KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 2 bps lower at 7.27% on Monday.
Source: Bloomberg
Indian Rupee Weakens Against The U.S. Dollar
The local currency weakened 7 paise to close at 83.37 against the U.S dollar on Monday.
It closed at 83.30 on Friday
Source: Cogencis
Sensex, Nifty End Best Day Of The Year At New High On State Poll Outcome: Closing Bell
India's benchmark indices ended at a fresh high, gaining 2% for the first time in a year, as investors cheered the BJP's win three Hindi heartland states.
The NSE Nifty 50 ended 418.90 points, or 2.07% higher, at 20,686.80 on Monday, while the S&P BSE Sensex gained 1383.93 points, or 2.05% to close at 68,865.12. The last time, the BSE Sensex and the NSE Nifty 50 closed over 2% higher was on Nov 11, 2022 and Dec 26, 2022, respectively.
The BJP has secured victory in the three major Hindi-speaking states: Madhya Pradesh, Rajasthan, Chhattisgarh, which reaffirmed its position as the dominant party.
"The market has made a solid comeback from lower levels, that too in an environment of uncertainties, which will help Nifty move towards 21500 in the medium to long term. We cannot expect these levels at once but it should be the target and a strategy to buy on dips for positional traders and investors," said Shrikant Chouhan, head equity research, Kotak Securities.
After the breakout, it intensified the positive momentum, forming a long bullish candle on weekly charts and holding a higher high and higher low series formation on intraday charts, which is a largely positive sign."
HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., State Bank Of India, Larsen & Toubro Ltd., were adding positively to the indices.
HDFC Life Insurance Company, Britannia Industries Ltd., Wipro Ltd., Titan Company Ltd. , Sun Pharmaceutical Industries Ltd. were weighing on the indices.
All sectoral indices rose except Nifty Pharma and Nifty Media. Nifty Bank and Nifty Energy rose the most
The broader markets undeperformed the S&P BSE MidCap Index was up 1.19%, whereas S&P BSE SmallCap Index was 1.20% higher. All sectors out of 20 sectors compiled by BSE advanced. S&P BSE Oil and Gas and Utilities rose the most.
The market breadth was skewed in favour of the buyers. About 2390 stocks rose, 1446 declined, and 182 remained unchanged on the BSE.
Nifty 50 Gains Over 2%
Nifty Bank Hits Life High
Nifty Midcap 100 Surges To All-Time High
Sprucegrove Sells 2.3% Stake In Zee Entertainment
Sprucegrove reduces stake in co to 4.9% from 7.3%
Sprucegrove sells shares of co from Feb 24 to Nov 30
Source: Exchange Filing
European Markets Trade Mixed
Sadhana Nitrochem To Set Up Green Hydrogen Facility
To set up 15-20 MW green hydrogen facility
Board approves rights issue of up to Rs 50 Crore
Funds to be used for 126-acre land acquisition
Source: Exchange Filing
Sensex, Nifty Trade At Day's High
Sensex, Nifty At Fresh Life High: Midday Market Update
India's benchmark equity indices hit fresh record highs as Larsen & Toubro Ltd., ICICI Bank Ltd., HDFC Bank Ltd., and ITC Ltd. gained. Improved investors' sentiment due to BJP winning three out of four state assembly elections also provided support to the benchmarks.
As of 12:12 p.m., the NSE Nifty 50 was 309.30 points, or 1.53% higher at 20,583.70, while the S&P BSE Sensex gained 1014.12 points, or 1.52% at 68,494.43.
"See, the start of the pre-election rally for May 2024, which began in November and picked up speed after the state election results. The Nifty benchmark rose by a big 334.6 points, hitting a record high of 20,602.50, and the Sensex went up by a whopping 1,106.6 points, reaching a new high of 68,587.82," said Shrey Jain, founder and chief executive officer of SAS Online.
"From a technical standpoint, the Nifty50 index is anticipated to find support in the 20,200-20,150 range, with a robust buy zone identified at 20,350-20,420. In the case of the Nifty Bank, strong support is expected around 44,825-44,950 levels, with a strong resistance zone identified at 45,375-45,500 levels. With political stability and strong economic growth in the picture, there's a possibility that the Nifty could reach the significant milestone of 21,000 by the end of this month," he said.
HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd. and State Bank Of India were positively contributing to changes in the Nifty.
While, Britannia Industries Ltd., HDFC Life Insurance Co., LTIMindtree Ltd., Maruti Suzuki India Ltd. and Sun Pharmaceuticals Industries Ltd. were negatively contributing to the change.
Of 13 sectoral indices, 11 rose and two declined. Nifty Energy and Realty rose the most, while Nifty Pharma and Media declined the most.
The broader market indices rose; the S&P BSE SmallCap was up 1.09%, whereas S&P BSE MidCap was 0.98% higher.
All 20 sectors compiled by BSE advanced. S&P BSE Energy and S&P Capital Goods rose the most.
The market breadth was skewed in favour of the buyers. About 2,476 stocks rose, 1,207 declined, and 197 remained unchanged on the BSE.
ICICI Bank Has 10.1 Lakh Shares Change Hands
10.1 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 973.90 apiece
Buyers and sellers not known immediately
Source: Bloomberg
SJVN Commissions 2 Units Of Hydro Power Station
Commissions 2 units of 60 MW Naitwar Mori Hydro Power Station in Uttarakhand
Source: Exchange Filing
GAIL Shares Hit Record High After Arbitration Claim Against Former Gazprom Unit
Shares of GAIL (India) Ltd. rose over 5% to hit a record high on Monday after it sued SEFE Marketing & Trading Singapore Pte. for damage caused by the non-supply of LNG.
The company has filed an arbitration claim worth $1.8 billion, or about Rs 15,000 crore, against SEFE Marketing & Trading Singapore Pte., formerly known as Gazprom Marketing and Trading Singapore Pte. Ltd., in the London Court of International Arbitration, according to an exchange filing.
The matter pertains to the non-supply of LNG cargoes to GAIL under a long-term contract with SEFE, the company said. GAIL filed the claim on Nov. 30 in London.
Shares of the company rose as much as 5.62%, the highest since its listing on July 2, 1997, before paring gains to trade 5.59% higher at 10:21 a.m. This compares to a 1.34% advance in the NSE Nifty 50.
The stock has risen 48.98% on a year-to-date basis. Total traded volume so far in the day stood at 9.1% times its 30-day average. The relative strength index was at 80.79.
Of the 31 analysts tracking the company, 24 maintain a 'buy' rating, five recommend a 'hold', and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.6%
Volume Buzzers At 11:32 A.M.
Barbeque Nation Hospitality at 16.3x of its 30 day average
Aarti Pharmalabs at 11.54x of its 30 day average
Hindustan Zinc at 5.29x of its 30 day average
Tide Water Oil at 4.59x of its 30 day average
Bls International Services at 3.73x of its 30 day average
GSFC at 3.72x of its 30 day average
Power Grid Has 41 Lakh Shares Change Hands In Large Trade
41 lakh shares changed hands in a large trade
0.04% equity changed hands at Rs 212.95 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Bigbloc Construction To Expand Wada Plant Production
To expand Wada plant production capacity to 500,000 cubic meter from 2,50,000 cubic meter
Expansion requires investment of Rs 30 Crore, to be completed in 6 months
Source: Exchange Filing
Tata Steel Has 17.7 Lakh Shares Change Hands In Large Trade
0.01% equity changed hands at Rs 131.30 apiece
Buyers and sellers not known immediately
Source: Bloomberg
BCL Industries Gets Orders To Supply Ethanol To OMCs
Gets orders worth Rs 561 Crore to supply ethanol to OMCs
The order includes an order worth Rs 6.73 Crore to arm Svaksha Distillery for supplying 0.1 lakh litre ethanol to Reliance Industries.
Source: Exchange Filing
NTPC Has 12.6 Lakh Shares Change Hands In A Large Trade
12.6 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 276.35 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Tata Technologies Shares Fall Over 5%
Shares of Tata Technologies fell for the second consecutive session today after surging over up to 180% over the issue price on the first day of trading on Thursday.
Bharat Electronics Has 15.6 Lakh Shares Change Hands
15.6 lakh shares changed hands in a large trade
0.02% equity changed hands at Rs 152.90 apiece
Buyers and sellers not known immediately
Source: Bloomberg
CAMS Has 92.8 Lakh Shares Change Hands In Pre-Market
92.8 lakh shares or 19% equity changed hands in a pre-market large trade
Buyers and sellers not known immediately
Great Terrain Investment Ltd., affiliate of Warburg Pincus owns over 19%, and could be the potential seller
Source: Bloomberg
All Adani Group Stocks Advance
Sensex, Nifty Hit Fresh Lifetime Highs At Open: Opening Bell
Benchmark indices opened at their fresh lifetime highs today, continuing their gaining streak in the fifth consecutive session, as the sentiment was uplifted by BJP winning three out of four states in recent Assembly elections.
At pre-open, the S&P BSE Sensex Index was up 954.15 points, or 1.41%, at 68,435 while the NSE Nifty 50 was 334.05 points or 1.65% higher at 20,601.95.
"We further expect markets to cement gains and won’t we surprised to see markets closer to the 22,000 levels before the general elections in 2024, said Manish Chowdhury, Head of Research, StoxBox.
"The image of the BJP as a pro-reformist and the performance of the economy on various fronts, especially during the COVID period and gloomy global economic situation, have provided market participants confidence that a dual-aided right-wing government is beneficial in the longer term," he added.
All sectoral indices gained. Nifty Energy rose the most by more than 2%, followed by Nifty Metal and Nifty Bank, which rose over 1.7% each. Nifty Pharma and Nifty Media rose the least.
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., and Bharti Airtel Ltd., contributed the most to the gains whereas those of Britannia Industries Ltd., Nestle India Ltd., and Apollo Hospitals Enterprises Ltd., limited the gains.
The broader markets also rose. The S&P BSE MidCap Index was up 0.94%, whereas S&P BSE SmallCap Index was 0.89% higher. All twenty sectors compiled by BSE advanced.
The market breadth was skewed in the favour of buyers. About 2,385 stocks rose, 694 declined, and 141 remained unchanged on the BSE.
Sensex, Nifty 50 At Fresh All-Time High In Pre-Open
At pre-open, the S&P BSE Sensex Index was up 954.15 points, or 1.41%, at 68,435 while the NSE Nifty 50 was 334.05 points or 1.65% higher at 20,601.95.
Yield On The 10-Year Bond Declines At Open
The yield on the 10-year bond opened 3 bps lower at 7.26% on Monday.
It closed at 7.29% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 2 paise to open at 83.28 against the U.S dollar on Monday.
It closed at 83.30 on Friday
Source: Bloomberg
Kalpataru Projects Gets New Orders Worth Rs 2,263 Crore
Gets orders worth Rs 1,564 Crore in T&D business, Rs 458 Crore in water business, Rs 241 Crore in B&F business
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 103.29
U.S. 10-year bond yield at 4.25%
Brent crude down 0.63% at $78.38 per barrel
Nymex crude down 0.24% at $75.78 per barrel
GIFT Nifty was up 0.67%, or 137.5 points, at 20,631.5 as of 8:20 a.m.
Bitcoin was up 1.96% at 40,506.14
Trading Tweaks
Price band revised from 10% to 5%: Eimco Elecon.
Move Out of short-term ASM framework: Patel Engineering.
F&O Cues
Nifty December futures rose 0.44% to 20,375.15 at a premium of points 107.25 points.
Nifty December futures open interest rose by 0.26% to 523 shares.
Nifty Bank December futures rose by 0.74% to 45,071.20 at a premium of 257 points.
Nifty Bank December futures open interest fell by 9.45% to 15,746 shares.
Nifty Options Dec 28 Expiry: Maximum call open interest at 21000 and maximum put open interest at 20,000.
Bank Nifty Options Dec 28 Expiry: Maximum Call Open Interest at 45000 and Maximum put open interest at 42000.
Securities in the ban period: Delta Corp.
Bulk Deals
Tanfac Industries: Himalaya Finance and Investment bought 1.8 lakh shares (1.8%) at Rs 2,210 apiece. Anshul Speciality Molecules sold 2.47 lakh shares (2.47%) at Rs 2,210 apiece.
Insider Trades
Choice International: Promoter group Patodia Properties bought 1.1 lakh shares on Nov. 30.
Deccan Gold Mines: Promoter Rama Mines Mauritius sold 1 lakh shares on Nov. 30.
Goldiam International: Promoter Rashesh Manhar Bhansali sold 5 lakh shares on Nov. 29.
Usha Martin: Promoter group Usha Martin Ventures sold 1.5 lakh shares on Nov. 30.
Thirumalai Chemical: Promoter group Deepa Ajay sold 18,000 shares on Nov. 30.
Safari Industries: Promoter group Safari Commercial LLP sold 14,600 shares between Nov. 29 and 30.
Stocks To Watch
Hindustan Unilever: The company decided to split its beauty and personal care business into two separate divisions in an effort to increase focus on these high-growth segments amid rising competition from new-age brands.
GAIL: The company filed a claim over the non-supply of LNG cargoes by SEFE Marketing and Trading Singapore worth $1.817 billion in the London Court of International Arbitration.
Adani Group stocks: The conglomerate will spend Rs 7 lakh crore in capital expenditure over the next 10 years, its CFO said. Six infra businesses—from power and ports to airports—will be tapping the bond market to raise funds.
Tata Power: The company acquired the Bikaner-Neemrana transmission project in Rajasthan for Rs 1,544 crore to boost renewable energy evacuation.
Siemens: German parent Siemens AG will acquire an 18% stake in its India unit at Rs 2,952.86 apiece, which represents a discount of 21% to its closing price on Friday.
Salasar Techno Engineering: The company secured an engineering, procurement, and construction contract valued at Rs 364 crore from Tamil Nadu Generation and Distribution Corp.
Brigade Enterprise: The company launched the Brigade Sanctuary commercial residential project in Bangalore, which has a gross revenue potential of Rs 2,000 crore.
Lupin: The pharma major received USFDA approval for the launch of Turqoz Tablets USP, 0.3 mg/0.03 mg.
Maruti Suzuki: The company's November volume output was down 3.29% year-on-year, at 1.48 lakh units.
Eicher Motors: The company's November motorcycle sales were up 13% year-on-year at 80,251 units. Motorcycle exports were up 2.2% year-on-year, at 5,114 units.
Hero MotoCorp: The company's November sales rose 25.6% year-on-year to 4.91 lakh units. Domestic sales grew 25.4% to 4.76 lakh units.
Alkem Laboratories: A U.S. FDA inspection at the company's API manufacturing facility in Mandva ends with three observations.
Bajaj Healthcare: The company's CFO, Rupesh Nikam, resigned from the position on Dec 1.
Syngene: The company completed the acquisition of a biologics manufacturing facility from Stelis Biopharma.
Strides Pharma: The company launched Icosapent Ethyl Acid Soft Gel Capsules in partnership with Amneal.
Shree Digvijay Cement: The CEO and MD, KK Rajeev Nambiar, resigned from the position w.e.f. Dec. 15, 2023. The company appointed Ramanujan Krishnakumar as an additional director, chief executive officer and managing director w.e.f. Dec. 16.
Radiant Cash Management Services: The company completed its investment in Aceware Fintech Services and now holds a 56.93% stake in the same.
Harsha Engineers International: The company entered into an agreement with Goldi Solar Private to jointly bid for the tender ACE issued by Surat Municipal Corp. for the EPC of a 10 MW ground-mounted grid-connected solar photovoltaic power plant with land on lease.
Omaxe: The company incorporated FBD Real Grow as a wholly-owned subsidiary by acquiring the remaining 75% stake.
Kamat Hotel: The company opened a new orchid hotel in Jamnagar, Gujarat.
Surya Roshni: The company's CEO of steel operations and key managerial personnel, Tarun Baldua, resigned from the position on Nov. 30.
Updater Services: The company approved the appointment of Radha Ramanujan as designated chief financial officer and fey managerial personnel with effect from the closure of business hours on Dec. 30. It approved and appointed CR Saravanan as Chief Operating Officer of the company, with effect from Jan. 1, 2024.
GIFT Nifty Hints At A Higher Open For Benchmarks
Most indices in Asia traded higher, with Australia's S&P/ASX 200 gaining 0.88%. Hong Kong's Hang Seng also traded higher after erasing losses from early trade. while indices in Japan fell.
On Friday, U.S. stocks rebounded and bond yields fell after Jerome Powell said the policy rate is “well into restrictive territory" even as he retained the option to hike further, according to Bloomberg.
Brent crude was trading 0.33% lower at $78.62 a barrel. Gold was higher by 0.96% at $2,092.08 an ounce.
The GIFT Nifty was up 0.67%, or 137.5 points, at 20,631.5 as of 8:15 a.m.
India's benchmark stock indices ended higher for the fifth consecutive week and fourth consecutive session on Friday.
The NSE Nifty 50 ended 135 points, or 0.67%, higher at 20,267.90, its highest-ever close, after hitting an intraday high of 20,291.55. The S&P BSE Sensex closed 493 points, or 0.74%, up at 67,481.90. Stocks of financial services and fast-moving consumer goods advanced, while automobiles and telecommunications were under pressure.
Overseas investors stayed net buyers for the sixth consecutive session on Friday. Foreign portfolio investors bought stocks worth Rs 1,589.6 crore, while domestic institutional investors turned net buyers after staying sellers in the last session and bought stocks worth Rs 1,448.1 crore, the NSE data showed.
The Indian rupee strengthened 10 paise to close at 83.30 against the U.S. dollar on Friday.
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