Sensex up 930 pts, Nifty tops 21,150 as Fed sounds dovish; IT, Realty soar

Closing Bell on December 14, 2023: At close, the Sensex index stood at 70,514, up 930 points or 1.34 per cent, while the Nifty50 settled 256 points, or 1.23 per cent, higher at 21,183

3:56 PM

Tech View :: 'Nifty has support at 21,000'

The index has broken out of consolidation, driven by an increase in long positions compared to short trades among participants.

Sentiment remains robust as the index maintains a position comfortably above crucial moving averages. Support is situated at 21,000, where Put writers have significant position. Looking ahead, there's a potential for the index to advance towards 21,400 and beyond on the higher side.

Views: Rupak De, Senior Technical analyst at LKP Securities. 

3:53 PM

Comment :: 'Nifty eyeing 21,500; stay cautious on mid, small-caps'

Firm US indices may continue to rub off on our markets and we are now eyeing 21,500 in Nifty. We reiterate our preference for banking & IT majors and suggest staying selective in others.

Though the midcap and smallcap pack is also aligned with the move, traders should maintain extra caution in stock selection citing the overbought conditions.  

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking 

3:48 PM

Comment :: What triggered the rally on Thursday?

The market continued its exuberance and hit a fresh high amid the dovish commentary from the Federal Reserve, signalling at least three rate cuts in 2024. Further, the sharp fall in US bond yields improved investors’ confidence.

An upgrade in India’s GDP forecast, ease in global oil prices, and the RBI decision to clamp down inflation to the target level, led to a broad-based rally with outperformance from Realty and IT.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:47 PM

IPO updates :: Check latest subscription level

India Shelter Finance Corp: 3.5x so far on day 2 led by NII | check details here

Doms Industries: 12.6x so far on day 2 led by retail | check details here

Inox India: 2.4 x so far on day 1 | check details here

3:43 PM

Currency check :: Rupee ends 8 paise higher

3:41 PM

SmallCap Heatmap :: Index settles 0.6% up; hits record high of 41,983.61 intraday

3:40 PM

MidCap Heatmap :: Index ends 1% higher after hitting record high intraday

>> Index hit record peak of 36,264.23

3:38 PM

Nifty Heatmap :: IT stocks lead the charge; Infy surges 4%

3:36 PM

CLOSING BELL :: Nifty ends near 21,200

3:35 PM

CLOSING BELL :: Sensex soars over 900 pts, ends above 70,500

3:30 PM

ALERT :: Bandhan Bank sees block trade of 5.2 million shares at Rs 241/share

3:21 PM

Realty index surges 108% from March low; DLF, Godrej Properties soar 100%

The Nifty Realty index, too, has more-than-doubled, zooming 108 per cent, from its March 28, 2023 level of 372 on the National Stock Exchange (NSE). The realty index hit a multi-year high of 772.35 in the intraday trade on Thursday. READ MORE

3:03 PM

Global check:: US stock futures rise up to 0.5% day after robust rally

Source: Investing.com

2:54 PM

China's economy forecast to dip sharply in 2024, recovery fragile, says WB

Real estate investment has fallen by 18% in the past two years and more needs to be done to resolve hundreds of billions of dollars in unpaid debts of overextended property developers. READ MORE

2:43 PM

ALERT:: Oriental Rail bags Rs 49 cr order; stock hits 5% upper limit

Oriental Rail Infrastructure in an exchange filing said its wholly-owned subsidairy Oriental Foundry has secured an order worth Rs 48.80 crore for manufacture and supply of 1,200 BOXNS Wagons from Indian Railways.

2:34 PM

Housing sales value to top 38%, cross Rs 4.5 trillion in 2023: Report

Homes worth Rs 4.5 trillion worth would have been sold in India when the year ends in December, up 38 per cent from 2022 when the number was Rs 3.27 trillion, said a report on Thursday. READ MORE

2:22 PM

HUDCO zooms 20% on heavy volumes; stock up 51% from OFS price in 2 months

The average trading volumes at the counter jumped four-fold with a combined 181 million equity shares of HUDCO changing hands on the NSE and BSE till 02:48 PM. READ MORE

2:11 PM

Gautam Adani's copper foray may further tighten global supply of ore

India's imports of copper concentrate could grow to as much as 2 million tons in 2024, from 1.3 million tons estimated for this year, said Soni Kumari, commodity strategist at ANZ Banking Group. READ MORE

2:03 PM

COMMENT:: Flows may shift to large-caps, especially banks

Thanks to the dovish narrative from the US FED in the FOMC meeting, today, the Nifty 50 scaled to an all-time high level and crossed the 21,100 mark for the first time. 

Several factors contributed to this rally. There was a nearly 100 basis point decrease in US 10-year bond yields from their recent peak. The status quo maintained by the RBI, with a positive revision in FY24 GDP from 6.5% to 7 %, sequential improvement in the high-frequency indicators, and robust earnings growth expectations, contributed to this momentum. 

 

The election results in three out of four key states have raised the expectations of policy continuity in 2024, boosting market confidence. We can see a further new high in the market if the bond yields and the crude prices remain at the same levels for the entire month. 

 

Large caps seem better placed at current levels in terms of overall valuations. Based on a favourable macroeconomic picture compared to other emerging markets, flows may shift towards large caps, especially large-cap banks, in the near term.

 

- Pranav Haridasan, MD and CEO at Axis Securities

1:52 PM

ALERT:: Zydus Life get USFDA nod for Cyclophosphamide Capsules; stock marginally up

Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) for Cyclophosphamide Capsules USP, 25 mg and 50 mg. These drugs had a sales of $6 million in the US as per IQVIA MAT October 2023.

1:42 PM

ALERT:: Cyient DLM announces relocation of unit in Bangalore; stock up 6%

Cyient DLM in an exchange filing said that the company was expanding and re-locating its Machining Business from our existing facility in Rajaji Nagar, Bangalore to a new facility in Peenya, Bangalore. The new facility would elevate the capacity to 180,000 hours per annum with the addition of 20 cutting-edge machines in 36,000 sq ft of manufacturing area.

1:30 PM

This realty stock has zoomed 104% since October; m-cap nears Rs 50,000 cr

Prestige Estates Projects hit a new high at Rs 1,231.95, up 6% in Thursday's intra-day trade and has surged 46% in past one month amid expectation of healthy demand. READ MORE

1:16 PM

ALERT:: HCL Tech wins Australian public transport deal; stock up 3%

HCL Technologies has been selected by the Department of Transport and Planning in Victoria, Australia to automate the concession entitlement process for public transport users.

1:05 PM

Asian Market Check:: Kospi, Taiwan gain over 1%; Nikkei slips 0.7%

Source: Yahoo Finance

12:54 PM

Nifty IT index surges 3%; Mastek, Sonata, Mphasis, Coforge rally up to 9%

Shares of information technology (IT) companies were in focus on Thursday with the Nifty IT index hitting a fresh 52-week high of 34,100, surging 3 per cent in the intraday trade, amid a dovish US Federal Reserve policy where the officials forecasted at least three rate cuts next year. READ MORE

12:43 PM

IPO Check :: Should you subscribe to Inox India IPO?

Inox India Ltd (Inox) is India’s largest supplier and amongst the top 10 global players offering customized cryogenic solutions across clean energy space. It manufactures cryogenic tanks/ systems for storage, transportation and distribution of Industrial Gas (64% of revenue), LNG (31%) and Cryo Scientific research application (5%).

Order-book stands at Rs 10.4bn (1.8x FY23 OB/Rev) of which Cryo Scientific forms 22%, indicating huge opportunity in this niche segment.  

Issue size: Rs 14.6bn IPO consists of entirely OFS (by promoters), which would result in promoter stake reducing to 74.9% from 99.3% pre-IPO. The market cap post listing would stand at ~Rs 6000 crore.

Price Band: Rs 627 – Rs 660

Motilal Oswal Financial Services | Subscribe

It will benefit from shift towards cleaner fuels, higher investment in electronics/space sectors & improving revenue mix towards high margin projects. The IPO is priced at 29x H1FY24 P/E (on an annualized & diluted basis), which looks reasonable. Hence, we recommend Subscribe. Given the first of its kind listing and buoyant market, the issue could see listing gains as well.

Anand Rathi | Subscribe for Long-term

As on Sep’23, company has an order book of Rs 10,366 mn. The 'Order Book' comprises anticipated revenues from the unexecuted portions of existing contracts. At the upper price band company is valuing at P/E of 39.2x with a market cap of Rs 59,901 million post issue of equity shares and return on net worth of 27.79% in FY23. We recommend an 'Subscribe – Long Term' rating.

12:30 PM

Adani Ports, NTPC among 5 Nifty stocks in overbought zone; check key levels

However, given the sustained rally select stocks including the benchmark index have entered overbought zone. Technically, a RSI (Relative Strength Index) reading above the 70 level is considered overbought in the market. It’s important to note, that stocks continue to rally in overbought conditions too as long as other momentum oscillators remain supportive. READ MORE

12:16 PM

Market cap of BSE-listed firms jumps to record high of Rs 354.41 trillion

"The clear dovish message from the Fed yesterday has set the stage for a smart Santa Claus rally in the coming days, and this can even trigger a pre-election rally that can take the markets to a series of new highs," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. READ MORE

12:01 PM

ALERT :: November WPI at 0.26% vs -0.26% MoM

>> WPI inflation is back in positive territory after 7 months

12:00 PM

IPO Update :: India Shelter Finance issue subscribed 2x so far on Day 2

>> Retail, NII portion subscribed 2.7x each