Share Market Highlights 29 December 2023: Sensex slides 170 pts; Nifty ends above 21,700

India’s benchmark indexes ended 2023 on a sour note on Friday, snapping a five-session rally due to a drop in financial and energy companies, but ended higher for an eighth straight year.

The blue-chip Nifty 50 index closed 0.22% lower at 21,731.40 points, while the S&P BSE Sensex settled 0.23% down at 72,240.26 points -- both only slightly shy of the record highs hit in the previous session.

The Nifty has jumped over 20% in 2023 and the Sensex has risen nearly 19% to log their best years since 2021 and second-best since 2017, powered by sustained domestic mutual fund inflows, the return of foreign buying, better-than-expected macroeconomic growth and steady corporate earnings.

That also helped the small- and mid-cap indexes outperform the large-caps with surges of about 56% and 47%, respectively, this year.

Both indexes rose to fresh record highs on Friday. The Nifty and Sensex however, after posting record highs in the past two sessions, were weighed down by a pullback in financials.

The Indian rupee’s decline in 2023 was the smallest in a six-year losing streak, while volatility hit decadal lows due to the central bank’s persistent intervention, which will likely remain a key factor governing the local unit’s fortunes over 2024.

The rupee shed 0.5% of its value in 2023, which was its smallest annual percentage change in at least 20 years.

It was also far smaller than the 10% plunge it recorded in 2022 when it was among the worst-performing Asian currencies in contrast to it being in the middle of the pack this year.

The currency ended the year at 83.2075 to the U.S. dollar, having swung between a high of 80.88 on Jan. 23 and a lifetime low of 83.42 on Nov. 10.

The Reserve Bank of India (RBI) used periods of rupee strength to build its forex reserves kitty and sold dollars when the local unit was under depreciation pressure or near record lows.

Nephrocare India, a Kolkata-based comprehensive renal care institution, has raised ₹8.08 crore in its pre-IPO round paving the way for its expansion plans, the company said on Friday.

The funding saw participation from marquee investors, who include former HDFC chairman Deepak Parekh, HDFC Securities chairman Bharat Shah, and founder and MD of Macleods Pharmaceuticals Rajendra Agarwal, it said.

The fresh infusion of capital will fuel Nephrocare India’s target of establishing 22 high-end kidney care facilities across India by March 2026. Four centres are expected to be operational by the end of the current fiscal, the company said in a statement. - PTI

Hindustan Foods Limited’s shares were up 1.94 per cent after the company acquired a sports shoe manufacturing unit located in Kundli, Haryana, as part of its move to strengthen its presence in the sports shoes segment. 

Facilitated by its wholly owned subsidiary, KNS Shoetech Private Limited, the acquisition, valued at approximately ₹30.72 crore, is formalised through a Business Transfer Agreement.

Speciality chemicals maker Ami Organics Ltd on Friday said it has purchased shares worth ₹42 crore and increased its stake in the company by almost 1 per cent.

The shares were purchased in two separate transactions at Rs 1,164 per piece, the Surat-based company said in a statement. - PTI

NSE nifty was down 0.21 per cent or 45.45 to 21,733.25 points, while the BSE Sensex was at 72,248.34, down 0.21 per cent or 153.53 points. 

A total of 3,831 stocks were actively traded, 1,949 advanced, while 1,746 declined and 136 stocks remained unchanged where 312 stocks hit a 52 week high and 16 stocks hit a 52 week low at 2 pm on Friday. 

Innova Captab opened at the bourses today with an apprehensive two per cent premium at the open. The stock later found its footing and has gained 22 per cent by mid-day and is locked in the upper circuit. Compared to the IPO price of ₹448 (higher band), the stock is now trading at ₹547 per share. 

Puravankara Limited’s subsidiary, Provident Housing Limited, introduced a scheme to support serving and retired armed forces personnel in acquiring homes. The company will provide a special 2% discount on housing across its projects for eligible armed forces personnel.

With a focus on mid-segment housing, Provident Housing aims to assist the approximately 1.4 million serving personnel and 2.6 million veterans in India.

Man Infraconstruction Ltd’s shares were up by 4.19 per cent after the company announced the redevelopment of a residential property in Pali Hill, Bandra West. the company informed that the project aims to redefine urban living with a limited number of residential apartments, emphasising luxury as a way of life.

Solar panel-maker Waaree Energies filed for an initial public offering to raise ₹3,000 crore ($361 million), its draft papers showed on Friday. 

Kerala-based Kings Infra Ventures, a leading seafood exporting firm, is expanding its presence in the domestic market by launching QSR (quick service restaurant) outlets for seafood delicacies.

Fine Organic Industries Limited shared that the company invested ₹6 crore in Non-Convertible, Non-Cumulative, Non-Participating, Redeemable Preference Shares. These shares, with a face value of ₹10 each, were issued by their wholly-owned subsidiary, Fine Organic Industries (SEZ) Private Limited. The total investment is of ₹60 crore.

Fine Organic Industries highlighted that the objective of this investment is to support the wholly-owned subsidiary in setting up a manufacturing unit in the specialty chemicals sector. The acquired entity, Fine Organic Industries (SEZ) Private Limited, was incorporated on October 10, 2023, and has not commenced its operations yet.

Equity, Currency, Commodity market will remain open on 1st January 2024. Commodity market will remain open till 5.00pm only and for evening session will remain close.

Happiest Minds Technologies Ltd’s shares were up by 0.38 per cent after the company reported that its Integrated Annual Report 2022 secured the Gold award at the SAFA Best Presented Annual Report Awards. The evaluation, conducted by the South Asian Federation of Accountants (SAFA) Committee for Improvement in Transparency, Accountability & Governance, recognised the report for its visual quality, clear presentation, creativity, and relevance.

Punjab National Bank (PNB) plans to raise about ₹7,500-crore equity capital in 2024-25 in one or more tranches.

The PNB Board took this decision at its meeting on Thursday.

The capital will be raised through Qualified Institutions Placement (QIP)/Follow on Public Offer (FPO) or any other permitted mode or a combination of such modes, PNB said in a filing with the stock exchanges.

Indian aviation is set to witness a massive gameplay in the international segment in 2024, according to aviation consultancy firm CAPA India.

Market leaders IndiGo and Air India will shift focus gears to the international segment. On the one hand, IndiGo, which is dominating the domestic market, will target a leadership market share in international flights, exploring A320neo/A321neo expansion and possibly placing a widebody order. 

Here is the post-listing view on Innova Captab from Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

Innova Captab, the generic pharma manufacturer, made a lukewarm debut on the stock market, listing at Rs 471 per share, a mere 5.1% premium over its IPO price of Rs 448. This lackluster performance falls short of pre-listing expectations.

Despite such a listing, Innova Captab still possesses its core strengths, including a strong market position, robust financials, and strategic growth initiatives. However, the flat debut highlights the potential risks associated with the highly competitive market, regulatory environment, and currency fluctuations.

Given the uncertain outlook, a cautious approach is warranted, and investors may exit their position; however, those who want to hold it should maintain a stop loss at the issue price.

Nifty 50 began the final session of 2023 lower at 21,737.65 versus yesterday’s close of 21,778.70. The index is now at 21,700, down 0.35 per cent after the first hour of trade.

The Friday morning market opened with a decline, following the positive start earlier in the week. NSE Nifty was down by 0.21 per cent, or 46.55 points, at 21,732, while the BSE Sensex was at 72,229.87, down by 0.24 per cent or 178 points.

Top gainers on the NSE at 10 am include- Tata consumer products Ltd (3.23%), Tata motors Ltd (2.14%), Eicher motors Ltd (1.22%), Maruti Suzuki India Ltd (0.70%), Sun Pharmaceutical industries Ltd (0.42%)

Top losers on the NSE at 10 am include- bharat petroleum corporation Ltd (-2.22%), kotak mahindra bank Ltd (-0.90%), State Bank of India (-1.03%), Apollo hospitals enterprise Ltd (-1.02%), Power grid corporation of India Ltd (-0.96%)

Techno Electric & Engineering Company Limited announced the acquisition of orders valued at Rs. 1750 crore. The breakdown includes a substantial Transmission Order of Rs. 709 crore, encompassing significant projects like the 765kV AIS Package for Neemrana-II and Sikar from Sterlite and PGCIL respectively. Additionally, the company secured an Advance Metering Infrastructure (AMI) project worth Rs. 1041 Crores from RECPDCL for implementing 7.27 Lakh Smart Meters in Kashmir on a DBFOOT Basis. The company’s stock surge 7.33% to Rs 57.45 on NSE. 

The rupee maintained its gaining momentum for the second straight session and appreciated 6 paise to 83.14 against the US dollar on Friday, amid a weak American currency against an unabated inflow of foreign funds.

According to forex traders, subdued equity market sentiment and volatility in crude oil prices, however, resisted a sharp gain in the Indian currency.

Kalpataru Projects International Limited (KPIL), a prominent Engineering & Construction entity in India, along with its Joint Ventures (JVs) and international subsidiaries, has acquired new orders valued at ₹3,244 crore. The breakdown of these new orders includes projects in the Buildings & Factories (B&F) segment, notably securing KPIL’s largest design & build contract for a significant residential buildings project in South India spanning around 13 million square feet. Additionally, KPIL has secured an order for the design and construction of an underground metro rail project, marking its entry into the electric mobility sector with TBM tunnelling scope. Furthermore, KPIL has obtained orders in the Transmission & Distribution (T&D) business from overseas markets. The company’s shares surge 9.48% to trade at ₹719.95 on NSE

ICICI Prudential Life Insurance Company Limited has received approval from the Reserve Bank of India, as per a letter dated December 27, 2023, addressed to ICICI Bank Limited. The approval allows the company, along with ICICI Prudential Asset Management Company Limited, to collectively hold up to 9.95% of the paid-up share capital or voting rights in RBL Bank Limited, IDFC FIRST Bank Limited, and IndusInd Bank Limited.

Shakti Pumps’ recent announcement discloses their contract with the Haryana Renewable Energy Department (HAREDA) for the supply, installation, and commissioning of solar water pumping systems. This contract, awarded domestically, carries a timeframe of 90 days for completion from the issuance of the work order. Valued at Rs. 258 Crores (inclusive of GST), it stands as a significant undertaking. The company’s shares jump 3.35% to trade at Rs 1,038.50 on NSE. 

ICICI Securities

Target: ₹635

CMP: ₹ 562.15

We met Sushanth Pai, Chief Financial Officer, Matrimony.com (Matrimony). 

Takeaways: 10–12 per cent revenue growth (volume led) is possible in the future and will be driven by new initiatives like ‘Jodii’ and the launch of a ‘serious relationship’ platform; Marriage service could breakeven on a cash-basis by Q4-FY24 and Matrimony is working on improving the product; In case there is consolidation in the matchmaking industry, Matrimony.com will be only open to be an acquirer should an opportunity present itself; and The legal disputes with Google are likely to continue in the near term, which will result in fresh provisions every quarter. 

To achieve double digit growth, a lot of initiatives have been taken and they have focussed on continuous innovation. 

As a market leader in the matchmaking space (over 60 per cent share), they will continue to raise the issue of high service fee in relevant forums. Maintain ADD with a TP of ₹635.

Motilal Oswal Financial

Target: ₹430

CMP: ₹380.85

To meet the increasing demand for coal in the power sector amid the government’s strong push to ensure a reliable 24x7 electricity supply, Coal India (COAL) has made a long-term commitment through FSA agreements. Based on YTD performance, COAL is targeting a production of 780 mt in FY24 and 850 mt in FY25. 

COAL sells about 10 per cent of its total volume via auction-determined prices and we expect the company to sell about 72mt/76mt/88mt through e-auctions in FY24/FY25/FY26. E-auction premium, which eased in Jul’23 after peaking at 329 per cent in Q2-FY23 (in line with softening international coal prices), has rebounded.

The revival in demand and rise in international prices have pushed the e-auction premium to a level of 80-100 per cent over the last few months.

The top 5 Nifty losers at 9:35 a.m. were BPCL with a decrease of 2.01%, followed by KOTAKBANK at -0.96%, ONGC dropping by 0.70%, POWERGRID at -0.67%, and RELIANCE declining by 0.66%

HINDCOPPER

Ex/record date interim dividend: Can Fin Homes. 

Ex/record date stock split: HMA Agro Industries. 

Moved into a short-term ASM framework: J Kumar Infraprojects, Kamdhenu.

Stove Kraft: Promoter Rajendra Gandhi creates a pledge of 1 lakh shares on Dec. 26.

V.I.P. Industries: Promoter Kiddy Plast bought 15,000 shares on Dec. 27, promoter group DGP Enterprises bought 20,000 shares on Dec. 27 and promoter Dilip G. Piramal bought 30,000 shares on Dec. 27. 

ION Exchange (India): Promoter group Bimal Jain sold 13,000 shares between Dec. 18 and Dec. 27.

Indiabulls Housing Finance: ICICI Prudential Mutual Fund Equity-Arbitrage Fund sold 25.34 lakh shares (0.52%) at Rs 218.74 apiece; SBI Mutual Fund SBI Arbitrage Opportunity Fund sold 30.9 lakh shares (0.64%) at Rs 218.16 apiece; and Mathew Cyriac bought 25 lakh shares (0.52%) at Rs 213.53 apiece. 

Zee Entertainment Enterprise: Plutus Wealth Management LLP bought 61.1 lakh shares (0.63%) at Rs 270.07 apiece. 

Azad Engineering: Abu Dhabi Investment Authority bought 3.98 lakh shares (0.67%) at Rs 719.9 apiece

Zydus Wellness: Threpsi Care LLP sold 7.8 lakh shares (1.22%) while SBI Mutual Fund and Zydus Family Trust bought 3.9 lakh shares (0.61%) each at Rs 1,632 apiece.

At 9:30 a.m. on the NSE, the top gainers were TATACONSUM with a rise of 3.07%, followed by TATAMOTORS gaining 1.43%. MARUTI showed an increase of 0.75%, while SUNPHARMA and EICHERMOT gained 0.61% and 0.52% respectively.

From being featured in the second RBI list of infamous defaulters in 2017-18 to planning a capital expenditure of ₹1,000 crore, Jai Balaji Industries has come a long way, becoming a very rare case of a successful turnaround story in the steel industry.

India’s key indices, the Sensex and Nifty, started the final 2023 session on Friday with a weaker performance. 

During the opening, the 30-share BSE Sensex dropped by 186.31 points to reach 72,224.07, while the NSE Nifty decreased by 60.25 points, touching 21,718.45.Both the Nifty and BSE Sensex have surged approximately 20% each this year and are on track for their most successful month in 2023, boasting an 8% increase thus far.

Both the Nifty and BSE Sensex have surged approximately 20% each this year and are on track for their most successful month in 2023, boasting an 8% increase thus far.

Meanwhile, small-cap and mid-cap stocks have exceeded the benchmarks, showcasing over twice the growth compared to the Nifty and Sensex in 2023, despite concerns about their valuation.

Foreign portfolio investors have purchased Indian shares worth Rs 1.65 lakh crore, heading for the highest since 2020. Simultaneously, contributions to systematic investment plans, involving regular mutual fund payments, have hit fresh record highs in the eight months leading up to November.

While Wall Street concluded with higher equities, Asian markets commenced with marginal changes.

In the meanwhile, Gold hovered around $2,070 per ounce as the dollar and Treasury yields dipped, fuelled by prospects of upcoming US Federal Reserve interest rate cuts. Silver prices declined as the dollar rebounde from recent losses.

Silver prices declined as the dollar rebounded from recent losses, despite continued optimism that the Federal Reserve is likely to cut interest rates by 25 basis points in March 2024. Economic data revealed an increase in weekly claims to 218K, surpassing the estimated 210K. Additionally, last week’s data showed the core PCE index fell to 3.2% in November from 3.4% in October, below the predicted 3.3%. According to the CME FedWatch tool, market participants see a more than 88% chance of the Fed cutting interest rates in March.

Upcoming economic data includes Spanish Flash CPI y/y from the Euro Zone and Chicago PMI from the U.S.

Gold held near $2,070 an ounce as the dollar and Treasury yields weakened sharply on expectations that the US Federal Reserve would start cutting interest rates next year. The latest data from the US showed an increase in weekly jobless claims to 218K, above the estimated 210K. Markets now see a nearly 90% chance of a Fed rate cut in March and project as much as 158 basis points of total rate reductions next year.

Upcoming economic data includes Spanish Flash CPI y/y from the Euro Zone and Chicago PMI from the U.S.

Nearly 476,530 residential units were sold across seven major cities in 2023, highest in the last 10 years, a new report released on Thursday showed. 2023 saw a 31% growth over 2022, which had seen total sales of 364,870 units across the top seven cities, according to the report by Anarock Property Consultants. The decade’s previous peak was seen in 2022, after 2014, when about 343,000 units were sold, it said. Mumbai Metropolitan Region (MMR) witnessed the highest sales of about 153,870 units, followed by Pune with about 86,680 units. The two western markets together led residential sales in 2023, according to the report.

The number of Americans filing initial claims for unemployment benefits rose last week, indicating the labor market continues to cool in the year’s fourth quarter. New state unemployment benefit claims rose by 12,000 last week to 218,000, according to the Labor Department. A Reuters poll showed economists expected an increase to 210,000 initial claims for the week ended Dec. 23. The rolls of those receiving benefits after one week of aid rose 14,000 from the week prior, reaching 1.875 million. Continued unemployment claims, a measure for hiring, have increased since mid-September, indicating those already out of work may be having difficulties getting a job. In November’s economy, 199,000 new jobs emerged, up from 150,000 in October according to the Labor Department’s non-farm payrolls report. The unemployment rate also fell moderately from the month prior, to 3.7% from 3.9%. Amid slower job growth and milder inflation, the Federal Reserve has left its benchmark interest rate unchanged for three consecutive policy meetings, and economists expect its hike campaign to be at an end. The Fed has raised its policy rate by 525 basis points, to the current 5.25%-5.50% range, since March 2022 in a bid to curb inflation.

The Argentine Central Bank’s first auction to pay down importers’ debts owed to suppliers abroad flopped Thursday as the monetary authority only sold a fraction of the total it had offered. The central bank reported that it sold just $68 million after receiving 34 offers from Argentine importers when it previously announced a maximum of $750 million in notes available. Bloomberg reported the sum earlier Thursday. Importers bought the bonds first, but have the right to resell most of the notes in the secondary market to other investors. In a statement, central bank officials anticipated that “the volume of participation will go up,” as the bank “continues clarifying the operative processes for subscription and required documentation.”

Companies involved in China’s electric car industry are setting up shop in Hong Kong to leverage the city’s financial system for their global expansion, investing over $1 billion so far and creating hundreds of jobs. The world’s largest battery maker, Contemporary Amperex Technology Co. Ltd., said earlier this month it plans to open its international headquarters in Hong Kong with some HK$1.2 billion ($154 million) and hire 500 employees.

Bridgewater Associates, the world’s largest hedge fund, is undergoing its most significant transformation in four decades, following the departure of its billionaire founder Ray Dalio. Led by CEO Nir Bar Dea, Bridgewater is adopting a new strategic direction to enhance returns, increase profitability, and tap into new revenue sources. This shift includes capping the size of its flagship funds, increasing focus on artificial intelligence and machine learning, and reducing its workforce by about 100 jobs. This overhaul aims to evolve the firm’s operations and culture, marking a departure from Dalio’s era of radical transparency and systematic investing approach.

U.S. President Joe Biden on Thursday extended the suspension of tariffs on European Union steel and aluminum for two years to continue negotiations on measures to address overcapacity and low-carbon production. The United States suspended import tariffs of 25% on EU steel and 10% on EU aluminum for two years from January 2022, replacing the tariffs imposed by former President Donald Trump with a tariff rate quota (TRQ) system. EU tariffs, imposed in retaliation, covered a range of U.S. goods from Harley Davidson motorcycles to bourbon whiskey and power boats. Those have also been shelved until 2025, after elections on both sides of the Atlantic.

Brazil’s Finance Minister Fernando Haddad unveiled on Thursday tax adjustments to limit benefits across various sectors and ensure fiscal compensation, which are expected to face opposition in Congress. The package aims to completely replace the text of an approved bill that President Luiz Inacio Lula da Silva vetoed, just to have it overturned by Congress two weeks ago. Speaking at a press conference, Haddad said that all measures would constitute an executive order to be released this year. 

The media landscape witnessed a notable transaction with the sale of Cheddar News, a financial news streaming service popular among millennials, to Archetype, a company known for its military and lifestyle publications. Altice USA (ATUS) which had acquired Cheddar in 2019 for $200 million, finalized the deal, further diversifying Archetype’s media portfolio, which includes Army Times, Defense News, and Sunset Magazine. This move allows Altice USA to sharpen its focus on its core businesses in telecommunications, advanced advertising, and local news

Argentine President Javier Milei is embarking on a bold shift in the country’s energy policy, aiming to transform the oil industry by eliminating decades of government intervention. Milei’s ambitious legislative proposal, sent to Congress, focuses on liberalizing the oil sector by freeing crude exports and allowing fuel prices to be determined by market dynamics. This approach marks a significant departure from Argentina’s traditional policies, which have long prioritized domestic affordability and involved the government in pricing decisions.

Brazil created a net 130,097 formal jobs in November, fewer than expected, labor ministry figures showed on Thursday. Economists polled by Reuters projected 142,841 jobs to be created in the month. Year-to-date, job creation totaled 1.9 million net positions, according to the labor ministry, which had previously anticipated a potential increase to 2 million by the end of 2023. In a press conference, the acting labor minister, Francisco Macena, acknowledged that December is typically marked by a net decline in jobs due to the termination of temporary workers hired for the holiday season.

Deep in the Amazon rainforest, Brazil is fighting destructive wildcat gold mining as it spreads from Indigenous lands into government-protected conservation areas. Federal Police have joined the government’s biodiversity conservation agency ICMBio on a series of recent operations to catch illegal gold miners and destroy their camps and equipment. Leftist President Luiz Inacio Lula da Silva’s government has already been cracking down on mining on Indigenous reservations. But that has pushed some miners to other forests where there has been little enforcement.

Peru’s government will launch an exchange-traded fund (ETF) sovereign debt instrument in January that will be exempt from income taxes, Economy Minister Alex Contreras said on Thursday. The ETF aims to boost liquidity for state coffers and strengthen the government’s ability to obtain financing, said Contreras.

Struggling liquefied natural gas (LNG) developer Tellurian on Thursday said it has hired a financial adviser to assist in balance sheet management. Tellurian ousted its chairman and co-founder Charif Souki, earlier this month weeks after auditors raised doubts about the company’s ability to cover future expenses. Chairman Martin Houston in a letter to shareholders said the adviser will “assist with shaping commercial structures as well as balance sheet management.” Earlier in the day the company said it swapped $37.9 million in notes from a 2025 bond for shares and an agreement that eliminated a Jan. 1 debt payment.

Engie Brasil said on Thursday it has reached a deal to sell a 15% stake in natural gas pipeline firm TAG to Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ) for 3.1 billion reais ($641 million). After the deal’s conclusion, CDPQ will raise its stake in TAG to 50%, while Engie Brasil will own 17.5% and its French parent company will hold the rest, giving it an indirect 50% stake. In 2019, Engie and CDPQ jointly acquired a 90% stake in TAG from state-run oil firm Petrobras for about $8.6 billion, purchasing the remainder the following year. TAG owns and operates a large part of Brazil’s natural gas pipelines with some 4,500 kilometers (2,800 miles) over 10 states in Brazil.

The S&P 500 closed nominally higher on Thursday, retracing early gains just before the closing bell on the penultimate trading day of 2023. The benchmark index concluded the light volume session just 0.3% shy of its record closing high, reached on Jan. 3, 2022. The blue-chip Dow ended modestly green, notching its second record-high closing level in a row, while the Nasdaq finished a hair lower. All three indexes remained on track for monthly, quarterly, and annual gains.

Bitcoin: 42607: +0.32%

Ether: 2356: +0.40%

INDA: 49.0: +0.37%

INDY: 49.5: +0.49%

EPI: 41.3: +0.71%

PIN: 25.7: +0.70%

Others: LTP: %

US10yr: 3.8: +1.32%

GIND10YR: 7.2: +0.06%

$ Index: 101.2: +0.24%

US Vix: 12.5: +0.32%

India Vix: 15.1: (-2.68%)

Baltic Dry: 2094.0: +0.34%

Cogni: 75.8: +0.32%

Infy: 18.6: (-0.22%)

Wit: 5.6: +0.00%

ICICIBK: 24.2: +0.83%

HDFCBK: 67.2: +0.27%

DRRDY: 69.8: +2.33%

TATST: 16.5: (-1.79%)

AXIS: 66.4: +0.00%

SBI: 78.1: +0.00%

RIGD: 62.9: +1.45%

Eur-$: 1.11: +0.02%

GBP-$: 1.27: (-0.02%)

Jpy-$: 141.38: +0.02%

Re-$: 83.17: +0.21%

USD-RUB: 88.50: +3.53%

Gold Spot $/Oz: 2065.6: (-0.57%)

24 kt Gold INR/10g: 63254.0: +0.51%

Silver Spot $/Oz: 24.0: (-1.20%)

COPPER ($/ mt): 8589.0: +1.24%

ALUMINUM ($/ mt): 2339.0: +2.45%

ZINC ($/ mt): 2625.3: +1.43%

TIN ($/ mt): 25414.0: +3.19%

Brent Crude: 77.5: (-2.60%)

Nymex Crude: 71.8: (-3.16%)

BankNifty: 48509: +226: +0.47%

NiftyIT: 35692: (-49): (-0.14%)

MIDCAP: 45815: +256: +0.56%

Auto: 18409: +184: +1.01%

FMCG: 56505: +754: +1.35%

Bank: 48509: +226: +0.47%

Sensex: 72410: +372: +0.52%

Nifty: 21779: +124: +0.57%

Dow: 37710: +54: +0.14%

S&P: 4783: +2: +0.04%

Nasdaq: 15095: (-4): (-0.03%)

Brazil: 134185: (-8): (-0.01%)

FTSE: 7723: (-2): (-0.03%)

Dax: 16702: (-41): (-0.24%)

Cac: 7535: (-37): (-0.48%)

MOEX: 3102: +5: +0.15%

Listing of Equity Shares of Innova Captab Limited

57224929 Equity Shares Of Rs.10/- each fully paid up

Listing of new securities of K&R Rail Engineering Limited

19,31,474 equity shares of Rs. 10/- each issued at a premium of Rs.61.60/- to Non Promoters on a preferential basis pursuant to conversion of warrants. 

Listing of Securities PRAVEG LIMITED

2,00,000 equity shares of Rs. 10/- each issued at a premium of Rs.477 to Non Promoters on a preferential basis pursuant to conversion of warrants. 

Listing of New Securities of RELIANCE INDUSTRIES LTD.

864 Equity shares pursuant to conversion of partly paid shares to fully paid up of Rs. 10/- each issued on rights basis.

Listing of new securities of JK Tyre & Industries Ltd

14492749 Equity shares of Rs.2/ each allotted to QIBs pursuant to Qualified Institutional Placement.

Listing of new Securities of Concord Drugs Limited

3,42,264 equity shares of Rs. 10/- each issued at a premium of Rs.23/- to Promoters on a preferential basis pursuant to conversion of warrants.

GIFTNifty: 21,958: (-5.50): (-0.03%)

Last Heard

Kaushalya Logistics NSE SME: GMP: 35…IPO PX: 75

Kay Cee Energy NSE SME: GMP: 45…IPO PX: 54

Balaji Valve Component BSE SME: GMP: 30…IPO PX: 100

MCPL BSE SME: GMP: NA…IPO PX: 62

HRH Next Services NSE SME: GMP: NA…IPO PX: 36

Akanksha Power and NSE SME: GMP: 15…IPO PX: 55

AIK Pipes And BSE SME: GMP: 9…IPO PX: 89

Sameera Agro And NSE SME: GMP: NA…IPO PX: 180

Innova Captab IPO: GMP: 32…IPO PX: 448

Supreme Power Equipment NSE SME: GMP: 30…IPO PX: 65

Indifra NSE SME: GMP: NA…IPO PX: 65

Trident Techlabs NSE SME: GMP: 40…IPO PX: 35

Gold prices were set on Friday for their best year in three on strong bets of U.S. interest rate cuts early next year and as the war in Ukraine and tensions in the Middle East lifted safe-haven demand.

Spot gold was up 0.2% at $2,068.95 per ounce, as of 0233 GMT. It has risen 14% so far in the year, heading for its biggest annual gain since 2020.

U.S. gold futures fell 0.2% to $2,078.70 per ounce.

Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices.

Brent crude futures were up 18 cents, or 0.2%, at $77.33 a barrel at 0126 GMT on Friday, the last trading day of 2023, while the U.S. West Texas Intermediate (WTI) crude futures were trading 11 cents higher at $71.88 a barrel in early Asian trade.

At these levels, both benchmarks are on track to close at the lowest year-end levels since 2020, when the pandemic battered demand and sent prices nosediving.

Oil is also on track to fall for the third straight month due to demand concerns outweighing the risks to supply from the Middle East conflict, and as production cuts have proved insufficient to prop up prices, with the benchmarks declining nearly 20% from their highest level this year.

Prices had surged to this year-high in September after the Organization of the Petroleum Exporting Countries and their allies agreed to cut production, triggering fears that demand was potentially higher than supply.

On Friday, oil prices stabilised after falling 3% the previous day as more shipping firms prepared to transit the Red Sea route. Major firms had stopped using Red Sea routes after Yemen’s Houthi militant group began targeting vessels. - Reuters

Mahindra & Mahindra received an order imposing a Rs 4,11,50,120/- penalty under the CGST Act, 2017 from the Deputy Commissioner, State Tax, Audit Wing, Indore, related to Mahindra Two Wheelers Limited (MTWL) – previously demerged from MTWL and merged with the company. The company intends to appeal and anticipates a favourable outcome without a significant financial impact. The order, received on December 28, 2023, is detailed in compliance with SEBI regulations in Annexure A.

Asian Paints: Company Says SEIAA Grants Environmental Clearance to Sriperumbudur Plant Based on SEAC Recommendations

Tata Sons chairman N Chandrasekaran has asked group companies to focus on better execution, customer satisfaction and artificial intelligence (AI) amid the looming risk of further global disruption. “Our group’s aim should not be merely to adopt or adapt to technology. We need to shape it and make it. This New Year I urge each company to appoint an AI champion to proactively pursue the benefits of AI - economically, operationally and socially, “ Chandrasekaran said in his New Year message to employees on Thursday.

State Bank of India (SBI) and HDFC Bank, both domestic systemically important banks (D-SIBs), will be required to set aside higher capital for the loans they make with effect from April 1, 2025, in the backdrop of their balance sheets growing bigger.

The central bank has prescribed higher additional Common Equity Tier (CET) 1 requirement for SBI and HDFC Bank at 0.80 per cent (against 0.60 per cent up to March-end 2025) and 0.40 per cent (0.20 per cent), respectively, as a percentage of their Risk Weighted Assets (RWAs).

For ICICI Bank, the additional CET 1 requirement continues at 0.20 per cent.

Industry Standards Forum (ISF), a body set up by the market regulator under the aegis of the stock exchanges, has proposed that the requirement for rumour verification for listed firms be made applicable whenever there is a material “price movement” of the entities’ securities — instead of a material “event”.

To determine the material price movement, a lower percentage variation may be considered for securities falling under high price range and a higher percentage variation may be considered for securities falling under low price range. To factor in market dynamics, the price variation in the securities of the listed entity may be indexed to movement in Nifty 50 or the Sensex.

Symbol: INNOVACAP 

Series: Equity “B Group” 

BSE Code: 544067 

ISIN: INE0DUT01020 

Face Value: Rs 10/- 

Issued Price: Rs 448/- per share

Reliance Industries: Company Targets AI Integration Across Businesses in 2024 Under Mukesh Ambani’s Leadership

Engineering exports from India slipped back into red in November 2023, declining 3.10 per cent (year-on-year) to $7.85 billion, following three successive months of growth, as demand from key markets such as the EU, the US and ASEAN dipped, per figures analysed by EEPC India.

India’s exports of engineering goods to Russia, however, increased 75 per cent in November 2023 to $113.49 billion, continuing steadily on the growth path. In the April-November 2023 period, overall export of engineering goods declined 1.81 per cent to $69.46 billion, mostly a reflection of poor global demand.

Gold prices touched three-week high at ₹63,452 per 10 gm on Thursday against the previous close of ₹63,223 after the US dollar and bond yields hit multi-month lows.

On the MCX, gold for February delivery was down ₹198 to ₹63,480 and April contract lost ₹180 to close at ₹63,800.

In the US, spot gold was up 0.5 per cent at $2,086.69 per ounce hitting its highest since December 4, when prices raced to a record high of $2,135.40.

Riding on the ongoing bull run in the equity markets, pension assets of the National Pension System (NPS) parked under the Category E (Equity) clocked an impressive 22.33 percent return over the last 12 months. 

This stands in stark contrast to the more conservative Central and State government composite schemes, which yielded a comparatively modest 9.5 per cent return for the NPS monies invested in them over the same period, latest PFRDA data showed. 

Hindustan Petroleum Corporation (HPCL) stock is looking very strong on the charts has surged over 13 per cent so far this week. This has taken the share price well above the key resistance level of ₹390. The region between ₹400 and ₹390 will now act as a strong support zone. 

Here are the key intraday supports and resistances to watch out for Nifty Futures, RIL, ONGC, TCS, Infosys, HDFC Bank, SBI, and ITC

Turnover: (NSE + BSE) 

Cash Volume: 110511.11 + 6943.05 Total: 117454.16 

F&O Volume: 371915.86 + 755842.74 Total: 1127758.6 

Provisional Cash Rs. In Crs. 

FII/FPI: NET BUY: +4,358.99 

(13,489.78 - 9,130.79) 

DII: NET BUY: +136.64 

(18,258.20 - 18,121.56)

Comment by Makarand M Joshi, Founder MMJC & Associates -a corporate compliance firm on Consultation Paper on Amendments to SEBI Regulations with respect to verification of market rumours

SEBI’s proposal with respect to verification of market rumours would help bring parity in markets. The new initiative, primarily aimed at price protection, introduces a mechanism to mitigate the impact of speculative rumours or media discussions on stock valuations before official company announcements. Proposals by SEBI ensures that if market movements are influenced by unofficial information, once confirmed by the company, that period will be excluded from the share valuation formula. 

Essentially, what began as a measure for rumour verification and investor protection has evolved into a complementing framework certifying the legitimacy of market deals. These proposals by SEBI would help curtail mishchiefs played with respect to market rumours.

U.K. Market to close early @ 18.00 pm (India Time)

18:00 India Infrastructure Output (Expected: 5.7% versus Previous: 12.1%) 

20:30 U.S. Chicago PMI (Expected: 51.0 versus Previous: 55.8)

Researchbytes Analyst App 

https://play.google.com/store/apps/details?id=com.intelegain.rb

Aarti Ind: Rashesh Gogri, VC&MD

Aarti Industries Bags ?3,000 Cr 9-Year Contract

https://www.youtube.com/watch?v=ySQh-FD8ON4

Azad Engineeri: Rakesh Chopdar, Chairman & CEO

FY24 Revenue Growth Seen At 25-30% : Rakesh Chopdar Of Azad Engineering

https://www.youtube.com/watch?v=2o737wyMEjM

Electronics Mar: Premchand Devarakonda, CFO

On Track To Get 25 Cr Sales From Each Store In NCR: Electronics Mart India

https://www.youtube.com/watch?v=WAeCzeYN3sY

*GMM Pfaudler: Manish Poddar, *

Chemical Segment Demand To Remain Subdued For Next 3-6 Months: GMM Pfaudler

https://www.youtube.com/watch?v=rIw0I-zoifk

Muthoot Finance: George Muthoot Alexander, MD

Expect To Maintain Margin At 10% & Average Ticket Size Is In Rs 60,000-65,000 Range: Muthoot Finance

https://www.youtube.com/watch?v=e_bxkfL1lNM

Neogen: Harin Kanani, Joint MD

Lithium Prices Have Corrected To Normal Historical Levels: Neogen Chemicals

https://www.youtube.com/watch?v=h5ALrxQUALI

Sheela Foam: Nilesh Mazumdar, Chief Executive Officer

We Are Creating Strategy For FY25 And Beyond For KurlOn & Sleepwell: Sheela Foam

https://www.youtube.com/watch?v=89FxwdrGiWg

TRACXN TECHNOLO: Neha Singh, Co-founder & CEO

Have Grown At A CAGR Of 30% Historically & They Expect This Momentum To Continue:Tracxn Technologies

https://www.youtube.com/watch?v=Kvy6pz8Nq8Y

Wonderla: Arun K Chittilapilly, MD

We Expect Revenues To Be Stronger Than Last Years & 3-5% Growth In Footfalls: Wonderla Holidays

https://www.youtube.com/watch?v=DII_gZnUtEY

Asian Granito: Mehul Shah, CFO

Expect To Scale Rs. 6000 Cr In Revenue By 2030,’ Mehul Shah, CFO, Asian Granito

https://www.youtube.com/watch?v=DBCDF4r3g7M

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

Asian stocks showed a mixed performance on the last trading session of the year, reflecting varied movements after a slight gain in US stocks. Investors were actively seeking opportunities in China. Despite this, these stocks are set for their most robust performance since 2020, drawing investors back to emerging markets due to signals indicating potential rate cuts by the Federal Reserve in the coming year.

In Japan, the stock market initially opened higher as investors anticipated further growth in 2024 and were encouraged by Wall Street’s recent uptrend. The Nikkei 225 index, striving to maintain its best annual performance in a decade, dipped by 0.08 per cent, equivalent to 26.72 points, reaching 33,512.90 in early trade. Conversely, the broader Topix index saw a 0.27 per cent rise, gaining 6.31 points to reach 2,368.33.

Meanwhile, Australia’s S&P/ASX 200 index experienced weakness, dropping by 0.31 per cent or 23.70 points, trading at 7,590.60. On the other hand, Korean shares surged, marking a 1.6 per cent increase of 41.78 points, reaching 2,655.28.

The S&P 500 closed nominally higher on Thursday, retracing early gains just before the closing bell on the penultimate trading day of 2023.

The benchmark index concluded the light volume session just 0.3% shy of its record closing high, reached on Jan. 3, 2022.

The blue-chip Dow ended modestly green, notching its second record-high closing level in a row, while the Nasdaq finished a hair lower. All three indexes remained on track for monthly, quarterly, and annual gains.

The Dow Jones Industrial Average rose 53.58 points, or 0.14%, to 37,710.1, the S&P 500 gained 1.77 points, or 0.04%, to 4,783.35 and the Nasdaq Composite dropped 4.04 points, or 0.03%, to 15,095.14. - Reuters