Stock Market Today: Sensex, Nifty End On Fresh High On Fed Pivot Signal; FPIs Remain Net Buyers

Catch the latest updates on the Indian stock market here.

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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.

Also Read: NBCC Wins Rs 1,500 Crore Order For Warehouse Construction

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.

Also Read: Axis Bank: Bain Capital Sells 1.1% Stake For Over Rs 3,736 Crore

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).

Also Read: Suraj Estate Developers' Rs 400 crore IPO To Open On Dec. 18

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.

Also Read: Abhyudaya Cooperative Bank's Ousted Chairman Takes RBI To Court

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.

Also Read: Fed Prepares To Shift To Rate Cuts In 2024 As Inflation Eases

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