KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.21% on Thursday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 18 paise to close at 83.17 against the U.S dollar on Thursday.
It closed at 83.35 on Wednesday.
Source: Bloomberg
Nifty, Sensex End At Fresh Highs For Second Day As RIL, ITC, Airtel Gain: Market Wrap
India's benchmark indices ended at record high for second day in a row on Thursday as ITC Ltd, Mahindra & Mahindra Ltd., and Reliance Industries Ltd rose.
The BSE Sensex ended 0.52% higher at 72,410.38, while the NSE Nifty 50 settled 0.57% higher at 21,778.70.
Moreover, the benchmark indices also continued their winning streak for fourth consecutive day.
The Bank Nifty Index also touched a life-time high of 48,636.45, and ended the day 0.47% higher at 48,508.55.
The benchmark indices ended at record high on Wednesday with the Sensex crossing 72,000, and Nifty 50 crossing 21,600 level for the first time.
"Our view is that the current market structure is bullish but due to temporary overbought condition, we may see some profit booking at higher levels. Now for trend traders, 21500/71500 should act as a key support level," Shrikant Chouhan, equity research head at Kotak Securities said.
"The strategy should be to reduce weak long/long positions between 21800 and 21900 levels," he added.
Reliance Industries Ltd, ITC Ltd, NTPC Ltd, Mahindra & Mahindra Ltd, and HDFC Bank Ltd added positively to the indices.
Larsen & Toubro Ltd, Tata Consultancy Services Ltd, Adani Enterprises Ltd, Infosys Ltd, and Adani Ports and Special Economic Zones weighed on the indices.
On NSE, 12 out of 14 sectors advanced with the Nifty PSE rising 2.35% to be the top gainer among sectoral indices. Nifty IT declined 0.14% and was the top loser among sectoral indices.
Broader markets rose, with S&P BSE MidCap index rising 0.66%, and S&P BSE SmallCap gaining 0.23%. Around 18 sectors out of 20 sectors compiled by the BSE advanced. BSE Oil and Gas was the top gainer among sectoral indices on BSE.
"A mixed trend was seen in the Broader markets where Midcap performed in line with the Benchmark Index while Smallcaps outperformed. One more bullish candle was formed on the daily chart but at the same time, the Index is about to enter an extremely overbought condition as well. There is a possibility of bearish divergence, although it is too premature to say," said Aditya Gaggar, director, Progressive Shares.
The market breadth was skewed in the favour of sellers. About 1,825 stocks rose, 1,963 declined, while 132 remained unchanged on the BSE.
Central Bank Of India Inks Co-Lending Partnership With Saison Kisetsu
Central Bank Of India in co-lending partnership with Kisetsu Saison Finance for MSME loans.
Source: Exchange Filing
L&T Completes L&T Sapura Acquisition
Larsen & Toubro Ltd has completed the acquisition of entire shareholding of Sapura Nautical Power Pte Ltd in L&T Sapura Offshore Private Limited on Wednesday
Source: Exchange Filing
Man Industries's Pipe Test For Hydrogen Transportation Successful
Man Industries India Ltd announced success of pipes test for safe hydrogen transportation by leading European research centre was successful.
Source: Exchange Filing
European Markets Gain
Man Industries Surges Over 8%
Man Industries India Ltd surged over 8% after it said to the exchanges that the pipes test for safe hydrogen transportation by the leading European research centre was successful.
Adani Global Forms 49:51 JV With IHC Subsidiary Sirius International
Adani Global formed 49:51 JV with IHC subsidiary Sirius International Holding in Abu Dhabi
JV for deploying AI, IoT, and secured blockchain products for industrial applications
Source: Exchange filing
Hindustan Petroleum Shares Near Six-Year High After Crude Oil Price Fall
Shares of the Hindustan Petroleum Corp. rose over 8% on Thursday to touch a near six-year high. A decline in crude oil prices improved sentiment for the refiner, supporting the stock's rally.
Crude oil prices declined on improved supply prospects, after data from the American Petroleum Institute showed 1.8 million barrels in the week ended Dec. 22.
March contract of Brent Crude on the Intercontinental Exchange settled 1.31% lower at $79.54 per barrel on Wednesday, according to CME Group website.
CSL Finance Says It Has No Exposure To AIFs
Clarifies that co does not have any exposure to AIFs as part of regular investment operations
Alert: RBI had issued a circular on Dec 19 with respect to investment in AIFs
Source: Exchange Filing
Axis Bank Has 10.1 Lakh Shares Change Hands In Large Trade
10.1 lakh shares changed hands in a large trade
0.03% equity changed hands at Rs 1,105.95 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Nifty, Sensex Hits Fresh Highs As HDFC Bank, RIL, NTPC Gain
Sensex, Nifty Off Day's Low As HDFC Bank, RIL Gain: Midday Market Update
Indian benchmark indices recovered from their fall through the midday on Thursday after hitting fresh lifetime highs in early trade due to gains in HDFC Bank Ltd. and Reliance Industries Ltd.
As of 12:09 p.m., the NSE Nifty 50 was 82.55 points, or 0.38% higher at 21,737.30, after hitting a lifetime high of 21,759.05 points. While, the S&P BSE Sensex was up 252.01 points, or 0.35% at 72,290.44, after hitting a record high of 72,406.75.
"Indian stocks are reaching new highs, buoyed by optimism surrounding the nation's macroeconomic fundamentals and robust global market trends," said Shrey Jain, founder and chief executive officer of SAS Online.
"Currently, Nifty is at 21,700, with Bank Nifty surpassing 48,400. Looking at the technical side, Nifty 50 is expected to stay supported between 21,575 and 21,600. Overall, market sentiments are positive, FIIs have made substantial purchases, once again, adopting a "buy on dip" strategy is advisable," he said.
Bharti Airtel Ltd., Coal India Ltd., HDFC Bank Ltd., NTPC Ltd. and Reliance Industries Ltd. were positively contributing to changes in the Nifty.
Whereas, Eicher Motors Ltd., Infosys Ltd., Larsen & Toubro Ltd., Maruti Suzuki Ltd. and UltraTech Cement Ltd. were negatively contributing to the change.
All sectoral indices gained except Nifty IT, which traded flat, and Nifty Media, which fell 0.80%.
Nifty PSE, Nifty Oil & Gas, and Nifty Energy gained more than 1%.
The broader markets rose but underperformed the benchmark indices; the S&P BSE MidCap was up 0.39% and the S&P BSE SmallCap was 0.21% higher.
Seventeen of the 20 sectors compiled by BSE advanced and three sectors declined. S&P BSE Oil & Gas rose the most.
The market breadth was split between sellers and buyers. About 1,794 stocks rose, 1,863 declined, while 155 unchanged on the BSE.
Ramky Infrastructure To Sell Visakha Pharmacity Arm
Ramky Infrastructure to sell arm Visakha Pharmacity to Brij Gopal Construction Company for Rs 165.24 crore
Source: Exchange Filing
Coromandel International Advised To Restart Operation
Tamil Nadu Pollution Control Board advised Coromandel International to restart ops at APPS plant only after ensuring ammonia pipeline is intact
TNPCB advises co to obtain NOC from Directorate of Industrial Safety and Health
Alert: Ammonia gas leak from pipeline of co at Ennore, near Chennai was detected on Dec 26
Source: Exchange Filing
ICICI Bank Gets GST Demand Of Rs 24.38 Crore And Penalty Rs Rs 2.44 Crore
ICICI Bank Ltd got GST demand of Rs 24.38 crore and penalty of Rs 2.44 crore from Tamil Nadu GST Department
Demand relates to alleged violation of tax payment
Source: Exchange Filing
Volume Buzzers As Of 11:40
Suprajit Engineering at 23.21x its 30 day average
Greenpanel Industries at 11.68x its 30 day average
Dishman Carbogen Amcis at 6.52x its 30 day average
Sula Vineyards at 5.87x its 30 day average
Shoppers Stop at 4.9x its 30 day average
Housing & Urban Development Corporation up 4.24x its 30 day average
ONGC Has 14.5 Lakh Shares Change Hands In Large Trade
Oil and Natural Gas Corp had 14.5 lakh shares changed hands in a large trade
The company's 0.01% equity changed hands at Rs 207.3 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Azad Engineering Lists At Rs 720 On NSE
Azad Engineering was listed at Rs 720 on NSE vs issue price of Rs 524
The company listed at a premium of 37.4% on NSE
The company listed at Rs 710 on BSE vs issue price of Rs 524
Azad Engineering listed at a premium of 35.5% on BSE
Source: Exchanges
Suzlon Energy Gets 300-MW Order From Apraava Energy
Suzlon Energy bagged a 300-MW order for 3 MW series from Apraava Energy
The order is for to install 100 wind turbine generators in Karnataka
Source: Bloomberg
KEC International Bags Order Worth Rs 1,566 Crore
KEC International Ltd received new orders worth Rs 1,566 crore across multiple business verticals.
Source: Exchange Filing
Hindustan Zinc Gets GST Demand Order Worth Rs 28.82 Crore
Hindustan Zinc Ltd received GST demand order of Rs 28.82 crore and penalty of 10% of GST demand, interest applicable
Source: Exchange Filing
SAIL Has 10 Lakh Shares Change Hands In Large Trade
SAIL had 10 lakh shares changed hands in a large trade
The company's 0.02% equity changed hands at Rs 120 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Hindustan Copper Rises To 11-Year High; Copper Future Price Rise Lends Support
Shares of Hindustan Copper surged as much as 9.59% to Rs 257.80 on Thursday, highest level since Nov 30,2012. It was trading at 9.27% higher at Rs 257.05 as of 10:44 a.m. This compares to 0.17% advance on NSE Nifty 50 index.
The scrip rose to its highest price level since Nov 30, 2012.
It has risen 133.85% on a year-to-date basis. Total traded volume so far in the day stood at 6.5 times its 30-day average. The relative strength index was at 85.79, which implied the stock is overbought.
L&T Construction Gets Large Power Transmission & Distribution Order in Middle-East
L&T Construction unit gets 'large' orders for power transmission & distribution in Middle East
Order for 400/132kV Substation in UAE
Order for 400kV overhead transmission lines, 400kV underground cable interconnections in Kuwait
Alert: L&T classifies orders in the range of Rs 2,500-5,000 crore as 'large' orders
Source: Exchange Filing
RBZ Jewellers Hits Upper Circuit of 5.24%
The shares of RBZ Jewellers were locked in an upper circuit on Thursday for the second day after it debuted on the indices on Wednesday.
It was trading 5.24% higher on the BSE at Rs 110.23. While on the National Stock Exchange the stocks were trading at Rs 110.25 with a gain of 5.25%. This compares to a 0.21% advance in the NSE Nifty 50 Index at 10:05 a.m
Zomato Declines Over 3% As It Gets GST Notice Worth Rs 401 Crore
Shares of the Zomato Ltd declined over 3% on Thursday as it informed exchanged it has received a show cause notice from the Directorate General of GST Intelligence on Tuesday.
The amount charged on delivery charges collected from the customers by Zomato for the period Oct 29, 2019 to Mar 31, 2022.
Greenpanel Industries Jumps Over 13%
The scrip rose as much as 13.08% to Rs 433.50 apiece. It is trading 11.26% higher at Rs 436.35 as of 09:54 a.m. This compares to a 0.1% advance in the NSE Nifty 50 Index.
It has risen 28.95% on a year-to-date basis. Total traded volume so far in the day stood at 41 times its 30-day average. The relative strength index was at 84, indicating that the stock may be overbought.
Out of 20 analysts tracking the company, 14 maintain a 'buy' rating, five recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 6.9%.
IDBI Capital initiated coverage on Greenpanel Industries with a 'buy' rating and a target price of Rs 464, according to Dec 18 note.
HUDCO Surges Over 12% As It Executes MoU With Gujarat Govt
Shares of Housing & Urban Development Corp Ltd jumped to hit their lifetime high after the company announced that it has executed a MoU with the Gujarat government for an investment up to Rs.14,500 crore to finance housing and urban infrastructure projects in Gujarat.
KPI Green Soars Over 8% After Commissioning Solar Power Projects
The shares of KPI Green Energy Ltd rose on Thursday on commissioning solar power projects totalling to 17.35 MWp.
KPI Green Energy shares rose as much as 8.57% to 1,389 apiece, it last traded at this levels on Dec. 14. It pared gains to trade 5.08% higher at Rs 1344.45 apiece, as of 9:28 a.m. This compares to a 0.37% advance in the NSE Nifty 50 Index.
It has risen 206.2% on a year-to-date basis. Total traded volume so far in the day stood at 18 times its 30-day average. The relative strength index was at 60.
Nifty, Sensex Open At Life-Time High As Financial Services, RIL Lead Gains
India's benchmark indices opened at fresh high, extending it rally from Wednesday.
The NSE Nifty 50 opened 0.28% higher at 21,725, while the BSE Sensex opened 0.31% up at 72,262.67.
The benchmark indices ended at record high on Wednesday with the Sensex crossing 72,000, and Nifty 50 crossing 21,600 level for the first time.
"After a gap up opening at a fresh all-time high level, Nifty can find support at 21,600 followed by 21,500 and 21,450. On the higher side, 21,750 can be an immediate resistance, followed by 21,800 and 21,900.
After a strong breakout on bank nifty at fresh all-time high levels it may get support at 48,200, followed by 48,100 and 48,000. If the index advances, 48,500 would be the initial key resistance, followed by 48,700 and 48,900," said Deven Mehata, equity research analyst at Choice Broking.
"Foreign institutional investors turned net buyers for the first time in the last seven consecutive sessions, buying shares worth Rs 2,926.05 crore, while domestic institutional investors turned net sellers after six-day of consistent buying, offloading Rs 192.01 crore worth of stocks on December 27, provisional data from the NSE showed," he added.
The Nifty Bank Index also opened at fresh high on Thursday. The index opened 0.41% higher at 48,479.05.
HDFC Bank Ltd, ICICI Bank Ltd, Reliance Industries Ltd, ITC Ltd, and NTPC Ltd were adding to the indices.
Infosys Ltd, Asia Paints Ltd, UltraTech Cements Ltd, Bajaj Auto Ltd, and Britannia Industries Ltd weighed on the index.
On NSE, 13 out of 14 sectors gained with the Nifty PSU bank emerging as the top gainers among sectoral indices. The Nifty Realty declined 0.16%, and was the top loser among sectoral indices.
Broader markets performed in line with the benchmark indices, with the BSE MidCap rising 0.30% and BSE SmallCap gaining 0.46%. Around 18 sectors out of 20 sectors compiled by the BSE advanced, while two declined. The BSE Metal gained the most and was the top gainer among sectoral indices.
The market breadth was skewed in the favour of buyers. Around 2072 stocks rose, 786 stocks declined, while 78 remained unchanged on BSE.
Nifty, Sensex At Fresh High In Pre-Open
At pre-open, the NSE Nifty 50 was 0.28% higher at 21,715, while the BSE Sensex was 0.32% up at 72,269.67.
Yield On The 10-Year Bond Declines
The yield on the 10-year bond opened 2 bps lower at 7.19% on Thursday.
It closed at 7.21% on Wednesday
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 6 paise to open at 83.29 against the U.S dollar on Thursday.
It closed at 83.35 on Wednesday.
Source: Bloomberg
Zydus Wellness's 7.8 Lakh Shares Change Hands In Two Pre-Market Large Trades
Zydus Wellness's 7.8 lakh shares changed hands at Rs 1,632 apiece in two pre-market large trades
Source: Bloomberg
Inox Wind Gets Observation Letters With 'No Objection'
Inox Wind received BSE, NSE issue observation letters with 'No Objection'
BSE, NSE letters on Scheme of Arrangement between Inox Wind Energy and Inox Wind
Source: Exchange Filing
IRB Infrastructure SPV Starts Toll Collection Samakhiyali Santalpur BOT Project
IRB Infrastructure SPV starts toll collection for Samakhiyali Santalpur BOT Project in Gujarat
Mobilises resources to commence construction activity on the project
IRB Infrastructure Trust to execute the project
Project involves six-laning of 90.9 kms section of NH27
Concession period of 20 years with total cost outlay of Rs 2,092 crore
Source: Exchange Filing
Bata India Gets Tax Notice Wirth Rs 60.56 Crore
Bata India received a show cause notice for tax worth Rs 60.56 crore and interest there on.
Source: Exchange Filing
KPI Green Energy To Consider Bonus Share Issue
KPI Green Energy board to consider bonus shares issue on Dec 30.
The board will also consider approving appointment of Amitkumar Subhashchandra Khandelwal as non-independent director.
Source: Exchange Filing
Systematix on Marksans Pharma
Firm expects to scale up US revenue multifold over medium to long term
To target digestive, cold, cough and dermatology segments in the US
Expects to launch 6- 7 products in the US over next 12 months
Expects to shortly file DMF for Ibuprofen
Company intents to limit backward integration in large portfolios
UK largest market for MRKS; company 3rd largest Indian player in generic product category
Expects 7-8 new approvals, and has 40+ product pipeline in the UK
Firm continues to evaluate acquisition targets
Marksans Pharma is not rated by Systematix
DAM Capital initiates coverage on Five-Star Business Finance
Initiates coverage with buy rating, price target of Rs 1,000
Limited/negligible competition to ensure pricing power, lucid visibility of future margins and profitability
Expect to see some inch-up in productivity by ~25% to Rs12.5mn
Debt burden ratio of ~50% or less with average LTV at ~38.5% ensures adequate margin of safety
See potential for current management team to possibly deliver for fairly foreseeable future
With robust capital adequacy of ~59.4%, see no need of any dilution over next five years
RoAs could possibly come down from current levels in future
Business has the potential to command a higher multiple
Morgan Stanley Sees Aarti Industries' New Contract To Imply Revenue Of $40 Million
Company secures new, nine-year supply contract for niche agrochem intermediate
Aarti expects revenue potential of over Rs 3,000 crore
Start-up of supplies under contract to improve asset turns and be earnings accretive
Contract implies annual revenue of $40 million
Assuming firm’s 18% EBITDA margins, contract implies 3-4% accretion to EBITDA
Contract implies 6-7% accretion to earnings over FY25-26
Most Asian Markets Gain
Global Cues
U.S. Dollar Index at 100.81
U.S. 10-year bond yield at 3.81%
Brent crude up 0.25% at $79.85 per barrel
Nymex crude up 0.31% at $74.34 per barrel
GIFT Nifty at 21,757 as of 7.22 a.m.
Bitcoin up 0.33% at 43,538.66
Trading Tweaks
Price band revised from 5% to 2%: OM Infra.
Moved into a short-term ASM framework: Heritage Foods.
Moved Out of short-term ASM framework: Adani Total Gas, Dhunseri Investments, Gallantt Ispat.
F&O Cues
Nifty December futures up 0.98% to 21,681.80 at a premium of 27.05 points.
Nifty December futures open interest down 18.2%.
Nifty Bank December futures up 1.12% to 48,359.95 at a premium of 77.75 points.
Nifty Bank December futures open interest down 11.3%.
Nifty Options Dec. 28 Expiry: Maximum call open interest at 22,000 and maximum put open interest at 21,500.
Bank Nifty Options Dec. 28 Expiry: Maximum call open interest at 49,000 and maximum put open interest at 47,000.
Securities in the ban period: National Aluminium, RBL Bank.
Who's Meeting Whom?
VRL Logistics: To meet investors and analysts on Dec. 29.
AGI Greenpac: To meet investors and analysts on Dec. 28.
Sky Gold: To meet investors and analysts on Jan. 3.
Globus Spirits: To meet investors and analysts on Dec. 30.
Dodla Dairy: To meet investors and analysts on Jan. 2.
Insider Trades
VIP Industries: Promoters Kiddy Plast and DGP Enterprises bought 70,000 shares each on Dec. 26, and promoter Dilip G Piramal bought 1.03 lakh shares on Dec. 26.
Ultramarine and Pigments: Promoter group Deepa Ajay sold 39,239 shares on Dec. 26.
Ramkrishna Forgings: Promoter Naresh Jalan bought 5,775 shares on Dec. 26.
Pledge Share Details
Jindal Steel and Power: Promoter Siddeshwari Tradex revoked a pledge for 2.5 lakhs shares on Dec. 26.
Block Deals
Lumax Auto Technologies: Asia Investment Corp. Mauritius sold 28.11 lakh shares (4.12%), while Griffin Growth Fund VCC bought 28.11 lakh shares (4.12%) at Rs 386 apiece.
Bulk Deals
GMR Power and Urban Infra: ASN Investments sold 92.63 lakh shares (1.53%) at Rs 52.34 apiece while Setu Securities bought 46 lakh shares (0.76%) at Rs 51.91 apiece.
Swan Energy: Hypnos Fund sold 32.82 lakh shares (1.24%) at Rs 500.58 apiece, Kasturi Vintrade sold 25.27 lakh shares (0.95%) at Rs 502.14 apiece, while Jainam Broking bought 29.51 lakh shares (1.11%) at Rs 504.55 apiece.
Gujarat Themis Biosyn: Pharmaceutical Business Group I sold 30 lakh shares (4.12%) at Rs 215.35 apiece while MC Jain Info Services bought 4.9 lakh shares (0.67%) at Rs 215 apiece.
Bengal and Assam Co.: Ashok Kumar Kinra sold 0.82 lakh shares (0.72%) at Rs 7,461.4 apiece.
New Listing
Azad Engineering: The company’s shares will debut on the stock exchanges on Thursday at an issue price of Rs 524 apiece. The Rs 740 crore IPO was subscribed 80.65 times on its third and final day. The bids were led by institutional investors (179.66 times), non-institutional investors (87.61 times) and retail investors (23.79 times).
Stocks To Watch
Housing and Urban Development Corp.: The company executed a memorandum of understanding with the Gujarat government for an investment of up to Rs 14,500 crore for financing housing and urban infrastructure projects.
Power Finance Corp., Tata Power: PFC subsidiary Bikaner III Neemrana II Transmission has been transferred to Tata Power for Rs 18.60 crore and Neemrana Il Kotputli Transmission has been transferred to Sterlite Grid 32 for Rs 18.59 crore.
Power Grid Corp.: The company has acquired Bikaner III Neemrana Transmission in Rajasthan under a tariff-based competitive bidding route for Rs 18.82 crore.
Exide Industries: The company has made an investment of Rs 40 crore in its arm, Exide Energy Solutions. The total investment in its arm now stands at Rs 1,820.01 crore.
GE Power India: The company received an order worth Rs 10.47 crore from NTPC to supply generator spares and received an order worth Rs 9.91 crore from Bokaro Power Supply Co. for the supply of spares.
Affle India: The company has approved to enter a non-binding memorandum of understanding to invest Rs 37.3 crore as cash consideration to acquire minority ownership in the travel social media app Explurger.
Kotak Mahindra Bank: The Reserve Bank of India has approved the appointment of CS Rajan, independent director, as the part-time chairman for a period of two years, effective Jan. 1, 2024.
Life Insurance Corp.: The company appointed S. Sunder Krishnan as chief risk officer, effective Dec. 27.
Lupin: The pharma major announced that it has received approval from the US FDA for its abbreviated new drug application for Loteprednol Etabonate Ophthalmic Suspension.
Reliance Capital: The Competition Commission approved the proposed acquisition of the stake in Reliance Capital by IndusInd International Holdings, IIHL BFSI (India) and Aasia Enterprises LLP.
Canara Bank: The bank has approved the process of listing its mutual fund subsidiary, Canara Robeco Asset Management Co., by way of an IPO.
Dabur India: The dissolution of the company's subsidiary, Dabur Tunisia, is delayed till Dec. 31, 2024, as the response from the RBI and authorities in Tunisia on the matter is still awaited.
City Union Bank: The company opened four new branches on Dec. 27.
PTC Industries: The company and Nasmyth signed a memorandum of understanding for collaboration to leverage their capabilities for offering solutions to defence and aerospace customers in India and globally.
One 97 Communications: The company said merchant payments worth Rs 912 crore were made using Paytm in Q2 FY24.
South Indian Bank: The company approved raising Rs 1,750 crore via rights issue.
Petronet LNG: The company signed the binding transaction documents with Gopalpur Ports for the setting up of an LNG terminal on the east coast of India.
KPI Green Energy: The company and its arm commissioned solar power projects totalling 17.35 MWp.
Sula Vineyards: The company's iconic wine tourism business set new records in visitor numbers, revenues and tastings over the Christmas weekend.
GIFT Nifty Trades Above 21,700 Level
Most markets in Asia gained on Thursday with the equity indices in Australia trading near two-year high.
The S&P/ASX 200 was 34 points or 0.44% higher at 7,594.70, while the Krospi was 0.22% higher at 2,619.15.
Share indices in Japan fell on Thursday, with the Nikkei trading 0.73% down at 33,434.55 as of 06:14 a.m.
The S&P 500 index and Nasdaq 100 rose by 0.14% and 0.17%, respectively, as of Wednesday. The Dow Jones Industrial Average rose by 0.30%.
Brent crude was trading 1.75% lower at $79.65 a barrel. Gold was higher 0.15% at $2,080.66 an ounce.
The GIFT Nifty was 0.04% higher at 21,757 as of 07:23 a.m.
India's benchmark indices continued to rally for the fourth consecutive session on Wednesday and closed at an all-time high due to gains in the shares of financial services and IT stocks.
The NSE Nifty 50 ended 213 points, or 1%, higher at 21,654.75, while the S&P BSE Sensex closed 702 points, or 0.98%, up at 72,038.43, closing above the 72,000 mark for the first time.
Overseas investors turned net buyers of Indian equities on Wednesday after six consecutive sessions of selling. Foreign portfolio investors mopped up stocks worth Rs 2,926.1 crore, while domestic institutional investors turned net sellers for the second straight day and offloaded stocks worth Rs 192 crore, the NSE data showed.
The Indian rupee weakened 16 paise to close at Rs 83.35 against the U.S. dollar on Wednesday.
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