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The stock market closed with strong gains on Wednesday, marking its fourth consecutive trading session of growth. Market analysts anticipate a continuation of the bullish trend, often referred to as the Santa Claus rally, supported by India's robust growth prospects, institutional investments, and a shift towards large caps. Despite an overall positive outlook, caution is advised as certain areas of the market, such as oversubscribed IPOs and inflated valuations in mid and small-cap segments, raise concerns. PSU bank, autos and metal shares were in demand. On the other hand, oil & gas, media and FMCG shares lagged.
The barometer index, the S&P BSE Sensex, was up 701.63 points or 0.98% to 72,038.43. The Nifty 50 index advanced 213.40 points or 1% to 21,654.75. In four trading sessions, the Sensex rose 2.17% while the Nifty 50 climbed 2.39%.
Tata Motors (up 2.91%), Infosys (up 1.42%) and HDFC Bank (up 1.17%) boosted the indices.
The benchmarks, Nifty 50 and Sensex hit a fresh all-time high of 21,675.75 and 72,119.85, respectively. Further, the Nifty Bank index also registered its fresh record high today at 48,347.65.
In the broader market, the S&P BSE Mid-Cap index added 0.41% and the S&P BSE Small-Cap index rose 0.20%.
The market breadth was positive. On the BSE, 1,945 shares rose and 1,859 shares fell. A total of 110 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 5.99% to 15.56.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.21% to 7.198 as compared with previous close 7.183.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3500, compared with its close of 83.1900 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement gained 0.37% to Rs 63,258.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 101.42.
The United States 10-year bond yield declined 0.30% to 3.874.
In the commodities market, Brent crude for February 2024 settlement lost 35 cents or 0.43% to $80.72 a barrel.
Global Markets:
Markets in Europe and Asia advanced on Wednesday, tracking a rally from Wall Street as investors latched on to the year-end optimism driven by expectations that the Federal Reserve could begin cutting rates as early as next March.
The summary of opinions of the Bank of Japan's December meeting showing that members of the central bank saw monetary policy remaining ultra-loose for the time being.
US stocks continued their positive momentum on Tuesday, with the Dow and broad-based S&P 500 both rising 0.4%, while the tech-rich Nasdaq Composite Index climbed 0.5%.
Stocks in spotlight:
SJVN added 1.47%. The state-run power generation firm on Tuesday announced that it has secured a 100 MW solar power project worth Rs 550 crore from Gujarat Urja Vikas Nigam (GUVNL).
Aditya Birla Capital rose 1.16%. The company made investments of Rs 850 crore in Aditya Birla Finance via share subscription and of Rs 50 crore in Aditya Birla Capital Digital.
Vishnu Prakash R Punglia jumped 3.55%. The company received the letter of award for orders worth Rs 899 crore from the Uttarakhand government for development projects.
Kansai Nerolac Paints surged 3.81%. The company will sell a land parcel in Mumbai's Lower Parel along with a building there for Rs 726 crore to Aethon Developers.
Housing & Urban Development Corporation (HUDCO) soared 8.16% after the firm executed a memorandum of understanding (MoU) with the State Government of Gujarat for an investment upto Rs 14,500 crore.
Amber Enterprises India rallied 2.86% after the company said its material wholly owned subsidiary, IL JIN Electronics will form a 50-50 JV with Nexxbase Marketing to assemble and make wearables, other smart devices.
Adani Total Gas rose 0.41%. The company said that it has signed a memorandum of understanding (MoU) with Flipkart to aid the latter?s efforts to decarbonise its supply chain.
Adani Energy Solutions (AESL) advanced 1.67% after the company has signed Share Purchase Agreement with PFC Consulting to acquire 100% stake in Halvad Transmission (HTL). Meanwhile, the company?s wholly owned subsidiary, Adani Transmission Step-Four (ATSFL) has entered into a definitive agreement with UAE-based Esyasoft Holdings (EHL) to implement smart metering projects in India and globally.
Adani Green Energy (AGEL) fell 0.04% after the company announced the completion of the 1,050 MW joint venture (JV) with TotalEnergies. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar & wind power projects in India.
New Listing:
Shares of Happy Forgings closed at Rs 1029.80 on the BSE, representing a premium of 21.15% as compared with the issue price of Rs 850.
The scrip was listed at Rs 1001.25, exhibiting a premium of 17.79% to the issue price.
The stock has hit a high of 1,087.85 and a low of 961. On the BSE, over 7.65 lakh shares of the company were traded in the counter.
Shares of RBZ Jewellers was locked in an upper circuit of 5% at Rs 104.99 on the BSE, representing a premium of 5% as compared with the issue price of Rs 100.
The scrip was listed at Rs 100 matching the issue price.
The stock hit the day's low of 95. On the BSE, over 1.27 lakh shares of the company were traded in the counter.
Shares of Credo Brands Marketing closed at Rs 312.50 on the BSE, representing a premium of 11.61% as compared with the issue price of Rs 280.
The scrip was listed at Rs 282, exhibiting a premium of 0.71% to the issue price.
The stock has hit a high of Rs 324.55 and a low of Rs 262.05. On the BSE, over 18.29 lakh shares of the company were traded in the counter.
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