Nifty trades near 21,600 level; Financial Services shares advance.

 

The domestic equity indices continue to trade with modest gains in mid-morning trade. The Nifty traded near the 21,600 level. Financial Services shares advance after declining in the past three consecutive trading sessions.

The barometer index, the S&P BSE Sensex, was up 452.67 points or 0.64% to 71,639.53. The Nifty 50 index lost 134.95 points or 0.63% to 21,597.20.

In the broader market, the S&P BSE Mid-Cap index rose 1.07% and the S&P BSE Small-Cap index added 1%.

The market breadth was strong. On the BSE, 2,561 shares rose and 1,089 shares fell. A total of 133 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index rose 0.84% to 20,510.35. The index fell 5.29% in the past three trading sessions.

Indian Energy Exchange (up 2.48%), Axis Bank (up 2.37%), Muthoot Finance (up 2.25%), REC (up 2.23%), Power Finance Corporation (up 1.95%), Shriram Finance (up 1.84%), ICICI Prudential Life Insurance Company (up 1.83%), LIC Housing Finance (up 1.71%), ICICI Bank (up 1.66%) and HDFC Life Insurance Company (up 1.1%).

Stocks in Spotlight:

Bajaj Finance rose 0.59%. The NBFC said that its board is scheduled to meet on Monday, 29 January 2024 to consider a proposal for raising funds through issuance of debt instruments.

Poonawalla Fincorp added 1.03%. The NBFC reported 76% jump in net profit to Rs 265 crore in Q3 FY24 from Rs 150 crore in Q3 FY23.

Metro Brands declined 3.27%. The company reported 3% decline in standalone net profit to Rs 111.19 crore in Q3 FY24 as compared with Rs 114.63 crore in Q3 FY23.

Global Markets:

Most of the Asian stocks advanced on Friday, tracking an overnight rise in US stocks.

Japan?s headline inflation rate fell to 2.6% in December, down from 2.8% in November and hitting its lowest level since June 2022. Japan?s core inflation rate ? which strips out prices of fresh food ? also fell to 2.3% from November?s figure of 2.5%.

US stocks ended with strong gains on Thursday, as AI optimism drove gains in Nvidia and other chipmakers. Atlanta Fed President Raphael Bostic said he would be open to reducing U.S. interest rates sooner than he had anticipated if inflation fell faster than he expected.

Benchmark indices at the high point of the day; IT shares decline.

The benchmarks indices edge higher and currently traded at the day's high in morning trade. The Nifty scaled above the 21,400 mark. IT shares witnessed across the board selling.

The barometer index, the S&P BSE Sensex, was up 220.05 points or 0.31% to 71,327.01. The Nifty 50 index added 86.05 points or 0.4% to 21,435.45.

In the broader market, the S&P BSE Mid-Cap index gained 0.88% and the S&P BSE Small-Cap index rose 0.41%.

The market breadth remained strong. On the BSE, 2,381 shares rose, and 1,208 shares fell. A total of 184 shares were unchanged.

New Listing:

Shares of Muthoot Microfin were currently trading at Rs 273.45, representing a discount of 6.19% as compared with the issue price of Rs 291. The scrip was listed at Rs 278, exhibiting a discount of 4.47% to the issue price.

So far, the stock has hit a high of 280.80 and a low of 265.30. On the BSE, over 3.92 lakh shares of the company were traded in the counter so far.

The IPO Muthoot Microfin was subscribed 11.52 times. The issue opened for bidding on Monday (18 December 2023) and it closed on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 277 to 291 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

Shares of Suraj Estate Developers were currently trading at Rs 348.10, representing a discount of 3.31% as compared with the issue price of Rs 360. The scrip was listed at Rs 343.80, exhibiting a discount of 4.5% to the issue price.

So far, the stock has hit a high of 354.35 and a low of 323.95. On the BSE, over 1.90 lakh shares of the company were traded in the counter so far.

The IPO of Suraj Estate Developers was subscribed 15.65 times. The issue opened for bidding on 18 December 2023 and it closed on 20 December 2023. The price band of the IPO was fixed at Rs 340-360 per share.

Shares of Motisons Jewellers were currently trading at Rs 101, representing a premium of 83.64% as compared with the issue price of Rs 55. The scrip was listed at Rs 103.90, exhibiting a premium of 88.91% to the issue price.

So far, the stock has hit a high of 109.09 and a low of 99.65. On the BSE, over 18.48 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Motisons Jewellers was subscribed 159.61 times. The issue opened for bidding on 18 December 2023 and it closed on 20 December 2023. The price band of the IPO was fixed at Rs 52-55 per share.

Buzzing Index:

The Nifty IT index fell 0.65% to 35,406.95. The index had advanced _ % in the past two sessions.

Mphasis (down 1.26%), Wipro (down 1.02%), HCL Technologies (down 0.89%) and Tech Mahindra (down 0.73%) were the top losers.

Among the other losers were Persistent Systems (down 0.6%) and Tata Consultancy Services (down 0.39%).

On the other hand, LTIMindtree (up 0.47%), Coforge (up 0.31%) and L&T Technology Services (up 0.16%) moved up.

Infosys slipped 1.49%. According to the IT firm?s exchange filing, a global company has elected to terminate the memorandum of understanding with Infosys, and the parties will not be pursuing the master agreement. Infosys was supposed to provide enhanced digital experiences, along with modernisation and business operations services, leveraging Infosys platforms & AI solutions. The total client target spend over 15 years was estimated at $1.5 billion. Infosys had announced that it was signing the MoU in September 2023.

Stocks in Spotlight:

LT Foods rose 1.72%. The Court of Madhya Pradesh has issued a decree in favor of DAAWAT Foods, a material subsidiary of LT Foods, in connection to a commercial suit stemming from a fire incident at its plant location in Mandideep, Madhya Pradesh on 7 June 2014.

Talbros Automotive Components (TACL) advanced 0.98%. TACL announced that its board has approved the divestment of its entire 40% stake in its joint venture company, Nippon Leakless Talbros.

Thermax fell 1.58%. The company stated that it has received NCLT's approval for demerger of its wholly-owned units, Thermax Cooling Solutions and Thermax Instrumentation.

Adani Green Energy added 1.44%. The company has completed power purchase agreement with the Solar Energy Corp of India to supply 1,799 MW of solar power. This concludes the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded by SECI.

RITES surged 4.25%. The company signed an MoU with the Northeastern Electric Power Corp. for consultancy work.

Global Markets:

Asian stocks are subdued Tuesday amid thin trading volumes. Several markets including Australia, New Zealand and Hong Kong were shut on account of Boxing Day.

US stocks gyrated to a mixed close on Friday as investors headed into the Christmas holiday weekend, having digested cooler-than-expected inflation data which firmed bets for Federal Reserve interest rate cuts in the new year.

Sensex adds 316 pts; IT shares in demand.

 The key equity indices traded with moderate gains in morning trade. 

The Sensex and the Nifty, both, attained fresh record high levels. The Nifty traded above the 21,550 mark. IT shares edged higher after declining in the past two trading sessions.

The barometer index, the S&P BSE Sensex, was up 316.19 points or 0.44% to 71,753.38. The Nifty 50 index gained 101.20 points or 0.47% to 21,554.30.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,593 and 71,913.07 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.67% and the S&P BSE Small-Cap index rose 0.65%.

The market breadth was strong. On the BSE, 2,264 shares rose and 1,232 shares fell. A total of 157 shares were unchanged.

New Listing:

Shares of DOMS Industries were currently trading at Rs 1,393.90 at 10:09 IST on the BSE, representing a premium of 76.44% as compared with the issue price of Rs 790.

The scrip was listed at Rs 1,400, exhibiting a premium of 77.22% to the issue price. So far, the stock has hit a high of 1,416.50 and a low of 1,354.70. On the BSE, over 4.02 lakh shares of the company were traded in the counter so far.

Shares of India Shelter Finance Corporation were currently trading at Rs 573.70 at 10:15 IST on the BSE, representing a premium of 16.37% as compared with the issue price of Rs 493.

The scrip was listed at Rs 612.70, exhibiting a premium of 24.28% to the issue price. So far, the stock has hit a high of 625 and a low of 567.60. On the BSE, over 6.31lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index gained 1.52% to 35,881.85. The index slipped 1.22% in two trading sessions.

Persistent Systems (up 2.6%), LTIMindtree (up 2.37%), L&T Technology Services (up 2.32%), Wipro (up 1.82%), Tata Consultancy Services (up 1.55%), Infosys (up 1.24%), Coforge (up 1.09%), Tech Mahindra (up 0.96%), Mphasis (up 0.86%) and HCL Technologies (up 0.36%) advanced.

Stocks in Spotlight:

Transformers and Rectifiers (India) added 2.69% after the company announced that it has been awarded orders of transformers for total contract value of Rs 118 crore from Uttar Pradesh Power Transmission Corporation.

Varun Beverages surged 10.41% after the company announced that it is set to acquire 100% stake in South Africa-based The Beverage Company (BevCo) along with its wholly-owned subsidiaries for Rs 1,320 crore.

Jk Tyre & Industries rose 0.88% after the company's board has approved the opening qualified institutions placement of equity shares with the floor price of Rs 358.96 per share.

BPCL rose 0.78%. The state-owned oil marketing firm said that its board has approved a proposal for setting up a polypropylene unit for the production of polypropylene at Kochi refinery, at a gross project cost of Rs 5,044 crore.

IndusInd Bank added 0.67% and Nippon Life India Asset Management jumped 6.95%. IndusInd Bank is reportedly likely to sell up to 1.79 crore shares, or 2.86% equity, in Nippon Life India Asset Management via block deals. The floor price has been set at Rs 426.60 per share, as per reports.

Rail Vikas Nigam (RVNL) rose 1.20%. KRDCL-RVNL joint venture has emerged as the Lowest Bidder (L1) for major upgradation/redevelopment of Varkala Sivagiri Railway Station in Kerala. The project cost is Rs 123.26 crore and the time period for the project is 30 months.

Numbers to Track:

The yield on India's 10-year benchmark federal paper added 0.04% to 7.174 as compared with previous close 7.171.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1325, compared with its close of 83.1825 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.07% to Rs 62,519.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 102.22.

The United States 10-year bond yield shed 0.19% to 3.915.

In the commodities market, Brent crude for February 2024 settlement declined 4 cents or 0.05% to $79.19 a barrel.

Global Markets:

Most of the Asian stocks were trading higher on Wednesday, with Japan stocks extending gains to another session after the country?s central bank left its ultra-loose monetary policy unchanged at its final meeting this year.

The People?s Bank of China held its one-year loan prime rate at 3.45%. The five-year benchmark loan rate was unchanged at 4.2%.

US stocks ended higher on Tuesday as the Federal Reserve?s recent dovish shift on rates lifted stocks.

Nifty above 21,450 mark, breadth strong.

The benchmark indices were trading near the flat line in early trade. The Nifty traded above the 21,450 mark. Negative Asian stocks dampened the sentiment. Pharma, healthcare, and consumer durables shares were in demand while media, realty and private bank stocks declined.

The barometer index, the S&P BSE Sensex, was down 33.78 points or 0.05% to 71,449.97. The Nifty 50 index added 5.55 points or 0.03% to 21,462.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index gained 0.45%.

The market breadth was strong. On the BSE, 1,884 shares rose and 1,115 shares fell. A total of 151 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 9,239.42 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,077.43 crore in the Indian equity market on 15 December, provisional data showed.

Economy:

India's forex reserves jumped $2.816 billion to $606.859 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday.

Gold reserves were down $199 million to $47.13 billion during the week, the RBI said. The Special Drawing Rights were down $63 million to $18.188 billion, the apex bank said.

India's reserve position with the International Monetary Fund (IMF) was down $11 million to $4.842 billion in the reporting week, the apex bank data showed.

Stocks in Spotlight:

Adani Enterprises added 0.11%. Adani Enterprises announced that its wholly owned subsidiary, AMG Media Networks (AMNL) has acquired 50.50% stake in Indo-Asian News Service (IANS). IANS is a private news agency.

Tata Power Company rose 0.98%. The company said that Tata Power Solar Systems has signed a contract to supply 152 MWp DCR Solar PV Modules for NTPC?s Nokh Solar PV Project in Rajasthan.

Lupin advanced 2.41% after the drug major said that it has received an approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Allopurinol Tablets.

Mazagon Dock Shipbuilders rallied 3.08% afer the company informed that it has signed shipbuilding contracts with the European client for construction of hybrid powered vessels worth $ 42 million.

Numbers to Track:

The yield on India's 10-year benchmark federal paper added 0.07% to 7.168 as compared with previous close 7.163.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9600, compared with its close of 83.0300 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement declined 0.34% to Rs 62,980.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 102.47.

The United States 10-year bond yield shed 0.18% to 3.922.

In the commodities market, Brent crude for February 2024 settlement added 35 cents or 0.46% to $76.90 a barrel.

Global Markets:

Most of the Asian stocks were trading lower on Monday ahead of Japan's monetary policy decision on Tuesday. The BOJ is likely to maintain its benchmark interest rate at -0.1%, as per reports.

US stocks ended mixed on Friday. Comments on Friday by Fed Bank of New York President John Williams that it was too soon to be talking about rate cuts, however, dampened some of the day's optimism.

Sensex breaches 71K, Nifty above 21,250 mark, IT stocks in demand.

 

The key equity barometers marched higher and hit a fresh life high in morning trade. The Nifty traded above the 21,300 level. IT stocks rallied for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 517.08 points or 0.73% to 71,031.28. The Nifty 50 index advanced 161.60 points or 0.76% to 21,344.30.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,355.65 and 71,084.08 respectively, in morning trade today.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% and the S&P BSE Small-Cap index gained 0.76%.

The market breadth was strong. On the BSE, 2,254 shares rose and 1,201 shares fell. A total of 166 shares were unchanged.

Buzzing Index:

The Nifty IT index advanced 2.85% to 35,199.20. The index jumped 6.45% in two trading sessions.

Infosys (up 3.04%), Persistent Systems (up 2.55%), LTIMindtree (up 2.03%), Coforge (up 2%), HCL Technologies (up 1.95%), L&T Technology Services (up 1.88%), Tata Consultancy Services (up 1.75%), Wipro (up 1.39%), Tech Mahindra (up 1.37%) and Mphasis (up 0.77%) rallied.

Stocks in Spotlight:

Adani Ports and Special Economic Zone added 0.20%. The company has entered into a second strategic partnership with Terminal Investment (TiL) for the operation of Adani Ennore Container Terminal (AECTPL).

PVR INOX shed 0.11%. Plenty Private Group and Multiples Private Group are reportedly likely to sell a 2.33% stake in the multiplex chain. The offer price may be in the range of Rs 1,750?1,769.5 per share, and the offer size may be Rs 404.5 crore, as per reports.

Mahindra & Mahindra Financial Services rose 1.92%. The board of directors of the company has approved undertaking supplemental business activity of soliciting and procuring insurance business as a Corporate Agent (composite) in the areas of life, health and general insurance- both group and individual.

Vedanta advanced 1.16% after the company proposes to hold a meeting of its duly constituted Committee of Directors on 19 December 2023 to consider the proposal for issuance of Non-Convertible Debentures on a private placement basis as part of its routine refinancing that is undertaken in ordinary course of business.

SBI rose 0.50%. The bank has executed transactions documents for purchase of 3,70,644 shares (6.35%) of Canpac Trends Private Limited (CTPL). CTPL provides paper-based packaging solutions.

Hero MotoCorp added 1.13% after the board of directors of the company approved purchase of additional shares of Ather Energy Pvt. Ltd, an existing Associate company for up to Rs 140 crore. After this transaction, Hero's stake in Ather Energy will increase to 39.7% from 36.7%.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.13% to 7.187 as compared with previous close 7.194.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3125, compared with its close of 83.3050 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.13% to Rs 62,538.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 101.91.

The United States 10-year bond yield added 0.44% to 3.949.

In the commodities market, Brent crude for February 2024 settlement added 42 cents or 0.55% to $77.03 a barrel.

Global Markets:

Asian stocks were trading higher on Friday as Wall Street continued to rally after the U.S. Federal Reserve held rates and laid out a roadmap for cuts in 2024 and beyond. Investors await key economic data out of China, including November house prices, industrial output, and retail sales data.

Japan?s manufacturing activity contracted in December for the seventh straight month, according to a private survey. A flash reading of the au Jibun Bank Japan manufacturing purchasing managers? index shrank to 47.7 in December from 48.3 in November, signaling the quickest deterioration in manufacturing business conditions for ten months. The au Jibun Bank flash services PMI, however, was 52.0 in December versus 50.8 in November, the fastest gain in the three months.

US stocks ended higher on Thursday lifted by optimism that borrowing rates will decrease next year following a dovish pivot by the Federal Reserve. The 10-year Treasury note yield dropped below 4% for the first time since August as traders bet on rate cuts for 2024 mount.

The Bank of England kept interest rates at the highest level in 15 years as its policy makers persisted with their higher-for-longer message despite growing market bets on a wave of cuts in 2024. The Monetary Policy Committee voted 6-3 to keep its key policy rate at 5.25% for the third consecutive meeting, according to minutes of the decision released Thursday.

The European Central Bank left interest rates unchanged as expected on Thursday and signalled an early end to its last remaining bond purchase scheme.

Indices hit fresh life high, Sensex spurts 842 pts, IT stocks in demand.

The benchmark indices marched higher and hit a fresh intraday high in morning trade. The Nifty traded above the 21,150 mark. IT stocks rallied after declining in the past two trading session.

The barometer index, the S&P BSE Sensex, was up 842.28 points or 1.21% to 70,426.88. The Nifty 50 index advanced 236 points or 1.13% to 21,162.35.

The Nifty 50 and S&P BSE Sensex hits an all-time high at 21,189.55 and 70,540 respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.71% and the S&P BSE Small-Cap index gained 0.81%.

The market breadth was strong. On the BSE, 2,252 shares rose and 1,195 shares fell. A total of 151 shares were unchanged.

Buzzing Index:

The Nifty IT index advanced 2.63% to 32,910.30. The index fell 1.34% in the past two trading sessions.

Mphasis (up 5.6%), Coforge (up 4.92%), Persistent Systems (up 3.25%), LTIMindtree (up 2.95%), HCL Technologies (up 2.81%), L&T Technology Services (up 2.76%), Tech Mahindra (up 2.63%), Wipro (up 2.45%), Infosys (up 2.24%) and Tata Consultancy Services (up 1.71%) jumped.

Stocks in Spotlight:

Uno Minda rose 0.74%. The company has commissioned its new automotive seating systems plant under its subsidiary Uno Minda TACHI-S Seating Private Limited (UMTS) in Bhagapura, Ahmedabad, Gujarat. The plant will manufacture mechanical parts for automotive seats for passenger cars. UMTS has already received orders from OEM and is expected to start supplies by Q4FY24.

I G Petrochemicals added 0.34%. IGPL Energy is incorporated as a wholly owned subsidiary of the company on 30 November 2023 with Jebel Ali Free Zone, Dubai.

Numbers to watch:

The yield on India's 10-year benchmark federal paper fell 0.66% to 7.211 as compared with previous close 7.259.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3000, compared with its close of 83.4025 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement advanced 1.92% to Rs 62,374.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.38% to 102.48.

The United States 10-year bond yield declined 1.43% to 3.976.

In the commodities market, Brent crude for February 2024 settlement added 20 cents or 0.27% to $74.46 a barrel.

Stocks in Spotlight:

State Bank of India (SBI) rose 0.69%. The bank will be signing EURO 70 million Line of Credit with KfW (German Development Bank) for supporting Solar PV projects in India on 14 December 2023 at Bank?s IFSC Gift City Branch, Ahmedabad.

Biocon fell 0.18%. Bicara Therapeutics Inc. (Bicara), an associate company of Biocon, has completed its US$165 Million Series C funding. Consequent to this infusion of Series C funding and post allotment of shares by Bicara, the company''s shareholding in Bicara on fully diluted basis will fall below 20% and thereby, Bicara will cease to be an associate company of Biocon.

IRCTC advanced 1.62% after the company is eyeing expansion in the areas of business beyond Railways for promoting its brand and business across the nation. IRCTC has already signed MoUs with various government and autonomous bodies.

Global Markets:

Asian stocks were trading higher on Thursday as investors embraced the U.S. Federal Reserve?s move to end its interest-rate-hiking cycle and signal cuts for the next year.

US stocks closed at yet another fresh highs of the year on Wednesday, with the dovish Federal Reserve signals pushing the S&P 500 closer to the all-time high. US Fed Chair Jerome Powell said inflation easing without an unemployment spike is good news, while reiterating that policy has moved well into restrictive territory.

The Fed held rates at 5.25%-5.5% for a third straight time and laid out the timeline for at least three quarter-percentage point cuts in 2024 and beyond. The Federal Reserve is willing to cut rates even if the U.S. economy doesn?t dip into a recession in 2024, Chair Jerome Powell said.

Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

Sensex slides 304 pts, IT stocks under pressure.

The domestic equity benchmarks traded with modest losses in morning trade. The Nifty traded below the 20,850 mark. IT stocks extended losses for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 303.78 points or 0.44% to 69,247.25. The Nifty 50 index lost 90.50 points or 0.43% to 20,815.90.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index added 0.09%.

The market breadth was positive. On the BSE, 1,955 shares rose and 1,482 shares fell. A total of 157 shares were unchanged.

Buzzing Index:

The Nifty IT index declined 1.74% to 32,910.30. The index fell 1.8% in two trading sessions.

Tata Consultancy Services (down 2.23%), Coforge (down 1.52%), Mphasis (down 1.49%), Infosys (down 1.48%), Tech Mahindra (down 1.34%), L&T Technology Services (down 1.16%), LTIMindtree (down 1.01%), Wipro (down 0.82%), Persistent Systems (down 0.6%) and HCL Technologies (down 0.41%) edged lower.

Stocks in Spotlight:

Cummins India fell 0.35%. The company said that it has entered into collaboration with Repos Energy to launch DATUM (Data Automated Teller Ultimate Machine), an intelligent Fuel Management System.

Niraj Cement Structurals rallied 4.55% after the company announced that it has received work order from Jawaharlal Nehru Port Trust (JNPT) worth Rs worth Rs 210.98 crore. The value of the contract from JNPT is more than the present market capitalization of the company, which currently stands at Rs 188.09 crore.

KIOCL declined 1.43%. The operations of Pellet Plant Unit of the company at Mangalore have been temporarily suspended with effect from 12 December 2023 due to non-availability of iron ore fines.

Wipro fell 0.13%. The company announced that it has entered into a new agreement with RSA, one of the world?s leading general insurance companies. Wipro will help accelerate RSA?s migration to the cloud and build a compliant, secure, and scalable IT infrastructure.

Axis Bank declined 1.23%. Private equity major Bain Capital may sell a further stake in the private sector lender via a fresh block deal worth $444 million, as per reports. Entities associated with Bain Capital are looking to sell a 1.1% stake via a block deal in Axis Bank, and the offer floor price is Rs 1,109 per share, as per reports.

Laurus Labs slipped 2.40% after the company?s wholly owned subsidiary, Laurus Synthesis (LSPL) underwent US FDA inspection for the manufacturing facility in Parawada, Anakapalli, near Visakhapatnam, Andhra Pradesh. The inspection was conducted from 4th December 2023 to 12th December 2023. The company has been issued a Form 483 with five observations and it will address the observations within stipulated timelines.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.15% to 7.264 as compared with previous close 7.275.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3900, compared with its close of 83.3750 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement declined 0.12% to Rs 61,105.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 103.89.

The United States 10-year bond yield declined 0.19% to 4.199.

In the commodities market, Brent crude for February 2024 settlement fell 20 cents or 0.27% to $73.04 a barrel.

Global Markets:

Asian stocks were trading mixed on Wednesday, as investors assess the quarterly Tankan survey from Japan and ahead of the interest rate decision from the US Federal Reserve. The Tankan survey, compiled by the Bank of Japan quarterly, measures economic conditions in Japan.

US stocks closed at fresh highs of the year on Tuesday, after inflation data did little to alter views for the timing of a rate cut by the Federal Reserve, as investors awaited the central bank's last policy decision of the year on Wednesday.

The United States Federal Reserve's (US Fed) two-day monetary policy meeting is being held from December 12-13. And on Wednesday Fed Chair Jerome Powell will announce the central bank's rate decision in a press conference. Besides the interest rate decision, Powell is also expected to release the central bank's economic projections for the US. The Federal Reserve will opt to maintain interest rates at the current target of 5.25-5.50%, as per reports.

Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

Nifty above 21,000 level; breadth strong.

The key domestic indices traded with minor gains in early trade. The Nifty traded above 21,000 level. Media, FMCG and metal shares advanced while IT and oil& gas shares declined.

The barometer index, the S&P BSE Sensex, was up 86.10 points or 0.12% to 70,014.63. The Nifty 50 index added 32.40 points or 0.15% to 21,029.50.

The Nifty hit an all-time high in early trade at 21,035.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% and the S&P BSE Small-Cap index gained 0.54%.

The market breadth was strong. On the BSE, 2,065 shares rose and 798 shares fell. A total of 81 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,261.13 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,032.92 crore in the Indian equity market on 11 December, provisional data showed.

Stocks in Spotlight:

Infosys shed 0.67%. The company's board has appointed Jayesh Sanghrajka as the Chief Financial Officer and Key Managerial Personnel with effect from 1 April 2024. Nilanjan Roy, Chief Financial Officer and Key Managerial Personnel has resigned from the services of the company.

Wipro rose 0.33%. The company has supported Marelli Electronic Systems, a leading mobility technology supplier to the automotive sector, in the development of its Cabin Digital Twin, that enables Original Equipment Manufacturers (OEMs) to introduce connected vehicle services to the market quickly.

L&T Technology Services (LTTS) added 0.43%. The company has secured a multi-year engineering services partnership with bp, a leading global energy company. The partnership will span areas such as engineering for projects, turnarounds, maintenance improvements, technical writing, engineering data management, and services for sustainability initiatives.

Numbers to tracks:

The yield on India's 10-year benchmark federal paper fell 0.14% to 7.271 as compared with previous close 7.281.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3600, compared with its close of 83.3775 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.32% to Rs 61,310.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.97.

The United States 10-year bond yield declined 0.50% to 4.217.

In the commodities market, Brent crude for February 2024 settlement rose 28 cents or 0.37% to $76.31 a barrel.

Global Markets:

Asian stocks were trading higher Tuesday, with Japan stocks leading gains for a second straight session ahead of the final U.S. Federal Reserve meeting of the year.

US stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve's policy announcement.

The Fed?s two-day meeting kicks off Tuesday, and the U.S. central bank is expected to maintain the Federal Funds rate steady in the 5.25%-5.5% range. Market players will also assess the U.S. November inflation figures out late Tuesday. Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

Sensex breaches 70K, Nifty above 21,000, PSU banks rally.

Domestic equity barometers traded with decent gains in morning trade, attaining record high levels. The Sensex climbed above the 70,000 level while the Nifty traded above the 21,000 mark. PSU bank extended gains for the seventh consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 202.20 points or 0.29% to 70,027.80. The Nifty 50 index added 51.40 points or 0.25% to 21,020.80.

The Nifty and the Sensex hit all-time highs in mid-afternoon trade at 21,026.10 and 70,057.83, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index gained 0.66%.

The market breadth was strong. On the BSE, 2,373 shares rose and 1,172 shares fell. A total of 200 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.94% to 5,585.55. The index surged 10.8% in seven trading sessions.

Bank of Maharashtra (up 3.46%), Central Bank of India (up 3.19%), Punjab & Sind Bank (up 2.89%), Punjab National Bank (up 2.72%), Union Bank of India (up 2.3%), Bank of India (up 2.19%), Canara Bank (up 2.08%), Indian Overseas Bank (up 1.99%), Bank of Baroda (up 1.98%) and UCO Bank (up 1.88%) edged higher.

Stocks in Spotlight:

Tata Motors gained 1.24% after the car maker informed that it will increase the price of its commercial vehicles up to 3% effective from 1 January 2024.

PSP Projects added 0.99% after the company said that it has emerged as lowest (L1) bidder for a project in the state of Gujarat, worth Rs 296.85 crore.

REC shed 0.10%. The company announced that it has signed a loan agreement worth 200 million euro with the German bank KfW. This is REC?s sixth line of credit under Indo-German Development Cooperation, which the firm will utilize to re-finance investments in the distribution infrastructure of DISCOMs in alignment with the Revamped Distribution Sector Scheme (RDSS) of the Government of India.

Mazagon Dock Shipbuidlers rallied 4.09% afte the company announced that it has received an order worth Rs 1,145 crore from Oil and Natural Gas Corporation (ONGC) for the replacement of the pipeline.

Dr. Reddy's Laboratories declined 5.87% after the company informed that the United States Food & Drug Administration (USFDA) issued a Form 483 with three observations after the inspection conducted at R&D centre in Hyderabad.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.23% to 7.283 as compared with previous close 7.266.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3725, compared with its close of 83.4000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.17% to Rs 62,611.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.04.

The United States 10-year bond yield declined 0.14% to 4.241.

In the commodities market, Brent crude for February 2024 settlement rose 48 cents or 0.63% to $76.32 a barrel.

Global Market:

Asian stocks are mostly trading higher on Monday as investors assessed November inflation numbers from China, which declined at a faster-than-expected pace.

November inflation numbers from China showed a faster-than-expected decline in consumer prices. The consumer price index fell 0.5% year-on-year. The producer price index fell 3% year-on-year, compared with October?s 2.6% drop.

US stocks hit a new high for the year on Friday after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft-landing scenario.

November?s nonfarm payrolls report showed an unexpected drop in unemployment. The jobless rate fell 3.7%. The US economy added 199,000 jobs during November, from 150,000 added in October.

Nifty crosses 21,000 mark as RBI keeps rates unchanged; metal stocks advance.

The domestic equity benchmarks edged higher and hit the day's high in morning trade. The Nifty traded near the 21,000 level. Metal stocks witnessed strong buying demand. Investor sentiment received a boost after the RBI maintains its repo rate at 6.50% and raised the GDP forecast for FY24 to 7%.

The barometer index, the S&P BSE Sensex, was up 252.06 points or 0.36% to 69,773.75. The Nifty 50 index added 89.85 points or 0.43% to 20,991.

The Nifty 50 index had hit its record high level of 21,006.10 in trade today. The index took 61 sessions to gain 1,000 points & climb to 21,000 level from 20,000 level.

In the broader market, the S&P BSE Mid-Cap index added 0.30% while the S&P BSE Small-Cap index gained 0.45%.

The market breadth was strong. On the BSE, 2292 shares rose and 1148 shares fell. A total of 164 shares were unchanged.

RBI MPC Meet Outcome:

The Reserve Bank of India's (RBI?s) Monetary Policy Committee (MPC) kept its benchmark repo rate unchanged at 6.50% for fifth consecutive day at the end of its two-day policy meeting. The committee has maintained its stance of ?Withdrawal of Accommodation?.

The Central Bank has raised its FY24 GDP growth forecast to 7% from 6.5% earlier. The retail inflation (CPI) forecast for FY24 has been kept unchanged at 5.4%

Buzzing Index:

The Nifty Metal index added 1.26% to 7,462.35. The index had declined 0.75% to end at 7,369.85 yesterday.

JSW Steel (up 3.22%), Hindustan Copper (up 3.09%), Welspun Corp (up 1.7%), Ratnamani Metals & Tubes (up 1.65%) and NMDC (up 1.55%) were the top gainers.

Among the other gainers were Vedanta (up 1.39%), Jindal Stainless (up 1.28%), Jindal Steel & Power (up 1.21%), Hindalco Industries (up 1.16%) and APL Apollo Tubes (up 0.89%).

On the other hand, National Aluminium Company (down 0.61%) and Hindustan Zinc (down 0.17%) turned lower.

Stocks in Spotlight:

IIFL Securities jumped 8.56%. The Securities Appellate Tribunal has set aside SEBI's order prohibiting the company from onboarding new clients for two years and reduced the monetary penalty from Rs 1 crore to Rs 20 lakh.

Bharat Forge rose 0.73%. The company's unit, Kalyani Strategic Systems, proposed to acquire a majority stake in Zorya Mashproekt India. ZMI is engaged in the development of indigenous capabilities for build-ups, repairs and overhauls of all types of gas-turbine engines.

IRB Infrastructure Developers advanced 3.56%. The company logged November toll collection at Rs 437 crore against Rs 366 crore in the same period last year.

TVS Electronics was up 0.20%. The company received an order from the office of the Commissioner of Customs on Dec. 6 to pay Rs 35.58 crore. It is the process of filing an appeal before the Customs Excise & Service Tax Appellate Tribunal, Chennai.

Banks stocks in action after RBI keeps key rates unchanged.

RBI's MPC at its meeting today, 8 December 2023, decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

All members of the MPC unanimously voted to keep the policy repo rate unchanged. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The real GDP growth for 2023-24 is projected at 7% with Q3 at 6.5%; and Q4 at 6%. Real GDP growth for Q1:2024-25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%. The risks are evenly balanced.

CPI inflation is projected at 5.4% for 2023-24, with Q3 at 5.6%; and Q4 at 5.2%. Assuming a normal monsoon next year, CPI inflation for Q1:2024-25 is projected at 5.2%; Q2 at 4%; and Q3 at 4.7%. The risks are evenly balanced.

The minutes of the MPC?s meeting will be published on 22 December 2023. The next meeting of the MPC is scheduled during February 6-8, 2024.

Following the RBI announcement, the Nifty Bank index was up 0.54% to 47,096.00 while the benchmark Nifty 50 index was up 0.38% to 20,981.35.

HDFC Bank (up 1.21%), IDFC First Bank (up 1.14%), Bank Of Baroda (up 0.92%), Indusind Bank (up 0.74%), Kotak Mahindra Bank (up 0.23%), ICICI Bank (up 0.18%), Federal Bank (up 0.16%), SBI (up 0.12%) and PNB (up 0.12%) advanced.

Key equity indices edge lower as FMCG stocks tumble; market breadth even.

The domestic equity benchmarks tumbled in early trade as significant selling prevailed in key index pivotals. The Nifty managed to trade above the 20,850 level. FMCG, banks and financial shares declined while pharma, healthcare and oil & gas stocks managed to trade in the green.

The barometer index, the S&P BSE Sensex, was down 314.68 points or 0.45% to 69,339.05. The Nifty 50 index lost 83.65 points or 0.4% to 20,854.05.

In the broader market, the S&P BSE Mid-Cap index fell 0.28% while the S&P BSE Small-Cap index declined 0.31%.

The market breadth was almost even. On the BSE, 1,414 shares rose, and 1,325 shares fell. A total of 112 shares were unchanged.

The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) commenced its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting on Friday, 8 December 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.03% to 7.246 as compared with previous close 7.248.

In the foreign exchange market, the rupee edged slightly higher against the dollar. The partially convertible rupee was hovering at 83.3600, compared with its close of 83.3225 during the previous trading session.

MCX Gold futures for 5 February 2023 settlement declined 0.12% to Rs 62,363.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.17.

The United States 10-year bond yield advanced 0.64% to 4.145.

In the commodities market, brent crude for February 2024 settlement rose 38 cents or 0.51% to $74.68 a barrel.

Stocks in Spotlight:

Adani Ports and Special Economic Zone rose 1.95%. The meeting of the board of directors of the company will be held on 12 December 2023 to consider the proposal for issuance of Non-Convertible Debentures and issuance/ renewal of Non-cumulative redeemable preference shares, on private placement basis/ preferential basis, in one or more tranches.

Dr. Reddy?s Laboratories advanced 1.75%. The company's wholly-owned subsidiary Dr. Reddy's Laboratories SA and Coya Therapeutics, Inc., announced that they have entered into a development and license agreement for the development and commercialization of COYA 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis (ALS).

IDFC First Bank fell 3.43%. Cloverdell Investment, an affiliate of global private equity firm Warburg Pincus, is reportedly likely to sell a 1.3% stake in IDFC First Bank through block deal. The deal size may be around $100 million, with a floor price of Rs 85.7 per share, as per reports.

Global Markets:

Asian stocks are trading lower on Thursday, mirroring moves on Wall Street as investors assessed trade data from China and Australia.

US stocks ended lower on Wednesday as investors assessed data indicating falling inflation while awaiting jobs report.

Market opens at fresh record highs; Nifty climbs above 20,900.

The key equity indices traded with minor gains in early trade. The Nifty scaled above the 20,900 level. Oil & gas, media and FMCG shares advanced while realty, banking and financial services stocks declined.

The barometer index, the S&P BSE Sensex, was up 180.18 points or 0.26% to 69,476.32. The Nifty 50 index added 51.10 points or 0.25% to 20,906.20.

The Sensex clocked an all-time high of 69,614.04 while the Nifty hit record high of 20,956.55. Further, the Nifty Bank index also registered its fresh record high of 47,259.85.

In the broader market, the S&P BSE Mid-Cap index advanced 0.34% while the S&P BSE Small-Cap index added 0.12%.

The market breadth was strong. On the BSE, 1,759 shares rose, and 1,120 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,223.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,399.18 crore in the Indian equity market on 5 December, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.15% to 7.251 as compared with previous close 7.262.

In the foreign exchange market, the rupee edged slightly higher against the dollar. The partially convertible rupee was hovering at 83.36, compared with its close of 83.37 during the previous trading session.

MCX Gold futures for 5 February 2023 settlement rose 0.17% to Rs 62,289.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.12% to 103.93.

The United States 10-year bond yield advanced 0.40% to 4.188.

In the commodities market, Brent crude for February 2024 settlement rose 10 cents or 0.10% to $77.30 a barrel.

Buzzing Index:

The Nifty media index advanced 1.26% to 2,352.95. The index declined 1.35% in the past two trading sessions.

Adani Enterprises (up 1.58%), Hindustan Zinc (up 0.35%), Steel Authority of India (up 0.31%), Vedanta (up 0.21%) and JSW Steel (up 0.11%), Ratnamani Metals & Tubes (up 0.02%) advanced.

On the other hand, Jindal Stainless (down 1.96%), Hindustan Copper (down 0.65%) and NMDC (down 0.49%) declined.

Stocks in Spotlight:

Ashok Leyland rose 0.14%. The company had invested a sum of GBP 62869841.54 (approximately Rs. 662.5 crores) in Optare Plc. UK by way of equity shares as first tranche. Consequent to the allotment by the Board of Directors of Optare Plc., the shareholding of the company in Optare Plc. has increased from 91.63% to 92.19%.

NL.C India jumped 2.78% after the company has started bio-mass co-firing in its coal based thermal power station NLC Tamilnadu Power at Tuticorin on 5 December 2023.

State Bank of India (SBI) rose 0.35%. The executive committee of the central board (ECCB) of the bank has accorded final approval for acquiring 20% stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds (SBIPFPL) by SBI. The cost of acquisition is Rs 229.52 crore.

Power Grid Corporation of India added 0.97%. The company has been declared as successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System Project for ?Transmission system for evacuation of additional 7 GW of RE power from Khavda RE park under Phase III Part B? on Build, Own Operate and Transfer (BOOT) basis.

Oberoi Realty advanced 0.38%. The company has registered conveyance deed of the land located at Pokhran Road 2, Thane, admeasuring approximately 25,700 square meters (approx. 6.4 acres) (as per title deeds) in its favour and also taken possession of the property. The total consideration for acquisition of the said property is about Rs. 196 Crore, which has been paid in its entirety.

Global Markets:

Asian stocks traded higher on Wednesday, bolstered by the uptick in US high-tech shares amidst evaluations of US labour market data indicating a slowdown.

Meanwhile, Moody?s Investors Service downgraded its outlook for Chinese sovereign bonds to ?negative,? highlighting global worries over the country?s soaring debt. While maintaining an A1 long-term rating, Moody?s expressed concerns about China?s heavy reliance on fiscal stimulus for local entities and state-owned firms, posing economic risks.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.