Closing Bell: Sensex, Nifty end flat amid volatility; mid, smallcap outperform

Indian benchmark indices ended slightly higher in the highly volatile session on January 1 with Nifty around 21,750. At close, the Sensex was up 31.68 points or 0.04 percent at 72,271.94, and the Nifty was up 10.50 points or 0.05 percent at 21,741.90.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.

Nifty remained volatile throughout the session as traders remained indecisive. On the hourly chart, the Nifty fell below 20 EMA on intraday basis before closing on positive note. Going forward a decisive fall below 21650 might call for directional fall in the market. On the higher end, a close above 21750 might take the index towards the higher levels.

After a flat opening, the Nifty traded erratic today, reaching a new all-time high of 21834.35 before correcting from higher levels and closing the session slightly above the 21700 support level. Bank Nifty also retreated and found support near 48000 and managed to close above the mentioned support.

The market has traded Flat to positive with the Sensex gaining 0.04 percent and closed at 72271.94 and Nifty was up by 0.05 percent intraday and closed at 21741.90 levels whereas Bank Nifty closed negative, down by 0.12 percent and settled at 48234.30.

Among sectors Nifty PSU Bank, Nifty Media and Nifty IT ended in green while Nifty Auto, Nifty Consumption and Nifty Fin Services ended on the lower side. In Nifty stocks, Nestle, Adani Enterprise and Adani Ports were the top gainers while Eicher Motors, Bharti Airtel and M&M were the prime laggards.

INDIA VIX was Positive by 1.24 percent intraday and settled at 14.68.

Index has a support around 21600-21500 zone. Coming to the OI Data, on the call side, the highest OI observed at 22000 followed by 21800 strike prices while on the put side, the highest OI is at 21700 strike price. On the other hand, Bank Nifty has support at 48000-47900 while resistance is placed at 48450 and 48600 levels.

The Indian equity markets kicked off the year 2024 with a subdued performance. Despite volatile trading conditions and mild selling pressure, the domestic equity benchmarks Nifty50 and Sensex managed to close slightly higher. At the end of the trading day, the Sensex was up by 31.68 points or 0.04 percent, reaching 72,271.94, while the Nifty recorded a modest gain of 10.50 points or 0.05 percent, closing at 21,741.90.

From a technical standpoint, the Nifty is showing resilience by holding the 21,600-21,500 zone in the event of a dip during consolidation. The strategic target for the market remains at 22,200.

Overall market sentiments remain positive, buoyed by factors such as the US 10-year bond yield standing at 3.87% and the dollar index at 100.6, both of which act as tailwinds for the market.

Market exhibited strength led by optimism on rate cuts, easing global inflation, and softer bond yields. But profit booking was visible at higher levels as lingering concerns over Red Sea disruptions pose short-term risks to global supply chains and freight costs.

The spotlight of this week is also on FOMC minutes which will provide an insight for 2024 rate cut. Momentum in mid & small caps remains strong, buoyed by a positive macro-outlook however private banks experienced a reversal trend.

The markets started the new year on a tepid note but PSU Banks and IT stocks took the lead and supported the Index to recoup its losses. In the last session, FMCG and Metal counters propelled the rally; however, due to a steep profit booking fall in the last session, the Index erased its gains to end the 1st trading session of the new year at 21,741.90 with a marginal gain of 10.50 points.

Mid and Smallcaps extended their morning gains and outperformed the Frontline Index.

On the daily chart, the Index has formed a Gravestone DOJI candlestick pattern which indicates the rejection at the higher end. The possibility of a bearish divergence still persists and if the same is confirmed, then we can see a correction to 21,500; on the flip, a convincing close above 21,800 will be considered as a failure of divergence.

Indian rupee ended flat at 83.23 per dollar on Monday against Friday's close of 83.20.

: Indian benchmark indices ended slightly higher in the highly volatile session on January 1 with Nifty around 21,750.

At close, the Sensex was up 31.68 points or 0.04 percent at 72,271.94, and the Nifty was up 10.50 points or 0.05 percent at 21,741.90. About 2453 shares advanced, 1298 shares declined, and 147 shares unchanged.

Nestle India, Adani Enterprises, Adani Ports, Tech Mahindra and Wipro were among the top gainers on the Nifty, while losers included Eicher Motors, Bharti Airtel, M&M, Bajaj Auto and HDFC Bank.

On the sectoral front, healthcare and PSU Bank rose 0.5 percent each, while bank index shed 0.5 percent.

Broader indices outperformed the main indices, with BSE Midcap and Smallcap added 0.5 percent each.

-Buy call, target raised to Rs 475 per share
-Expectation of sustained improvement in hospital EBITDA margin remains intact
-Increased ARPOB CAGR assumption over FY25-30F from 4% to 5.8%
-Factoring in expectation of sustained improvement in case mix
-Factoring in expectation of improvement payor mix along with price hikes
-Newer brownfield capacity is expected to come up over next 4 and should support the ARPOB improvement

Sensex Today | BSE FMCG index up 0.5 percent led by Dhampur Sugar Mills, Kaveri Seed Company, Manorama Industries:

-Buy call, target Rs 2,800 per share, top pick for 2024
-Ambitious growth plans, execution in focus
-Optimistic about company’s long-term outlook
-Company plans to increase capacity to 110-130 mtpa at a 14-17% CAGR by 2031
-Strong balance sheet with target to maintain a net debt-to-EBITDA ratio of less than 2x

Sensex Today | Market at 3 PM

The Sensex was up 308.74 points or 0.43 percent at 72,549, and the Nifty was up 96.90 points or 0.45 percent at 21,828.30. About 2391 shares advanced, 997 shares declined, and 117 shares unchanged.

Yes Bank shares surged 7 percent on January 1 to inch closer to its 52-week high of Rs 23.05 apiece. The stock witnessed upside movement after the private lender's declaration to receive Rs 150 crore from a single trust in Security Receipts Portfolio after NPA portfolio sale. The stock may continue to trade positive in the short term amid increased investor interest.

Sensex Today | BSE Midcap index rose nearly 1 percent led by Vodafone Idea, Castrol India, LIC Housing Finance:

Sensex Today | BSE Information Technology index rose 0.5 percent supported by KSolves India, Moschip Technologies, 3i Infotech:

The Yes Bank stock surged 7 percent on January 1 to inch closer to its 52-week high of Rs 23.05 following the private lender's declaration of receiving Rs 150 crore from a single trust in security receipts portfolio after NPA portfolio sale.

Yes Bank informed the exchanges on December 31 about the receipt of funds from a single trust. "This is with reference to our earlier disclosure pertaining to the sale of NPA portfolio to JC Flowers ARC on December 17, 2022.... The Bank would like to inform that it has received Rs 150 crore from a single trust in the security receipts portfolio," the lender said. Read More

Cantabil Retail India has opened 11 new showrooms/ shops in India during December 2023. Now total number of showrooms/ shops of the company stands at 515.

SRF said fluorocarbon refrigerant gas capacity expansion project (HFC) has been commissioned on December 30 at a cost of Rs 317 crore. The board in July 2021 had approved a project for expansion of fluorocarbon refrigerant gas capacity, with backward integration into a key raw material at Dahej.

JK Tyre & Industries has successfully concluded its fund-raising plans of Rs.500 crore by way of Qualified Institutional Placement (QIP).

QIP was priced at Rs 345 per share (including a premium of Rs 343 per share with face value of Rs 2 per share).

Shares of SRF Ltd jumped nearly 1 percent in early trade on January 1 after the commissioning of a fluorocarbon refrigerant gas capacity expansion project at a cost of Rs 317 crore in Dahej, Gujarat.

SRF announced the completion of its fluorocarbon refrigerant gas capacity expansion project (HFC) on December 30. The project, approved by the board in July 2021, cost Rs 317 crore. This initiative is aimed at raising the production capacity of the refrigerant gas and integrating supply chains into the project. Read More

Kaveri Seed Company's board of directors will be meeting on January 5 to consider the proposal of buyback of equity shares of the company.

Stock Market LIVE Updates | Central Bank of India signs co-lending partnership with SMFG India Home Finance 

Central Bank of India has signed co-lending partnership with SMFG India Home Finance Company (formerly Fullerton India Home Finance Company) for MSME loans.

SJVN's subsidiary SJVN Green Energy has commissioned 75 MW Gurhah solar power project in Jalaun, Uttar Pradesh. It had bagged this 75 MW solar power project at a tariff of Rs. 2.98 per unit. Power purchase agreement for the same has been signed with Uttar Pradesh Power Corporation (UPPCL) for 25 years.

Southern Online Bio Technologies reappointed Devaiah Pagidipati as Chairman and Managing Director, subject to the approval of the shareholders, for three years effective January 1, 2024.

Fineotex Chemical's subsidiary FSPL Specialities has acquired additional factory land of 7 acres at Ambernath, Maharashtra for total investment of Rs 35 crore funded by company’s internal accruals. This plant will primarily cater to meet the customer growing demands in the existing speciality performance chemical product line catering to textile, home care, cleaning, hygiene and drilling speciality chemicals.

Sensex Today | Market at 12 PM

The Sensex was down 71.04 points or 0.10 percent at 72,169.22, and the Nifty was down 1.30 points or 0.01 percent at 21,730.10. About 2351 shares advanced, 958 shares declined, and 122 shares unchanged.

Nippon Life India Trustee picked 2 lakh equity shares, equivalent to 0.2% of paid-up equity, in PVR INOX via open market transactions during July 25-December 27, 2023. With this, Nippon Life's shareholding in the company increased to 7.54%, up from 7.33% earlier.

Alkem Laboratories: The pharma company has closed its operations at St. Louis manufacturing facility in USA owned by its step-down subsidiary S&B Pharma LLC. Accordingly, all rights, title and interest in the said land, improvements and personal property with respect to the said facility are sold for $7.96 million to New Mill Capital Holdings LLC.

Sensex Today | Nifty PSU Bank index up 1 percent led by J&K Bank, Bank of Baroda, Punjab & Sind Bank:

Upon conclusion of Swiss Challenge Method, the Bandhan Bank has transferred housing finance NPA portfolio, having DPD (days past due) of more than 180 days, with an outstanding of Rs 719.69 crore (as on December 28, 2023) to an ARC, for Rs 289.60 crore on outright cash basis.

Sensex Today | Market at 11 AM

The Sensex was down 46.40 points or 0.06 percent at 72,193.86, and the Nifty was up 6.10 points or 0.03 percent at 21,737.50. About 2302 shares advanced, 938 shares declined, and 140 shares unchanged.

Stock Market LIVE Updates

Steel Strip Wheels achieved net turnover of Rs 332.15 crores in December 2023 versus Rs 334.41 crores in December 2022 recording a marginal dip of 0.68 % YOY and achieved Gross turnover of Rs 403.69 crores in December 2023 versus Rs 413.76 crores is December 2022, there by recording a dip of 2.43% YOY

Company' December total sales volume up 8% YoY.

Stock Market LIVE Updates | Jefferies View On Cement Sector:

-Cement Px decline in all regions in Dec-23 in range of 1-2% 
-Q3FY24 growth pegged at 3% QoQ which is in-line with initial expectations 
-For Q3, highest growth in South, & flat to 3% in other regions 
-Demand trend mixed in December after sub-10% YoY growth seen in combined Oct-Nov-23 
-Many dealers expect Px to improve from 3rd week of January 
-Easing energy costs is positive for sector

Shares of BHEL gained nearly 5 percent in early trades on reports that the engineering and manufacturing enterprise had emerged as the lowest bidder for NLC's Odisha project, outbidding L&T.

According to multiple market reports on January 1, BHEL ( Bharat Heavy Electricals Limited) has won a Rs 19,422-crore job from NLC for a Talabira project. While Moneycontol could not independently verify the details, multiple reports say that BHEL was the lowest bidder for the Rs 19,422-crore project, beating out L&T.

The reports add that under this turnkey contract, BHEL will build three ultra supercritical units of 800 MW each for NLC India at Talabira, Odisha. Additional chatter suggests that L&T had not bid for the contract and that the order is unlikely in FY2024 and no work is expected in FY2025 as the project doesn't have land assigned yet. Read More

Vedanta has received 2 orders worth Rs 48.82 crore along with applicable interest and penalty of 10% of the GST demand, from Additional Commissioner, GST & Central Excise Commissionerate, confirming demand of GST input tax credit availed during FY 2017-18 and FY 2018-19 on account of interpretational issues in terms of relevant provisions of the Central Goods and Services Tax Act.

Sensex Today | BSE Oil & Gas index up 1 percent supported by Gail India, Petronet LNG, IOC:

Godrej Properties has acquired 4 acres of land parcel, having a developable potential of approximately 0.7 million square feet saleable area, in Yeshwantpur, Bengaluru. The land acquired through an outright purchase for the development of premium residential apartments.

Shares of Bondada Engineering rallied 4 percent in early trade on January 1 on the company's plans to pick up 60 percent in Atpole Technologies for Rs 2.19 crore.

The company's board at its meeting held on December 29, approved to acquire a substantial stake of 60 percent (30,000 equity share of Rs 10 each) in the paid up equity share capital of Atpole the Technologies Private Limited (ATPOLE).

Consequent to the acquisition, ATPOLE will become subsidiary company of the company. ATPOLE is a leading manufacturer of advanced torque motors and controllers for EV two and three wheelers, drones, defence and industrial application motors, which will help the company in its foray into the renewable energy space. Read More

PTC Industries' board of directors has approved the promotion and re-designation of James Michael Collins as Chief Technical Officer.

James Michael Collins will be a senior management personnel.

Further, the Board of Directors of the company will be meeting on January 3 to consider the fund raising, in one or more tranches.

Pertaining to sale of NPA portfolio to JC Flowers ARC on December 17, 2022, Yes Bank has received Rs 150 crore from a single trust in the security receipts portfolio.

The Sensex was down 52.42 points or 0.07 percent at 72,187.84, and the Nifty was down 1 point at 21,730.40. About 2268 shares advanced, 838 shares declined, and 138 shares unchanged.

-Initiate buy, target Rs 920 per share
-Has developed strong competitive advantages
-Generates EBITDA margin/ ROCE of >25%/30%
-Expect company to benefit from industry growth of 10%+ P.A, from formalisation of sector
-Unorganised market share is still at 35%
-Expect company to register 18.7% revenue CAGR Over FY23-26e
-Crude oil Price Correction Offers Margin Tailwinds
-Execution miss, if any, is key risk

Sensex Today | BSE Auto index up 0.3 percent led by Samvardhana Motherson International, Ashok Leyland, Tata Motors:

Sameera Agro and Infra will list its equity shares on the NSE Emerge on January 1. The issue price is Rs 180 per share. Its equity shares will be available for trading in trade-for-trade segment.

Shares of RPP Infra Projects Ltd rallied 5 percent in early trade on January 1, post winning new orders worth Rs 183.59 crore.

The firm landed three new construction orders for integrated storm-water drain projects in Greater Chennai Corporation's expanded areas. The company accepted a letter of acceptance for Package 4, valued at Rs 70.50 crore, Package 5 at Rs 53.17 crore, and Package 8 at Rs 59.92 crore. Read More

A2Z Infra Engineering has received GST demand order of Rs 35.63 crore including penalties, interest on delayed payment and late fees, from Goods and Services Tax Department. Further, interest on wrongly and excess availed ITC (input tax credit) to be calculated at appropriate rate under the CGST Act.

Bondada Engineering has received board approval for acquisition of 60% stake in Atpole Technologies, the leading manufacturer of advanced torque motors and controllers for EV 2&3 wheelers, drones, defence and industrial application motors, for Rs 2.19 crore. Post this transaction, Atpole will become subsidiary company of Bondada Engineering.

The Deputy Commissioner of State Tax, Mumbai has raised Central Goods and Service Tax demand for Rs 91,60,63,334 including tax liability amounting to Rs 34,43,84,712 pertaining to July 2017 to March 2018.

Indostar Capital Finance sold a portion of its SME loan portfolio to Encore Asset Reconstruction Company. The sale consists of several stressed accounts, aggregating to principal outstanding of Rs 292 crore.

Nazara Technologies' subsidiary Nodwin Gaming International Pte Ltd (Nodwin Singapore) has signed agreements for subscribing to a Convertible Note of Freaks 4U Gaming GmbH, for Rs 33.26 crore to be paid in cash. Freaks 4U Gaming GmbH domiciled in Germany, is a marketing services company for gaming and
esports, delivering its services across the world.