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Closing Bell: Sensex gains 491 pts, Nifty above 21,650; realty outperform
Benchmark indices ended higher on January 4 with Nifty above 21,650. At close, the Sensex was up 490.97 points or 0.69 percent at 71,847.57, and the Nifty was up 141.30 points or 0.66 percent at 21,658.60.
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.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened gap up and traded with a positive bias throughout the day. It closed in the green after correcting for the previous couple of trading sessions. The fall in Nifty has halted around 21500 levels where multiple support parameters in the form of the 38.2% fibonacci retracement level and the lower end of the rising channel is placed.
We expect Nifty to hold on to this support and resume next leg of upmove. The hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, we shall expect the positive momentum to continue over the next few trading sessions.
Bank Nifty has held on to the support of the 20-day moving average (47920) and started the next leg of upmove. Until, 48000 is not breached on the downside we can expect the rally to continue. On the upside we expect 49500 from short term perspective.
Mandar Bhojane, Equity Research Analyst at Choice Broking:
On January 4, benchmark indices concluded the trading session on a positive note, with the Nifty surpassing 21,650. At the close, the Sensex recorded a gain of 490.97 points or 0.69 percent, reaching 71,847.57, while the Nifty rose by 141.30 points or 0.66 percent, settling at 21,658.60. The daily chart for Nifty revealed the formation of an inside bar candle. If Nifty breaches the 21,700 level, it is anticipated to reach new all-time highs, with potential targets at 21,800 and 22,000 in the forthcoming days.
In terms of sectoral performance, the Realty index demonstrated a notable surge of 6.6 percent, followed by a 2 percent rise in the Power index. Additionally, the Bank, Capital Goods, Healthcare, and Oil & Gas sectors observed gains ranging from 0.5 to 1 percent.
An analysis of the daily chart for Banknifty highlighted the formation of a morning star candlestick pattern accompanied by substantial volume, indicative of a robust bullish momentum in banking stocks. Positional traders are recommended to uphold their positions, setting a stop loss at 47,500, with target levels identified at 48,700 and 49,000 in the short run.
Upon reviewing the Open Interest (OI) data, the call side displayed the highest OI at the 49,000 level, closely followed by the 49,500 strike prices. Conversely, on the put side, the highest OI was observed at the 48,000 strike price.
Shrey Jain, Founder and CEO SAS Online:
After opening higher, Indian benchmark equity indices continued their upward trajectory, rebounding from two consecutive days of decline. The current market sentiment is uplifted by the anticipation that the Federal Reserve is expected to implement rate cuts as early as March this year.
The Sensex closed with a gain of 490.97 points, or 0.69 percent, at 71,847.57, while the Nifty registered an increase of 141.30 points, or 0.66 percent, concluding at 21,658.60. The BSE Midcap and Smallcap indices recorded gains of 1.5 percent and 1 percent, respectively. The Power index also showed a rise of 2 percent. Notably, the leading performer was the Realty index, surging by up to 6 percent today.
The Bank Nifty saw a strong recovery, firmly crossing the 48,000 level on closing. It has a solid support at 47,700, providing a protective cushion in case of any pullback.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty's swift recovery following two bearish days indicates continued dominance by the bulls in the market. The present sentiment suggests a promising trajectory towards 21800-21850 for the Nifty. If it surpasses 21850, we might anticipate a further climb toward 22000. Notably, the index appears to have a short-term support level around 21500. A downward shift would likely initiate only if it falls below this mark; until then, it seems favorable for buyers to take advantage of market dips.
Vinod Nair, Head of Research, Geojit Financial Services:
Market bounced back after the last two negative trading days led by strong monthly business updates of leading banks, emphasizing robust credit growth. The Realty sector was the highest gainer in anticipation of robust demand in the residential category, which was supported by healthy housing loans disbursement data announced by banks. The Asian market engaged in profit-booking as Fed minutes indicated that rates will be put on-hold in the near-term.
Prashanth Tapse, Senior VP (Research), Mehta Equities:
The US FOMC minutes of the meeting indicating two-three policy rate cuts in 2024 cheered local investors as markets rebounded from its 2-day fall led by a massive rally in real estate stocks. China, currently undergoing a slowdown phase, has turned out to be a major succour for Indian markets, which continue to attract robust foreign fund flows and domestic inflows.
With economic activity remaining buoyant, expectations of a healthy corporate earnings announcement could keep the mood upbeat going ahead.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets rebounded swiftly and gained over half a percent, taking a breather after two days of decline. Nifty opened with an uptick despite the weak global cues and inched gradually higher as the day progressed. Meanwhile, a mixed trend continued on the sectoral front wherein a move in the realty pack was the highlight of the day while auto and metal ended unchanged. The broader indices also posted strong gains in the range of 1%-1.7%.
Feeble global cues combined with mixed trends across heavyweights are pointing towards further consolidation in the index. Traders should continue with stock-specific trading approach, with a focus on overnight risk management.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities:
The Bank Nifty witnessed a robust comeback by the bulls, decisively surpassing the hurdle at 48,000 on a closing basis. This breakthrough confirms the resumption of the uptrend, indicating a potential move towards the target of 50,000. The bullish crossover in the RSI further supports the positive momentum. In case of any pullback, the index has a solid support at 47,700, serving as a cushion for the bulls.
Rupee Close:
Indian rupee ended marginally higher at 83.23 per dollar versus previous close of 83.28.
Market Close: Benchmark indices ended higher on January 4 with Nifty above 21,650
At close, the Sensex was up 490.97 points or 0.69 percent at 71,847.57, and the Nifty was up 141.30 points or 0.66 percent at 21,658.60. About 2267 shares advanced, 1034 shares declined, and 79 shares unchanged.
Bajaj Finance, NTPC, ONGC, Tata Consumer and IndusInd Bank are among the top gainers on the Nifty, while losers included BPCL, LTIMindtree, Dr Reddy's Laboratories, HCL Technologies and Hero MotoCorp.
On the sectoral front, Realty index up 6.6 percent, power index up 2 percent, bank, capital goods, healthcare and oil & gas up 0.5-1 percent.
BSE Midcap and smallcap indices up 1 percent each.
DCM Shriram signs MoU with Gujarat Government to invest Rs 12,000 crore by 2028
Defence Ministry signs contract worth Rs 473 crore with Jupiter Wagons and contract worth Rs 329 crore with BEML.
Stock Market LIVE Updates | Morgan Stanley View On Indian Hotels Company:
-Overweight call, target raised to Rs 490 per share from Rs 450 per share
-See continued double-digit growth in industry in Q3 average room rates
-See standalone ORS reaching one of highest levels
Sensex Today | BSE Healthcare index up 0.6 percent supported by Max Healthcare, Panacea Biotec, Gujarat Themis Biosyn
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Guj Themis | 290.25 | 6.1 | 830.54k |
| Max Healthcare | 724.05 | 4.82 | 21.90k |
| Panacea Biotec | 196.65 | 4.41 | 76.61k |
| Strides Pharma | 717.90 | 4.37 | 80.27k |
| Sigachi Ind | 62.79 | 4.27 | 1.08m |
| Ajanta Pharma | 2,323.05 | 4.22 | 3.34k |
| Global Health | 991.45 | 3.45 | 7.27k |
| Krsnaa Diagnost | 724.40 | 2.66 | 8.31k |
| AARTIPHARM | 508.35 | 2.57 | 17.18k |
| Aurobindo Pharm | 1,116.40 | 2.24 | 60.84k |
Sensex Today | Oil extends gains on Middle East supply worries
Oil rose more than 1% on Thursday, adding to gains in the previous session on concerns over Middle Eastern supply following disruptions at an oilfield in Libya and heightened tensions regarding the Israel-Hamas war.
On Wednesday, local protests forced a production shutdown at Libya's Sharara oilfield, which can produce up to 300,000 barrels per day. The field, one of Libya's largest, has been a frequent target for local and broader political protests.
Brent crude rose 92 cents, or 1.2%, to $79.17 a barrel, while U.S. West Texas Intermediate crude futures rallied 93 cents, or 1.3%, to $73.63.
Stock Market LIVE Updates | Morgan Stanley View On IndusInd Bank:
-Overweight call, target Rs 1,850 per share
-Sequential loan growth moderated (3.6 percent versus 4.7 percent QoQ)
-On a YoY basis, loan growth remains strong at 20 percent versus 21 percent (QoQ)
-Retail deposits growth improved to 5.2 percent versus 4.3 percent QoQ (approx 20 percent YoY)
| Company | 52-Week High | Day’s High | CMP |
|---|---|---|---|
| NTPC | 321.70 | 321.70 | 317.05 |
| IndusInd Bank | 1654.95 | 1654.95 | 1,650.05 |
| Power Grid Corp | 243.10 | 243.10 | 241.60 |
| Sun Pharma | 1328.25 | 1328.25 | 1,311.85 |
JUST IN | UK December Final Services PMI at 53.4
Sensex Today | Welspun Corp bags orders in India & US
Welspun Corp received new Line Pipes orders in India and USA, and with this cumulative orders received crossed ~150 KMT valued at ~ Rs 1,500 crore. The new orders also include a Gas Pipe Line order in the USA. These orders will be executed in FY24 and FY25.
Sensex Today | Market at 3 PM
The Sensex was up 479.35 points or 0.67 percent at 71,835.95, and the Nifty was up 139.20 points or 0.65 percent at 21,656.50. About 2268 shares advanced, 1017 shares declined, and 87 shares unchanged.
GMR Airports Infrastructure Large Trade | 2.9 crore shares (0.5 percent equity) worth Rs 243.5 crore change hands at Rs 84 per share via block, reported CNBC-TV18.
Reliance & Disney start anti-trust diligence on India Media business merger, Sources to Reuters.
| Company | Price at 14:00 | Price at 14:56 | Chg(%) Hourly Vol |
|---|---|---|---|
| Pentagon Rubber | 122.50 | 117.05 | -5.45 0 |
| Industrial Inv | 206.35 | 199.10 | -7.25 19.71k |
| Euro India Fres | 151.85 | 147.10 | -4.75 2.74k |
| AARTIPP | 428.00 | 415.00 | -13.00 26 |
| Anlon Technolog | 246.80 | 240.00 | -6.80 850 |
| Gland | 2,026.10 | 1,973.35 | -52.75 9.33k |
| Bombay Burmah | 1,642.95 | 1,601.60 | -41.35 341.17k |
| Hind Rectifiers | 546.85 | 533.35 | -13.50 1.60k |
| Hi-Green Carbon | 182.00 | 177.70 | -4.30 - |
| Vaibhav Global | 430.00 | 419.85 | -10.15 59.47k |
| Company | Price at 14:00 | Price at 14:56 | Chg(%) Hourly Vol |
|---|---|---|---|
| SMS Lifescience | 585.90 | 676.20 | 90.30 1.51k |
| Drone | 150.00 | 164.85 | 14.85 12.51k |
| Oswal ChemandFe | 31.75 | 34.25 | 2.50 480.57k |
| Century | 1,302.40 | 1,400.95 | 98.55 97.54k |
| ROX Hi-Tech | 172.10 | 183.95 | 11.85 80.73k |
| Marinetrans Ind | 35.05 | 37.00 | 1.95 23.16k |
| Digispice Tech | 29.90 | 31.45 | 1.55 15.68k |
| Arihant Academy | 171.00 | 179.85 | 8.85 1.13k |
| Krishival Foods | 272.00 | 284.50 | 12.50 900 |
| Kontor Space | 75.05 | 78.20 | 3.15 - |
Morgan Stanley View On Telecom Sector
-TRAI’s October data shows overall subscriber additions saw a moderate increase MoM
-Active subscribers declined on MoM basis in October
-Wireless data subscriber additions of 2.78 m (versus average of 5.95 m in past 6 months)
-Wireline data subscriber additions slightly improved to 0.48 million versus 0.46 million in September’23
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| MTNL | 35.53 | 7.86 | 2522323 |
| Vodafone Idea | 16.37 | 3.02 | 64261646 |
| TataTeleservice | 91.9 | 1.3 | 1187407 |
| Bharti Airtel | 1035.5 | 0.04 | 29262 |
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Bharti Airtel | 1035.45 | 0.03 | 29481 |
Stock Market LIVE Updates | Buy NMDC; target of Rs 245: Sharekhan
Sharekhan is bullish on NMDC and has recommended buy rating on the stock with a target price of Rs 245 in its research report dated January 03, 2024. Valuation of 5.2x its FY26E EV/EBITDA is reasonable given strong earnings growth outlook and healthy dividend yield of 4-5%. High cash of Rs. 14,000 crore or 22% of current market capitalisation provide comfort.
Stock Market LIVE Updates | Nifty realty surges to all-time high; Macrotech Developers, Sobha, DLF shares rise up to 20%
Shares of several real estate companies were on a roll on January 4 with the Nifty Realty index surging more than 6 percent to a fresh all-time high of 836.45. The gains were led by Sobha which zoomed 20 percent to a new record high after Motilal Oswal Financial Services said the stock is one of its top picks for the year 2024.
The brokerage has a buy call on the stock with a target price of Rs 1,400 as it believes Sobha will provide further growth visibility as it unlocks its vast land reserves and explores opportunities beyond its existing land bank. Project launches on its large land parcels in Bengaluru and Tamil Nadu will drive re-rating for Sobha's existing land valuation, it said.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY AUTO | 18320.05 0.01 | -1.60 -0.48 | 3.58 46.42 |
| NIFTY IT | 34387.25 -0.02 | -3.18 -3.65 | 5.27 19.91 |
| NIFTY PHARMA | 17457.75 0.45 | 3.72 3.54 | 7.58 38.30 |
| NIFTY FMCG | 57820.65 1.06 | 1.46 2.33 | 6.61 32.24 |
| NIFTY PSU BANK | 5846.15 0.78 | 2.32 1.66 | 9.63 35.95 |
| NIFTY METAL | 7897.55 0.24 | -1.01 -0.36 | 9.65 17.77 |
| NIFTY REALTY | 837.65 6.3 | 6.97 7.75 | 13.54 95.85 |
| NIFTY ENERGY | 34268.40 1.41 | 2.39 1.62 | 12.98 33.83 |
| NIFTY INFRA | 7370.05 1.13 | 0.91 0.78 | 8.02 40.88 |
| NIFTY MEDIA | 2463.15 0.35 | 3.14 3.51 | 5.38 24.96 |
CPSE ETF at all-time high:
Morgan Stanley:
-In internet space, Zomato is top pick, target raised to Rs 150 per share from Rs 140 per share
-Delhivery – Equal-Weight call, target Rs 455 per share
-After a strong 2023, see merit in being more selective in 2024
-Believe earnings momentum holding up well should support multiples for the internet group
-Have become more selective on IT
-See limited telecoms upside
Stock Market LIVE Updates | Vedanta Resources gets bondholders’ consent to restructure 4 Series of bonds
More than 97 percent of bondholders of Vedanta Resources (VRL) approved the restructuring of $3.2 billion worth of bonds due to mature in the next three years. With this, the mining conglomerate has secured the required approval from at least two-thirds of the bondholders to proceed with the restructuring plan. Meanwhile, the alumina production at Lanjigarh refinery grew by 6% YoY and 1% QoQ to 4,70,000 tonnes in Q3FY24, while saleable ore production from Karnataka increased 13% QoQ driven by improved operational efficiency (but down 3% YoY), and pig iron production grew 1% YoY and down 7% QoQ, on account of capital shutdown of one smaller furnace.
European markets were trading higher following two downbeat sessions amid uncertainty over the trajectory for central bank rate cuts.
Stock Market LIVE Updates | HSBC View On Adani Ports
-Buy call, target raised to Rs 1,250 from Rs 920 per share
-SC rejects pleas for further investigation into Adani group on short seller allegations
-Verdict should cement investor confidence
-Verdict should renew company’s expansion & shift focus to its solid operations performance
-Think company may be more open to inorganic opportunities & gearing its balace sheet
-Expect a 17 percent CAGR in company’s EBITDA in FY23-26e
-Expect ROIC to rise from 13 percent in FY23 to 17 percent in FY26
Stock Market LIVE Updates | Nakul Anand steps down as Chairman & Non-Executive Director of Gujarat Hotels
Nakul Anand, consequent to his retirement from ITC, has stepped down from the position of Chairman and Non-Executive Director of Gujarat Hotels with effect from January 2.
| Company | Price at 13:00 | Price at 13:57 | Chg(%) Hourly Vol |
|---|---|---|---|
| Helpage Fin | 21.95 | 20.80 | -1.15 15 |
| Cargosol Log | 39.79 | 37.86 | -1.93 4.00k |
| Ashika Credit | 58.87 | 56.10 | -2.77 1 |
| Bangalore Fort | 23.60 | 22.49 | -1.11 2.67k |
| Kapil Raj Finan | 24.00 | 23.00 | -1.00 2.04k |
| Dr Agarwals Eye | 3,228.95 | 3,115.60 | -113.35 650 |
| Vintage Coffee | 47.90 | 46.50 | -1.40 4.45k |
| Cargotrans Mari | 72.03 | 70.00 | -2.03 1.26k |
| Atishay | 45.50 | 44.26 | -1.24 2.93k |
| Bhilwara Spin | 81.50 | 79.30 | -2.20 758 |
| Company | Price at 13:00 | Price at 13:57 | Chg(%) Hourly Vol |
|---|---|---|---|
| CBPL | 105.50 | 133.50 | 28.00 0 |
| Vivid Global | 21.85 | 24.50 | 2.65 1.21k |
| Bombay Oxygen | 13,500.00 | 14,906.00 | 1,406.00 0 |
| Krypton | 36.00 | 39.49 | 3.49 7.64k |
| Longview Tea | 26.54 | 28.90 | 2.36 896 |
| CHL | 41.01 | 44.49 | 3.48 139 |
| Fundviser | 61.95 | 66.98 | 5.03 192 |
| Alan Scott Ind. | 81.70 | 87.50 | 5.80 0 |
| Guj Terce Labs | 27.76 | 29.72 | 1.96 85 |
| CHALLANI | 19.32 | 20.58 | 1.26 0 |
Stock Market LIVE Updates | Indian Energy Exchange reports 14.9% growth in total volumes at 9,707 MU for December
Indian Energy Exchange has recorded a 14.9% on-year growth in total volumes at 9,707 MU (million units), while total electricity volumes grew by 8.7% YoY to 8,655 MU during the month.
The market clearing price in the day ahead market for the month was Rs 4.54 per unit, marking a 13% YoY decrease, while the real-time electricity market (RTM) volume increased to 2,405 MU in December 2023, from 1,763 MU in December 2022, registering an increase of 36.4% YoY.
Stock Market LIVE Updates | LIC receives Rs 667.5 crore GST demand from GST authorities in Tamil Nadu, Uttarakhand, Gujarat
Life Insurance Corporation of India says the GST authorities in Tamil Nadu, Uttarakhand and Gujarat states raised a demand of GST, interest and penalty amounting to Rs 667.5 crore.
The Corporation will file an appeal before Commissioner (Appeals), Chennai, Dehradun and Ahmedabad respectively against the said orders within the prescribed timelines. There is no material impact on financials, operations or other activities of the corporation due to these orders.
Morgan Stanley keep equal-weight rating on Bharti Airtel with a target Rs 1,015 per share.
| Company | CMP | Chg(%) | 3 Days Ago Price |
|---|---|---|---|
| Natura Hue | 12.44 | 63.90 | 7.59 |
| Waa Solar | 142.02 | 58.59 | 89.55 |
| Integra Essenti | 11.71 | 58.24 | 7.40 |
| BAG Films | 14.53 | 58.11 | 9.19 |
| Martin Burn Ltd | 72.99 | 48.20 | 49.25 |
| GTL | 15.49 | 45.04 | 10.68 |
| AMIC Forging | 499.00 | 41.00 | 353.90 |
| Vivo Biotech | 46.34 | 36.01 | 34.07 |
| Mahamaya Steel | 113.90 | 35.81 | 83.87 |
| Shetron | 140.05 | 34.60 | 104.05 |
Sensex Today | Gold rises as dollar slips; focus on jobs data for Fed cues
Gold prices rose on Thursday as the dollar edged lower, while investors looked out for more U.S. jobs data to gauge the Federal Reserve's next steps on its monetary policy.
Spot gold was up 0.3% at $2,047.19 per ounce, after hitting its lowest since Dec. 21 on Wednesday. U.S. gold futures rose 0.6% to $2,054.50 per ounce.
Stock Market LIVE Updates | Morgan Stanley View On Bajaj Finance:
-Overweight call, target Rs 10,000 per share
-AUM growth of 7 percent QoQ/35 percent YoY follows a strong 7.5 percent QoQ/33 percent YoY in Q2
-See value & volume growth, strong customer acquisition
-33-34 percent FY24 AUM growth is possible
-Positive on margin considering various factors that have been an overhang on stock
Sensex Today | BSE Realty index up 5 percent led by Sobha, Macrotech Developers, Godrej Properties:
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Sobha | 1,273.70 | 14.06 | 229.38k |
| Godrej Prop | 2,213.45 | 7.77 | 149.71k |
| Macrotech Dev | 1,069.25 | 6.47 | 79.92k |
| DLF | 760.00 | 6.23 | 337.84k |
| Brigade Ent | 918.05 | 5.66 | 72.95k |
| Swan Energy | 526.05 | 5.37 | 169.29k |
| Oberoi Realty | 1,537.95 | 5.32 | 74.52k |
| Mahindra Life | 572.10 | 4.6 | 71.56k |
| Phoenix Mills | 2,350.00 | 2.59 | 10.04k |
| Prestige Estate | 1,289.75 | 1.78 | 278.68k |
Sensex Today | Oil extends gains on Middle East supply worries
Oil prices rose on Thursday, adding to solid gains in the previous session on persisting concerns over Middle Eastern supply following disruptions at a field in Libya and heightened tensions around Israel-Gaza war.
Brent crude rose 53 cents, or 0.7%, to $78.78 a barrel by 0730 GMT, while U.S. West Texas Intermediate crude futures rose 66 cents, or 0.9%, to $73.36.
Stock Market LIVE Updates | Balaji Amines gets expansion approval from Maharashtra Government
The Industries, Energy and Labour Department, Government of Maharashtra has approved conferring the Status of Mega Project to the Expansion Project for Manufacture of Speciality Chemicals by Balaji Speciality Chemicals Limited, subsidiary company at MIDC Chincholi, Taluka: Mohol, District: Solapur -413 255, Maharashtra under the Packaged Scheme of Incentives (PSI), 2019, with a proposed investment of Rs 750 crore.
