Kunal Shah, Senior Technical Analyst at LKP Securities:
The Bank Nifty bulls came back strong and smashed the bears with full force surpassing the hurdle of 43,000. The index remains in a buy mode and any dip should be an ideal opportunity to initiate long positions with immediate support at the 42,700-42,400 zone.
The momentum indicators are in the strong buying zone and the index is likely to head higher toward 44,000-45,000 zone levels.
Ajit Mishra, VP - Technical Research, Religare Broking
Markets traded volatile on the monthly expiry day and ended marginally higher amid mixed signals. After the gap-down start, the first half was dull as the Nifty index hovered in a narrow band however a sharp surge in the index majors in the latter half completely changed the tone. Consequently, it settled around the day’s high to close at 18,191 levels.
Meanwhile, the sectoral indices witnessed a mixed trend wherein the metal and banking pack posted decent gains. The broader indices underperformed the benchmark and ended marginally in the green.
Markets may attempt to extend the rebound on the last trading day of the calendar year however mixed global cues could cap the upside. Besides, the existence of a hurdle around 18,350 in Nifty is added negative. We thus reiterate our view to continue with stock-specific trading approach and maintain positions on both sides until we get clarity over the directional move in the index.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Markets shrugged off intra-day volatility as last hour buying helped key indices end in the green. Investors covered their positions on the last day of the December monthly expiry, fuelling an upsurge in metals, banking and oil & gas shares on hopes of a demand revival after China lifted Covid-related restrictions.
But sideways movement will continue going ahead as recessionary fears in the West continue to loom large in view of more likely rate hikes and tempered growth going ahead. Technically, Nifty took support near 18,000 and bounced back sharply.
A bullish candle on daily charts and higher bottom formation on intraday charts is indicating further uptrend from the current levels. For bulls, 18,000 would act as a sacrosanct support zone, and above the same it could move up till 18,280. In case of further upside the index could move up to 18,400.
On the flip side, below 18,000 traders may prefer to exit out from the trading long positions and below the same the index could slip till 17,900.
Vinod Nair, Head of Research at Geojit Financial
The domestic market trend was influenced by the movements of its global counterparts, as a negative US closing pushed Indian bourses to a poor start. However, positive signals from US futures lifted the benchmark index above the flatline.
Markets will continue to witness such sudden movements, underpinned by lingering recession and COVID fears, which will be countered by bargain hunters.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
The Nifty opened gap down & moved lower towards the level of 18000. The index witnessed base formation near the key psychological mark in the first half of the session & had a smart recovery in the second half. Consequently, the index has formed a bullish outside bar & an Engulfing bull candle on the daily chart.
On the way up, the index surpassed a falling trendline on the hourly chart & reached near the rising trendline, which was broken on the downside on Friday last week. It has also tested the 40 DEMA on the upside. Thus the Nifty has halted near a very crucial area.
If the index crosses the level of 18,200 & sustains in the higher territory then it can march towards 18,400 in the short term. On the other hand, the level of 18,000 will continue to provide cushion on the downside.
Rupee Close:
Indian rupee ended marginally higher at 82.80 per dollar on Thursday versus previous close of 82.86.
Market Close:
Benchmark indices ended higher in the volatile session amid volatility on December expiry day.
At Close, the Sensex was up 223.60 points or 0.37% at 61,133.88, and the Nifty was up 68.50 points or 0.38% at 18,191.00. About 1821 shares have advanced, 1555 shares declined, and 140 shares are unchanged.
Bharti Airtel, Eicher Motors, SBI, Tata Steel and IndusInd Bank were among the biggest Nifty gainers, however, losers included Apollo Hospitals, Tata Motors, Divis Laboratories, Titan Company and UltraTech Cement.
Among sectors, bank, metal and oil & gas indices rose 1 percent each.
The BSE midcap and smallcap indices ended on flat note.
Morgan Stanley View on Gas Companies
-Gas demand remains challenged with no material improvement
-Power, industrial & city gas shift to alternatives fuel
-Domestic gas market share grinds higher & was at 58 percent, highest in last decade
-Prefer GAIL & IGL, underweight on Petronet LNG
Autos YoY growth to persist across segments: Emkay Global Financial Services
Emkay Global Financial Services channel checks indicate a higher YoY volumes for PVs, though volumes would be lower MoM due to production constraints. Further, Tractor volumes are likely to be better on a YoY basis but decline MoM due to seasonality.
In addition, 2-Wheeler volume growth should be positive YoY, supported by marriage season demand and favorable base effect. Lastly, CVs are likely to maintain their double-digit growth momentum.
Emkay Global remains constructive on the auto sector. Their preferred picks in the OEM space include Maruti Suzuki, Eicher Motor, Escorts Ashok Leyland, and TVS Motor.
BSE Bank index added 0.7 percent led by Federal Bank, Bank of Baroda, State Bank of India
Kotak Institutional Equities keeps buy on IIFL Wealth Management
-Buy rating, target at Rs 2,100 per share
-Operating trends strong despite cautious 12-mth outlook
-IIFL one platform is gaining adoption from both new and existing clients
-Expansion & launch of mid-market proposition next growth drivers
Nifty PSU Bank index rose 0.75 percent supported by Bank of Baroda, State Bank of India, Indian Bank
Market at 3 PM
Benchmark indices erased all the intraday losses and turned positive amid volatility ahead of F&O expiry.
The Sensex was up 119.12 points or 0.20% at 61029.40, and the Nifty was up 32.80 points or 0.18% at 18155.30. About 1585 shares have advanced, 1617 shares declined, and 141 shares are unchanged.
Nifty Metal index rose nearly 1 percent led by the Jindal Stainless, APL Apollo Tubes, Ratnamani Metals & Tubes
Motilal Oswal on Ipca Labs
-Buy call, target at Rs 1,000 per share
-Progressing steadily to reclaim the growth path
-Domestic formulation is the key driver of its sales growth
-Building levers to almost double its API exports by FY27
-Exports (branded/generics) formulation sales is likely to revive from FY24
European markets slip on Thursday
The pan-European Stoxx 600 index was down 0.5 percentin early trade, with food and beverage stocks shedding 1 percentto lead losses as almost all sectors and major bourses slid into the red.
Tata Consumer Products arm to acquire additional 23.3 percent stake in Joekels Tea Packers for Rs 43.6 cr
Tata Consumer Products UK Group, has decided to purchase 23.3 percentof the share capital of Joekels Tea Packers for Rs 43.6 crore from its joint-venturepartners.
"As a result of the above acquisition, the holding of TCP Overseas in Joekels will increase from 51.7 percentto 75 percent of the equity share capital and the remaining 25 percentis held by the joint venture partners," as per the exchange filing.
Transformers & Rectifiers (India) bags order worth Rs 123 cr
With this order, the company’s order book as on date stands at Rs 1513 crore, as per the exchange filing.
MedPlus Large Trade | 2.80 lakh shares (0.23 percent equity) worth Rs 17.53 cr change hands at an average of Rs 625.75 per share
Market at 2 PM
Benchmark indices erased most of the intraday losses but still trading marginally lower.
The Sensex was down 71.34 points or 0.12% at 60838.94, and the Nifty was down 32 points or 0.18% at 18090.50. About 1471 shares have advanced, 1712 shares declined, and 134 shares are unchanged.
Puravankara board approves to raise Rs 230 crore in 2 tranches
Puravankara board approved issue of fully paid, senior, secured, unlisted, unrated, taxable, redeemable, non-convertible debentures worth Rs 230 crore in two tranches.
The Board of Directors also approved to invest in GHAR REALTY LLP, by contributingto 68.26% of the capital of the LLP as Designated Partner
Here is the list of stocks that have touched their 52-week highs during the day; click to view more
Brand Concepts enters into long-term contract of licensing with ABG
Brand Concepts has entered a long-term contract of Licensing with ABG (Authentic Brand Group) to launch travel and fashion accessories underthe iconic fashion brand Aeropostale in India.
Brand Concepts was quoting at Rs 274.70, up Rs 6.75, or 2.52 percent.
Aster DM arm signs share purchase agreement to acquire 100% stake in Adiran IB Healthcare
Ramesh Cardiac and Multispeciality Hospital Private Limited, a subsidiary of Aster DM Healthcare has signed a share purchase agreement to acquire 100% stake in Adiran IB Healthcare Private Limited on December 28, 2022.
Aster DM Healthcare Ltd was quoting at Rs 233.75, up Rs 3.30, or 1.43 percent on the BSE.
Bambino Agro Industries commences commercial production at new factory in Sonipet
Bambino Agro Industries started commercial production at new factory at Gohana in Sonipet. It has expanded operations with an additional capacity of 2,100 million tonnes per month (MT/month). The total production capacity of all units of the company has been increased from 1,400MT per month to 3,500MT per month.
BSE Midcap index shed 0.8 percent dragged by Shriram Finance, Tube Investments of India, Indian Overseas Bank
MM Forgings Large Trade | 1.91 lakh shares (0.8% equity) worth Rs 15.8 crore change hands at an average of Rs 825 per share.
MM Forgings was quoting at Rs 825.00, up Rs 4.00, or 0.49 percent.
Anup Engineering board approves merger of Anup Heavy Engineering with the company
The Board of Directors of Anup Engineering at its meeting held on December 29, 2022, on recommendation of the Audit Committee has considered and approved the Scheme of Amalgamation for the merger of Anup Heavy Engineering Limited with The Anup Engineering Limited.
The Anup Engineering was quoting at Rs 855.00, down Re 1, or 0.12 percent.
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Market at 1 PM
Benchmark indices were trading firm in the afternoon session.
The Sensex was down 313.69 points or 0.52% at 60596.59, and the Nifty was down 102.20 points or 0.56% at 18020.30.About 1349 shares have advanced, 1809 shares declined, and 124 shares are unchanged.
Here are the stocks that locked on the upper circuit or have only buyers; Click to View More
Bank of India raises stake in PSB Alliance to over 8%
Bank of India infused capital of Rs 1.13 crore in PSB Alliance as a part of strategic investment. With this, the bank raised stake in PSB Alliance to 8.33%, from 7.14% earlier.
Bank Of India was quoting at Rs 86.05, down Rs 1.05, or 1.21 percent.
BSE Fast Moving Consumer Goods index fell nearly 1 percent dragged by Hindustan Foods, Prataap Snacks, Agro Tech Foods
PhillipCap keeps 'Buy' rating on Biocon, target Rs 350
-Buy call, target at Rs 350 per share
-Successfully closed acquisition of Viatris’ Biosimilar operation
-Viatris’ acquisition makes co a vertically integrated global biosimilar player
-Risk-reward turned significantly favourable given sharp correction
Biocon was quoting at Rs 261.10, down Rs 2.55, or 0.97 percent on the BSE.
Claims against Dr Reddy's over Revlimid in US dismissed
Dr Reddy's Laboratories on Thursday said all claims against it in the antitrust litigation filed in the US, related to a prescription medicine Revlimid, used in treatment of multiple myeloma have been dismissed.
In a regulatory filing, the company said on December 22, 2022 and December 27, 2022, the plaintiffs voluntarily dismissed Dr Reddy's Laboratories Ltd and Dr Reddy's Laboratories, Inc. respectively, from the case.
"All claims against the company in the litigation have now been dismissed," Dr Reddy's said.
Dr Reddys Laboratories was quoting at Rs 4,228.45, down Rs 24.80, or 0.58 percent.
Spandana Sphoorty Financial transfers stressed loan portfolio to Asset Reconstruction Company for Rs 95 crore
Spandana Sphoorty Financial has approved the transfer of stressed loan portfolio including written off loans of Rs 323.08 crore outstanding as on September 2022 to an Asset Reconstruction Company pursuant to Swiss Challenge Method for Rs 95 crore.
Coromandel International incorporates wholly-owned subsidiary
Coromandel International has incorporated a Wholly-Owned Subsidiary Company under the name “Coromandel Technology Limited
The wholly owned subsidiary company will be involved in Designing, Development and Manufacture of Unmanned Aerial Vehicles
(UAV), and UAV Mapping services, Robotics systems, Aerospace systems, Aircraft systems, Simulation and Augmented Virtual Reality
Systems, Unmanned Ground Systems, Underwater systems, Security systems and associated training and skill development and Engineering services and to transport, logistics, surveillance, Robotic aerospace, navigation, etc
Coromandel International was quoting at Rs 892.75, down Rs 7.25, or 0.81 percent.
Market at 12 PM
Benchmark indices erased some of the intraday losses but still trading lower with Nifty around 18000.
The Sensex was down 259.72 points or 0.43% at 60650.56, and the Nifty was down 85.40 points or 0.47% at 18037.10. About 1356 shares have advanced, 1768 shares declined, and 113 shares are unchanged.
Gainers and losers on the BSE Sensex:
Kotak Institutional Equities keeps 'buy' on GMR Airports Infrastructure
-Buy rating, target at Rs 43 per share
-Group’s ADP converting stake to the listed company level soon
-Monetisation can help increase its retail quotient & take out debt
Tata Steel buys 1.15 crore shares in subsidiary on preferential basis
Tata Steel has acquired 1.15 crore equity shares of subsidiary Tata Steel Advanced Materials at an issue price of Rs 12.81 per share, with the aim to grow business of new materials business under Tata Steel Advanced Materials.
The total buying price is Rs 14.80 crore and on completion of said acquisition, Tata Steel Advanced Materials will continue to be a wholly owned subsidiary of Tata Steel.
Tata Steel was quoting at Rs 110.00, up Rs 0.05, or 0.05 percent.
BSE Power index shed 1 percent dragged by Adani Power, Adani Transmission, Siemens
Garware Technical Fibres closes share buyback issue
Garware Technical Fibres closed its share buyback issue after buying 2.4 lakh shares at a price of Rs 3,750 per share through the tender offer process.
Garware Technical Fibres was quoting at Rs 3,079.40, up Rs 0.25, or 0.01 percent.
Kotak Institutional Equities on GMR Airports
-Buy rating, Target at Rs 43 per share
-GroupADP converting stake to the listed company level soon
-Monetisationcan help increase its retail quotient & take out debt
Motilal Oswal on VRL Logistics
-Buy rating, target at Rs 730 per share
-Price hike in goods business to support margin
-Volume growth robust despite festive season demand receding
-Robust activity levels evident from sharp improvement in e-way bill generation
-Expect revenue/EBITDA/profit CAGR Of 15%/13%/20% over FY22-24
Markets at 11 AM
Sensex is down 358.62 points or 0.59 percentat 60,551. Nifty down 108 points or 0.60 percentat 18,014.50. About 1266 shares have advanced, 1769 shares declined, and 119 shares are unchanged.
