Nifty 50 closed at 21,182.70 (256.4, 1.2%), BSE Sensex closed at 70,514.20 (929.6, 1.3%) while the broader Nifty 500 closed at 18,973.85 (222.4, 1.2%), of the 1,981 stocks traded today, 1,006 were on the uptick, and 937 were down.
Indian indices extended their gains from the open and closed in the green, with the Nifty 50 closing at 21,1782.7 points. The Indian volatility index, Nifty VIX, rose 2.1% and closed at 12.3 points. HCL Technologies hit its all time high and closed 3.3% higher after the Department of Transport and Planning, Victoria, Australia, selected the company to automate its concession entitlement process.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Realty and Nifty IT closed sharply higher than their Wednesday close. According to Trendlyne's sector dashboard, Realty was the top-performing sector of the day as it rose 3.1%.
Major Asian indices closed higher, except for Japan’s Nikkei 225 and China’s Shanghai SE Composite Index closing in the red. European indices traded in the green amid positive global cues. Brent crude oil futures traded in the green after rising 1.8% on a volatile day on Wednesday. US index futures traded in the green, indicating a positive start to the trading session.
Steel Authority of India (SAIL) sees a long buildup in its December 28 future series as its open interest rises 26.5% with a put-call ratio of 0.8.
Zydus Lifesciences receives final approval from the USFDA for its Cyclophosphamide Capsules USP, 25 mg and 50 mg, which is a chemotherapy medication. The capsule has a market size of approximately $6 million in the US for the year ending October 2023, according to IQVIA.
HCL Technologies rises to an all-time high of Rs 1,419.2 as the Department of Transport and Planning, Victoria, Australia, selects the company to automate its concession entitlement process. The company appears in a screener of stocks with growing profits and margins.
Shree Cement announces the commissioning of its Nawalgarh integrated production facility in Rajasthan. The plant, built with an investment of Rs 3,500 crore, can produce 3.5 million tonnes of cement annually.
Vikas Gupta, Managing Director (Operations) of PG Electroplast, expects the company’s revenue to reach Rs 2,800 crore in FY24, with the RAC (room air-conditioning) segment contributing 50%. He foresees Rs 250-300 crore from the TV business.
DOMS Industries' Rs 1,200 crore IPO gets bids for 11.1X the available 87.6 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 33.4X the available 15.9 lakh shares on offer.
India Shelter Finance Corp's Rs 1,200 crore IPO gets bids for 3X the available 1.8 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 3.8X the available 89.6 lakh shares on offer.
Inox India's Rs 1,459.3 crore IPO gets bids for 1.3X the available 1.6 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 1.8X the available 77.4 lakh shares on offer.
- The Asian Development Bank (ADB) raises India’s FY24 GDP growth forecast by 40 bps to 6.7% from the earlier estimate of 6.3%. This revision follows stronger-than-expected Q2 GDP. While ADB anticipates slower agricultural growth in FY24, it predicts robust growth in the industrial sector to offset the impact.
The Orissa Minerals Development Co rises to an all-time high of Rs 8,344 as it receives pollution board consent for its Bagiaburu mine. The mine produces 3.6 lakh tonnes of iron ore each year.
Steel Authority of India rises to a new 52-week high of Rs 112.2 as 31 lakh shares reportedly change hands in a single block deal. The company appears in a screener of stocks with strong momentum.
Gokul Agro Resources rises sharply as it acquires a 25% stake in Indonesia's PT Riya Pasifik Nabati. With this acquisition, the company plans to expand its presence in the palm oil market of Indonesia. It appears in a screener of stocks with improving annual net profits for the past two years.
- India’s WPI inflation stands at 0.3% in November, marking a positive turn after seven consecutive months of negative trends. This change is due to an increase in prices of food articles, minerals, machinery & equipment, computer and electronics & optical products.
Adani Green Energy rises by 5% as it incorporates two new step-down subsidiaries, Adani Renewable Energy Fifty Five and Adani Renewable Energy Fifty One, to generate and supply power through renewable energy sources.
Angel One rises as it appoints Hemen Bhatia as the Chief Executive Officer of its asset management business.
GMM Pfaudler rises as its promoter, Patel Family, acquires an additional 1% stake through an inter-se transfer at Rs 1,700 per share. The promoter's shareholding in the company now stands at 25.2%.
Jewellery retailer RBZ Jewellers sets its IPO price band at Rs 95-100 per share. The issue, valued at Rs 100 crore, is completely a fresh issue. The issue opens on December 19.
RBL Bank rises to an all-time high of Rs 285.5 as it acquires an 8.5% stake in Open Network for Digital Commerce (ONDC) for Rs 40 crore. With this investment, the bank plans to develop a public digital infrastructure for the commerce industry. The company appears in a screener of stocks with strong momentum.
Paras Defence and Space Technologies surges following its board's approval to establish a subsidiary, Mechtech Thermal, to develop advanced thermal solutions for space and defence industries.
PNC Infratech rises as it receives Rs 394.9 crore from the National Highways Authority of India as a one-time settlement towards disputes raised by its arm, PNC Kanpur Highways, under the Vivad Se Vishwas II scheme.
- Shashank Srivastava, Senior Executive Officer (Marketing & Sales) at Maruti Suzuki, says bookings have been positive for the company. He highlights that its current UV market share stands at 22-23%, with a medium-term target of 35%.
IT stocks like Mphasis, Coforge, Persistent Systems and LTIMindtree are rising in trade. The broader sectoral index Nifty IT is also trading in the green.
Inox India raises Rs 437.8 crore from anchor investors ahead of its IPO by allotting around 66.3 lakh shares at Rs 660 each. Investors include Goldman Sachs, Nomura Trust, HSBC Global, Abu Dhabi Investment Authority, HDFC Mutual Fund, Canara Robeco Mutual Fund and ICICI Prudential Life.
BC Asia Investments sells a 0.8% stake in Axis Bank for approx Rs 2,802 crore in a bulk deal on Wednesday.
NBCC (India) rises as it bags an order worth Rs 1,500 crore from National Cooperative Development Corporation. The order involves the construction of 1,469 warehouses and other agri-infrastructure across the country. The company appears in a screener of stocks nearing 52-week high with significant volumes.
Riding High:
Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (92.65, 10.96%), Steel Authority of India (SAIL) Ltd. (110.95, 7.46%) and MphasiS Ltd. (2,601.00, 7.23%).
Downers:
Largecap and midcap losers today include Max Financial Services Ltd. (1,018.30, -3.65%), Vedant Fashions Ltd. (1,338.95, -2.71%) and Max Healthcare Institute Ltd. (704.35, -2.57%).
Volume Rockets
33 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Housing and Urban Development Corporation Ltd. (111.35, 11.74%), Indian Railway Finance Corporation Ltd. (92.65, 10.96%) and Steel Authority of India (SAIL) Ltd. (110.95, 7.46%).
Top high volume losers on BSE were Biocon Ltd. (248.05, -0.50%) and Grindwell Norton Ltd. (2,160.25, -0.36%).
Mastek Ltd. (2,576.00, 6.59%) was trading at 24.5 times of weekly average. Castrol India Ltd. (148.25, 7.00%) and V-Mart Retail Ltd. (1,802.00, 2.79%) were trading with volumes 12.3 and 6.8 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
87 stocks took off, crossing 52 week highs,
Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,074.70, 1.05%), Bajaj Auto Ltd. (6,334.85, 0.30%) and Bajaj Finserv Ltd. (1,730.95, 2.75%).
9 stocks climbed above their 200 day SMA including Mahindra & Mahindra Financial Services Ltd. (289.35, 6.50%) and Piramal Enterprises Ltd. (942.85, 3.23%). 1 stock slipped below their 200 SMA including Shoppers Stop Ltd. (705.90, -0.61%).