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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.
US: Unemployment Claims
US: Final Manufacturing PMI
US: Construction Spending month-on-month
US: Crude Oil Inventories
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 weakened by 10 paise to close at 85.75 against the US Dollar.
-It closed at 85.65 on Wednesday.
Source: Bloomberg
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
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
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.
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.
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
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.
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
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.
"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.
Nomura Sees ITC Hotels Beat Estimates To List At Rs 200–300 A Share
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.
-The yield on the 10-year bond opened flat at 6.79%.
-It closed at 6.78% on Wednesday.
Source: Bloomberg
-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 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 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.
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.
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.
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.
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 Kicks Off New Year After Ominous End To 2024: Markets Wrap
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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