KEY HIGHLIGHTS
US Futures Rise
As of 3:26 p.m. futures contracts of Dow Jones Industrial Average and S&P 500 futures were trading 0.41% and 0.55% higher, respectively. The Nasdaq 100 futures contract was 0.77% higher.
Events, Economic Data Later Thursday
US: Unemployment Claims
US: Final Manufacturing PMI
US: Construction Spending month-on-month
US: Crude Oil Inventories
Nifty, Sensex Close At Highest Since Dec 18; Eicher Motors, Bajaj Finserv End Around 8% Up: Closing Bell
Indian equity benchmarks extended their rally to a second session and both Nifty and Sensex recorded their best sessions since November 22. Of the 30 stocks in the Sensex, only Sun Pharmaceutical Industries ended lower.
Both Nifty and Sensex saw their highest closing since December 18. Intraday, Nifty had risen 2% and Sensex 1.9%. Nifty ended 1.88% or 445.75 points up at 24188.65 and Sensex closed 1.83% or 1,436.30 points higher at 79943.71.
"In today's trade, the bulls dominated as the market saw a steady opening followed by a one-way rally throughout the session," said Aditya Gaggar director of Progressive Shares.
Share prices of Infosys Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., Mahindra & Mahindra Ltd., and Maruti Suzuki Ltd. contributed the most to the gains. While those of Sun Pharmaceutical Industries and Britannia Industries were the only Nifty stocks that fell.
Most sectoral indices rose with Nifty Auto leading.
Market breadth was skewed in favour of buyers. Around 2,399 stocks advanced, 1,554 stocks declined, and 128 stocks remained unchanged on BSE.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices 0.89% and 0.68% higher, respectively.
On BSE, All 21 sectors ended higher with the BSE Auto rising the most.
Markets At Close
Nifty and Sensex extended gains to day two and record best session since November 22
Intraday, Nifty had risen 2% and Sensex 1.9%.
Nifty ended 1.88% or 445.75 points up at 24188.65
Sensex ends 1.83% or 1,436.30 points higher at 79943.71
Broader indices underperformed. Nifty Midcap 100 ended 1.14% up; Nifty Smallcap 250 closed 0.55% higher
Most sectoral indices rose with Nifty Auto leading
Eicher Motors and Bajaj Finserv were top Nifty gainers
Sun Pharma and Britannia Industries were the only Nifty stocks that fell
Rupee Ends Weaker Against US Dollar
-Rupee weakened by 10 paise to close at 85.75 against the US Dollar.
-It closed at 85.65 on Wednesday.
Source: Bloomberg
Trading Ideas: Exit Easy Trip Planners, Hold NCC, NHPC, SJVN Shares, Experts Say
Markets experts suggest investors to 'exit' Easy Trip Planners Ltd., and hold NHPC Ltd., NCC Ltd., SJVN Ltd., and Waaree Renewable Technologies Ltd. shares.
Andhra Pradesh CM Chandrababu Naidu Says Will Honour Adani Contract
Over a month after promising action on allegations of bribery involving the Adani Green Energy Ltd. and the previous YS Jagan Mohan Reddy administration, Andhra Pradesh Chief Minister N Chandrababu Naidu has shifted gears, stating no action can be taken until "concrete proof" emerges.
Europe Market Open: Indices Start New Year Mixed
European markets were mixed in the early trade of the first session of 2025. The pan European erased early gains and traded flat as of 2:18 p.m., France's CAC 40 fell 0.3%, while Germany's DAX was up 0.1% and UK's FTSE 100 was flat.
Royal Enfield Sales Jump By 25% In December 2024 As 350-CC Demand Returns
Royal Enfield is firing on all cylinders—both one and two—as demand for its best-selling 350 cc motorcycles returned.
Total sales of India’s largest middleweight motorcycle maker rose 25% year-on-year to 79,466 units in December 2024, according to an exchange filing on Thursday. The company had sold 63,387 units in the year-ago period.
Rupee Strengthens Against US Dollar Sharply
TVS Motor Share Price Off Highs As December Sales Fall
Share price of TVS Motor Company was off its highs after the company reported 2.2% decline in December sales, which came in at 1.4 lakh units.
Jio Financial Has 12.8 Lakh Shares Change Hands In A Block: Bloomberg
According to Bloomberg, Jio Financial Services has 12.8 lakh shares change hands in the block.
At 1:23 p.m., the stock was 0.3% up at Rs 305.25 and total traded volume was 0.75 times its 30 -day average.
Asia Market Close: CSI 300 Down Nearly 3% After As December PMI Lower Than Expected
China's CSI 300 led the losses in Asia-Pacific region on Thursday and closed around 3% lower after country's Caixin/S&P Global manufacturing purchasing managers’ index for December fell to 50.5. Hong Kong's Hang Seng also fell 2% tracking the same.
At the same time, Australia's ASX 200 was up 0.5% and South Korea's Kospi closed flat.
Udaipur Cement Rises More Than 5% After BSE, NSE 'No Objection' For Amalgamation
Udaipur Cement share price surged after BSE & NSE issued 'No objection' for Scheme of Amalgamation among company, JK Lakshmi Cement, Hansdeep Industries, and Hidrive Developers, an exchange filing said.
Jai Corp Share Price Tumbles 20% On Selling Land Parcel To Reliance Industries
Shares of Jai Corp. tumbled nearly 20% on Thursday after an industrial land parcel of over 5,286 acres was sold to Reliance Industries Ltd. at a valuation of Rs 2,200 crore. Urban Infrastructure Holdings Pvt. Ltd., a company in which Jai Corp holds 32%, convened an extraordinary general meeting of shareholders to approve the capital reduction.
Read here.
CSB Bank Shares Surge After Strong Q3 Business Update
CSB Bank Ltd.'s shares rose as over 6% on Thursday after the bank posted a robust business update with its deposits growing 22.17% on year-on-year basis.
In total deposits, the bank's term deposits grew by 28.10%, from Rs 19,802 crore in December 2023 to Rs 25,365 crore in December 2024. The company's Advances against Gold & Gold Jewellery. (Excluding receivables secured against gold) also grew by 36.28% , from Rs 9,554 crore to Rs 13,018 crore on year-on-year basis.
Nifty Auto Outperforms Sectoral Indices; Gains Around 4% In Three Sessions
Nifty Auto outperformed the Nifty 50 index on Thursday as the sectoral index was up over 2% in comparison to Nifty 50 which was trading at 0.84% higher. The positive sentiment in the sector is driven by December sales data.
Also Read: Eicher Motors Rallies, Nifty Auto Outperform Benchmark On Heels Of Strong Business Update
Eicher Motors, Ashok Leyland, and Maruti Suzuki gained the most.
Eicher Motors Share Price Hits Lifetime High After December Sales Data
Eicher Motors share price surged around 6% to its lifetime high after the company posted a strong performance in its December sales, with total sales reaching 79,466 units, surpassing the estimated 74,500 units.
Stock Of The Day: Kotak Mahindra Likely To Recoup 2024 Losses With Citi's 'Buy' Bet With 15% Upside
Shares of Kotak Mahindra Bank Ltd.—which remained volatile throughout 2024—are set for a 15% upside to their two-year high, according to Citi Research, on sustained growth momentum in loans.
The private lender's stock remained rangebound since late October and currently tests the resistance of Rs 1,828 level, which is also near a 2-standard deviation above the 14-day moving average.
Rupee Fall Can Hinder Rate Cuts, Warns Emkay's Manish Sonthalia
The outlook for the Indian rupee remains a concern in 2025 as a potential depreciation can have significant repercussions for the economy, according to Manish Sonthalia, chief investment officer of Emkay Investment Managers.
Read here
HSBC PMI: India Manufacturing Sector Posts Weakest Growth Rate Of 2024 In December
At 56.4, final December PMI comes in below 'flash' estimate of 57.4. "With the sole exception of finished goods stocks, all final index readings for the HSBC India Manufacturing PMI survey came in below their 'flash' estimates," said HSBC report. December data showed the sector improving to the least extent in 2024, amid softer increases in output, new orders and stocks of purchases.
It added, rates of growth remained substantial, however, underpinning further expansions in buying levels and employment. Meanwhile, cost pressures receded and were mild, but charge inflation remained historically high.
Share Market News: Waaree Energies Gets Supply Order
"This is to inform you that the Company has today received an order for supply of solar modules for 150 MWp from a renowned customer engaged in the business of owning, developing and operating renewable power projects in India," an exchange filing said.
Tata Motors Share Price Rises Marginally After Flat Business Update
Tata Motors shares saw a modest uptick of over 2% following the release of its business update, which highlighted a slight increase in total domestic sales despite challenges in the commercial vehicle segment.
Nomura Sees ITC Hotels Beating Estimates To List At Rs 200–300 A Share
Nomura expects ITC Hotels Ltd. to list in the range of Rs 200–300 with market-cap in the range of Rs 42,500 crore to Rs 62,200 crore, which surpasses the consensus, and even the brokerage's estimates. The brokerage expects ITC Hotels to list before mid February.
Nifty IT Adds 1%; All Constituents Up
At 9:52 a.m., Nifty IT traded 1% higher at 43,784 points with all its constituents trading in the green. Infosys and Mphasis led the gains.
RailTel Corp Share Price Extend Gains To Third Day After Bagging Order Worth Rs 78 Crore
RailTel Corp of India share price extend gains to a third day after it received orders worth Rs 78 crore from Bharat Coking Coal Ltd. The telecom-infrastructure provider will implement information technology based security infrastructure along with various types of services, RailTel Corp said in the exchange filing on Monday.
Kotak Mahindra Share Among Top Nifty Gainers; Hits Highest Level Since October 21
Kotak Mahindra share price rose to hit its highest level since October 21 following Citi's upgrade to a Buy rating. The brokerage also revised the stock's price target to Rs 2,070 from Rs 1,940, signaling a 15% upside.
Nifty, Sensex Open Higher Led By Gains In Kotak Bank, Infosys: Opening Bell
Benchmark equity indices of India continued to gain for a second consecutive session with share prices of Kotak Mahindra Bank and Infosys contributing the most to the gains.
At pre-open, Nifty 50 was at 23783.00, up by 0.17% or 40.10 points and Sensex was at 78651.51, 0.18% or 144.10 points higher.
Akshay Chinchalkar, head of research at Axis Securities said, "Talking technicals, yesterday's advance in the Nifty also saw the index retreat from the 23880 - 24070 zone."
"This hurdle area will continue to matter on the upside, while support lies between 23530 and 23590," he said. "We continue to think that a daily close above 24150 is needed for bulls to come back into the game, and more so now, particularly given that the daily Ichimoku chart has flipped to bearish with yesterday's drop."
Share prices of Kotak Mahindra Bank Ltd., Bajaj Finance Ltd., Reliance Industries Ltd., ICICI Bank Ltd., and Infosys Ltd. contributed the most to Nifty's gain.
While those of HDFC Bank Ltd., Tata Consultancy Services Ltd., NTPC Ltd., Wipro Ltd., and Bharti Airtel Ltd. capped the upside.
Most sectoral indices opened higher with Nifty Auto gaining the most.
Nifty, Sensex Higher At Pre-Open
At pre-open, Nifty 50 was at 23783.00, up by 0.17% or 40.10 points and Sensex was at 78651.51, 0.18% or 144.10 points higher.
Yield On The 10-Year Bond Opens Flat
-The yield on the 10-year bond opened flat at 6.79%.
-It closed at 6.78% on Wednesday.
Source: Bloomberg
Rupee Opens Weaker Against US Dollar
-Rupee weakened by 6 paise to open at 85.71 against the US Dollar.
-It closed at 85.65 on Wednesday.
Source: Bloomberg
Ambuja Cements Gets Nod For Merger With Adani Cement From NSE And BSE
Ambuja Cements Ltd. received an observation letter with ‘no adverse observations’ from BSE Ltd. and ‘no objection’ from the National Stock Exchange of India Limited on January 1 with regards to the Scheme of Amalgamation with Adani Cementation Ltd. The proposal for amalgamation between Adani Cementation and Ambuja Cements had received Board approval in June 2024.
Citi Upgrades Kotak Bank To Buy; Lowers IndusInd Bank, RBL Bank's Target
Citi has upgraded Kotak Mahindra Bank to a Buy rating, raising its price target to Rs 2,070 from Rs 1,940, signaling a 15% upside. The brokerage's preferred picks in the Indian banking sector include ICICI Bank, HDFC Bank, and Federal Bank.
For Q3, Citi estimates around 1% quarter-on-quarter (QoQ) and 7-8% year-on-year (YoY) growth in net interest income (NII), alongside a 10-12% YoY increase in pre-provision operating profit (PPOP) and profit after tax (PAT).
While credit growth is expected to slow to 2-3% QoQ, Kotak Mahindra Bank and AU Small Finance Bank are expected to outperform. However, Citi anticipates a rise in Q3 slippages and expects elevated credit costs.
The brokerage has sharply reduced its earnings estimates for IndusInd Bank (IIB) and RBL Bank (RBK), leading to lower price targets. It has downgraded IndusInd Bank’s target to Rs 1,378 (from Rs 1,630), representing a 43% upside, and lowered RBL Bank's price target to Rs 205 (from Rs 255), reflecting a 29% upside.
Stock Market Live: Goldman Sachs On FMCG, Paint Cos' Q3
Goldman Sachs has a cautious outlook for the FMCG and paints sectors in Q3, expecting weak performance across both top-line and bottom-line growth. The slowdown in FMCG volume growth is attributed to a combination of macroeconomic and microeconomic factors.
Additionally, a spike in the prices of key commodities like palm oil, coffee, and tea is expected to put pressure on the gross margins of companies such as GCPL, Tata, Britannia, HUL, and Nestlé. In the paints industry, growth is projected to remain subdued, with increased competition further impacting performance.
However, GS anticipates that companies like Marico, Pidilite, and United Spirits will likely deliver resilient performance amid these challenges.
Stock Market News: HDFC Life Gets Two GST Orders
HDFC Life has received two GST orders from the Maharashtra GST authority, demanding a total tax payment of Rs. 378 crore, which includes interest. The company disclosed this development in an exchange filing. The tax demand is related to the Goods and Services Tax (GST) and includes both the principal amount and the interest accrued on it.
Share Market Updates: Nomura Raises ITC Target Price
Nomura maintains a Buy rating on ITC, raising its target price to Rs. 575. The brokerage views the demerger of ITC Hotels as a significant catalyst to unlock value, with expectations that the listing of ITC Hotels shares will likely fall within the Rs 200-300 per share range, higher than previous estimates. However, Nomura has lowered its FY25-FY27 earnings per share (EPS) forecasts by 3%, factoring in margin compression. A key risk identified by Nomura is the potential for high tax increases on cigarettes, which could lead to a sharp decline in cigarette volumes and EBIT, posing a downside risk to the company's performance.
Share Market News: Jefferies' 2025 Outlook For India Industrials
Jefferies' 2025 outlook for India’s industrials sector highlights a focus on capex growth, with a particular emphasis on the FY26 budget. The brokerage suggests that a 10-12% capex growth in the budget is crucial to maintain confidence in the government's continued commitment to capital expenditure. In the FY25 budget, the government retained a 16% YoY capex growth from the interim budget.
However, actual spending has been disappointing, with a 15% YoY decline in central government capex during the first seven months of FY25. To achieve a 5% overall growth for FY25, a 32% YoY growth in capex from November to March 2025 is needed.
Despite these concerns, Jefferies remains constructive on the industrials sector, particularly in power and defence, where capex growth is strong. Power sector capex is expected to show the highest compound annual growth rate (CAGR) among sub-segments, with companies like Siemens, Thermax, and KEI highlighted as key players.
The brokerage’s top picks in the sector include Siemens, HAL, Thermax, and L&T, with Buy ratings maintained on all. Price targets are set at Rs 9,555 for Siemens (a +21% upside), Rs 5,500 for HAL (+30%), Rs 4,600 for L&T (+27%), and Rs 6,100 for Thermax (+28%).
Asia Market Open: ASX 200, Kospi Rise But Hang Seng Falls
While Australia's ASX 200 and South Korea's Kospi started the year on a positive note and were trading 0.4% and 0.02% higher respectively as of 7:33 a.m., Hong Kong's Hang Seng fell nearly 2%. Markets in Japan will remain closed through January 6.
GIFT Nifty Trades Near 23,800; NMDC, Mazagon Dock, Tata Motors, Maruti Suzuki In Focus
GIFT Nifty was at 23,840.00 down by 37 points or 0.15% at 07:09 a.m. Among others, share prices of NMDC Ltd., Mazagon Dock Shipbuilders Ltd., Tata Motors Ltd., Maruti Suzuki India Ltd. will remain in focus.
On Wednesday, the Indian benchmark equity indices came out of a two-day decline and closed higher on the first trading day of 2025.
The NSE Nifty 50 closed 98.10 points or 0.41% higher at 23,742.90, and the BSE Sensex ended 368.40 points or 0.47% higher at 78,507.41.
Foreign portfolio investors have been net sellers for the 12th straight session, while the domestic institutional investors have been buyers for the 11th consecutive session. The FPIs offloaded stocks worth Rs 1,782.7 crore, while the DIIs bought stocks worth approximately Rs 1,690.4 crore.
The Indian rupee weakened by four paise to close at 85.65 against the US dollar.
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