KEY HIGHLIGHTS
Economic Data Releases And Events For Dec 10
Vienna: OPEC meeting
US: Non–farm productivity — 7:00 p.m.
US: Revised Unit Labour Cost — 7:00 p.m.
Stock Market Today: US Futures Slightly Down
As of 3:32 p.m., the Dow Jones Industrial Average and S&P 500 futures declined 0.05% and 0.09%, respectively. The Nasdaq 100 future was 0.1% down.
Nifty, Sensex End Little Changed After Two–Day Fall; RIL, Bharti Airtel Top Dragger: Market Wrap
The NSE Nifty 50 and BSE Sensex ended on a muted note on Tuesday after declining for two sessions. Reliance Industries Ltd. and Bharti Airtel Ltd. share prices dragged.
The Nifty 50 ended 8.95 points or 0.04% down at 24,610.05, and the Sensex closed flat at 81,510.05.
The Nifty 50 declined as much as 0.44% to 24,510.65, and the Sensex declined 0.40% to 81,182.69.
Bharti Airtel share price declined 2.51% to Rs 1,570.05 apiece, the lowest level since Nov 29. The share price declined after its 57.43 lakh shares or 0.09% equity changed hands in two large deals. It ended 1.49% down at Rs 1,578.65.
"Post the flat opening, Index moved marginally higher before reversing to test its immediate support of 24,550. Select heavyweights in last hour of trade pushed the Index higher to settle trade at 24,610.05 with a loss of 8.95 points," said Aditya Gaggar, director, Progressive Shares.
The Realty sector extended its outperformance by advancing over 1% followed by IT and PSU Banks, whereas Media and Energy were the major laggards. Mid and Smallcaps managed to end the day in green and outshined the Benchmark Index. On the daily chart, Nifty 50 has formed a Hammer kind of pattern which suggests a strong bottom/support is being placed at 24,500-24,550 and is set to move towards the recent high of 24,850, Gaggar said.
"Today, Nifty showcased resilience by defending the 24,600 level, rallying 60-70 points in the final hour. This move reinforces confidence in the potential 25,000 target. Immediate resistance is identified at 24,750, with support at 24,600 and 24,500," said Gaurav Garg, a research analyst at Lemonn Market Desk.
Infosys Ltd., ICICI Bank Ltd., State Bank of India, HCLTech Ltd., and Shriram Finance Ltd. added to the Nifty 50 index.
Bharti Airtel Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., and Tata Consultancy Services Ltd. added to the Nifty 50 index.
On NSE, seven sectors advanced, four declined, and one remained largely flat. The NSE Nifty Realty rose the most, and the NSE Nifty Media declined the most.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.30% and 0.33% higher, respectively.
On BSE, 11 sectors advanced, 10 declined out of 21. The BSE Realty rose the most, and the BSE Telecommunication declined the most.
Market breadth was skewed in favour of buyers. Around 2,024 stocks advanced, 1,941 stocks declined, and 128 stocks remained unchanged on BSE.
Rupee Ends At Record Closing Low Against US Dollar
Rupee weakened by 12 paise to close at a record closing low of 84.85. The local unit fell as much as 13 paise to 84.86 during the session. It closed at 84.73 on Monday, according to data on Bloomberg.
Market At Close
The NSE Nifty 50 and BSE Sensex ended with marginal gains after two–day fall.
The Sensex at the lowest level since Dec 4.
Infosys Ltd., ICICI Bank Ltd., and State Bank of India are the top contributors to the Nifty 50 index.
Bharti Airtel Ltd., Reliance Industries Ltd., and Larsen & Toubro Ltd. weighed on the Nifty 50 index.
The NSE Nifty Midcap 150 ended 0.28% higher at 21,809.10.
The NSE Smallcap 250 ended 0.29% higher at 18,450.60.
Stock Market Today: Shriram Pistons & Rings Enter To Acquire Stakes In TGPEL
Shriram Pistons & Rings Ltd. has entered into a share purchase agreement to acquire a 100% stake in TGPEL Precision Engineering. The acquisition will be for an enterprise value of Rs 220 crore, according to an exchange filing.
Stock Market Live Updates: Alkem Laboratories Approves To Transfer Generic Business Arm
Alkem Laboratories Ltd. has approved the transfer of its trade generics business to its arm, Alkem Wellness, on a slump sale basis, according to an exchange filing.
Stock Market Live Updates: M&M Incorporates Velos Hybren
Mahindra & Mahindra Ltd. has incorporated Velos Hybren as a wholly-owned subsidiary of its step-down arm, Mahindra Susten, according to an exchange filing.
Europe Market Update: Stocks Decline Ahead Of US Inflation Data
European stocks declined on before the release of US inflation report. Losses on Asian markets also weighed on the regions' shares.
Stock Market Today: IGL's Board Approves Bonus Share Issuance
IGL's board has approved the issuance of bonus shares in a 1:1 ratio and has also approved increasing the share capital to Rs 1,000 crore from Rs 220 crore, according to an exchange filing.
Stock Recommendations Today: Market Experts Positive On Protean eGov, SAIL, Cautious On ONGC
Till when should you remain invested in Protean eGov Technologies, Steel Authority of India Ltd., and Vedanta? How should you trade shares of Zomato? Should you buy ONGC after recent correction?
Astha Jain, senior research analyst at HEM Securities and Swati Hotkar, assistant vice president of technical research at Nirmal bang, answer these queries. Read it here.
Stock Market Today: Nifty IT Rises As Infosys, LTIMindtree Share Prices Lead
The NSE Nifty IT rose 1.22% to 45,377.75 as Infosys Ltd. and LTIMindtree Ltd. share prices led. It was trading 0.95% higher at 45,257.95 as of 12:35 p.m., as compared to 0.12% decline in the NSE Nifty 50 index.
Stock Market Live Updates: Mishtann Foods Share Price Stuck In Lower Circuit
Shares of Mishtann Foods Ltd. have been nosediving for three consecutive sessions and are stuck in the 10% lower circuit as of early trade on Tuesday, after the company issued a clarification on the show-cause notice issued by capital markets regulator SEBI.
Stock Market Today: NBCC Share Price Recovers After Company Bags Rs 432-Crore Order
NBCC (India) Ltd. share price recovered after the company announced it had received an order worth Rs 432 crore from Central University of Odisha.
Stock Market Live Updates: HDFC Life Insurance Approves Investment Of Rs 6.6 Crore
HDFC Life Insurance Co. Ltd. board has approved an investment of ₹6.6 crore in Bima Sugam, as per an exchange filing.
Stock Market Today: Bharti Airtel Share Price Declines
Bharti Airtel Ltd. share price declined 1.47% to Rs 1,579.00 apiece, the lowest level since Nov 29. It was trading 1.10% down at Rs 584.85 apiece as of 11:29 a.m., as compared to 0.10% advance in the NSE Nifty 50 index.
The share price declined after its 57.43 lakh shares or 0.09% equity changed hands in two large deals. The shares changed hands in the price range of Rs 1,584.6 – 1,585.65 apiece on National Stock Exchanges.
Stock Market Live Updates: Trident Share Price Soars For Second Consecutive Day
Trident Ltd.’s share price continued its upward momentum for the second consecutive day, rising nearly 6% on Tuesday, following a major investment announcement in Madhya Pradesh.
ITI Share Price Surges 23.07% In Last Three Sessions
ITI Ltd. share price surged 23.07% in last three sessions. On Tuesday, it jumped nearly 10% to record high of Rs 404.00 apiece.
Rupee Weakens To Fresh Record Low Against US Dollar
Rupee weakened by 13 paise to fresh a record low of 84.86 against the US Dollar. It closed at 84.73 on Monday, according to data on Bloomberg.
Stock Market Live Updates: Swiggy Share Price Rises Nearly 6%
Swiggy Ltd. share price rose nearly 6% on Tuesday after CLSA started coverage on the company.
BofA Sees Nifty 50 At 26,500 In Calendar Year 2025
BofA's target for the NSE Nifty 50 at 26,500 for the calendar year 2025. The Indian benchmark may underperform US equities in dollar terms. Concerns about India's rich valuations remain.
Nifty, Sensex Open With Marginal Gains As Infosys, L&T Share Prices Rise
The NSE Nifty, and BSE Sensex opened with marginal gains as Infosys Ltd. and Larsen & Toubro Ltd. share prices rose. As of 09:17 a.m., the Nifty 50 was trading 4.85 points or 0.02% down at 24,614.15, and the Sensex was 6.34 points or 0.01% down at 81,502.12.
"We are of the view that, the current market texture is non directional hence level based trading would be the ideal strategy for the day traders. For the short term 24,500-24,450/81,100-80,900 would be the immediate support zone while 24,700-24,775/81,800-82,100 could act as a crucial resistance area for the traders. However, below 24,450/80,900 traders may prefer to exit out from trading long positions," said Shrikant Chouhan, head, equity research, Kotak Securities.
"The U.S. markets came under some profit booking and ended lower whereas the Chinese markets are higher on account of more economic stimulus. Nifty is likely to consolidate and trade between 24,200 and 24,800 with a slight weakening bias," said IFA Global Research Academy.
Bank Nifty outperformed Nifty yesterday by a think margin and is likely to do so in the near term. We expect it to trade in a range of 52,900 and 53,900, it said.
Mahindra & Mahindra Ltd., Reliance Industries Ltd., Tata Consultancy Services Ltd., HDFC Bank Ltd., and Maruti Suzuki India Ltd. weighed on the index.
Infosys Ltd., ITC Ltd., HCLTech Ltd., Bajaj Finance Ltd., and Shriram Finance Ltd. added to the Nifty 50 index.
On NSE, six sectors advanced, four declined, and two remained largely flat out of 12. The NSE Nifty Auto declined the most, and the NSE Nifty Realty rose the most.
Broader markets were also trading with little change. The BSE Midcap and Smallcap indices were trading 0.02% and 0.12% higher, respectively.
On BSE, 12 sectors declined, one remained flat, and eight advanced out of 21. The BSE Utilities declined the most, and the BSE Realty rose the most.
The market breadth was skewed in favour of buyers. Around 1,951 stocks advanced, 992 stocks declined, and 123 stocks remained unchanged on BSE.
Stock Market Live Updates: Nifty, Sensex Higher At Pre–Open
At pre–open, the NSE Nifty 50 and BSE Sensex were trading 0.14% and 0.07% higher, respectively.
Yield On The 10-Year Bond Declines
The yield on the 10-year bond declined 2 bps to 6.70%. It closed at 6.72% on Monday, according to data Bloomberg.
Rupee Opens At Record Low Against US Dollar
Rupee weakened by 6 paise to open at a record low of 84.79. It closed at 84.73 on Monday, according to data Bloomberg
Stock Market Live: Nuvama On India Cement
Nuvama on Indian Cement Sector: Reiterates Neutral Rating, Top Pick JK Cement
Nov 2024 cement prices rose in East & North India, flat in other regions
Dec 2024 sees further price hikes across many regions
Sustainability of cement prices hikes yet to be seen
Nov 2024 cement demand subdued due to festivals, labour shortage, extreme weather
Cement demand likely to pick up in Dec'24 on capex likely to gather traction
Believe cement prices have bottomed out
Note that chances of substantial price hikes in near term remain bleak
IPO Update: Continuum Green Energy Files DRHP
Continuum Green Energy has filed a draft paper for its Rs 3,650 crore IPO, which will include a fresh issue of shares worth Rs 1,250 crore and an Offer for Sale worth ₹2,400 crore, according to its Draft Red Herring Prospectus.
Oil Prices Declines In Asia Session
Oil future prices declined in Asia session. The prices jumped over 2% on Monday as Syria's President Bashar al–Assad ousted which fuelled geopolitical risk.
The brent crude was trading 0.32% down at $71.91 a barrel as of 08:12 a.m.
Meanwhile, the oil's supply outlook improved after China top leader said they will introduce more stimulus in the next year.
Stock Market Live Updates: Citi Research On New RBI Governor
Strong fiscal and monetary policy coordination is likely to be continued.
Market focus to be on MPC’s assessment of growth-inflation balance, if it will undergo any significant change
Maintain view of a 25 bps rate cut
Will reassess terminal repo rate view of 6% based on February MPC
New governor’s view on managing macro prudential policies and forex & rates markets to be watched
Expect broad continuity on these fronts
Most Asia Stocks Rise As China Plans To Extend Stimulus
Most stocks in Asia were trading higher defying losses on Wall Street. Top Chinese leaders said they will come up with more stimulus and benign monetary policy next year.
As of 7:32 a.m., the Nikkei 225 and KOSPI were trading 0.14% and 2.16% higher, respectively. The S&P ASX was trading 0.58% down before the Reserve Bank of Australia's monetary policy decision.
US Stocks Close Lower As Tech Stocks Weigh
The stocks closed lower as a decline in Nvidia Corp's share weighed on overall technology stocks in the US.
The Dow Jones Industrial Average and S&P 500 closed 0.54% and 0.61% lower, respectively. The Nasdaq Composite ended 0.62% down.
GIFT Nifty Near 24,700; BEL, JSW Steel, Vodafone Idea Share Prices In Focus
The GIFT Nifty was trading near 24,700 in early trade on Tuesday. Bharat Electronics Ltd., JSW Steel Ltd., and Vodafone Idea Ltd. share prices are likely to react today.
The GIFT Nifty was trading 0.04%, or 9.5 points, higher at 24,793.00 as of 6:44 a.m.
The benchmark equity indices ended the first session of the week on Monday on a subdued note as Reliance Industries Ltd. and fast-moving consumer-goods stocks dragged them the most.
The NSE Nifty 50 ended 58.80 points or 0.24% lower at 24,619 and the BSE Sensex closed 200.66 points or 0.25% down at 81,508.46. During the day, both the Nifty and Sensex had fallen 0.4% each.
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