Bull run extends on D St! Sensex leaps 353 pts, Nifty nears 20,950

Closing Bell on December 6, 2023: The benchmarks on the BSE and NSE, along with the MidCap index, hit fresh lifetime highs today

3:48 PM

Comment :: 'Cannot ignore the possibility of some consolidation now'

Noticeable traction in the key sectors is fuelling momentum in the index. However, we can’t ignore the possibility of some consolidation now. 

Traders should maintain their focus on stock selection as we are seeing a catch-up move in the sectors and stocks that were on the sidelines in recent months.

Also, avoid contrarian bets in anticipation of a major decline.

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

3:45 PM

Comment :: 'Short-term profit booking may occur due to domestic premium valuation'

Post-state elections, market optimism thrives, confirming policy continuity and meeting investor expectations. A robust FII reversal is fuelled by receding inflation and dropping yields in both US and Indian markets.

The allure of Indian market gains post-China credit rating downgrade and decline in oil prices was followed by ease in geopolitical tensions. A strong rebound in IT, driven by reduced US recession risks and in anticipation of robust summer demand, fuels the momentum in the power sector.

Despite a promising outlook, short-term profit booking may occur due to domestic premium valuation concerns. Further, lingering El Nino risks, a drop in reservoir levels, and reduced sowing may hold RBI to profoundly upgrade H2FY24 growth and reduce future inflation estimates.

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

 

3:43 PM

Comment :: 'The RBI is poised to maintain its hawkish stance'

The 7.6% GDP growth has surpassed the RBI's expectations in Q2 FY24, complemented by consumer inflation comfortably within the RBI's zone of comfort. With these favourable economic indicators, the likelihood of a rate hike in the upcoming MPC is minimal.

Despite potential challenges such as a possible uptick in food inflation and a volatile external environment, the RBI is poised to maintain its hawkish stance, keeping the repo rate steady at 6.5% for the fifth consecutive time this year.

Notably, in the affordable segment, where demand momentum has trailed the overall residential market, interest rate movements play a pivotal role. Ensuring stable interest rates becomes imperative in this vulnerable segment, serving as a crucial catalyst to address the housing gap and propel the real estate market forward.

Views by: Shishir Baijal, Chairman and Managing Director, Knight Frank India

3:41 PM

Currency check :: Rupee ends at 83.33/$ against Tuesday’s close of 83.38/$

3:40 PM

SmallCap Heatmap :: Index lags peers; check top gainers and losers

3:39 PM

MidCap Heatmap :: Index hits record high of 35,245 intraday, ends 0.19% up

3:37 PM

Nifty Heatmap :: IT, ITC stocks surge in trade, Adani Enterprises dips 2%

3:36 PM

Closing Bell :: Nifty ends below 20,950

3:35 PM

Closing Bell :: Sensex ends at record closing high for 3rd day

3:27 PM

ALERT :: Indoco Remedies receives tentative approval from USFDA for ANDA for Canagliflozin tablet

>> Indoco Remedies Ltd. has received tentative approval from the USFDA for Abbreviated New Drug Application (ANDA) for Canagliflozin Tablets 100 mg and 300 mg, a generic equivalent of the Reference Listed Drug, Invokana Tablets 100 mg and 300 mg, of Janssen Pharmaceuticals, Inc.

 

>> Canagliflozin improves glycemic control in adults with type 2 diabetes mellitus. 
 

3:11 PM

Nifty Smallcap 250 up 10.2% in November 2023, Nifty 500 rose 7%

Across the board, all sector indices closed the month on a positive note. The realty sector emerged as the top performer, witnessing a substantial increase of 18 per cent READ MORE

3:01 PM

Angel One zooms 10%, hits record high on solid biz performance in November

Shares of Angel One hit a fresh record high of Rs 3,246 apiece on the BSE, advancing 10.3 per cent in Wednesday's intraday trade, after the stock broker shared a robust business performance for November. READ MORE

2:50 PM

Global check:: US, UK stock futures marginally up

Source: Investing.com

2:39 PM

Tata Power soars 6%; hits new high after 20 months on positive outlook

CRISIL Ratings expects Tata Power's consolidated adjusted Ebitda to be more than Rs 12,000 crore each in fiscals 2024 and 2025, against around Rs 11,500 crore in FY23 and around Rs 9,600 crore in FY24. READ MORE

2:30 PM

ALERT:: Zydus Life gets USFDA nod for Methylene Blue Injection; stock marginally up

Zydus Lifesciences in an exchange filing said it received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Methylene Blue Injection, 10mg/2ml and 50mg/5ml. 

2:20 PM

Gautam Adani's next milestone is plan for $1.25 billion of green arm debt

We are coming close to timelines where we would like to see a concrete and definitive plan" Abhishek Dangra, a Singapore-based infrastructure analyst at S&P Global said. READ MORE

2:09 PM

Lupin receives USFDA nod for smoking cessation drug Chantix; stock down 1%

Pharma major Lupin has received United States Food and Drug Administration (USFDA) approval for its new drug application for Varenicline Tablets, 0.5 mg and 1 mg. The company has received approval to market a generic equivalent of Chantix Tablets, 0.5 mg and 1 mg, of PF Prism CV. READ MORE

1:59 PM

ALERT:: Power Grid declared successful bidder under TBCB; stock marginally up

Power Grid Corporation of India has been declared as successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System Project for "Transmission Scheme for Integration of Renewable Energy Zone (Phase-II) in Koppal-II (Phase-A & B) and Gadag-II (Phase-A) in Karnataka" on Build, Own Operate and Transfer (BOOT) basis, the company said in an exchange filing.

1:48 PM

All you need to know about new DSP Nifty Smallcap250 Quality 50 Index Fund

The new fund offering has been open for subscription since December 5, 2023, and will close on December 15, 2023. The fund managers of the scheme are Anil Ghelani and Diipesh Shah. READ MORE

1:39 PM

Oberoi Realty buys 6.4-acre land in Thane for Rs 196 cr; stock trades flat

The company had entered into a Memorandum of Understanding (MoU) with NRB Bearings Limited for acquiring the lands located at Pokhran Road 2, Thane, Maharashtra, together with structures thereon. READ MORE
 

1:29 PM

ALERT:: Hero MotoCorp, Aether ink pact for interoperable recharge; stock trades in red

Hero MotoCorp in an exchange filing said that in a landmark moment for the EV industry, the company and Ather Energy have entered into a partnership for an interoperable fast-charging network in India.

1:17 PM

Bumper listings! These two SME stocks zoom 100% over issue price on debut

Amic Forgings was trading at Rs 251.35 against its issue price of Rs 126 per share, while Deepak Chemtex was quoting at Rs 159.60, against its issue price of Rs 80 per share. READ MORE

1:05 PM

Sector in focus :: Govt seeks Parl nod to spend additional Rs 13,351 cr on fertiliser subsidy, says report

12:57 PM

ALERT :: Moody's on APAC banking sector in 2024

>> Growth in Asia Pacific’s most advanced economies will stabilize at low levels after slowing in 2023

>> Growth in the region’s emerging economies, led by domestic-focused India and Indonesia, will remain resilient.

>> China's economic recovery from the pandemic is waning on muted domestic demand, weak exports and a property market correction

>> Exposure to real estate and its related sectors, such as construction, remains a key risk for banks in mainland China, Hong Kong, Korea and Vietnam.

>> Indian banks' profitability will increase further on lower provisioning expenses and robust growth in higher-yielding retail segments

>> Japanese banks could benefit from a Net Interest Margins upside; Net Interest Margins at Chinese banks will contract further 

>> Banks will remain well-funded by deposits and not rely heavily on wholesale sources

12:53 PM

ALERT :: Moody's on global banking in 2024

>> Moody’s outlook for global banks in 2024 is negative.

>> Central banks' tighter monetary policies will result in lower GDP growth.

>> Reduced liquidity, repayment capacity will squeeze loan quality, leading to greater asset risks.

>> Profitability may subside on higher funding costs, lower loan growth, reserve buildups

>> Funding, liquidity to pose challenges; capitalisation will be stable,

12:46 PM

Q&A | T+0 settlement will be a watershed moment for us, says Gurpreet Sidana of Religare

Retail investors have taken to the equity markets like never before with the demat account tally hitting the 132 million mark recently. Gurpreet Sidana chief executive officer at Religare Broking believes that the successful players going ahead may not be the ones who charge zero brokerage, or provide additional limits to their users, or provide intraday calls resulting in more turnover or trades but, the ones who create a moat or an edge for investors. READ FULL INTERVEW HERE

12:34 PM

Moth to a flame: Why are retail traders inexorably drawn to derivatives?

“I must admit, I am always a little confused and surprised as to why people continue to do that (bet on F&O) knowing that the odds are not in their favour at all,” Buch said at the launch of the Investor Risk Reduction Access platform at the Bombay Stock Exchange in Mumbai. READ MORE

12:24 PM

90% of Nifty 500 stocks trade above 200-DMA; time to be selective: Analysts

The sharp run up in the markets in the last few sessions has made analysts cautious, who now expect the markets to consolidate before resuming their journey north. Investors, they suggest, should remain selective READ MORE

12:12 PM

India's stock market value tops $4 trillion, narrowing gap with Hong Kong

India toppled China to become the worlds’ most populous nation earlier this year and has emerged as the fastest-growing major economy. Touting political stability and strong domestic growth potential, India has been making efforts to increase global investment in its capital markets as well as industrial production. READ MORE

12:02 PM

Investors' wealth rises by Rs 2.17 trn in deals as markets scale new peaks

The 30-share BSE Sensex jumped 303.25 points, or 0.44 per cent, to a new record high of 69,599.39 in the morning trade. The broader index Nifty also climbed 100.05 points, or 0.48 per cent to hit its fresh lifetime high of 20,955.15. READ MORE