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Overseas investors turned net buyers of Indian equities on Tuesday.
Foreign portfolio investors bought stocks worth Rs 1,602.2 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net sellers and sold equities worth Rs 1,959 crore, the NSE data showed.
India received the highest-ever foreign portfolio inflows in 2023 and surpassed emerging market peers amid global volatility and valuation concerns.
The market breadth was split between buyers and sellers. About 1,991 stocks advanced, 1812 declined, and 126 remained unchanged on the BSE.
Scrips of Adani Ports and Special Economic Zone Ltd rose as much as 3.34% to Rs 1,082.90 apiece, the highest level since Dec 20, 2023. It was trading 3.16% higher at Rs 1,080.95 apiece, as of 2:55 p.m. This compares to a 0.35% decline in the NSE Nifty 50 Index.
It has risen 5.32% on a year-to-date basis. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 70.15, which implied the stock is overbought.
Out of 21 analysts tracking the company, 19 maintain a 'buy' rating, two recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 8.1%.
13.2 lakh shares changed hands in a large trade
0.02% equity changed hands at Rs 394.6 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Income Tax demand cut to Rs 141 crore from Rs 300 crore
Alert: Co had received I-T demand worth `300 cr in Oct 2023 for AY 2019-2020
Source: Exchange Filing
Vietnam bank renews partnership with Intellect Global Consumer Banking (iGCB) for banking transformation
Bank to use iGCB’s eMACH.ai-based core banking platform IDC to modernise banking ops
Alert: iGCB is the consumer banking platform of co
Source: Exchange Filing
Handled 311 MMT cargo in Dec, up 23% YoY
10 ports delivered highest-ever cargo volumes
Targets over 400 MMT of cargo volumes in FY24
Mundra Port alone managed ~5.5 MTEUs in initial nine months
Logistics rail volumes grew 22% & GPWIS volumes grew 47% YoY, on YTD basis
Source: Exchange Filing
OTP Bank renews partnership with Intellect Global Consumer Banking (iGCB) for banking transformation
OTP bank to use iGCB’s eMACH.ai-based core banking platform IDC
Alert: OTP Bank is one of the leading banking groups in Central and Eastern Europe
Source: Exchange Filing
GST Order from Tamil Nadu GST Authority includes penalty and interest.
Source: Exchange Filing
The market breadth was skewed in favour of the sellers. Around 2,127 stocks fell, 1,526 stocks rose, and 125 remained unchanged on BSE.
10.5 lakh shares changed hands in a large trade
0.4% equity changed hands at Rs 809.6 apiece
Buyers and sellers not known immediately
Source: Bloomberg
- To invest up to Rs 2.66 cr in AMP-6 for acquisition of ~6.07% stake
- To invest up to Rs 3.99 cr in AMP-8 for acquisition of ~9.93% stake in
Alert: AMP-6, AMP-8 are special purpose entities formed for setting up captive solar power projects in Karnataka
Source: Exchange Filing
Macrotech developers down 4.1% at Rs 1008
NLC India down 3.76% at Rs. 240.3
Teamlease services down 3.75% at Rs. 3129.2
Ultratech cement down by 3.19% at Rs.10132.1
360 one wam down by 3.29% at Rs. 679.35
Increases Lump Ore prices to Rs 5,600/ton from Rs 5,400/ton
Increases fines prices to Rs 4,910/ton from Rs 4,660/ton
Prices are effective from today, i.e. Jan 2, 2024
Source: Exchange Filing
Eicher, Maruti, M&M, Escorts disappoint
Dec prints soft, reflecting low seasonality
PV Dispatches moderate, tractors disappoint due to delay in harvest season
2Ws in recovery mode, exports lag
No longer a major risk-reward divergence, valuation gaps have narrowed
Sector EPS growth expected to decelerate in 2024, 2025
Credit growth likely to remain strong; superior execution on liability to be key
Revival in EM flows to benefit big cap bank stocks
Recommends buying HDFC, ICICI, IndusInd, Bandhan Bank, Union Bank of India
Eicher, Maruti, M&M, Escorts disappoint
Dec prints soft, reflecting low seasonality
PV Dispatches moderate, tractors disappoint due to delay in harvest season
2Ws in recovery mode, exports lag
PDS Ltd at 27.23 times its 30 day average
Alembic Pharmaceuticals at 11.9 times its 30 day average
Allcargo Logistics at 6.9 times its 30 day average
Sun Pharma Advanced Research at 5.39 times its 30 day average
Lemon Tree Hotels at 4.81 times its 30 day average
PTC Industries at 3.22 times its 30 day average
Gets multiple orders worth Rs 184 crore for construction of storm water drain work
Source: Exchange Filing
11.6 lakh shares changed hands in a large trade
0.1% equity changed hands at Rs 284.45 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Quality unit failed to investigate deviations and investigations thoroughly
Responsibilities and procedures applicable to quality unit were not written and fully followed for formulation manufacturing
Equipments and utensils were not cleaned and maintained at appropriate intervals
Accuracy, sensitivity, specificity and reproducibility of test methods not established
Alert: NDTV Profit accesses USFDA letter to Torrent Pharma
Source: USFDA
Broader indices outperformed the benchmarks with BSE MidCap gaining 0.12% and BSE SmallCap gaining 0.34%. Ten out of the 20 sectors compiled by the BSE advanced and ten declined.
The market breadth was skewed in the favour of buyers. As many as 2,030 stocks advanced, 965 declined and 119 remained unchanged on the BSE.
At pre-open, the S&P BSE Sensex Index was at 72,332.85, up points 60.91 or 0.08% while the NSE Nifty 50 was at 21,757.50, up by 15.60 points or 0.07%.
The yield on the 10-year bond opened flat at 7.21% on Tuesday.
Source: Bloomberg
The local currency weakened 3 paise to open at 83.27 against the U.S dollar on Tuesday.
It closed at 83.24 on Monday.
Source: Bloomberg
Increase underweight on consumer, raise banks to overweight
Remain positive on domestic economy/capex like domestic cyclicals viz. banks, power, telecom, industrial, property
Underweight on IT, consumer, energy
Key picks: large banks (Axis Bank, ICICI Bank), Developers (Lodha, GPL)
Key picks: Power (Coal India, JSW Energy), 2-Wheelers (TVS, Eicher)
Key picks: Telecom (Bharti), Cap Goods (Adani Ports, Kajaria)
Resurgence of capex upcycle implies robust 6-7% GDP growth over 5-7 years
Potential slowdown in govt. capex in upcoming budget not a worry
Foreign investor positioning on India is light
CY24 should see greater FPI inflows which should help banking stocks
Ebitda margin to improve over next 3-4 years on new launches, cost control/operating leverage
US pipeline could help drive growth on current base
Better growth in India on field-force expansion, chronic segment presence
Raise EPS estimates for FY24/25/26 by 8%/2%/14%
Dec’24 NIFTY target is 22.5k (19x 1yr forward PE)
Citi/Consensus Nifty EPS growth estimates stand at 17%/20% for FY24, 14%/15% for FY25
Citi India Sentiment Indicator is in Sell Zone (+1.1)
See equity risk premiums for Indian equities are near record lows
Prefer large caps over mid caps in 2024, as risk-reward is better in large caps
Strong domestic inflows into SMIDs could continue to drive mid-cap performance
Positive on ACC, Endurance, MGL in the midcap space
Overweight on PSU Utilities/Defence, Industrials and Banks/Insurance
Underweight on Discretionary, IT and Metals
Five Contrarian Picks for 2024: HDFC Bank, Cipla, Devyani, Indus Towers and Endurance
Asian Stocks Lack New Year Cheer In Thin Trading: Markets Wrap
Gensol Engineering To Raise Rs 300 Crore Via QIP
LIC Gets Rs 806.3 Crore GST Demand Notice From Maharashtra Tax Authorities
Hindustan Unilever Gets GST Demand For Nearly Rs 450 Crore
Comprehensive Budget 2026 coverage, LIVE TV analysis, Stock Market and Industry reactions, Income Tax changes and Latest News on NDTV Profit.
