Nifty 50closed at 21,710.80 (52.2, 0.2%), BSE Sensexclosed at 72,026.15 (178.6, 0.3%) while the broader Nifty 500closed at 19,590.60 (49.4, 0.3%). Market breadth is in the green. Of the 2,038 stocks traded today, 1,073 were on the uptick, and 938 were down.
Indian indices extended their gains from the afternoon session and closed in the green, with the benchmark Nifty 50index closing at 21,710.8 points. The volatility index, Nifty VIX, fell 5.3% and closed at 12.6 points. India’s Services PMI grew to a three-month high of 59 in December, compared to 56.9 in November. This marks the 29th consecutive month where the PMI has stayed above the 50 mark, indicating an expansion in the sector.
Nifty Smallcap 100 closed in the green, outperforming the benchmark index. However, the Nifty Midcap 100 closed flat. Nifty IT and Nifty Infra closed higher than their Thursday close. According to Trendlyne's sector dashboard, Healthcare Equipment & Supplies was the top-performing sector of the day.
European indices traded in the red, amid weak global cues. Major Asian indices closed flat or lower, except for Japan’s Nikkei 225 and India's BSE Sensex, which closed in the green. US index futures traded in the red, indicating a negative start to the trading session. Brent crude oil futures traded in the green after falling 1% on Thursday.
Kotak Mahindra Bank sees a short buildup in its January 25 future series as its open interest rises 10% with a put-call ratio of 0.4.
Following the Supreme Court's verdict in the Hindenburg case, Gautam Adani's net worth rises by $7.67 billion, making him the richest person in India. His net worth is now $97.6 billion as Adani Group's stocks continue to see positive momentum in the stock market.
Power Grid Corporation of India touches a new 52-week high of Rs 245 as it wins the bid to develop an inter-state transmission system of 2,500 MW under the transmission scheme for a solar energy zone in Bidar, Karnataka.
Shree Cements is falling as the income tax department reportedly imposes a fine of Rs 4,000 crore. This move comes after a survey indicated that the company inappropriately claimed Rs 8,500 crore over the past nine years.
Fintech company MobiKwik reportedly re-files for an IPO with SEBI. As per the DRHP, the offer now includes only a fresh issue worth around Rs 700 crore, with no offer-for-sale (OFS) component.
Emkay Global Financial recommends a 'Buy' call on Dabur India with a target price of Rs 650. This rating is based on its diversified portfolio, which the management plans to capitalise on with an improving demand scenario. The brokerage expects the firm to post 7% YoY revenue growth and 9% YoY earnings increase in Q3FY24.
GAIL India is rising as Vitol Asia announces a deal to supply one million metric tonnes of LNG annually for 10 years, starting from 2026, from its global LNG inventory.
Kaveri Seed rises as it approves a buyback of equity shares worth Rs 325 crore. The buyback is of up to 44.8 lakh equity shares, representing an 8% stake, at Rs 725 per share.
Sobha is falling despite its Q3FY24 sales value rising 37% YoY to Rs 1,952 crore. Average price realisation improves by 21.5% YoY to Rs 11,732 per square feet, supported by the launch of SOBHA Neopolis.
BNP Paribas believes Q3FY24 will be the final quarter of weakness for Indian IT firms. The brokerage predicts a rebound in revenue growth starting from Q4FY24 due to an improving overall economic landscape and significant deal acquisitions by these companies.
Foreign institutional investors invest Rs 3,384.1 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 1.6 lakh crore from foreign investors. Meanwhile, mutual funds invest Rs 959.6 crore in the equity market over the same period.
GE Power India rises to a new 52-week high of Rs 268.8, driven by the draft tariff norms proposed by the Central Electricity Regulatory Commission. The draft norms for FY25–FY29 have raised the return on equity for new storage-based hydro projects, including pumped hydro, to 17% from 16.5%.
HDFC Bank's gross advances surge by 62.4% YoY to Rs 24.7 lakh crore in Q3FY24, helped by an improvement in the domestic retail, commercial and rural banking loans. Its deposits increase by 27.7% to Rs 22.1 lakh crore during the quarter.
India’s Services PMI grows to a three-month high of 59 in December, compared to 56.9 in November. This marks the 29th consecutive month where the PMI has stayed above the 50 mark, indicating an expansion in the sector.
Suzlon Energy is rising after securing an order from Everrenew Energy to supply 75 wind turbines with a capacity of 3MW each. The project is expected to provide electricity to 1.8 lakh households in Tamilnadu.
BEML rises to an all-time high of Rs 3,080.4 as it reportedly bags a Rs 329 crore order from the Ministry of Defence. The order involves manufacturing 56 minefield-marking equipment.
Kalyan Jewellers Indiarises to an all-time high of Rs 379.8 as its India operations report a revenue growth of 40% YoY in Q3FY24. The company appears in a screenerof stocks with improving book value per share.
Reports suggest that 69.1 lakh shares (0.1% equity) of Tata Steel, amounting to Rs 92.5 crore, change hands in a large trade.
Waaree Renewable Technologiessurges as it announces that it may consider a proposal for the sub-division or split of its equity shares. It will hold a meeting of the board of directors on January 20 to discuss the matter.
Equitas Small Finance Bank rises to an all-time high of Rs 114.2 as its deposits grow by 39% YoY to Rs 32,385 crore. The bank's gross advances improve by 32% YoY.
Auto stocks like Tube Investments of India, Sona BLW Precision Forgings, Hero Motocorp and TVS Motor are rising in trade. All constituents of the broader Nifty Auto index are also trading in the green.
Hindustan Aeronautics (HAL) rises sharply as UBS initiates coverage with a ‘Buy’ rating and a target price of Rs 3,600. The brokerage believes the company is a credible player in the defence space. It expects HAL’s order book to triple to Rs 2.4 lakh crore in FY26, driven by increased defence expenditure. UBS also projects that HAL could benefit from more aircraft orders worth $60 billion from now until FY28E.
Macrotech Developers surges and hits an all-time high of Rs 1198.9 as its Q3FY24 pre-sales rise 12% YoY to Rs 3,410 crore. However, the collections for the quarter fall 3% to Rs 2,590 crore.
RBL Bank rises as its Q3FY24 deposits grow by 13% YoY to Rs 92,743 crore. The bank's advances also increase by 20% and CASA ratio improves by 320 bps YoY. It appears in a screener of stocks with increasing quarterly revenue.
RECis rising as its subsidiary, REC Power Development & Consultancy, reportedly signs an MoU worth Rs 2,094 crore with the Gujarat government. According to the reports, the investment is earmarked for a smart metering project at Paschim Gujarat Vij Co.
Jupiter Wagonsrises over 4% after securing an order worth Rs 473 crore from the Ministry of Defence to manufacture and supply 697 bogie open military (BOM) wagons.
Riding High:
Largecap and midcap gainers today include Endurance Technologies Ltd. (2,116.45, 9.53%), Tube Investments of India Ltd. (3,751.05, 5.38%) and APL Apollo Tubes Ltd. (1,523.75, 5.02%).
Downers:
Largecap and midcap losers today include Gujarat Fluorochemicals Ltd. (3,625.60, -5.20%), Shree Cements Ltd. (27,023.30, -4.71%) and Bandhan Bank Ltd. (251.70, -3.49%).
Crowd Puller Stocks
30 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Alok Industries Ltd. (32.30, 18.97%), Endurance Technologies Ltd. (2,116.45, 9.53%) and Finolex Industries Ltd. (237.35, 8.73%).
Top high volume losers on BSE were Shree Cements Ltd. (27,023.30, -4.71%), Aegis Logistics Ltd. (334.10, -2.85%) and Nestle India Ltd. (2,666.40, -1.67%).
Krishna Institute of Medical Sciences Ltd. (1,999.95, 1.08%) was trading at 11.2 times of weekly average. Phoenix Mills Ltd. (2,468.00, 4.38%) and Trident Ltd. (40.90, 6.79%) were trading with volumes 7.2 and 7.0 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
84 stocks hit their 52 week highs,
Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,154.25, 2.76%), Amara Raja Energy & Mobility Ltd. (834.95, 2.22%) and Ambuja Cements Ltd. (542.35, -1.29%).
9 stocks climbed above their 200 day SMA including Carborundum Universal Ltd. (1,148.00, 2.97%) and Sumitomo Chemical India Ltd. (417.40, 2.86%). 4 stocks slipped below their 200 SMA including Nestle India Ltd. (2,666.40, -1.67%) and Adani Wilmar Ltd. (377.70, -1.02%).