Market trades lower, Adani Enterprises reportedly plans a $15 bn capex

Nifty 50 opens flat after falling over 3 points in the pre-opening session. On Tuesday, Indian indices closed lower after falling throughout the day. FIIs sold equity worth Rs 3,642.3 crore, while DIIs bought equity worth Rs 4,645.9 crore in Indian markets on the same day.

Nifty Midcap 100 and Nifty Smallcap 100 open flat, tracking the benchmark index. Nifty FMCG and Nifty PSU Bank open lower.

Major US indices closed higher on Tuesday. European indices ended mixed. Asian markets are trading with varied trends. Meanwhile, Intel closed 8.7% higher after announcing an investment of over $208 million in Malaysia to make the country its assembly-and-testing hub for its semiconductor operations.

Adani Enterprises reportedly plans a $15 billion (~Rs 1.4 lakh crore) capex to increase passenger capacity to 200 million per year by 2030. The company aims to add terminals, taxiways, and a new runway at the Navi Mumbai airport and capacity upgrades at Ahmedabad, Jaipur, Thiruvananthapuram, Lucknow, and Guwahati airports.
Sun Pharmaceutical Industries' subsidiary, Sun Pharma Laboratories, approves a capex of Rs 3,000 crore to set up a greenfield formulations facility in Madhya Pradesh.
Embassy Office Parks REIT rises to its 5-year high of Rs 440 per share as its board of directors approves acquiring a 100% stake in Eleanor Realty Holdings India at an enterprise value of Rs 852 crore. Eleanor Realty owns and operates a commercial office space, Pinehurst, with a total leasable area of 2.9 lakh sq ft.
Dr Reddy's Laboratories rises after the Delhi High Court reportedly allows the company to manufacture and export its weight-loss drug, Semaglutide. However, Dr Reddy's will not be allowed to sell the drug in India till the Danish drugmaker, Novo Nordisk's, secondary patent expires in March 2026. This move comes despite Novo Nordisk pursuing a patent infringement case.
Mahindra Lifespace secures a redevelopment project in Matunga, Mumbai. The project is expected to generate a gross development value (GDV) of Rs 1,010 crore.
Angel One is falling as its average daily turnover (ADTO) drops 9.8% MoM. However, it rises 25.4% YoY in November. Its gross client acquisition drops 16.6% YoY to 5 lakh during the month. The company appears in a screener of stocks underperforming their industry price change in the quarter.
Bansal Wire Industries is falling as it receives a show-cause notice worth Rs 202.8 crore from the GST authority for FY20.
Nifty 50 was trading at 26,030.05 (-2.2, 0.0%), BSE Sensex was trading at 85,150.64 (12.4, 0.0%), while the broader Nifty 500 was trading at 23,816.85 (-5.4, 0.0%).
Market breadth is in the green. Of the 2,052 stocks traded today, 1,152 were in the positive territory and 832 were negative.

Riding High:

Largecap and midcap gainers today include Biocon Ltd. (405.20, 1.6%), Indus Towers Ltd. (407.75, 1.4%) and Bajaj Housing Finance Ltd. (98.17, 1.2%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (1,832.30, -1.8%), Balkrishna Industries Ltd. (2,404.10, -1.7%) and Indian Bank (845.85, -1.6%).

BSE 500: highs, lows and moving averages

2 stocks took off, crossing 52 week highs, while 6 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Asian Paints Ltd. (2,952.30, -0.1%) and Vedanta Ltd. (539.60, 0.2%).

Stocks making new 52 weeks lows included - Bata India Ltd. (963.90, -0.1%) and SJVN Ltd. (77.11, -0.3%).

6 stocks climbed above their 200 day SMA including DOMS Industries Ltd. (2,633, 5.2%) and Chalet Hotels Ltd. (912.15, 3.7%). 7 stocks slipped below their 200 SMA including Computer Age Management Services Ltd. (3,849.90, 0.0%) and Kama Holdings Ltd. (2,801.10, 0.0%).