Closing Bell: Nifty hits 21,000, Sensex gains 300 pts as RBI holds rates

Indian benchmark indices ended higher in the volatile session on December 8 with Nifty around 20,950. At close, the Sensex was up 303.91 points or 0.44 percent at 69,825.60, and the Nifty was up 68.20 points or 0.33 percent at 20,969.40.

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

During the week, the Nifty witnessed a spectacular rally following a swing high breakout on the daily chart. This suggests a rise in optimism among market participants. However, the Nifty consolidated in the later part of the week.

Going forward, 21000 is likely to act as a crucial level for the Nifty as call writers have built their maximum positions at that strike price. A resumption of the current uptrend might be seen above 21000, with the potential to reach towards 21550. On the lower end, put writers have built significant positions at 20900 and 20800; below these levels, profit booking might increase.

Buying resumed after a day's break on Thursday as benchmark indices notched up fresh highs on the back of positive global cues and RBI raising FY24 GDP forecast to 7% in its monetary policy announcement. While the central bank is positive about the country's strong growth prospects going ahead, it remains wary of inflation and indicates that higher interest rate regime may not reverse in a hurry, which triggered a sharp volatility in intra-day trades. Despite overbought technical conditions, the short-term technical outlook for markets continues to be in favor of the bulls, with support for Nifty placed at 20777-20521 levels and resistance at 21121-21331 range.

The Nifty opened on a flat note and after a volatile first half, it witnessed a pullback and closed at an All all-time high. On the charts, we can observe that after the two-day consolidation, the Nifty has resumed its up move. The momentum indicator though is still not in sync which suggests caution at higher levels. The ideal strategy to trade is to hold on to long positions with a trailing stop loss mechanism. On the downside crucial support is placed at 20860 – 20800 and a dip towards this zone should be used as a buying opportunity as the overall trend is still positive. On the upside immediate hurdle is placed at 21060 – 21100.

Bank Nifty also witnessed a sharp pullback from the intraday lows and closed at an all-time high. We expect the positive momentum to continue during the next week as well. On the upside, the next immediate hurdle is placed at 47800 – 48000 from a short-term perspective. Crucial support is placed at 46800 – 46700.

The RBI took a balanced approach by raising the economic growth forecast and also expressing concern on food inflation, which may have an elevated trajectory in the short-term. A drop in rabi sowing and dipping reservoir levels provides a perception that foodgrain prices can rise. The impact was visible on FMCG stocks, which underperformed today.

Markets remained in a range for most of the session and ended with marginal gains. Nifty tested a new milestone of the “21000” mark in the early trades however profit taking in heavyweights trimmed the gains in the middle. The buoyancy in the IT majors combined with renewed buying in select private banking counters again shifted the bias in favor of bulls, which eventually helped the index to settle in green at 20,969.40 levels. After the days of outperformance, the broader indices were slightly on the back foot and ended lower.

The rotational buying across heavyweights is fueling the up move and we see the same trend to continue. In case of any dip, Nifty is likely to hold the 20,700-20,800 zone while profit-taking may reemerge around the 21,200 level. Amid all, traders should stay focused on stock selection and prefer banking and IT for long trades and pick selectively from others.

Indian rupee ended marginally lower at 83.39 per dollar versus previous close of 83.35.

Market records biggest weekly gain since July 2022
Sensex & Nifty rise more than 3% each, Nifty Bank gains over 5%
Midcap index rises over 2%, posts weekly gain for 6th straight week

: Indian benchmark indices ended higher in the volatile session on December 8 with Nifty around 20,950.

At close, the Sensex was up 303.91 points or 0.44 percent at 69,825.60, and the Nifty was up 68.20 points or 0.33 percent at 20,969.40. About 1441 shares advanced, 1796 shares declined, and 73 shares unchanged.

HCL Technologies, JSW Steel, LTIMindtree, Apollo Hospitals and Infosys were among the top gainers on the Nifty, while losers were Adani Enterprises, ITC, Adani Ports, Hero MotoCorp and Britannia Industries.

On the sectoral front, FMCG, oil & gas and power indices down 1 percent each, healthcare and auto down 0.5 percent each. On the other hand, bank, Information Technology, Bank and Realty up 0.5-1 percent.

BSE midcap index ended marginally lower, while smallcap index fell 0.4 percent.

Indian Rupee remained flat today. RBI maintained status quo and kept repo rate unchanged at 6.5% in for the fifth consecutive monetary policy meeting so as to achieve its medium-term target of 4% inflation. It raised FY24 GDP projection to 7% from 6.5% earlier while leaving inflation projection for FY24 unchanged at 5.4%. Positive domestic markets also favoured the Rupee. However, a slight uptick in the US Dollar and recovery in crude oil prices capped sharp gains.

We expect Rupee to trade with a slight negative bias on positive US Dollar and recovery in crude oil prices. However, positive tone of the RBI Governor and positive domestic markets may support Rupee. Traders may remain cautious ahead of the crucial non-farm payrolls report following by US consumer confidence data. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70.

Sensex Today | Nifty Pharma index down 0.8 percent dragged by Zydus Lifesciences, Alkem Laboratories, Torrent Pharma:

-In November 2023, individual APE declined 4 percent YoY for the industry & 1 percent YoY for private insurers
-In individual APE, Bajaj Allianz and Max Life reported growth
-In individual APE, other large insurers reported low-single-digit declines
-Group APE for the industry fell sharply by 36 percent YoY
-Group APE for the industry impacted by a decline in LIC’s group APE (down 45 percent YoY)

RITES has entered into a memorandum of understanding (MoU) with Oil India to develop Duliajan Township, Assam, as a Mini Smart City.

As part of the MoU, RITES will undertake an extensive study, review the existing system and prepare a suitable/feasible design to develop Duliajan Township, managed and operated by OIL, as a Mini Smart City.

-Hold call, target Rs 25,750 per share
-There is a combination of initiatives around energy efficiency, including rail mix, marketing initiatives
-The combination of initiatives driving up premium product mix
-Organic expansion rollout would help company reclaim sustained leadership in EBITDA/t & volume growth
-Valuation premium for company versus peers moderated in past few years
-Valuation premium moderated as company’s outperformance gap narrowed which may happen again

-Buy call, target Rs 12,500 per share
-Market share may augment by 50-100 bps
-Market share may rise due to increasing compressed natural gas availability in South & East India
-Company’s penetration of CNG-based PVs is +25 percent in Pan-India
-Company’s penetration of CNG-based PVs is 30-40 percent in West & North India
-Company’s penetration of CNG-based PVs is less than 10 percent in the East and South
-There is rising competition in CNG PVs but we expect Maruti to hold its share

The Sensex was up 203.70 points or 0.29 percent at 69,725.39, and the Nifty was up 35.60 points or 0.17 percent at 20,936.80. About 1386 shares advanced, 1835 shares declined, and 76 shares unchanged.

“The successive messaging by the MPC over its last 3-4 policies reaffirms our view that the rate hike cycle is over, and RBI will rather use its liquidity management tools to keep inflation under check. At the same time, given the continued concerns and focus around inflation, we are unlikely to see any reversal in policy rates anytime soon, at least till mid-2024. The evolving global growth and rate situation will also be a key determinant of RBI’s policy actions, going forward."

The RBI monetary policy is on the lines of the wider market expectation. However, the GDP growth projection at 7% is higher than anticipated but seems clearly inspired by the stellar show in the Sept quarter GDP numbers. With the robustness seen across the economy, including the likelihood of a lesser drag on the exports front and private consumption remaining buoyant, the target seems achievable.

Given this assured rate environment, the loan demand will continue to be strong even though there are concerns about the impact of the risk weightage changes on unsecured lending that might lead to a slowdown there. For the consumer banking, the scenario looks very promising. The rural consumption is improving, adding to the resilience of the Indian economy.

Adani Group stocks traded with sharp cuts on December 8, falling up to 6 percent after clocking fresh gains over the previous sessions. The frontline indices hit new lifetime highs, with the NSE Nifty 50 topping the key 21,000 level at 21,006.10, while the Sensex hit a high of 69,888.33.

The group’s flagship Adani Enterprises was in the red at Rs 2,833.6 apiece, lower by 1.83 percent from the previous session’s closing price. From its 52-week low of Rs 1,017.45 following the dissemination of the Hindenburg report, the counter has risen 278 percent.

Among the group’s stocks, NDTV led the losses, tanking 5.55 percent as of 12 pm. However, from its 52-week low, the shares have climbed 61.5 percent apiece.

Adani Energy Solutions and Adani Green Energy declined 4.12 percent and 4.8 percent, respectively. Earlier in December, Adani Green Energy announced that it secured an additional $1.36-billion funding through a senior debt facility. In the last month, the counter surged 70 percent.

Net equity inflow at Rs 15,514.5 crore versus Rs 19,932 crore inflows, MoM
Liquid fund outflow at Rs 644.7 crore versus Rs 32,964 crore inflows, MoM
ETF inflow at Rs 833.62 crore versus Rs 4,769 crore inflow, MoM

Sensex Today | Macquarie On Banks:

-Brace for loan growth slow down & margin pressure
-Growth to moderate in unsecured & NBFC segment 
-Retail & SME to remain the key drivers in the medium-term
-CASA is a big challenge for all banks
-Credit costs to normalise, margin may come down in FY25

Sensex Today | BSE Smallcap index down 0.7 percent dragged by Praj Industries, Bajaj Hindusthan, NDTV:

From being a part of fragile 5 some time back to having GDP growth revised upwards to 7% when global growth has become fragile is the summary of the good work done by the RBI and the government in the most challenging times.

The RBI policy is continuity of the good work done in the past. Inflation within target range, yet the vigil is on. Growth revised upwards. Financial system healthy and pushed to stay ahead of the curve on digitisation. Truly reminding of Glen Maxwell Inning against Afghanistan in the world cup.

Sensex Today | Market at 2 PM

The Sensex was up 117.56 points or 0.17 percent at 69,639.25, and the Nifty was down 7.90 points or 0.04 percent at 20,893.30. About 1240 shares advanced, 1949 shares declined, and 83 shares unchanged.

The decision by the RBI to raise the UPI payment limits for healthcare to 5 lakh is a revered move that will be of significant operational benefits to both hospitals and patients or their families. Earlier, there were restrictions on payment limits, or the payee had to use time-consuming payment methods.

This change in the e-transaction mandates will enable patients or caretakers to make swift transfers without any hassle in times of emergency. On the other hand, it will also boost transparency and fair play in the healthcare ecosystem.

Sensex Today | BSE Midcap index down 0.5 percent dragged by BHEL, SJVN, New India Assurance Company:

-Neutral call, target Rs 980 per share
-RBI Rules: profitability ratios to be maintained
-Increase in personal loan pricing to be quicker than NBFCs
-Last leg for NIM expansion - improvement in composition of liability franchise
-Credit costs to normalise, opex to remain elevated

Steady policy interest rates and maintained policy stance was widely expected and aligns with the trajectory of key global central banks. The undertone however remains precautionary over inflation risks in the upcoming months due to seasonal volatility in food prices. The decision will continue to support the existing momentum of residential real estate demand in India. Despite the escalations in the borrowing costs, the overall housing market has continued to remain upbeat; however, the momentum in the affordable segment has lagged. Thus, a pause is supportive of catering to the housing needs of the vulnerable segment.

Sensex Today | Nifty Metal index down 0.5 percent dragged by Adani Enterprises, MOIL, NALCO:

Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts.

Brent crude futures rose $1.54, or 2.1%, to $75.59 a barrel by 0704 GMT, while U.S. West Texas Intermediate crude futures gained $1.39, or 2%, to $70.73 a barrel.

The RBI's decision to maintain the Repo rate at 6.5% aligns with market expectations, considering the recent moderation in inflation to 4.9% in October, albeit still above the 4% target. We continue to witness the lingering effects of the 250-basis point hike in the Repo rate, reflecting in the market dynamics.

India's impressive Q2 Real GDP growth of 7.6%, surpassed all projections. This led the RBI to revise the FY24 Real GDP growth projection upward to 7%, a testament to our resilient domestic demand. The encouraging signs, including an expanding manufacturing PMI and healthy growth in eight core industries, underline our confidence in sustained robust growth.

Moreover, the RBI's stance echoes the global trend of central banks signaling an enduring period of higher rates, further emphasizing the need for a cautious yet progressive approach in navigating the financial landscape.

Shares of Titagarh Rail Systems gained 1.6 percent to Rs 999 per share on December 8 after the company launched a qualified institutional placement (QIP) issue to raise Rs 700 crore. The floor price of the QIP was fixed at Rs 976 apiece, almost at par with the December 7 closing price (Rs 983 apiece).

In the past one month, the stock of this railway component manufacturer has surged 25 percent as against a 7 percent rise in the benchmark Sensex. Earlier, Titagarh Rail shares touched a 52-week high of Rs 1,045 apiece on November 21, 2023. Read More

The policy measures were in line with our expectations and reiterated a focus on bringing inflation to 4% on a durable basis while being supportive of growth. The resilience and optimism about growth were reflected in the upward revision of GDP estimate to 7% for FY 2024. Medium term inflation risks remain from volatile food prices. Liquidity is expected to remain tight in the near term. Reversal of liquidity facilities under both Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) is a welcome measure and would smoothen the skewed liquidity in the banking system. We maintain our call for a prolonged pause by MPC with any rate cut happening in the second half of F.Y. 2025.

Sensex Today | BSE Oil & Gas index fell 1 percent dragged by Adani Total Gas, Petronet LNG, GAIL India:

India's foreign exchange reserves increased to USD 604 billion as on December 1, surpassing the USD 600 billion mark after a gap of about four months.

The forex reserves were last above the USD 600 billion mark on August 11 this year.

"India's foreign exchange reserves stood at USD 604 billion as on December 1, 2023. We remain confident of meeting our external financing requirements comfortably," Reserve Bank Governor Shaktikanta Das said, while unveiling the December bi-monthly monetary policy on Friday.

The reserves were USD 597.935 billion in the preceding week ended November 24.

Sensex Today | Market at 1 PM

The Sensex was up 159.46 points or 0.23 percent at 69,681.15, and the Nifty was up 22.30 points or 0.11 percent at 20,923.50. About 1493 shares advanced, 1684 shares declined, and 71 shares unchanged.

BSE Bankex index has seen decent run up of 3500 points after completing an inverted head and shoulder pattern on daily scale near 50750 zones. Major trend of the Banking index is positive as it has been making higher top – higher bottom formation. Now till it holds above 52000 zones, the ongoing momentum could extend towards 54000-54500 zones. Mechanical indicator like RSI is above 75 marks and indicates about further bullish stance from current zones.

-Outperform call, target Rs 720 per share
-Pricing measures yet to be evaluated for personal loans & NBFCs
-Management indicated that impact of CET-1 due to increase in risk weights was 50 bps
-Adjusted CET-1 after considering the H1 profit accretion & risk weight impact was 10.5 percent

The company informed about receiving new orders of 1.75 MW for executing solar power projects received by M/s. KPIG Energia Private Limited, a wholly owned subsidiary of the company under ‘Captive Power Producer (CPP)’ Segment of the company.

The cumulative orders of solar power projects, till date have crossed 149+ MW under CPP segment of the company.

Sensex Today | Nifty Information Technology index up nearly 1 percent led by LTIMindtree, HCL Technologies, Coforge:

Sensex Today | BSE FMCG index shed 0.5 percent dragged by Bajaj Hindusthan, Shree Renuka Sugars, Ugar Sugar Work:

The Bank Nifty responded positively to the RBI's monetary policy, crossing back above 47,000. The RBI Governor maintained the key lending rates at 6.50%, a move that had already been anticipated and factored in by the market participants. The upward revision of the real GDP growth projection for 2023-24 is expected to serve as a positive factor for banks. Today's rally was primarily driven by strength in HDFC Bank. In the short term, the Bank Nifty may experience volatility; a breakout above 47,200 could propel the index towards 48,000. On the downside, support is positioned at 46,800, and a breach below this level might lead to a short-term consolidation in the index.

Birla Corporation said the Nomination and Remuneration Committee and Audit Committee, has approved the extension of term of service of Aditya Saraogi, as the Chief Financial Officer of the company, for additional four years with effect from February 1, 2024. Aditya Saraogi's current term as CFO is set to expire on January 31, 2024 on attaining the age of superannuation as per the policy of the company.

Today’s monetary policy statement of RBI had a lesser hawkish undertone compared to the preceding October statement. The upward revision of the GDP growth forecast for FY24 to 7%, coupled with the absence of any reference to future OMO sales, represents a favourable development for both the economy and the markets. The Governor underscored the RBI's commitment to striking a balance in monetary policy, navigating between optimism fuelled by a few months of positive data and the risk of policy over-tightening. Additionally, the statement indicated the RBI's comfort with the existing liquidity conditions. Considering the current circumstances, the decision to maintain the status quo in both policy rates and stance appears justified.

A string of favourable developments has positively influenced the broader economic landscape like the upward surprise in growth, benign core inflation, softening of UST yields, and cooling Brent crude prices. However, it is crucial to remain attentive to certain underlying factors that can increase economic headwinds. Following the projected contraction in Kharif production, close monitoring of the progress in rabi sowing is imperative, particularly in light of lower reservoir levels in certain regions. Lower agricultural output not only poses a risk to the growth of the agriculture sector but may also contribute to food inflation. Furthermore, the fragile state of the global economy and the contraction in global trade can potentially have spillover effects on the domestic economy. Consequently, the governor's statement carried a cautious undertone, acknowledging these considerations.

Sensex Today | BSE Auto index fell 0.7 percent dragged by UNO Minda, M&M, Hero MotoCorp:

Focus on ensuring financial stability is the framework of this policy. While RBI has drawn comfort from easing of global financial conditions, they remain focused on ensuring local macros remain robust as well. We agree with their assessment on growth inflation path ahead. Active liquidity management will be primary policy tool for next year.

Nifty managed to surpass yet another milestone of 21,000 today. The Nifty is up 15% in CY23YTD. The index made a smart comeback on the back of strong earnings for Q2 2023, positive outcome of state elections in favour of BJP, Stable global markets and bond yields, renewed flows by FPIs coupled with drop in crude oil prices globally.

Valuations are not looking screeched for Nifty as its still quoting at 18.5 times next year EPS with strong growth visibility for FY24. Next big trigger for the markets would be global bond yields movement and flows into emerging markets along with earnings expectations for Q3.

Emami has appointed Biplob Banerjee as the Chief Human Resources Officer with effect from December 6. Tuhin Biswas has resigned as the Chief Human Resources Officer with effect from November 30.

Monetary policy was on expected lines. Monetary policy committee (MPC) kept its stance same as withdrawal from accommodation to ensure taming inflation under target. However, at the same time, RBI highlighted the risk of over tightening in the backdrop of global slowdown. This is despite the increase in GDP forecast to 7% for FY2024 as compared to 6.5% earlier. Hence, it is more of a balanced view or neutral stance as compared to inflation focussed commentary earlier. We remain positive on equity markets in the near-to-medium term with real estate, banks, consumer and engineering/capital goods as preferred sectors.

The policy status quo was in line with expectations. The upward revision in GDP growth estimates would mean continued momentum in equities as well as interest rate sensitives. RBI has not sounded as hawkish as markets expected, hence bond yields may ease a tad. However given India’s CPI data and impending US FOMC decision, upside in prices may be limited. Rates seem to have peaked out and hence rise in yields could be an opportune time to add duration to one’s portfolio.

RBI positioned its prudent stance keeping repo rate unchanged at 6.25% and signaled to remain focus on withdrawal of accommodation. This certainly is music to investor’s ear by subtlety communicating peaking of interest rate cycle, with no increase in interest rate in sight. Further, balance sheet moderation as a percentage of GDP is applauded and shows strength in independent thought leadership of RBI.

Capital can come as equity, debt or hybrid. We believe that, on equity, the market is quite mature, however, we have not received any feedback that we are not able to raise capital because of this regulation. We have received feedback on the development of the bond and hybrid market, so our focus on facilitating that is there because that market needs to do better. On equity side, it is just demand and supply.

Focus on ensuring financial stability is the framework of this policy. While RBI has drawn comfort from easing of global financial conditions, they remain focused on ensuring local macros remain robust as well. We agree with their assessment on growth inflation path ahead. Active liquidity management will be primary policy tool for next year.

Shares of IRB Infrastructure Developers soared 6.5 percent in early trade to hit a 52-week high of Rs 40.95 on December 8 after the company reported a 20 percent on year rise in gross toll collections in November. The company clocked in toll collections worth Rs 437.05 crore in November as against Rs 366 crore in the year-ago period. The rise in toll collections came despite the softened economic activities on account of festival holidays during the month. Read More

Sensex Today | BSE Power index down nearly 1 percent led by Adani Green Energy, Adani Energy, Adani Power:

ALERT | Nifty took 61 sessions to reach 21,000 from 20,000

Sterlite Technologies (STL) claims outstanding and overdue amount of Rs 254 crore plus cost overrun and interest for the value of goods delivered and services provided to Aksentt Tech Services under the Master Agreement of June 2020 between STL and Aksentt. The Master Agreement was signed between them for optical fiber deployment services in 1960 Gram Panchayats in Maharashtra under Packages A & C of the MahaNet Project.

The RBI policy has maintained the expected line with no change in policy rates or stance. Governor Das expressed confidence in economic growth, anticipating inflation to reach 4.2% by Q3 2024. Our market continues its bullish momentum, with the Nifty reaching a significant milestone of 21,000.

We believe this momentum will persist, potentially experiencing some consolidation along the way. Banking and financial stocks are particularly well-positioned to outperform, given their current valuations and fundamental strengths.

Nifty can head towards 21275/21500 and Bank Nifty can test 48800/50000 in the medium term.

Sebi will never sit on judgement on price discovery of an IPO, the market will determine it. But if our regulation is causing the mechanism to be corrupted, this was a phenomenon happening in the market that was not healthy.

Ravi Sanghi has resigned from the position of Chairman and Managing Director of Sanghi Industries. Aditya Sanghi and Alok Sanghi also resigned as Executive Directors of the company, with effect from December 7. Sukuru Ramarao is appointed as Whole Time Director & CEO, and Sanjay Kumar Khajanchi as CFO with effect from December 7, 2023.

RBI in line with market expectations held on to its Repo rate at 6.5% with a unanimous vote. However, the big surprise was revision in growth estimate for FY 24 to 7% from 6.5%. Along with expectations of strong growth, RBI has not revised its inflation estimate downward. This means that RBI is comfortable that at the current policy rate, growth is not inflationary but rather real-demand led growth.

Furthermore, on the stance of liquidity, governor said that there was not need for “OMO sales” with liquidity remaining tight. This is a big relief to the bond markets, which were edgy on OMO sales expectations. While sounding a point of caution on food inflation getting entrenched and being watchful of the 2nd round effects, governor also noted comfort on moderation in core and other components in head-line inflation. In summary, while reiterating their stance of remaining vigilant and watchful, there was a tone of comfort with most global central banks remaining on pause. A pro-growth policy without too much worry on inflation.

Sensex Today | Market at 11 AM

The Sensex was up 254.61 points or 0.37 percent at 69,776.30, and the Nifty was up 68.30 points or 0.33 percent at 20,969.50. About 1891 shares advanced, 1193 shares declined, and 89 shares unchanged.

On speed of approvals, I would say that we had a lot of work to do internally in Sebi. We have tracked the six or seven quarters. Typically, in a government institution, on how long since last information which gives a govt officer a lot of leeway to send in another question to get a reset (on deadline).

What we have done in Sebi is that we have changed it. We have linked our performance appraisal, you will be judged based on date of first application. So if the application is incomplete, then feel free and ask for more... but if it is complete, then the clock tracks from there.

The stock up more than 14% in trade. Since listing it has gained 21.5%.

Net Avenue Technologies stock made an impressive debut on December 8, listing at a 133.33 percent premium over the IPO price. The stock opened at Rs 42 against the issue price of Rs 18 on the NSE SME platform.

The listing was along expected lines. Net Avenue Tech was trading at a 130 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price. Read More

Marinetrans India stock made a decent debut, listing at a 15.38 percent premium over the IPO price on December 8. The stock opened at Rs 30 against the issue price of Rs 26 on the NSE SME platform. However, within minutes, the stock slipped to Rs 28.5.

Ahead of the listing, Marinetrans shares were trading at an 11 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price. Read More

Sebi has gone to its own Board, while we are running these (industry standard forums) as pilots right now, it has the potential to become a permanent feature of regulatory framework.

On account of the tehcnology initiatives, the entire market will have Rs 3,500 crore per annum of hard cash savings for the market. This is not hypothetical, this is real money.

Market led capital (versus banking system) almost two-thirds of what the banking system gives to the economy, two thirds of that it comes from the market place in one way or the other.

Alert: Bank Nifty up 5 percent this week - on its way to clock biggest weekly gain since July 2022.

-Outperform call, target Rs 2,110 per share
-Target of 4 percent+ margin in 4 years
-Management indicated that RBI action of increase in risk weights for unsecured loans was necessary
-The RBI action was necessary given high growth reported by NBFCs & certain banks
-Management does not expect a significant increase in pricing
-No significant rise in pricing would warrant a change in target customer segment
-Company expects to increase rates in range of 25-50 bps
-NIMs inelastic to interest rate shifts, asset quality robust

Nifty set for best weekly run in 3 years, up 6 weeks- best streak since December 2020: Bloomberg

Bank Nifty have given massive breakout ahead of the policy and is now trading around 47000 mark. We expect banking index to trade with positive bias and status quo was broadly expected with no major negative in the RBI Governor’s commentary on the other hand, both PSU and Private banks are looking strong and may continue the ongoing bullish move with stock specific actions.

Any profit booking towards 46800 will be a good opportunity for the short-term traders to enter with stop loss below 46500 for the targets of 47300-47450 levels.

The Government of India has decided to exercise the greenshoe option in the offer-for-sale (OFS) issue of IRCON International launched on December 7, and hence, will sell additional 4% stake in the OFS. The OFS issue, which opened for non-retail investors on December 7, was subscribed 4.6 times the base issue size. The OFS will open for retail investors on December 8.

The most asked question at IOSCO is how we managed T+1, and it came from technology and co-creation

The trust goes up in the system goes up with this. It releases efficiency into the system

Maybe January or February we will have ASBA for secondary market. It sits in your account, you will earn 4 percent on it, and only when the trade happens the money will be debited

World over the markets are a B2B business, the technology we have now developed is that it is a B2B2C business

Gold and silver prices held steady on Thursday, exhibiting a period of consolidation following significant movements earlier in the week. Traders are eagerly awaiting the release of crucial U.S. Nonfarm employment data on Friday evening. In the latest week, U.S. jobless claims experienced a modest increase, reaching 220,000 compared to the expected 221,000. The dollar index saw a decline after the release of U.S. jobless claims data, providing support to precious metals. Additionally, the Japanese Yen demonstrated notable strength on Thursday, contributing to potential support for gold and silver prices in the international markets.

Anticipating volatility in today's session, we observe that gold maintains support in the range of $2014-$1998, with resistance at $2045-$2060. Meanwhile, silver finds support at $23.62-$23.40, with resistance at $24.05-$24.22. In terms of INR, gold is expected to find support at Rs 62,220-61,910, with resistance at Rs 62,710 and Rs 62,880. Silver's support in INR is projected to be at Rs 73,850-73,380, while resistance is expected at Rs 75,070 and Rs 75,630.

IIFL Securities today said that the Hon’ble Securities Appellate Tribunal (SAT) has set aside the Securities Exchange Board of India (SEBI)’s order dated June 19, 2023 prohibiting IIFL Securities from onboarding new clients for a period of two years in respect of its business as a stock broker and reduced the monetary penalty to Rs 20 lakh in the Adjudication Orders dated May 20, 2022 and May 30, 2022.

GlaxoSmithKline Pharmaceuticals has established an omnichannel team to expand its reach and coverage to the target segments by leveraging technology and improve productivity. Continuing its focus on improving operating efficiencies, it has also completed the voluntary retirement scheme (VRS) (for commercial function employees in field sales and HO) and spent Rs 156.57 crore as the one-off cost of the VRS.