As of 3:38 p.m., the S&P 500 and Nasdaq Futures rose 0.14% and 0.21% higher, respectively. The Dow Jones Industrial Average futures rose 0.03% higher.
Market breadth was skewed in favour of sellers. Around 2,2022 stocks declined, 1,976 stocks advanced, and 94 stocks remained unchanged on BSE,
The NSE Nifty 50 and BSE Sensex continued decline after one-day rise.
Power Grid Corp of India, JSW Steel Ltd., and SBI Life Insurance Co. were the top loser.
Tata Motors Ltd., Adani Enterprises Ltd., and Bharat Petroleum Corp Ltd. were top gainers.
The NSE Nifty Midcap 150 ended 0.02% higher at 21,0180.70.
The NSE Nifty Smallcap 250 ended 0.31% higher at 17,672.45.
Biocon has received the Establishment Inspection Report with a "Voluntary Action Indicated" status from the US Food and Drug Administration for its Karnataka API facility, according to an exchange filing.
Dollar Industries will consider raising funds through a Qualified Institutions Placement on January 2, according to an exchange filing.
Newgen Software Technologies Ltd.'s arm in Saudi Arabia has received an order worth $2.27 million for one year, according to an exchange filing.
The UK's benchmark FTSE 100 was trading higher despite data showed that the British economy did not grew at in the third quarter. Preliminary estimate for the third quarter from the Office For National Statistics showed that the UK economy grew 0.1% during third quarter.
Other benchmarks in the Eurozone were trading higher tracking gains overnight gains on Wall Street which was fuelled by technology stocks. The Euro Stoxx 50 and CAC 40 were trading 0.20% and 0.39% higher, respectively.
Most stock gauges ended the Christmas eve higher on Asia-Pacific. The CSI 300 and Hang Seng indices ended 1.08% and 1.27% higher, respectively.
Bucking the trend, the Nikkei 225 ended 0.32% down at 39,036.85 as the Bank of Japan's meeting minutes showed that members were keen to raise rates if inflation and economic outlook is met.
The KOSPI ended 0.06% down at 2,440 after data showed that the South Korea's consumer confidence slipped to the lowest level in two years.
Federation appeals for enhanced technology support to kirana stores to compete with Blinkit, Swiggy and Zepto
Calls for Uber-like technology platform for kirana stores where customer orders are allocated to the first kirana store that accepts them.
Alert: FRAI is Federation of Retailers Association of India. It represents 80 lakh small and medium retailers.
Akum Drugs & Pharmaceutical Ltd. has entered into a pact to manufacture and supply multiple SKUs of oral liquid formulations in several European countries, with a composite value of the agreement estimated at around Rs 1,760 crore, according to an exchange filing.
Knowledge Marine And Engineering Works Ltd.'s board has approved the splitting of each share into two and the raising of Rs 500 crore through a share issue, according to an exchange filing.
Ganehs Consumer has filed for an initial public offer, including a fresh issue of shares up to Rs 130 crore and an offer for sale of up to 1.2 crore shares, according to Bloomberg.
Bharat Global Developers has announced the deferment of the share split and bonus until further notice, according to an exchange filing.
Bharat Petroleum Corp Ltd. has approved the commencement of pre-project activities at an estimated cost of Rs 6,100 crore for setting up a greenfield complex in Andhra Pradesh, according to an exchange filing.
HAL, BEL Top Picks Among Defence Stocks For Elara Capital’s Harshit Kapadia
Websol Energy Share Price Hits Life High As Company Orders Equipment For Falta Facility
Shares of NACDAC Infrastructure Ltd. made a stellar debut on BSE SME on Tuesday, Dec. 24, after emerging as the most subscribed SME IPO in India’s history. The stock listed at Rs 66.5 on the BSE, with a premium of 90% over the issue price of Rs 35.
Read the full article here.
The IPO has been subscribed 1.43 times as of 10:21 a.m.
Qualified institutional buyers: 1.22 times.
Non-institutional investors: 1.46 times.
Retail investors: 1.99 times.
Portion reserved for employees: 5.38 times.
Maintains ADD on MGL, REDUCE on IGL
CNG players scouting for additional gas to meet volumes amid APM allocation cut
Rs 5-7/kg price hike still required by IGL & MGL to reach pre-allocation cut margins
MGL could be targeting an EBITDA/scm of Rs 8-10
IGL expects new gas allocation, duty restructuring, price hikes to help margin recovery
Gas under GST could be material trigger for IGL
Q3-Q4FY25 expected to be weak for gas stocks in terms of margins
Gas cos could achieve their guided margins in FY26
Key recovery triggers: Broader auto-fuel taxation, volume sustenance
MTNL Share Price Snaps Three-Day Fall As Company Approves Voluntary Retirement Scheme
Market breadth was skewed in favour of buyers. Around 1,717 stocks advanced, 1,129 stocks declined, and 102 stocks remained unchanged on BSE.
At pre-open, the NSE Nifty 50 was trading 0.07% higher at 23,769.10, and the BSE Sensex was trading 0.21% higher at 78,708.93.
The yield on the 10-year bond opened flat at 6.78%. It closed at 6.77% on Monday, according to data on Bloomberg.
Rupee Slips To Record Low As Dollar Continues To Edge Higher
Maintain equal Weight; TP: 650 (-6%)
Nov spending mkt share fell to 14.9% vs 19.6% YoY and 15.8% MoM
Spending fell 20% YoY, 10% MoM vs 5% growth YoY for industry
Impact of spending due to RBI notification on corporate card spending
Market share in number of cards in force is at 18.7%, down 33bps YoY, up 15bps MoM
Aggregate daily spending up 8% YoY so far in Dec, vs 4% in November and 12% YoY in Oct
PG Electroplast Ltd. has signed a definitive agreement with Whirlpool India Ltd. for the contract manufacturing of select models of Whirlpool branded semi-automatic washing machines, according to an exchange filing.
Gold spot prices erased losses in Asian trade. It declined on Monday tracking a sharp rise in the dollar index and US treasury yields.
The spot Gold was trading 0.19% higher at $2,617.41 an ounce. It settled 0.39% down at $2,612.56 an ounce on Monday.
However, Gold futures continued to decline for a second day in a row on Tuesday. It fell 0.67% down at $2,611.10 an ounce so far today. It was trading 0.62% down at $2,612.30 an ounce.
Crude oil prices edged up in Asian trade Tuesday. US President-elect Donald Trump asked to reduce fees on the Panama canal or return it to the US control, creating new subject of tension in the global commodity supply chain.
The Panama canal accounts for 2% of global oil supply, according to Bloomberg.
The February future contract of brent crude was trading 0.59% higher at $73.06 a barrel on the intercontinental exchanges as of 8:07 a.m. It settled 0.42% down at $72.63 a barrel on Monday.
Overweight with a target price Rs 54, which implied a 16% upside.
Sagility is a niche tech ops vendor to US based healthcare payers and providers
Should enjoy structural tailwind from increased outsourcing to US healthcare
Deep domain expertise and client relationships should drive increased mining
Exposure to non-discretionary spends keeps growth stable
High structural EBIT margins
Forecast 50% earnings CAGR over FY24-27E
Key risks: high client concentration, in-sourcing from top clients, changes in regulations, potential TAM risk from AI adoption
Defence offers multiple growth levers and strong visibility for long-term execution
Robust order books and a healthy pipeline
Strategic moats driven by government preference and domain expertise
Cash-rich balance sheets with minimal working capital challenges
Margins from core defence products expected to expand driven by operational efficiencies
Initiate Buy on BharatElectronics, TP Rs 3,400 (+32% upside)
Initiate Buy on HAL, TP Rs 5,500 (+31% upside)
Initiate Buy on Data Patterns, TP Rs 3,400 (+32% upside)
Initiate Neutral on Solar Industries, TP Rs 12,000 (+22.6%)
Initiate Neutral on Bharat Dynamics, TP Rs 1,400 (+12.9%)
Key Drivers Include:
Stocks with favourable risk-reward profile:
Envisage $130 billion in defence spending in next five years
Huge localisation push to reduce dependence on disrupted global supply chains
This shall unveil a golden pipeline for private defence industry to step up
Believe 2025 to be pivotal year for India given likely orders for some larger programs
Trump administration coming into power soon, India-US defence co-operation expected to improve
Recent stock price correction across defence pack chance to make a lunge
Top Picks:
Bharat Electronics, Data Patterns
Asian Stocks In Tight Ranges After US Tech Boost: Markets Wrap
On Monday, US share indices ended higher tracking gains on technology company shares. The Dow Jones Industrial Average and S&P 500 ended 0.16% and 0.73% higher, respectively.
The Nasdaq Composite ended 0.98% higher.
Stock Market Highlights: Nifty, Sensex End Higher After Falling Nearly 5% Last Week