Stock Market Highlights | Sensex, Nifty 50 scale new highs as record run continues, IT index at 20 month high

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“The buoyancy continued in the market as investors were expecting the clouds over US economic growth to recede by H2CY24 and that the economy would achieve a soft landing aided by normalization in monetary policy. The USD/INR witnessed a steep fall on account of the prospects of interest rates being cut next year. The IT index outperformed expectations of a rise in demand in the US economy,” says Vinod Nair, Head of Research at Geojit Financial Services.

All Sectoral Indices Record Gains, IT, Metal & PSU Bank Gain The Most

36 Nifty Stocks Register Gain This Week, HCL, LTIM, Hindalco Top Gainers

Sensex, Nifty, Midcap Index & Nifty Bank Rise Over 2% Each This Week

BPCL, DRL, Maruti, Nestle & Titan Amongst Few Nifty Losers

NALCO, SAIL, GMR, Persistent, Coforge, Info Edge Are Top Midcap Gainers

Record Run Continues For Market, Nifty Crosses 21,400 & Sensex Above 71,000

Market Scales Record High As Buying In IT Continues, Nifty IT At 20-mth High

Metal Names Rise Tracking Fall In Dollar, Nifty Metal At Record High

Most IT Stocks At Record Or 52-week Highs, HCL, TCS & Infy Top Nifty Gainers

Last-hour Rally Takes Nifty Bank Above 48,000, SBI Is Top Contributor

Sensex Rises 970 Points To 71,484 & Nifty 267 Points To 21,450

Nifty Bank Gains 341 Points To 48,073 & Midcap Index 54 Points To 45,588

Insurance Stocks Extend Fall On Surrender Value Proposal, Stocks Fall 2-4%

Chemical Stocks Too See Buying, Tata Chem & Deepak nitrite Top Gainers

Adani Group Heavyweights Gain, Grp Mkt Cap At 11-mth High Of `14,50 Lk Cr

BSE Listed Cos Add Market Cap Of `3 Lk Cr On Friday & `9 Lk Cr This Week

Market Cap Of BSE Listed Companies Rise To Record High Of `358 Lk Cr

Market Breadth Mildly In Favour Of Advances, Advance-Decline Ratio At 1:1

Rupee Sees A Sharp Move In The Last Hour, Closes At A 3-mth High

Rupee Gains 33 Paise To End At 83 Vs Thursday’s Close Of 83.33/$

Bharat Electronics Ltd (BEL) share price jumped more than 3% on Friday, December 15, as the Street sentiment in the stock remained positive on bagging a mega defence order.

The Ministry of Defence has signed a landmark contract with BEL, Pune, for procurement of electronic fuzes for the Indian Army for a period of 10 years, at a total cost of ₹5,336.25 crore.

Read more here

 

Texmaco Rail & Engineering shares surged 4% in Friday’s trading session as the manufacturer of railway wagons, coaches, and locomotives successfully clinched a ₹1,374.41-crore order from the Ministry of Railways.

In an official statement, Texmaco Rail said that the Railway Ministry (Railway Board) formally accepted their proposal, resulting in the award for the manufacturing and supply of approximately 3,400 BOXNS wagons, with an estimated value of ₹1,374.41 crore.

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The Nifty IT index rallied over 4% to hit a 20 month high of 35,349 on Friday, extending its gaining streak on elevated bets of a US rate cut by March 2024. At 2 pm, the index gained nearly 1,400 points to its highest level of 35,741.60 in 52 weeks. It was among the top sectoral gainers.

All IT majors including Infosys, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Wipro, LTIMindtree are witnessing huge buying interest in the last two trading sessions. Notably, HCL Tech, Infosys, TCS and Tech Mahindra were the top four gainers in the Nifty50 index.

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Maruti Suzuki shares witnessed a sharp fall around 2pm.

The stock is currently trading 0.8% lower at Rs 10,271 apiece.

Sensex 70,800 call sees a freak trade. Over 2 lakh shares traded within a minute.  Sensex 70,800 Call spiked from Rs 200 to Rs 900, CNBC Awaaz reported.

 

 

 

HCL Tech are trading near their record high of Rs 1,491, which they reported earlier today.

The stock is also the Nifty 50 gainer.

It has gained 42.8% this year, so far.

 

The public sector lender on Friday, December 15, said that the board has approved raising of funds by issuing Basel III compliant bonds. The lender’s Capital Raising Committee approved raising of tranche I of the bonds with a base issue size of ₹1000 crore with a greenshoe option to retain oversubscription up to ₹1500 crore.

“The Capital Raising Committee of the Bank has approved raising of tranche I of Basel III complaint Tier II bonds with a base issue size of ₹1000 crore with a greenshoe option to retain oversubscription up to ₹1500 crore, totaling ₹2500 crore (Maturity of 10 years with a call of option at the end of 5 year),” Bank Of Baroda said in an exchange filing.

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Titan Company Ltd on Friday said its subsidiary TCL NA will acquire a 10% stake in the US-based CueZen for $3.5 million in an all-cash deal.

CueZen is engaged in the hyper-personalised health and wellness technology business.

Read more here

 

 

The SME IPO of Accent Microcell made a bumper debut on the exchanges, listing at a premium of 114% to its IPO price of ₹140. The stock opened at ₹300 on the NSE SME platform on Friday, December 15. Soon after its debut, the stock was locked in 5% upper circuit.

Ahead of its market debut, shares of Accent Microcell were commanding a premium of ₹203 in the unlisted market, where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.

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Defence Ministry signs contract worth ₹5,336.2 crore with BEL for procurement of electronic fuzes for army for a period of 10 years.

Brokerage houses have raised caution over the proposal of insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) to hike the surrender value for life insurance policies. Leading brokerage firms have raised investor concerns with the new method of calculating the surrender value, expected to result in higher payouts to customers compared to the old one.

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Brokerage houses have raised caution over the proposal of insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) to hike the surrender value for life insurance policies. Leading brokerage firms have raised investor concerns with the new method of calculating the surrender value, expected to result in higher payouts to customers compared to the old one.

The observations of the brokerages came after IRDAI released a crucial consultation paper on increasing the surrender value for life insurance policies.

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It’s end of an era in Bain Capital’s association with Axis Bank. Sources say that Ashish Kotecha of Banin Capital will step down from the board of Axis Bank after the private equity firm’s last stake sale. Sources with direct knowledge said that as per Bain Capital’s agreement with Axis Bank, it does not have a board nominee position at below 2% stake in the bank.

This is an important threshold which has been crossed by Bain Capital in its last stake sale this week.

Read more here