Indices at record highs! Sensex soars 702 pts, tops 72K; Nifty holds 21,650

Closing Bell on December 27, 2023: Healthy buying in HDFC Bank, Infosys, Bharti Airtel, Ultratech Cement, L&T, Tata Motors, ICICI Bank, SBI, Axis Bank, and M&M lifted the benchmark indices

3:52 PM

Comment :: Here's all that happened in the markets today

The upbeat domestic market continued reaching a new record high and easily recovered the last week's losses. This upward trend was predominantly supported by the Santa Claus rally in anticipation of early rate cuts by the US Fed and cooling global inflation. Additionally, the news of major shipping companies resuming operations through the Red Sea despite ongoing tensions further bolstered domestic sentiment.

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

3:47 PM

Tech View :: 'Nifty Bank's next target is 48,800'

The Bank Nifty recently experienced a breakout from consolidation as observed on the daily chart.

It's been consistently maintaining a position above a critical moving average. Additionally, the Relative Strength Index (RSI) reflects a bullish crossover on the daily chart.

Looking forward, the index could potentially target levels between 48,500-48,800 on the upside, with a support base at 48,000.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

3:44 PM

Tech View :: 'Breakout above 21,500 to take Nifty towards 21,800'

The Nifty experienced a significant rally as Put writers amassed substantial positions at 21,500. Additionally, the daily chart showcased a breakout from consolidation.

The Relative Strength Index (RSI) indicates a bullish crossover, coinciding with the index positioned above a crucial moving average.

Looking ahead, the index potentially aims for a range between 21,750-21,800 on the upside, with support resting at 21,500.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

3:43 PM

Currency check :: Rupee ends 16 paise weaker at 83.35/$

3:41 PM

SmallCap Heatmap :: Index ekes out gains of only 0.2%

3:40 PM

MidCap heatmap :: Index lags benchmarks, ends 0.4% higher

3:39 PM

Nifty Heatmap :: 40 of 50 index stocks end lower; NTPC, ONGC, Adani Ent top drags

3:37 PM

CLOSING BELL :: Nifty holds 21,650 at close

3:36 PM

CLOSING BELL :: Sensex settles above 72,000

3:28 PM

ICICI Lombard gets GST notice of over Rs 5.66 cr for alleged short payment

The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said. READ MORE

3:18 PM

Top Sensex contributors at this hour :: HDFC Bank, Infy, L&T, Airtel

3:08 PM

ALERT :: Sensex surpasses 72,000 for the first time

3:02 PM

Global check:: US, UK stock futures marginally up

Source: Investing.com

2:53 PM

Inflows from PE, VC funds to domestic companies plunge to $27.9 bn in 2023

Investments from private equity and venture capital funds into domestic companies declined about 40 per cent to USD 27.9 billion so far this year, while the outflow increased marginally to USD 19.34 billion year-on-year. READ MORE

2:42 PM

ALERT:: BSE Oil & Gas down 0.6%; HPCL, IOC, ONGC slip over 1%

2:31 PM

Rising input costs, lower price realisation in 2023 trouble tea industry

The year witnessed the tea industry facing an uncertain future, plagued by rising input costs and lower price realisation at auctions, making operations unviable. READ MORE

2:19 PM

RBI announces 2-day repo for $6 billion as overnight rates stay elevated

India's central bank will conduct a variable rate repo (VRR) auction for a third time in less than two weeks later on Wednesday as liquidity conditions stay tight and overnight rates remain elevated. READ MORE

2:07 PM

Outlook 2024:: Equities may achieve double-digit returns backed by robust earnings

2023 was intriguing for both the Indian and Global equity markets. While the year commenced with restrained expectations and notable volatility in the initial months, the Indian market witnessed a remarkable recovery in the second half from its March 2023 bottom.

 

In 2024, the Indian economy will continue to stand out, especially against the challenging backdrop of other emerging economies. We firmly believe that India will continue its growth momentum in the year ahead and remain the land of stability against the backdrop of a volatile global economy.

 

The bolstered balance sheet strength of corporate India and the significantly enhanced health of the Indian banking system are positive factors. These elements are poised to facilitate Indian equities in achieving double-digit returns over the next two to three years, supported by robust double-digit earnings growth.

 

- Pranav Haridasan, MD & CEO, Axis Securities 

 

1:55 PM

Cement shares in demand; UltraTech, Ambuja, Star, Dalmia zoom up to 5%

Brokerage firm Nomura believes that the momentum in cement stocks is likely to continue with margins expanding on the back of stronger volume growth, pricing discipline and relatively lower fuel costs. READ MORE

1:44 PM

Dish TV shareholders reject candidature of 4 independent directors in EGM

In a surprise development, shareholders of Dish TV rejected the candidature of four independent directors in the Extraordinary General Meeting held last week, leaving only one person on the board of the direct-to-home service provider. READ MORE

1:33 PM

Ammonia gas leak: Coromandel International shut down temporarily; stock down 2%

Tamil Nadu government has ordered to temporarily shut down Coromandel International in Ennore after a gas leak from the fertiliser manufacturing facility on Tuesday, officials said. READ MORE

 

1:21 PM

ALERT:: Railtel wins Rs 76 cr order; stock trades 1% lower

Railtel Corporation of India has won a project from Bihar Education Project Council for supply of teaching learning material for Class I to III under rate contract, worth Rs 76.19 crore.

1:09 PM

Asian Market Update:: Hang Seng soars 2%; Nikkei up over 1%

Source: Yahoo Finance

12:58 PM

Brent to remain steady in near term, reflects demand destruction: Emkay

The argument for demand destruction primarily stems from the widespread occurrence of high inflation across countries, with fuel prices being a major driver of this inflationary trend. The premise is that elevated prices act as a self-correcting mechanism. In support of this perspective, observations have been made regarding a substantial decline in fuel consumption in the United States during the recent holiday season. This  reduction is believed to be a consequence of consumers exercising restraint in response to the elevated prices, as per Emkay. READ MORE

12:47 PM

Stock of this iron & steel company has zoomed over 90% in 10 days

A combined 1.4 million equity shares had changed hands on the NSE and BSE. There were pending buy orders for around 400,000 shares on the exchanges, data shows. READ MORE

12:36 PM

ALERT :: HDFC Bank tops Rs 1,700-mark for the first time since July 2023

12:24 PM

ALERT :: NBCC winds order worth Rs 150 crore

>> NBCC receives order for civil and various types of infrastructure works for plant and township at SAIL ISP, Burnpur.

12:10 PM

India's housing market to continue with high demand, growth in 2024

The ouster of dubious developers from the real estate market thanks to greater regulatory oversight via RERA helped boost confidence among home buyers. The insolvency law too has played a role in elimination of defaulting builders. READ MORE

11:56 AM

Inox Wind, JSW Energy: Power stks soar over 100% in 2 months; time to sell?

Adani Green

Upside Potential: 48%
 

After the sharp fall at the start of the year, Adani Green consolidated for the major part of the calendar year 2023. The stock, however, has picked-up some momentum since late November and has surged 74 per cent in the last 5 weeks. READ MORE

11:45 AM

ALERT :: Nifty hits fresh record high of 21,595