Stock Market Today: Sensex & Nifty's Two-Day Rebound Fails To Recoup Weekly Loss

Overseas investors remained net buyers of Indian equities for the second consecutive session on Friday.

Foreign portfolio investors mopped up stocks worth Rs 1,696.8 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net sellers and offloaded equities worth Rs 3,497.6 crore, the NSE data showed.

The S&P BSE Sensex closed 179 points, or 0.25%, higher at 72,026.15, while the NSE Nifty 50 gained 52 points, or 0.24%, to end at 21,710.80.

• The local currency strengthened 7 paise to close at 83.16 against the U.S dollar on Friday.

• It closed at 83.23 on Thursday.

Source: Bloomberg

India's benchmark stock indices ended higher for second day on Friday as Tata Consultancy Services Ltd, Infosys Ltd, Larsen & Toubro Ltd.

However, both the benchmark indices logged weekly decline. The benchmark S&P BSE Sensex fell 0.30%, and the NSE Nifty 50 declined 0.09% this week.

The benchmark S&P BSE Sensex settled 0.25% or 178.58 points higher at 72,026.15, while the NSE Nifty 50 ended 0.24% or 52.20 points higher at 21,710.80.

"Nifty began the day with an upwards gap but ended the day without surpassing the previous day's high. However, the futures chart displays a distinct picture with the close visibly higher than the previous day's high. Banknifty, on the other hand, formed a hammer in a previous trading session, the confirmation of which was seen in yesterday's trading session. Looking at a broader market, Nifty 500 hit a fresh life high yesterday. All in all, it was a positive day for the Indian stock market," said Sudeep Shah, deputy vice president and head, Technical and Derivative Research Desk, at SBI Securities.

Larsen & Toubro Ltd, Tata Consultancy Services Ltd, Infosys Ltd, ICICI Bank Ltd, and Axis Bank Ltd supported the indices.

Sun Pharmaceutical Industries Ltd, Nestle India Ltd, ITC Ltd, Kotak Mahindra Bank Ltd, and HDFC Bank Ltd weighed on the indices.

Sectoral indices ended on a mixed note this week. Eight out of 12 sectors rose, while four declined. Nifty Realty emerged as the top gainer among sectoral indices.

The broader markets also rose. The S&P BSE Smallcap Index rose 0.61%, whereas S&P BSE MidCap Index was 0.19% higher.

On BSE, fifteen out of 20 sectors advanced, while five declined. S&P BSE Realty rose 6.52% and was the top gainer among sectoral indices. S&P BSE Information Technology and S&P BSE Capital Goods rose the most.

The market breadth was skewed in favour of the buyers. About 2,227 stocks advanced, 1,607 declined, and 102 remained unchanged on the BSE.

• Godrej Industries Ltd had 10.1 lakh shares changed hands in a large trade

• The company's 0.4% equity changed hands at Rs 842.6 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

European markets declined on Friday ahead of the release of flash inflation figure from eurozone, and U.S. jobs data later today.

India's benchmark stock indices erased most of their early gains through midday on Thursday to trade near intraday lows, led by losses in financial services stocks.

As of 12:09 p.m., the Nifty 50 was 30.50 points, or 0.14%, higher at 21,689.10, while the Sensex rose 85.42 points, or 0.12%, to 71,932.99.

"Nifty witnessed a U-turn with a gap-up opening and went on to rise gradually as the day progressed to end on a positive note, improving the bias and sentiment once again," said Prabhudas Lilladher in a note. "The support is seen around 21,550, while the resistance is seen at 21,800 level."

Shares of Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., Adani Ports and Special Economic Zone Ltd., and Axis Bank contributed to the Nifty 50.

While those of HDFC Bank Ltd., ITC Ltd., Sun Pharmaceutical Industries Ltd., Kotak Mahindra Bank Ltd., and Nestle India Ltd., weighed on the index.

Sectoral indices were mixed. Nifty IT rose the most by over 1% while Nifty Pharma lost 0.8%

However, broader markets outperformed with the BSE Midcap rising 0.42% and the Smallcap gaining 0.6% through midday on Thursday.

Seventeen out of the 20 sectors compiled by BSE Ltd. advanced, while three declined. Information technology and telecommunication indices rose the most.

The market breadth was skewed in favour of the buyers. About 2,283 stocks rose, 1,484 declined, and 124 remained unchanged on the BSE.

• 13.4 lakh shares changed hands in a large trade

• 0.1% equity changed hands at Rs 540 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Approves buyback worth Rs 325 crore via tender offer

• To buy back up to 44.82 lakh shares at Rs 725 apiece

• Buyback size represents up to 8.01% of the paid-up equity capital of the company

Source: Exchange filing

• Gail India Ltd signed a long-term LNG supply deal with Vitol

• Vitol to deliver LNG from global LNG portfolio

• Vitol deal for 1 MT/year LNG supply for 10 years

• Vitol to start LNG supply under term deal in 2026

Source: Exchange Filing

• Power Grid Crop Of India emerged as successful bidder for 2500 MW transmission system in Karnataka

• The company received Karnataka solar energy zone project via TBCB

• Alert: TCBC stands for Tariff Based Competitive Bidding

Source: Exchange Filing

• Mobikwik’s IPO to be a pure fresh issue of shares up to Rs 700 crore.

• It will consider a pre-IPO placement worth Rs 140 crore.

Source: DRHP

Shares of Sula Vineyards Ltd. rose as much as 7% to hit their highest level since Aug 1.

The stock has risen 66.12% in the last twelve months. The relative strength index was at 74.75%, indicating that the stock may be overbought.

Five analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.5%.

Shares of Subex Lt surged 10.72% to Rs 37.70 apiece, the highest level since Dec 20. It was trading 9.99% higher at Rs 37.45 apiece, as of 12:19 p.m. This compares to a 0.18% advance in the NSE Nifty 50 Index.

It has risen 5.94% in 12 months. Total traded volume so far in the day stood at five times its 30-day average. The relative strength index was at 60.96.

• Banks place bid worth Rs 2.77 lakh crore in 7-day VRR auction conducted today

• Notified amount for the auction was Rs 1 lakh crore

• Auction cut-off was at 6.68%

Source: RBI

The shares of BEML Ltd. rose to a new life high on Friday after it won a contract worth Rs 329 crore from the Defence Ministry.

The order includes manufacturing of 56 mechanical minefield marking equipment mark II, the ministry said in a statement. This order will be manufactured with the equipment that is sourced from indigenous manufacturers which will help boost the indigenous manufacturing and the participation of the private sector in defence production.

The scrip rose as much as 6.60% to 3,079 apiece, to touch its life high. This is the highest level since Dec. 27, 2023. This compares to a 0.12% advance in the NSE Nifty 50 Index as of 11:37 a.m.

It has risen 104.55% in the last 12 months. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 73.

Out of four analysts tracking the company, two maintain a 'buy' rating, one recommend a 'hold,' and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 104.8%.

• Suzlon Energy Ltd received an order for 225 MW from Everrenew

• The company is to supply 75 wind turbines of 3 MW each to Everrenew

Source: Exchange Filing

GE Power India surged nearly 12% to record high on Friday on positive sentiment due to proposed draft tariff norms.

The Central Electricity Regulatory Commission, in the draft tariff norms raised the RoE for new storage-based hydro power projects, while keeping RoE unchanged for other thermal power projects or transmission projects.

GE Power India supplies equipment and solutions for power generation and transmission infrastructure requirements.

Shares of GE Power India Ltd rose as much as 11.77% to Rs 267.80 apiece, the highest level since its listing on Mar 21, 2000. It pared gains to trade 9.68% higher at Rs 262.80 apiece, as of 11:30 a.m. This compares to a 0.13% advance in the NSE Nifty 50 Index.

It has risen 91.28% in twelve months. Total traded volume so far in the day stood at 5.2 times its 30-day average. The relative strength index was at 75.17, which implied the stock is overbought.

• Wardwizard Innovations Mobility Ltd's Dec EV two-wheelers sales at 3,543 units, up 38% on an annualised basis.

Source: Exchange Filing

• The company had 17 lakh shares changed hands in a large trade

• 0.02% equity changed hands at Rs 187.05 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Shares of Nestle India Ltd declined as much as 2.55% on Thursday after the company split its stock for first time.

The company's stock split ratio is 1:10. The split is likely to pull Nestle India's share price to 1/10th of the current price.

The scrip fell as much as 2.55% to Rs 2,642.45 apiece, the lowest level since Dec 28, 2023. It was trading 1.32% lower at Rs 2,675.90 apiece, as of 11:16 a.m. This compares to a 0.14% advance in the NSE Nifty 50 Index.

It has risen 35.3% in 12 months. Total traded volume so far in the day stood at 5.2 times its 30-day average. The relative strength index was at 62.68.

Out of 37 analysts tracking the company, 19 maintain a 'buy' rating, 12 recommend a 'hold,' and six suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 7.6%.

• Edelweiss Financial Services Ltd announced public issue of secured redeemable NCDs worth Rs 250 crore

Source: Exchange Filing

• Century Textiles & Industries at 5.81x its 30 day average

• Endurance Technologies at 5.15x its 30 day average

• Krishna Institute Of Medical Sciences at 4.46x its 30 day average

• Macrotech Developers at 3.93x its 30 day average

• Sula Vineyards at 3.56x its 30 day average

• Finolex Industries Ltd at 3.56x its 30 day average

• ICICI Prudential Life Insurance Company Ltd had13.4 lakh shares changed hands in a large trade

• The company had 0.1% equity changed hands at Rs 539.85 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Kotak Mahindra Bank Ltd had 32.7 lakh shares changed hands in a large trade

• The lender's 0.2% equity changed hands at Rs 1,848.25 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• KPI Green Energy Ltd received an order for 3 MW solar power plant

• Project to be completed in FY25 in various tranches

Source: Exchange Filing

Scrips of Waaree Renewable Technologies soared 10% and touched a life-time high on Thursday as the company's board will consider stock split on Jan 20.

According to exchange filings, the company's board is scheduled to meet on Jan 20 to consider the proposal of sub-division of shares.

The scrip rose as much as 10.00% to Rs 2,703,95 apiece, the highest level since its listing on BSE on Aug 9, 2012. It pared gains to trade 7.44% higher at Rs 2,641.05 apiece, as of 10:43 a.m. This compares to a 0.30% advance in the BSE Sensex Index.

The scrip has risen 437.41% in 12 months. Total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 92.04, which implied the stock is overbought.

• Aditya Birla Capital Ltd had 12.6 lakh shares changed hands in a large trade

• The company's 0.05% equity changed hands at Rs 177.7 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Shares of Hindustan Aeronautics Ltd surged over 4% on Thursday as UBS initiated covered on the company and rated it 'Buy' because it expects the company's order book to triple by fiscal 2026.

Scrips of Hindustan Aeronatics Ltd. rose as much as 4.61% to Rs 3,038 apiece. It trading 3.89% higher at Rs 3,017.25 apiece, as of 10:08 a.m. This compares to a 0.38% advance in the NSE Nifty 50 Index.

The m-cap of the company crosses Rs 2-lakh-crore mark for the first time

In 12 months, the stock Ltd has risen over 370%. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 78, suggesting stock may be overbought.

Out of 14 analysts tracking the company, 13 maintain a 'buy' rating, and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 8%.

• Mix shift from BNPL should improve take rates to 3.8-4%

• Factoring reduced number of loans

• Levers: cost control, embedded insurance uptake

• Revenue lower by 7-9%, margins tweaked to 1.8% / 8.3% for FY25 / FY26

• Tata Steel Ltd had 69.1 lakh shares changed hands in a large trade

• The company's 0.1% equity changed hands at Rs 133.95 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

The shares of Kalyan Jewellers touched a new all time high on Friday on a 40% revenue growth for its Indian operations in the third quarter of financial year 2024.

The scrip rose as much as 4.38% to 379.75 apiece, to touch its all time high. This is the highest level since Jan. 2, 2024. It pared gains to trade 4.20% higher at Rs 363.80 apiece, as of 9:42 a.m. This compares to a 0.32 advance in the NSE Nifty 50 Index.

It has risen 203.29% in the last 12 months. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 74.

Out of six analysts tracking the company all maintain a 'buy' rating according to Bloomberg data. The average 12-month consensus price target implies an upside of 206.1%.

Extending gains, NHPC Ltd surged over 9% to a life-time high level on Thursday on positive sentiment as draft tariff proposed to raise return on equities on new storage-based hydro projects to 17% from 16.5% for FY25-FY29.

The shares of NHPC Ltd gained 3.64% and touched a record high on Thursday as well after it signed a MoU with Gujarat Power Corp to invest Rs 4,000 crore in a hydro storage project

The Central Electricity Regulatory Commission, in the draft tariff norms raised the RoE for new storage-based hydro power projects, while keeping RoE unchanged for other thermal power projects or transmission projects.

Meanwhile, BofA maintained 'underperform' rating on NHPC Ltd with a target price 20% below CMP at Rs 58.00 as the brokerage expects its medium term growth to remain muted.

The brokerage expects it to sustain its current RoE at 15.5% on delayed project execution.

Scrips of NHPC Ltd rose as much as 9.05% to Rs 75.30 apiece, the highest level since listing on Sep 1, 2009. It pared gains to trade 5.0% higher at Rs 72.50 apiece, as of 09:52 a.m. This compares to a 0.33% advance in the NSE Nifty 50 Index.

In 12 months, NHPC Ltd has risen 84.95% Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 75.88, which implied the stock is overbought.

Out of nine analysts tracking the company, eight maintain a 'buy' rating, and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 16.7%.

India's benchmark indices extended gains from Thursday, and opened higher as Nestle India Ltd, Bharti Airtel Ltd, and Reliance Industries Ltd led gains.

As of 09:17 a.m., the benchmark S&P BSE Sensex was up 0.39% or 288.19 points higher at 72,143.17, while the NSE Nifty 50 was 0.40% or 86.95 points higher at 21,745.55.

"Indian market may struggle for direction at open on Friday, tracking mixed cues from global markets as bond yields rose on doubts about how soon the Federal Reserve could start cutting interest rates," said  Avdhut Bagkar technical and derivatives analyst at StoxBox.

"The benchmark index rebounded strongly in the previous trading session. It witnessed a gap-up of 80 points and continued to trend in that direction for the remaining part of the trading session to close in the upper quartile of the trading range after 2 consecutive days of selling. The index is anticipated to attract bullish strength provided the immediate pivotal support near 21540 remains intact on a closing basis going forward," he added.

Reliance Industries Ltd, NTPC Ltd, ICICI Bank Ltd, HDFC Bank Ltd, and Larsen & Toubro Ltd added positively to the indices.

Britannia Industries Ltd, Cipla Ltd, IndusInd Bank Ltd, Asian Paints Ltd, and Sun Pharmaceutical Industries Ltd weighed on the benchmark indices.

On NSE, 10 sectors out of 12 advanced with the Nifty Energy rising 0.82% to become the top sectoral gainer. Two sectors declined with the Nifty Pharma 0.17% and was the top loser among sectoral indices.

The broader markets outperformed benchmark indices. The S&P BSE Smallcap Index rose 0.68%, whereas S&P BSE MidCap Index was 0.53% higher. On BSE, 19 out of 20 sectors advanced, while one declined. S&P BSE Realty rose 2.22% and was the top gainer among sectoral indices. S&P BSE Healthcare declined 0.32% and was the loser among sectoral indices.

The market breadth was skewed in favour of the buyers. About 2270 stocks advanced, 680 declined, and 90 remained unchanged on the BSE.

At pre-open, the S&P BSE Sensex was 0.24% or 174.99 points higher at 72,0022.56, while the NSE Nifty 50 was 0.22% or 47.15 points higher at 21,705.15.

• The yield on the 10-year bond opened flat at 7.23% on Friday.

Source: Bloomberg

• The local currency opened flat at 83.24 against the U.S dollar on Friday.

Source: Bloomberg

• American Tower reports pact to sell operations in India to Brookfield

• American Tower India ops sale proceeds potentially represent up to $2.5 billion

• American Tower agrees to sell India operations to Brookfield

• American Tower India asset sale expected to close in H2 2024

• American Tower India asset sale proceeds to be used to repay existing debts

Source: Bloomberg

• EM assets remain in focus as 2024 Fed cuts become more cemented

• New inflows required to support structurally positive environment for EM fixed income

• DM central bank cuts may provide for such inflows

• Prefer EM rates over EMFX, given signs toward continued disinflation

• Selective opportunities in FX carry still remain

• Gross advances as of Dec 31 at Rs 32,780 crore, up 5%

• Total deposits as of Dec 31 at Rs 32,385 crore, up 5%

• CASA as of Dec 31 at Rs 10,593 crore, up 2%

Source: Exchange Filing

• Total sales value at Rs 1,952 crore vs Rs 1,425 crore YoY

• Average price realisation at Rs 11,732/sq ft vs Rs 9,653/sq ft YoY

• New sales area at 1.66 mn sq ft, up 12.7% YoY

Source: Exchange Filing

• India operations revenue growth of 40% YoY

• Added 22 net new ‘Kalyan’ showrooms in India

Source: Exchange Filing

• The real estate company added 3 projects with 2 million square feet saleable area for a GDV of Rs 6000 crore

• Its net debt stood at Rs 6,750 crore vs Rs 8,040 crore on year

• Collections at Rs 2,590 cr, [RD] 3% YoY

• Pre-sales at Rs 3,410 crore, [GU] 12% YoY

Source: Exchange Filing

• Rates buy with price target of Rs 3,600

• Sharpened policy focus to compress US$60bn opportunity into 5-7 years

• New orders to see material step up with revenues rising at 16% CAGR

• Own-design manufacturing to drive high double-digit EPS CAGR, 20% ROE

• Set to triple its order book from Rs0.8tn in FY23 to Rs2.4tn in FY26

• On course to re-rate by a similar magnitude to BHE in the past decade

• The brokerage rated Dabur India with 'buy' with TP Rs650

• Emkay said weak winter hurts India show; valuation captures headwinds;

• In Q3FY24, Dabur likely to post 7% consol. revenue and 9% earnings growth.

• Expects 4% volume-led revenue growth on the domestic front, with 8% growth in Company’s international business.

• Badshah to contribute ~2% to consol. revenue, with >20% YoY growth.

• Presales for top 7 cities up 20% by sales volumes with 10%+ blended realization gains

• Expect 70% YoY pre-sales growth for stocks under coverage in Q3FY24

• Believes 68-85% of FY24E forecasts being met with GPL at upper end

• Expects Q4 upgrades likely given seasonal strength of the quarter

• Believes stocks are 60% above avg based on 5 yr avg PE valuation

• NTPC Ltd: Buy with price target of Rs 415

• Power Grip Corp Of India: Buy with price target of Rs 270

• JSW Energy Ltd: Buy with price target of Rs 595

• Initiate’s coverage with 'buy' rating and target price of Rs 800

• Estimates PAT CAGR of 28% over FY23-FY26E and an RoA/RoE of 4.1%/22% by FY26E

• Expects IIFL to be able to maintain its NIM at similar levels in FY25/FY26 with a potential upside from credit rating upgrade

• Expect the proportion of off-book loans to improve to 43% by FY26.

• Anticipates the proportion of co-lending to rise to 50%

• Expects branch expansion strategy to take a back seat and higher productivity to result in improved opex-to-average AUM ratio of 3.5% by FY26

• U.S. Dollar Index at 102.38

• U.S. 10-year bond yield at 3.99%

• Brent crude up 0.37% at $77.88 per barrel

• Nymex crude up 0.57% at $72.60 per barrel

• GIFT Nifty was 0.07% or 15 points higher at 21,773 as of 8:15 a.m.

• Bitcoin was down 1.90% at $43,643.75

• Nifty January futures up by 0.86% to 21,785.95 at a premium of 127.35 points.

• Nifty January futures open interest down by 1.8%.

• Nifty Bank January futures up by 1.19% to 48,501.75 at a premium of 305.9 points.

• Nifty Bank January futures open interest up by 2.4%.

• Nifty Options Jan 11 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 21,000.

• Bank Nifty Options Jan. 10 Expiry: Maximum Call Open Interest at 50,000 and Maximum Put open interest at 46,000.

• Securities in the ban period: Balrampur Chini Mills, Chambal Fertilizer, Delta Corp, Escorts, Gujarat Narmada Valley Fertilizer and Chemicals, Hindustan Copper, Indian Energy Exchange, Indian Cements, National Aluminium, SAIL, Zee Entertainment.

• Sobha: Dendana Investments Mauritius bought 5.09 lakh shares (0.53%) at Rs 1,269.57 apiece.

• Mangalore Chemicals and Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge for 20 lakh shares on Jan. 2.

• Torrent Power: To meet analysts and investors on Jan. 9.

• Allcargo Gati: To meet analysts and investors on Jan. 10.

• Flair Writing Industries: To meet analysts and investors on Jan. 9.

• Gravita India: To meet analysts and investors on Jan. 9.

• Eris Lifesciences: To meet analysts and investors on Jan. 9.

• Price band revised from 10% to 5%: PC Jeweller, Jay Bharat Maruti.

• Ex/record Stock Split: Nestle India.

• Moved into a short-term ASM framework: Alok Industries, Bajel Projects, Indo Amines.

• Moved out of a short-term ASM framework: Genesys International Corp, Heritage Foods, Inox Green Energy Services.

• Grasim Industries: The company set Rs 1,812 per share as the price for its Rs 4,000-crore rights issue, which is at a 12.47% discount to the current market price. It will issue up to 2.2 crore shares on a partly-paid basis.

• Dabur India: The company estimated that its revenue in Q3 will grow to a mid-to-high single digit, driven by the food business. The food and beverage category is expected to grow in the high single-digits, while the home and personal care division is expected to have record growth in the mid-single-digits.

• Jupiter Wagons: The company received an order worth Rs 473 crore from the Ministry of Defence to manufacture and supply 697 Bogie open military wagons.

• Lupin: The pharma major has received tentative approval from the U.S. FDA for Dapagliflozin and Saxagliptin tablets to market a generic equivalent of Qtern tablets of AstraZeneca AB.

• State Bank of India: The private lender concluded the placement of a BBB-rated green bond worth $250 million.

• Power Finance Corp.: The company increased its FY24 market borrowing plan to Rs 1.05 lakh crore from Rs 80,000 crore.

• REC: The company's unit, REC Power Development and Consultancy, signed a Rs 2,094 crore MoU with the Gujarat Government for the implementation of a smart metering project at Paschim Gujarat Vij Company.

• L&T Finance Holdings: The company estimates retail loan book at Rs 74,750 crore, up 31% YoY, retail disbursement at Rs 14,500 crore, up 25% YoY, and portfolio realisation estimated at 91% at the end of Q3. The company raised Rs 500 crore via the private placement of non-convertible debentures.

• RBL Bank: The company recorded total deposits at Rs 92,743 crore, up 13% YoY, and gross advances at Rs 81,870 crore, up 20%, and a CASA ratio of 33.8% vs. 36.6% YoY.

• Jammu and Kashmir Bank: The company recorded total deposits at Rs 1.28 lakh crore, up 9% YoY, gross advances at Rs 93,626 crore, up 14.1% YoY, and a CASA ratio of 50.59% vs. 53.71% YoY.

• Sun TV Network: The company's unit, Kal Radio, approved the merger of Udaya FM into itself.

• Torrent Pharmaceuticals: The company incorporated a subsidiary in Columbia for business expansion.

• Brightcom Group: Vijay Kancharla resigned as chief investment officer and executive director, effective Jan. 2, due to personal reasons.

• Waaree Renewable Technologies: The company will consider a stock split in a board meeting on Jan. 20.

• Utkarsh Small Finance Bank: The company recorded a December-end gross loan portfolio of Rs 16,408 crore, up 30.8% YoY, a total deposit of Rs 15,111 crore, up 17.6% YoY, and a CASA ratio of 20% vs. 21% in Q3 2022.

Markets in the Asia-Pacific region traded on a mixed note on Friday as investors await U.S. non-farm payroll data due to be released later today to give further insight into the world's largest economy's labour market.

The Nikkei was trading 0.41% higher at 33,423.78, while the S&P/ASX 200 index was trading 0.05% higher at 7,497.90 as of 7:32 a.m.

U.S. Treasury yields rose while stocks clawed back gains after data showed initial unemployment claims fell, sparking doubts about how soon and deeply the Federal Reserve could start cutting interest rates, Bloomberg reported.

Data from the U.S. Labour Department showed the number of people filing for initial state unemployment benefits decreased from 18,000 to 202,000 in the last week of 2023, touching a four-month low.

The S&P 500 index declined 0.34%, and the Dow Jones Industrial Average advanced 0.03% and 0.32% on Thursday. The Nasdaq 100 declined for the fifth day in a row and settled 0.53% lower.

Brent crude was trading 0.37% higher at $77.88 a barrel. Gold was up 0.19% at $2,047.43 an ounce.

The GIFT Nifty was trading 0.07%, or 15 points, higher at 21,773 as of 07:41 a.m.

India's benchmark stock indices snapped a two-day losing streak to end higher on Thursday, led by gains in financial services companies. The NSE Nifty 50 ended 141 points, or 0.66%, higher at 21,658.60, while the S&P BSE Sensex gained 491 points, or 0.69%, to close at 71,847.57.

Overseas investors became net buyers of Indian equities after a day on Thursday. Foreign portfolio investors mopped up stocks worth Rs 1,513.4 crore, while domestic institutional investors offloaded equities worth Rs 1,387.4 crore, according to provisional data from the NSE.

The Indian rupee strengthened 6 paise to close at Rs 83.23 against the U.S. dollar on Thursday.