosting major indices in recent weeks. Meanwhile, most of the Asian indices were holding strong gains Wednesday morning on a positive handover overnight from Wall Street, coupled with a rally in Chinese gaming stocks. On the economic front, India’s current account deficit (CAD) narrowed to $8.3 billion in the second quarter of 2023-24, according to data released on December 26 by the Reserve Bank of India (RBI). On the stock-specific front, the much-awaited debut of Credo Brands Marketing (Mufti Menswear) will take place today and we see strong double-digit listing gains. Furthermore on the commodity front, Oil jumped over 2% on Tuesday to the highest in almost a month, supported by the Middle East strife and investor optimism that the U.S. Federal Reserve would soon start cutting interest rates, boosting global economic growth and fuel demand. 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 front-line index witnessed yet another muted trading session following a gap-up opening amidst the pullback rally. On the derivative front, the strikes of 21300 and 21400 added significant PE open interest indicating immediate support going forward. The index is anticipated to continue to attract bullish strength provided the zone 21300-21400 remains intact on a closing basis.

Supp: 21350-21250-21180

Res: 21480-21593-21650

The Indian rupee is likely to open little changed to the U.S. dollar on Wednesday amid an uptick in most Asian currencies and a rally in oil prices.

Non-deliverable forwards indicate the rupee will open nearly unchanged from the previous close of 83.1925.

Brent crude reached a high of $81.72 during the New York session on Tuesday, the highest this month, amid Red Sea vessel attacks. Brent is now up nearly 11% from the mid-December lows. - Reuters

Oil prices fell in early Asian trade on Wednesday, trimming strong gains from the previous session as major shipping firms began returning to the Red Sea despite continued attacks and escalating tensions in the Middle East.

Brent crude futures fell 18 cents, or 0.22%, to $80.89 a barrel by 0101 GMT. U.S. WTI crude futures were down 22 cents, or 0.29%, at $75.35 a barrel.

Prices on Tuesday climbed more than 2% to their highest this month, continuing last week’s upward momentum which saw prices rise more than 3%, partly on hopes of U.S. interest rate cuts that could boost economic growth and fuel demand. - Reuters

Malaysian palm oil futures rose for a second session on Wednesday, supported by strength in rival edible oils, although weaker crude oil prices and a stablising ringgit capped the gains.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 22 ringgit, or 0.58%, to 3,785 ringgit ($817.49) during early trade. - Reuters

ICICI on Godrej CP: Upgrade to Buy on Company, raise target price at Rs 1260/sh (Positive) 

Emkay on Tejas Network: Initiate Buy on Company, target price at Rs 1050/sh (Positive) 

DAM on Bajaj Auto: Maintain Buy on Company, raise target price at Rs 7200/sh (Positive) 

Equirius on Protean: Initiate Buy on Company, target price at Rs 1500/sh (Positive) 

Equirius on Alkem Labs: Initiate Buy on Company, target price at Rs 6295/sh (Positive) 

DAM on Balrampur: Maintain Buy on Company, target price at Rs 485/sh (Positive) 

DAM on Triveni: Maintain Buy on Company, target price at Rs 385/sh (Positive) 

DAM on Dalmia Bharat: Maintain Buy on Company, target price at Rs 495/sh (Positive) 

HSBC on UPL: Maintain Buy on Company, target price at Rs 750/sh (Positive) 

MOSL on Godrej CP: Maintain Buy on Company, target price at Rs 1210/sh (Positive) 

MS on Gas Sector: Gas Demand In Nov-23 Rose 19% YoY Led By Ind & Fertiliser Demand Recovery. Remain Selective & Prefer GAIL and Gujarat Gas (Positive) 

DAM on Dwarikesh: Maintain Neutral on Company, target price at Rs 94/sh (Neutral) 

MOSL on Barbeque: Maintain Neutral on Company, target price at Rs 690/sh (Neutral)

Happy Forgings: The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 850 apiece. The Rs 1,008.59-crore IPO was subscribed 82.04 times on its third and final day. The bids were led by institutional investors (220.48 times), non-institutional investors (62.17 times) and retail investors (15.09 times). 

Credo Brands Marketing: The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 280 apiece. The Rs 549.78 crore IPO was subscribed 51.85 times on its third and final day. The bids were led by institutional investors (104.92 times), non-institutional investors (55.52 times) and retail investors (19.94 times). 

RBZ Jewellers: The company’s shares will debut on the stock exchanges on Wednesday at an issue price of Rs 100 apiece. The Rs 100 crore IPO was subscribed 16.86 times on its third and final day. The bids were led by retail investors (24.74 times), institutional investors (13.43 times), and non-institutional investors (9.27 times).

Solara Active Pharma Sciences: Spiracca Ventures LLP bought 20.13 lakh shares (5.59%) at Rs 341.36 apiece. 

Hi-Tech Pipes: Shruti Mohta sold 10 lakh shares (0.76%) at Rs 105.18 apiece. 

Indiabulls Housing Finance: Mathew Cyriac bought 24.99 lakh shares (0.52%) at Rs 213.57 apiece. 

Arman Financial Services: Elevation Capital V Limited sold 2.92 lakh shares (3.35%) at Rs 2,526.48 apiece.

Lumax Auto Technologies: Asia Investment Corporation Mauritius sold 28.11 lakh shares (4.12%), while Griffin Growth Fund VCC bought 28.11 lakh shares (4.12%) at Rs 386 apiece. 

Aditya Birla Capital: The company made investments of Rs 850 crore in Aditya Birla Finance via share subscription and of Rs 50 crore in Aditya Birla Capital Digital.

* Piramal Enterprises:* The company’s unit, Piramal Consumer Products, had acquired Piramal Tower from the promoter for Rs 875 crore. The company has also invested Rs 289.6 crore in Piramal Consumer Products via rights issues.

* Vishnu Prakash R Punglia:* The company received the letter of award for orders worth Rs 899

crore from the Uttarakhand government for development projects.

* Kansai Nerolac Paints:* The company will sell a land parcel in Mumbai’s Lower Parel along with a building there for Rs 726 crore to Aethon Developers.

* SJVN:* The company bagged a 100 MW solar power project from Gujarat Urja Vikas Nigam. Unit

SJVN Green Energy will develop a project at a tentative cost of Rs 550 crore.

* Cupid:* Universal-Halwasiya Group acquired an additional 26% stake for Rs 113 crore via an open offer.

* Karnataka Bank:* The company has enabled payment of direct tax (income tax or advance tax) for its customers.

* Life Insurance Corp:* The board has approved the proposal to set up a branch office in GIFT City, Gandhinagar, Gujarat.

* Adani Ports And Special Economic Zone:* The company will consider fundraising via non-convertible debentures on Jan. 3.

Power Grid: The company started commercial operations at the 500 MW wind energy zone in Tamil Nadu. It has also acquired Vataman Transmission for Rs 18.2 crore and the Koppal-Gadag transmission SPV in Karnataka for Rs 18.4 crore from Power Finance Corp.

* Zydus Lifesciences:* The company’s unit received an income tax demand worth Rs 284.58 crore for AY 2023-24. The company believes the entire demand will be nullified post-rectification.

* Zee Entertainment Enterprises, Zee Learn:* Axis Bank has filed an insolvency petition against Zee Learn in the National Company Law Tribunal in Mumbai.

* Elpro International:* The company acquired 4.65 lakh shares of ONGC for Rs 9.7 crore.

* Amber Enterprise:* The company’s unit and Nexxbase Marketing-Noise Brand have incorporated a joint venture, ‘Stelltek Technologies, with a shareholding ratio of 50:50, respectively, to carry on the business of manufacturing, assembling, and designing wearables and other smart electronics products.

Seamec: The company signed an MoU with HAL Offshore for the charter hire of the offshore support vessel ‘Sea Pearl’ for 3 years at a cost of $9.6 million.

Gabriel India: Puneet Gupta resigned as chief operating officer of a two- and three-wheeler business unit. Anand Dinkar Sontakke has been appointed to take his place.

* India Glycols:* The company has successfully added a further capacity of 100 KLPD to the existing grain-based distillery at the Kashipur (Uttarakhand) plant. The revised capacity of the plant is 400 KLPD and it is fully commissioned.

Bajaj Holdings: The company received GST and a penalty demand worth Rs 1.83 crore from the Commissioner of Central Tax, Pune.

* Pfizer:* The company received tax and penalty demands worth Rs 2.44 crore from tax authorities.

Shares of Happy Forgings will be listed at the bourses today. The company has fixed the issue price at ₹850, at the upper end of ₹808-850. Expectations are high on the company, as the IPO received strong responses from all category of investors.

Happy Forgings was subscribed 82.04 times overall, with the quota set aside for retail investors portion subscribing for 15.09 times, while that of non-institutions, generally referred to as high-networth individuals, was subscribed 62.17 times. Qualified institutions were the most aggressive, as the QIB portion was subscribed to a whopping 220.48 times.

Domestic markets are expected to stay positive at open on Wednesday, indicating trading of Gift Nifty, even as analysts expect volatility later in the day ahead of F&O expiry on Thursday. Overall, the market will remain in a narrow range, and the consolidation phase will continue.

Gift Nfity is ruling at 21,546 against the Nifty Dec futures value of 21,472.30 and NIfty Jan futures price of 21,472.3 and 21633.10. This indicates a flat-to-positive opening for Nifty.

Paisalo Digital: Promoter group Equilibrated Venture Cflow bought 4.23 lakh shares on Dec. 26. 

V.I.P. Industries: Promoter Kiddy Plast bought 43,822 shares on Dec. 22. Promoter group DGP Enterprises bought 70,000 shares on Dec. 22. Promoter Dilip G. Piramal bought 57,000 shares on Dec. 22. 

Yasho Industries: Promoter Vinod Harilal Jhaveri bought 40,000 shares on Dec. 22. 

Dr. Lal PathLabs: Promoter group Shanita Deepak Jain sold 20,100 shares on Dec. 21.

Mangalore Chemical and Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge for 10.87 lakh shares on Dec. 22.

Price band revised from 20% to 10%: Gallantt Ispat. 

Ex/record Interim Dividend: Vedanta. 

Moved into a short-term ASM framework: Gallantt Ispat, Sangam (India). 

Moved Out of short-term ASM framework: Marksans Pharma.

Piramal Enterprises, LIC, Vishnu Prakash R Punglia, India Glycols, Amber Enterprises, Maithan Alloys, Cupid, Zydus Life, SJVN, Kansai Nerolac, Adani Energy Solutions, Power Grid Corp, Elpro Intl, Seamec, Gabriel India

• BALRAMCHIN 

• DELTACORP 

• HINDCOPPER

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GIFTNifty: 21,534: +32: +0.15%

Last Heard

Azad Eng: 300…IPO Px: 524… Est Listing: 824 (+57%)..IPO size: 740cr 

Innova Captab:121 …IPO Px: 448… Est Listing: 569 (+27%)..IPO size: 570cr

Mufti Jeans: 80…IPO Px: 280… Est Listing: 360 (+29%)..IPO size: 550cr

RBZ Jewellers: 0…IPO Px: 100… Est Listing:100 (+%)..IPO size: 100cr

HappyForgings: 235…IPO Px: 850… Est Listing:1085 (+282%)..IPO size: 1008cr

ShantiSpintex: 70…IPO Px: 15…Est Listing: 85 (+21%)

(Source Chittorgarh)

T oday

Listing of Equity Shares of Shanti Spintex Limited

16888000 Equity Shares @ 70/- (lot size:2000)

Listing of Equity Shares of Happy Forgings Limited

94204882 Equity Shares of Rs.2/- each fully paid up @ 850/-

Listing of Equity Shares of RBZ Jewellers Limited

40000000 Equity Shares Of Rs.10/- each fully paid up @ 100/-

Listing of Equity Shares of Credo Brands Marketing Limited

64301880 Equity Shares of Rs.2/- each fully paid up @ 280/-

Listing of New Securities Shriram Asset Management Co.Ltd.

3218026 equity shares of Rs. 10/- each issued at a premium of Rs.114.30/- to Promoters on a preferential basis pursuant to CCPS.

Listing of new securities of KPI Green Energy Limited

2535925 Equity shares of Rs.10/ each allotted to QIBs pursuant to Qualified Institutional Placement. @ 1183/-

Provisional Cash Rs. In Crs. (26th Dec)

FIIs -95 (6,17,4 - 6,269)

DIIs +167 (8,830 -8,663)

Sensex: 71,337: +230: +0.32%

Nifty: 21,441: +92: +0.43%

BankNifty: 47,725: +233: 0.49%

NiftyIT: 35,493 (-144) (-0.41%)

MIDCAP: 45,388: +293: +0.65%

Dow: 37,545: +159: +0.43%

S&P: 4,775: +20: +0.42%

Nas: 15,075: +82: +0.54%

Brazil: 133,533: +780: +0.59%

Ftse: 7,698: +3: +0.04%: shut

Dax: 16,708: +19: +0.11%: shut

Cac: 7,569 (-2) (-0.03%) : shut

MOEX: 3,095 (-4) (-0.14%) 

WTI Oil: $75.57: +2.73%

Brnt: $80.96: +2.39%

Natural Gas: 2.55 (-2.30%)

Gold: $2070: flat

Gold 22 Carat/g: 5,820: +20: +0.34% 

Silver: $24.4 (-0.69%)

Copper: $390 (-0.1%)

Cotton: $80: +0.36%

Copper (LME): $8,574 (-22) (-0.26%)

Alluminum (LME): $2,326: +86: +3.65%

Zinc (LME): $2,601: +54: +2.12%

Tin (LME): $24,866 (-287) (-1.14%)

Eur-$: 1.1041: +0.3%

GBP-$: 1.2726: +0.3%

Jpy-$: 142.43

Re: 83.1925: +0.05%

USD-RUB: 92.3211: +0.40% : shut

US10yr: 3.9% 

GIND10YR: 7.183 (-0.07%)

$ Index: 101.467 (-0.23%)

US Vix: 12.99 (-0.31%)

India Vix: 14.68: +7.08%

BalticDry: 2,094: +7: +0.34% : shut

ADR/GDR

Cogni: +0.43%

Infy (-1.65%)

Wit: +1.47%

IciciBk: +0.25%

HdfcBk (-0.42%)

DrRdy (-0.07%)

TatSt (-1.88%) : shut

Axis (-0.75%) : shut

SBI (-1.03%) : shut

RIGD: +1.14% : shut

INDA: +0.35% (IShares MSCI INDIA ETF) 

INDY: +0.31% (IShares MSCI INDIA 50 ETF) 

EPI: +0.35% (Wisdom Tree India Earning) 

PIN: +0.00% (Invesco India Etf)

US Futures

S&P 500 futures are near flat Tuesday night as investors eyed the benchmark index’s approach to a record high.

Futures tied to the broad market index and Nasdaq 100 were both up about 0.1%. Dow Jones Industrial Average futures added 4 points points, trading near the flatline.

With just three sessions left in 2023′s trading year, the Dow and S&P 500 are poised to end 2023 higher by 13% and 24%, respectively. The Nasdaq Composite has jumped 44%, outperforming amid mega-cap te

Still, the market may be overly optimistic, especially if the Federal Reserve begins cutting interest rates later than traders anticipate. The market is pricing in a more than 70% probability of a decrease to interest rates at the central bank’s March meeting, according to CMEGroup’s FedWatch tool.

Investors will watch on Wednesday for economic data on the manufacturing industry.

US Markets

U.S. stocks closed higher Tuesday, building on a streak of eight straight weekly gains as the final, holiday-shortened week of 2023 got under way.

All three major U.S. stock indexes rose in light trading a day after the Christmas holiday, with the S&P 500 touching its highest intraday level since January 2022. All three are on track for monthly, quarterly and annual gains.

Energy stocks were among the best performers in the S&P 500, boosting the sector 1.3% as oil prices gained more than 3% as attacks on ships in the Red Sea fueled shipping disruption fears.

The S&P 500 traded about 0.5% away from its all-time high of 4,796.56. Closing above that level - 4,796.56 - would confirm the benchmark index has been in a bull market since touching the bear market nadir, the closing low reached in October 2022.

The S&P 500 is on track to post its biggest quarterly gain in three years, and is within 0.5% of its all-time closing high reached in January 2022.

Despite warnings about overbought levels and stretched positioning, equities continued to power ahead on bets the Federal Reserve will cut rates as early as March.

We had a good inflation number on Friday. If inflation continues to move down in January and February, there’s a good chance that the Fed may cut (rates) earlier than anticipated.

Stocks’ eight-week rally shifted into overdrive two weeks ago after the Fed signaled the end of its rate hike cycle and opened the door to potential rate cuts in 2024.

At last glance, markets had baked in a 72.7% likelihood of a 25 basis point reduction in the Fed funds target rate as soon as March, according to CME’s FedWatch tool.

The focus will quickly pivot to whether the market will be able to sustain its momentum into the New Year, and that may depend on how long the good vibes surrounding potential Fed rate cuts last.

The so-called Santa Claus rally, which typically encompasses the last five trading sessions of the year and the first two of the new one, has a pretty strong record. Since 1969, the S&P 500 has averaged a gain of 1.3% over the seven-day period.

The S&P 500 rose to 4,774.75 after completing its longest weekly winning run since 2017. A gauge of chipmakers hit a record, with Intel Corp. up over 5%. The Russell 2000 of small caps added 1.2%.

To Adam Turnquist at LPL Financial, consistent buying pressure on stocks of such magnitude is not only rare, but a bullish sign for improving investor sentiment and market momentum.

“And while all winning streaks eventually end, history suggests the rally may not,” he noted.

Should the S&P 500 complete a ninth straight week of gains, it will be its longest winning run since 2004.

Since 1957, nine of the gauge’s 17 previous eight-week winning streaks pushed to a ninth week, but only three of those made it to 10 weeks

Riding the Rally

Craig Johnson at Piper Sandler says that any pullbacks will be modest and short-lived as investors follow the eight-week uptrend toward new highs.

It still appears likely that we can end the year at the highs. No reason to not ride this market through the end of the year. 

Stock volumes were down across the board, with trading in countries such as Canada, New Zealand and Australia shut. European markets were closed too.

Locking In Higher Yields

Buyers piled into Treasury sales Tuesday, seeking to lock in higher yields as the market prices in an aggressive path of Fed interest-rate cuts in 2024.

Indirect bidders, a group that includes foreign central banks, grabbed a record 77.6% of the 52-week bill auction, and the same category took 71.6% of the department’s six-month offering, the third-largest share ever. Meanwhile, a sale of two-year debt priced below its when-issued yield, a sign of greater-than-expected demand.

Swap contracts tied to Fed meetings imply an over 90% probability the US central bank brings down its current 5.25% to 5.5% target rate range down in March. Across 2024, traders are penciling in nearly 160 basis points of rate reductions — more than twice as much as Fed officials signaled earlier this month in their new round of quarterly forecasts.

The economic calendar is thin this week, with home prices rising for a ninth straight month. Early data from Mastercard SpendingPulse showed US holiday retail sales rose at a much slower pace than in 2022.

On Friday, stocks finished a choppy pre-holiday trading session mostly higher, with the S&P 500, Dow and Nasdaq each scoring an eighth straight weekly gain. The S&P 500 finished 0.9% away from its record close of 4,796.56, set on Jan. 3, 2022.

Volume on U.S. exchanges was 9.99 billion shares, compared with the 12.56 billion average for the full session over the last 20 trading days.

What drove markets

The S&P 500’s streak of eight consecutive weekly gains is its longest since the week ending Nov. 3, 2017. For the Dow, it marked the longest winning run since Feb. 22, 2019.

With three trading days left in the year, “the S&P 500 still has a shot at hitting a record high and extending its streak of up weeks to nine, which would be its longest run since 2004,” said Chris Larkin, managing director for trading and investing at E-Trade from Morgan Stanley.

The focus “will quickly pivot to whether the market will be able to sustain its momentum into the new year, and that may depend on how long the good vibes surrounding potential Fed rate cuts lasts,” Larkin said in emailed comments.

Many investors may now be looking for a so-called Santa Claus rally to further fuel stock-market gains, which have been driven as of late by optimism that the Federal Reserve may begin cutting interest rates as early as the first half of 2024. 

That rally period often sees stocks rise during the last five trading days of the calendar year and the first two trading sessions of the new year. However, some analysts have cautioned that investors should dial back their expectations for this seasonal year-end gift, believing that rate-cut hopes may be overly optimistic.

Still, “with the market up so much this year, punctuated with an eight-week winning streak, there are not many sellers willing to book taxable gains to avoid a weak possibility of a correction,” said Louis Navellier, chair and founder of Navellier & Associates.

Data released Friday showed that the rate of U.S. inflation based on the Federal Reserve’s preferred gauge, the personal-consumption expenditures index, fell in November for the first time since 2020, indicating that price pressures continue to subside.

In data released on Tuesday, the S&P CoreLogic Case-Shiller 20-city home-price index rose a seasonally adjusted 0.6% in October compared to the previous month. Home prices in the 20 major U.S. metropolitan markets were up 4.9% in the 12 months ending in October. A broader measure of home prices, the national index, rose 0.6% in October and was up 4.8% from the previous year. 

The 20-city and national indexes are each at record highs.

The rest of this week will bring only a smattering of economic updates. Data on weekly jobless-benefit claims and pending home sales will be released on Thursday.

And next week will mark another shortened week for traders, with markets closed on Monday in observance of the New Year’s Day holiday.

Elsewhere, oil rose as shipping disruptions in the Red Sea continued to a spate of Houthi attacks against vessels in the vital waterway. Bitcoin fell and the recent rally in memecoins started to show signs of stalling.

Oil has had a tough year, and John Kilduff doesn’t see things getting any easier for the commodity.

He noted the global economic outlook is softening, “and that’s going to speak right to crude oil demand [and] energy demand for the next year.” He also said that, “with the United States doing what it’s doing in terms of record production, sky high exports ... OPEC+ just can’t cut enough to sustain a price much above where we are right now.”

BTIG’s Jonathan Krinsky says health-care stocks are a “solid contrarian idea” heading into the new year. The sector isn’t known for being the best-performing. In fact, it’s only snagged that title once over the past 15 years — in 2018.

Pfizer’s stock has been down for eight straight months, a pattern Krinsky said is “awful” but shares have “major support.” If an investor wanted to try a “Dogs of the Dow” strategy with a non-Dow stock, Pfizer “fits the bill,” the chief market technician said.

Wolf Research’s Chris Senyek says Fed will cut rates for ‘the wrong reasons’ next year

The market is getting ahead of itself, according to Wolfe Research’s chief investment strategist Chris Senyek, particularly as it’s pricing in interest rate cuts that may not necessarily result in the highly anticipated ‘soft landing’ economy.

“I think that we’re very much priced for perfection, if you think about the rally. We’ve only priced in now that soft landing scenario,” Senyek told CNBC’s ‘Squawk on the Street’ earlier Tuesday. “As we get into the spring and early summer, I think the Fed’s going to be cutting for the wrong reasons. I think the economy is going to slow, the lagged impacts of rate hikes will get the economy.”

Senyek added that his firm thinks the Federal Reserve will cut interest rates “a few times” next year, but that he doesn’t think those moves will be enough to stave off a deeper-than-expected downturn. Companies’ wage growth, oil prices, and stronger-for-longer employment levels are some of the major swing factors that could impact disinflation over time, the strategist said.

Something is going break in the economy, says Komal Sri-Kumar

The market is feeling good about the prospects of a soft landing. Komal Sri-Kumar isn’t so sanguine.

“My expectation is that something is going to break in the system,” the president of Sri-Kumar Global Strategies told CNBC’s “Money Movers” on Tuesday. “Whether it comes from commercial real estate, whether it is going to be further bank failures, or whether it’s going to be a credit crunch. I think the impact is going to be failing.”

In Geo-Political news, Ukraine struck a large Russian landing warship in Crimea with cruise missiles in an overnight attack that killed at least one person and could hinder any Russian attempt to seize more Ukrainian territory along the Black Sea coast.

Israel’s war on Hamas will last months, Israel’s military chief said, as a string of incidents outside the Gaza Strip highlighted the risk of the conflict spreading.

Companies in focus

Apple Inc. shares ended 0.3% lower, their fourth-straight day of declines, after the Wall Street Journal reported that the tech behemoth appealed a federal trade agency’s ban of two Apple Watch models because of patent violations.

Shares of Intel Corp. rose 5.2% after Israel’s government said the chip giant would invest $25 billion in the country. The investment comes after Intel secured $3.2 billion in incentives from Israel, according to Bloomberg.

Manchester United Ltd. shares ended up 3.4% after British billionaire Jim Ratcliffe clinched a 25% minority stake in the iconic English soccer club.

FedEx Corp. entered into an accelerated share repurchase agreement with Mizuho Markets Americas. 

Bristol Myers Squibb Co. agreed to buy RayzeBio Inc. for about $4.1 billion.

Key events this week: 

# BOJ releases summery of opinions from December meeting, Wednesday 

# China industrial profits, Wednesday 

# Norway retail sales, Wednesday 

# Japan industrial production, Thursday 

# US wholesale inventories, initial jobless claims, Thursday

# South Korea industrial production, Thursday 

# Thailand trade, Thursday 

# Mexico unemployment, Thursday 

# Bank of Portugal releases quarterly report on banking system, Thursday 

# South Korea CPI, Friday # Spain CPI, Friday 

# UK nationwide house prices, Friday 

# Brazil unemployment, Friday # Chile unemployment, Friday 

# Colombia unemployment, Friday

Currencies

# The Bloomberg Dollar Spot Index fell 0.2%

# The euro rose 0.3% to $1.1041

# The British pound rose 0.3% to $1.2726

# The Japanese yen was little changed at 142.43 per dollar

Cryptocurrencies

# Bitcoin fell 3.2% to $42,135.36

# Ether fell 2.5% to $2,215.6

Bonds

# The yield on 10-year Treasuries was little changed at 3.89%

Commodities

# West Texas Intermediate crude rose 2.3% to a barrel

# Spot gold rose 0.7% to $2068

Allcargo Logistics (AGLL) announced the 1:1 demerger of its global international supply chain business into a new entity, Allcargo ECU. Also, AGLL seeks to amalgamate its listed subsidiary, Allcargo Gati, and the wholly owned subsidiary, Allcargo Supply Chain Pvt Ltd, into a single entity, i.e., AGLL (comprising asset-light businesses of express logistics and contract logistics with a simplified corporate structure).

We revise our FY25E/FY26 earnings estimate upward by 1.2/4 per cent and maintain the ‘Buy’ rating, as we value the stock at 35x FY26 EPS to arrive at a revised target price of ₹1,872 (earlier ₹1,800).

We met with the management of RR Kabel to gauge the domestic demand, competitive scenario, and capacity expansion. The company has maintained its healthy volume growth guidance in the W&C segment at 15-20 per cent and expects 10 per cent margins in the near term in the W&C segment, given the strong demand outlook in sectors and measures to improve margins.

The initial public offering of Innova Captab was subscribed to 55.26 times on Tuesday, the last day of issue closing, as it attracted all categories of investors. The integrated pharmaceutical company came out with a ₹570 crore IPO at a price band of ₹426-448.

The offer, with a face value of ₹10 per equity share, consisted of a fresh issue worth ₹320 crore and an offer-for-sale (OFS) of up to 55.80 lakh shares by the promoter and selling shareholders, amounting to ₹250 crore. Promoters Manoj Kumar Lohariwala and his brother Vinay Kumar Lohariwala, and non-promoter Gian Parkash Aggarwal, will be selling shareholders in the OFS.

Aditya Birla Capital has made investments of Rs 850 crore in Aditya Birla Finance via share subscriptionin rights issue and of Rs 50 crore in Aditya Birla Capital Digital

The rupee remained flat against the dollar over the past week as it ended at 83.19 versus previous Tuesday’s close of 83.18. The Indian currency remained flat despite strong foreign inflows and a marginal dip in the dollar.

According to the latest National Securities Depository Ltd (NSDL) data, the net Foreign Portfolio Investors (FPI) inflows over the last week stood at around $1.5 billion. So far in December, the net inflow has been recorded at a whopping $9.5 billion, the highest monthly flows for 2023.

JSW Energy: Company Initiates Commissioning of 810 MW Wind Project in Tamil Nadu, Marking Significant Progress Towards 10 GW Generation Capacity Goal by 2024

Bajaj Holdings: The company received GST and a penalty demand worth Rs 1.83 crore from the Commissioner of Central Tax, Pune.

The asset under management of the mutual fund industry has surged 24 per cent to ₹49.05-lakh crore in November against ₹39.62-lakh crore in January backed by huge rally in the equity markets and substantial jump in inflows.

The net inflows into the mutual fund industry so far this year more than doubled to ₹25,616 crore last month against ₹ 11,373 crore in January. On a year-on-year basis, net inflows were up 93 per cent as compared with ₹13,264 crore in November 2022.

Shares of the Muthoot Pappachan Group company Muthoot Microfinance were listed on a lacklustre note at the bourses on Tuesday. As against the issue price of ₹291, shares were listed at ₹278 and slipped further to hit a low of ₹265.30 on the BSE. The stock closed at ₹266.20, down 8.52 per cent against the IPO price. On the NSE, the stock closed at ₹266.15.

The ₹960-crore offer, which comprised a fresh issue of ₹700 crore and an offer-for-sale (OFS) of ₹200 crore, was subscribed to 11.52 times. Investor shareholders who offloaded in the IPO included Greater Pacific Capital WIV and promoters Thomas John Muthoot, Thomas Muthoot, Thomas George Muthoot, Preethi John Muthoot, Remmy Thomas, and Nina George.

The medium and heavy truck industry will likely experience a subdued demand in the next three months even as it may end the current fiscal with a single-digit growth.

The Indian commercial vehicle (CV) industry registered a decline of 2 per cent in retail sales volumes year-on-year (y-o-y) basis and a sequential drop of 5 per cent in November 2023.

In 2023, the edible oil sector experienced a record increase in imports, a scenario of low import duties and reduction in domestic prices providing relief to consumers.

India’s import of edible oils reached an all-time high of 164.66 lakh tonnes (lt) during the oil year 2022-23 (November-October) against 140.29 lt in the corresponding period of 2021-22, registering a growth of 17.36 per cent.

India’s current account deficit (CAD) narrowed sharply to 1 per cent of GDP in the second quarter (Q2) of FY24 against 3.8 per cent in the year-ago quarter due to lower merchandise trade deficit.

Healthy receipts from services exports, decent growth in private transfer receipts (mainly remittances) and robust inflows in non-resident deposits also helped narrow the CAD. 

It’s noteworthy to highlight that Reliance Industries has outperformed the benchmark Sensex index 4 out of 5 times during 2018-23

Maithan Alloys, manufacturers and exporters of niche value-added manganese alloys, said on Tuesday that it plans to acquire 10 lakh shares (0.202 per cent) of the National Stock Exchange. In a disclosure to the stock exchanges, the company said it entered into an agreement for the purchase of 10 lakh shares for ₹324 crore, making the per-share value ₹3,240.

Exports of engineering goods from India to Russia is soaring, thanks to the rupee payment arrangement.

In the April-November period of the current year, India’s engineering goods exports to Russia rose 138 per cent to touch $902.25 million, compared with $378.89 million in the corresponding period of last year, according to data made available to businessline by the Engineering Export Promotion Council of India (EEPC).

Cash Segment: FII: Rs. -95 DII: Rs. 167

FII Derivative Segment:

Index Future Long OI/ Short OI: 1.81

Index Futures: Rs. -777 Stock Futures: Rs. 1008 Stock Options: Rs. 2 Index Options: Rs. 25535 Net Buy Calls: 256248 Contracts Net Buy Puts: 167011 Contracts

Cash Segment (Dec Series): FII: Rs. 23215 DII: Rs. 12443

FII Derivative Segment (Dec Series): Index Futures: Rs. 11172 Stock Futures: Rs. 15657 Stock Options: Rs. -40 Index Options: Rs. -323454 Net Buy Calls: 369987 Contracts Net Buy Puts: 222305 Contracts

HDFC securities Retail Research

Cochin Shipyard’s stock has been tracing a horizontal trend for the past couple of weeks. It was largely oscillating between ₹1,230 and ₹1,315. But on Tuesday, the stock broke out of range, opening the door for further rallying. 

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

20:30 U.S. Richmond Manufacturing Index (Expected: -7 versus Previous: -5)

FIIS : SELL -95 (6,174-6,269)

DIIS : BUY +167 (8,830-8,663)

Asian markets started on an upward trend following the US stock surge that propelled the S&P 500 nearly to its peak, with investors bracing for impending interest rate declines. 

In Japan, Wednesday saw a positive open for stocks, buoyed by Wall Street’s recent gains. The Nikkei 225 index surged 1.13%, adding 376.79 points to reach 33,682.64, while the broader Topix index climbed 0.76%, rising by 17.83 points to hit 2,356.69. Meanwhile, South Korea’s KOSPI began with a slight dip of 0.35%, sliding 9.20 points to 2,593.51.

Australian shares marked a significant ascent on Wednesday, hitting a 20-month peak as trading resumed after an extended holiday weekend. The strong momentum from Wall Street’s robust performance propelled the S&P/ASX 200 index up by 0.92%, an increase of 68.80 points to reach 7,570.40. This surge took the index to its highest level since April 2022, considering the market closure on Monday and Tuesday for Christmas and Boxing Day.

U.S. stocks extended their rally on Tuesday, kicking off the final week of 2023 with expectations that the Federal Reserve will begin cutting interest rates as soon as March.

All three major U.S. stock indexes rose in light trading a day after the Christmas holiday, with the S&P 500 touching its highest intraday level since January 2022. All three are on track for monthly, quarterly and annual gains.

The Dow Jones Industrial Average rose 159.36 points, or 0.43%, to 37,545.33, the S&P 500 gained 20.12 points, or 0.42%, to 4,774.75 and the Nasdaq Composite added 81.60 points, or 0.54%, to 15,074.57. - Reuters