KEY HIGHLIGHTS
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RIL Has 35 Lakh Shares Change Hands In Two Large Trades
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Lupin Opens New Regional Reference Lab In Chennai
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Shree Cement Commissions 11,500 Tons Per Day Capacity At Nawalgarh Plant
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Zydus Lifesciences Gets Final U.S. FDA Approval For Cyclophosphamide Capsules
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Bharat Forge GDRs To Delist From Luxembourg Stock Exchange Effective Jan 15
FPIs Remain Net Buyers For The Fifth Straight Day
Overseas investors stay net buyers for the fifth consecutive day of Indian equities on Thursday.
Foreign portfolio investors mopped stocks worth Rs 3,570.07 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net buyers and bought equities worth 553.17 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 144232 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The NSE Nifty 50 was 256 points or 1.23%, higher at 21,182.70, while the S&P BSE Sensex was 930 points or 1.34%, up at 70,514.20.
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 6 bps lower at 7.20% on Thursday.
Source: Bloomberg
Rupee strengthens Against The U.S. Dollar
The local currency strengthened 7 paise to close at 83.33 against the U.S dollar on Thursday.
On Wednesday it depreciated nearly 2 paise to close at all time weakest level of 83.402.
Source: Cogencis
Sensex, Nifty End On Fresh High On Fed Pivot Signal: Closing Bell
Benchmark indices resumed their uptrend as the U.S. Federal Reserve, in its Wednesday's meeting raised hopes of a interest rate cut next year.
Both the Nifty 50 and the Sensex hit their fresh lifetime highs of 21,210.90 points and 70602.89 points.
Both the indices recorded their highest closing levels as well. The Nifty 50 jumped 256.35 points or 1.23% to close at 21,182.70 and the Sensex was up by 929.60 points or 1.34% to close at 70,514.20 points.
"A bullish candle on daily charts and uptrend continuation formation on intraday charts supports further uptrend from the current levels," said Shrikant Chouhan, head of equity research at Kotak Securities.
He added, "However, momentum indicators indicating the current texture is overbought and we could see one quick intraday correction from the current levels. "
"With India continuing to post strong growth numbers and hopes of rate cut expected in the middle of next year, optimism in equity markets could continue in the medium term,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Shares of Infosys Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd., contributed the most to the gains.
Meanwhile, those of Power Grid Corp Of India Ltd., HDFC Life Insurance Co. Ltd, Nestle India Ltd., Cipla Ltd., and JSW Steel Ltd. capped the upside.
The broader markets underperformed with the BSE MidCap rose 1.06%, while the BSE SmallCap was 0.62% higher. Nineteen out of the 20 sectors compiled by the BSE advanced, while BSE Consumer Durables declined.
The market breadth was skewed in the favour of buyers. About 2,064 stocks advanced, 1703 declined and 125 were unchanged.
RIL Has 35 Lakh Shares Change Hands In Two Large Trades
35 lakh shares changed hands in two large trades
0.1% equity changed hands at price range of Rs 2,470 to Rs 2,470.40 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Lupin Opens New Regional Reference Lab In Chennai
Plans to open over 300 collection centers in South India
Source: Exchange Filing
European Markets Open Higher
Shree Cement Commissions 11,500 Tons Per Day Capacity At Nawalgarh Plant
With this co's total cement capacity at 53.4 million tons annually
Source: Exchange Filing
Zydus Lifesciences Gets Final U.S. FDA Approval For Cyclophosphamide Capsules
Cyclophosphamide is a chemotherapy medication that slows the growth of cancer cells
Source: Exchange filing
Oriental Rail Infra Unit Gets Order From Indian Railways
Gets Rs 485 Crore order for manufacturing and supplying 1,200 BOXNS wagons
Source: Exchange filing
Bharat Forge GDRs To Delist From Luxembourg Stock Exchange Effective Jan 15
Citibank had earlier expressed its unwillingness to continue as the depository for co's GDR program
Source: Exchange filing
HCLTech, Dept Of Transport And Planning In Victoria, Australia In Pact
To automate Victoria's concession entitlement process for public transport users.
Source: Exchange filing
GMR Airports Has 2.78 Crore Shares Change Hands
2.78 cr shares changed hands in a large trade
0.46% equity changed hands at Rs 77.45 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Indices Hit Records
Sensex rises 1.37% to breach the 70,500-mark for the first time
Nifty rises 1.27% to hit fresh record high of 21,189.55
Nifty Bank rallies on Fed's rate cut signal, rises 1.81% to hit record high of 47,943.60
Nifty Realty and Nifty IT rise over 3% each to become top sectoral gainers
Nifty IT recovers from 2-day losing streak, led by Mphasis and Coforge
Nifty Realty continues rally into its second day as Godrej Properties and Brigade Enterprises lead
Nifty PSU Bank surges 1.37% to hit record high, led by Indian Bank and Punjab National Bank
Nifty Financial snaps 2-day losing streak to hit record high, led by Shriram Finance and Cholamandalam Investment
Tata Tech Launches Vehicle-Software Innovation Centre In Coimbatore
Centre to focus on development, testing, and integration of vehicle software solutions
Source: Exchange filing
L&T Finance Has 36.7 Lakh Shares Change Hands
36.7 lakh shares changed hands in a large trade
0.12% equity changed hands at Rs 156.85 apiece
Buyers and sellers not known immediately
Source: Bloomberg
NTPC Has 10.2 Lakh shares Change Hands In A Large Trade
10.2 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 296 apiece
Buyers and sellers not known immediately
Source: Bloomberg
RIL, DBS Bank India To Promote Compressed Biogas Project
RIL has identified Bio-Energy business as a key element in their sustainability journey
RIL has announced investment to establish country-wide infrastructure for production & distribution of CBG
DBS Bank India to establish financing programme customised to RIL's requirements
Source: Press Release
IRFC Has 16 Lakh Shares Change Hands In A Large Trade
16 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 88 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Adani Green Arm Incorporates Wholly Owned Subsidiary
Arm Adani Saur Urja incorporates wholly owned subsidiary 'Adani Renewable Energy Fifty One' .
"The main objective of the New Subsidiaries is to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy," an exchange filing by the company said.
Tanla Platforms Shares Jump Nearly 8%
IREDA Shares Hit 10% Upper Circuit
The scrip rose as much as 10% to Rs 123.20 apiece, the highest level since listing. It pared gains to trade 8.9% higher at Rs 120.90 apiece, as of 09:50 a.m. This compares to a 1.22% advance in the NSE Nifty 50 Index.
Nifty IT Gains Nearly 3%
All Adani Group Stocks Gain
Adani Group stocks added as much as Rs 41,701.69 crore in investor wealth, taking their total market capitalisation to Rs 14.34 lakh crore, intraday.
As of 9:28, the shares added Rs 28,742 crore in market value taking the capitalisation to Rs 14.21 lakh crore.
Sensex, Nifty Open At Fresh Record High On Fed Pivot Signal
Benchmark indices of India opened higher today tracking positive sentiment in the global markets after the U.S. Federal Reserve signaled a rate hike in 2024 in its Wednesday's meeting.
The Nifty 50, Sensex, and Nifty Bank hit fresh intraday highs of 21,119.05 points, 70,261.45 points, and 47,756.85 points respectively.
At pre-open, the S&P BSE Sensex Index was up 561.49 points, or 0.81%, at 70,146.09 while the NSE Nifty 50 was 184.05 points or 0.88% higher at 21,110.40.
"The Fed's remark yesterday indicated that rates will be decreased in 2024.," said Deven Mehata, Research Analyst at Choice Broking.
"This global positive cue, combined with robust FII purchasing in the Indian market, will drive the Nifty to new highs, and we urge traders and investors to maintain their long positions with a trailing stop loss of 20850," he added.
Infosys Ltd., Axis Bank Ltd., Tech Mahindra Ltd., ICICI Bank Ltd., and HCL Technologies Ltd. contributed the most to the gains.
Meanwhile, Power Grid Corp. of India Ltd., Asian Paints Ltd., Nestle India Ltd., Bharat Petroleum Corp. Ltd. and Sun Pharmaceutical Industries Ltd., capped the upside.
Almost all sectoral indices gained except Nifty FMCG and Nifty Pharma, which were trading flat. Nifty IT gained more than 2%.
Sensex, Nifty Rise In Pre-Market On Fed's Dovish Stance
At pre-open, the S&P BSE Sensex Index was up 561.49 points, or 0.81%, at 70,146.09 while the NSE Nifty 50 was 184.05 points or 0.88% higher at 21,110.40.
Yield On The 10-Year Bond Declines
The yield on the 10-year bond opened 5 bps lower at 7.21% on Thursday.
It closed at 7.26% on Wednesday
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 12 paise to open at 83.28 against the U.S dollar on Thursday.
On Wednesday it depreciated nearly 2 paise to close at all time weakest level of 83.402 against the U.S. dollar
Source: Bloomberg
Jefferies Says Card Players to Gain From Wider Acceptance
Card players to gain from wider acceptance and capturing share of UPI spends
Credit card players to see 35 million new RuPay cards added on UPI platforms over 12-18 months
Merchant resistance key risk to mass scale adoption of credit cards on UPI
Paytm to see improved monetization of payments business
5% GMV shift credit card on UPI to lead 10% gain on Paytm's FY26 PBT
HSBC Says 'Buy' IIFL Finance For Price Target Of Rs 800
Expects Gold loans yields to sustain at 18-19%, AUM per branch to rise
To grow without diluting yields, led by pan-India presence, entry in new markets, specific customer segment focus
Expects home loan AUM CAGR at 20% (affordable housing: ~75%, non-housing: ~20%, construction finance: <5%)
Yields should sustain at current levels, excess capital leading to low RoEs
Co-lending, direct assignment to lead growth, DA mix may moderate over time
Global Cues
U.S. Dollar Index at 102.71
U.S. 10-year bond yield at 3.98%
Brent crude up 0.66% at $74.75 per barrel
Nymex crude down 0.63% at $69.91 per barrel
Bitcoin was up 0.09% at $42,870.96
GIFT Nifty was down 0.08% at 21,224.50 points
Trading Tweaks
Price band revised from 20% to 10%: Inox Wind.
Price band revised from 10% to 5%: Adani Power.
Ex/record date dividend: Hindustan Zinc.
Ex/record date Right Issue: Lloyds Engineering Works.
Moved into a short-term ASM framework: Asian Energy Services, Inox Green Energy Services, and Netweb Technologies India.
Moved Out of short-term ASM framework: Solar Industries.
F&O Cues
Nifty December futures up by 0.05% to 21,033.95 at a premium of 107.6 points.
Nifty December futures open interest down by 3.8%.
Nifty Bank December futures up by 0.46% to 47,396.25 at a premium of 304 points.
Nifty Bank December futures open interest down by 4.35%.
Nifty Options Dec. 14 Expiry: Maximum call open interest at 21,000 and maximum put open interest at 20,500.
Bank Nifty Options Dec. 20 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 47,000.
Securities in ban period: Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, National Aluminium, and Zee Entertainment.
Bulk Deals
Axis Bank: BC Asia Investments VII sold 1.45 crore shares (0.47%), BC Asia Investments III sold 1.04 crore shares (0.33%) and Integral Investment South Asia IV sold 83.50 lakh shares (0.27%) at Rs 1,119.7 apiece. Societe Generale-ODI bought 57.75 lakh shares (0.18%), Morgan Stanley Asia Singapore bought 39.75 lakh shares (0.12%), Goldman Sachs (Singapore) PTE ODI bought 30.02 lakh shares (0.09%), Goldman Sachs Investments Mauritius I Ltd bought 24.23 lakh shares (0.07%), UBS Global Emerging Markets Opportunity Fund bought 20.49 lakh shares (0.06%), UBS Investment Funds ICVC UBS Global Emerging Markets Equity Fund bought 17.26 lakh shares (0.05%), UBS (Us) Group Trust bought 16.98 lakh shares (0.05%), among others, at Rs 1,119.7 apiece.
Sunteck Realty: Satguru Infocorp Services sold 30 lakh shares (2.04%) at Rs 482 apiece and Starlight Systems sold 30 lakh shares (2.04%) at Rs 479.47 apiece. Mansi Share and Stock Advisors bought 13.55 lakh shares (0.92%) at Rs 482 apiece.
GMR Power and Urban Infra: ASN Investments sold 1.4 crore shares (2.31%) at Rs 53 apiece. Monet Securities bought 70 lakh shares (1.15%) at 53.27 apiece and Sahastraa Advisors bought 61.36 lakh shares (1.01%) at 53 apiece.
Updater Services: Birla Sunlife Insurance bought 3.58 lakh shares (0.53%) at Rs 304.65 apiece.
IPO Offerings
Inox India: The cryogenic tank maker’s public issue will be open for bids on Thursday. It plans to raise Rs 1,459 crore and only has an offer-for-sale component. The price band has been fixed in the range of Rs 627–660 per share. The company raised Rs 438 crore from anchor investors ahead of the IPO.
Doms Industries: The pencil maker's public issue was subscribed 5.72 times on day one. The bids were led by retail investors (19.16 times), a portion reserved for employees (9.26 times), non-institutional investors (7.96 times) and institutional investors (0.06 times).
India Shelter Finance Corp: The company's public issue was subscribed 1.48 times on day one. The bids were led by retail investors (1.89 times), non-institutional investors (1.74 times) and institutional investors (0.57 times).
Stocks To Watch
State Bank of India: The lender will be signing a €70 million line of credit with KfW for supporting solar PV projects in India.
NBCC: The company received an order worth Rs 1,500 crore from the National Cooperative Development Corp. for the construction of 1,469 warehouses and other agri-infrastructure across India.
RBL Bank: The company acquired an 8.51% stake in ONDC for Rs 40 crore.
HDFC Bank: HDFC Life received an exchange's nod for reclassifying Abrdn Mauritius Holdings to the 'public' category from 'promoter'.
Reliance Industries: Moody's Investors Service affirmed the company's 'Baa2' domestic long-term issuer rating and foreign currency senior unsecured rating.
Biocon: The company unit Bicara completed $165 million in Series C funding. Post-funding, the company’s shareholding in Bicara on a fully diluted basis will fall below 20% and thereby, Bicara will cease to be an associate company of Biocon Ltd.
Indian Railway Catering and Tourism Corp.: The company eyes major expansion in the non-railway catering business pan-India. It has already signed MoUs with various governments and autonomous bodies.
Religare Enterprises: The Securities and Exchange Board of India suspended the company's unit, Religare Commodities, as a commodities derivatives broker for three months.
Vedanta: The company will consider and approve the second interim dividend on equity shares on Dec. 18.
GMM Pfaudler: The Patel family acquired a 1% stake in the company through an inter-se transfer at Rs 1,700 per share. The Patel family shareholding now stands at 25.18% and remains the largest shareholder of the company.
Signatureglobal (India): The company completed the purchase of a 19% stake in Gurugram Commerce City as part of its first tranche. It had acquired a land parcel measuring 25.14 acres in Gurugram with a development potential of approximately 5.49 million square feet.
South Indian Bank: During a preliminary internal investigation, certain fraudulent acts were committed in one of the branches by an employee of the bank, involving an amount of Rs 28.1 crore.
Gokul Agro Resources: Unit Maurigo Indo Holdings acquired a 25% stake in Indonesian palm oil processing company PT. Riya Pasifik Nabati to expand business.
Dreamfolks Services: The company approved the proposal for voluntarily striking off the name of its unit, Dreamfolks Hospitality, which has been inoperative since FY17.
PNC Infratech: The company accepted the Rs 394 crore offered by NHAI to settle a dispute raised by its subsidiary.
Anant Raj: The company informed the exchanges about a board meeting to be held on Dec. 14 to consider fundraising.
J&K Bank: The bank has informed the exchanges about a board meeting to be held on Dec. 14 to consider fundraising.
Jindal Saw: The company's board will meet on Dec. 14 to consider fundraising.
GIFT Nifty Signals At A Lower Open Despite Fed's Pivot
The December futures contract of the GIFT Nifty index indicated a cautious opening for the benchmarks in India.
As of 7.44 am, the GIFT Nifty traded 0.08% lower at 21,224.50 points.
Stocks and bonds across the world rallied on signs of the Federal Reserve rate cut next year, reigniting a bullish pulse across markets as inflation eases.
Other Asian indices were mostly up with Australia's S&P/ASX 200 and South Korea's Kospi gaining over 1% tracking dovish comments from the US Federal Reserve at the Wednesday meeting. Meanwhile, indices in Japan opened lower.
In the US, while the Dow Jones Industrial Average index closed at its highest level, S&P 500, and Nasdaq gained over 1% after the Federal Reserve's dot plot signalled that officials anticipate cutting rates 75 basis points in 2024 — a sharper pace of cuts than indicated in September.
Brent crude was trading 0.54% higher at $74.66 a barrel. Gold was up by 0.24% at $2,032.68 an ounce.
India's benchmark indices settled largely flat on Wednesday ahead of the outcome of the Fed's two-day policy meeting.
The NSE Nifty 50 ended 20 points, or 0.1%, higher at 20,926.35, while the S&P BSE Sensex settled at 34 points, or 0.05%, higher at 69,584.60.
Overseas investors stayed net buyers of Indian equities for the fourth consecutive session on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 4,710.9 crore, while domestic institutional investors turned net sellers and offloaded equities worth Rs 958.5 crore, the NSE data showed.
The Indian rupee depreciated nearly 2 paise to close at its all-time weakest level of 83.402 against the dollar on Wednesday.
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