Shakti Pumps Locked In Upper Circuit As Stock Trades Ex-Bonus: Share Market News
Shakti Pumps share price jumped to its upper circuit limit as it trades on the ex-date of its 5:1 bonus issue.
Reliance Jumps Nearly 3% After Citi Upgrades To ‘Buy’: Share Market Updates
Reliance Industries share price rose around 3% after it received an upgrade from Citi Research to ‘buy’ from ‘neutral’ as it believes risk-reward for investors has turned favourable along with a potential improvement in regional refining margins.
Zomato To Be Added To Sensex; JSW Steel To Be Removed: Stock Market Live
Shares of Zomato Ltd. surged over 6% on Monday after BSE Ltd. added the restaurant aggregator and food delivery company in its benchmark gauge—BSE Sensex—effective Dec. 23. However, scrip of JSW Steel fell over 2% in early trade on the announcement on exclusion from the benchmark index.
Nifty IT Hits Lifetime High; Most Constituents Up: Share Market News
The Nifty IT index continued to rise for a fourth consecutive session and hit its lifetime high of 43,751.65 points. Seven of the 10 stocks in the index rose while three fell as of 9:38 a.m. Coforge and Persistent Systems rose the most.
All Adani Stocks Rise: Share Market News
All Adani group stocks continued to recover and were trading higher at 9:31 a.m. with Adani Energy and Adani Green rising the most while NDTV traded flat.
Nifty, Sensex Open More Than 1% Higher; Nifty IT Hits Record High: Opening Bell
Mirroring their global peers, Indian benchmarks Nifty and Sensex opened higher on Monday as most of their constituents rose. The sentiment was also uplifted after several brokerages were positive after BJP win in Maharashtra elections.
At pre-open, Nifty 50 was at 24,253.55, up 1.45% or 346.30 points and Sensex rose 1.36% or 1,076.36 to 80,193.47.
“From a technical perspective, the Nifty faces immediate resistance in the 24,400 to 24,800 Levels, said Mandar Bhojane, research analyst at Choice Broking. “The index is currently trading above its 200-day Exponential Moving Average, with support identified in the 23,500 to 23,350 zone, which could attract buying interest from opportunistic traders.”
Share prices of HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., and Mahindra & Mahindra Ltd. contributed the most to the gains in Nifty. While only JSW Steel weighed.
All sectoral indices gained with Nifty PSU Bank leading and Nifty IT rising the least after hitting its record high.
Nifty, Sensex Add Over 1% At Pre-Open; Zomato, JSW Steel, Escorts Kubota, RVNL In Focus: Market Update
At pre-open, Nifty 50 was at 24,253.55, up 1.45% or 346.30 points and Sensex rose 1.36% or 1,076.36 to 80,193.47.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.86%. It closed at 6.87% on Friday, according to data on Bloomberg.
Rupee Strengthens Against US Dollar
Rupee strengthened by 8 paise to open at 84.37 against the US dollar. It closed at 84.45 on Friday, according to data on Bloomberg
Goldman Sachs On India Construction: Share Market News
Pipe sector stocks are mirroring PVC price trends. While Astral outperforms, Prince struggles, according to Goldman Sachs, which said gradual margin recovery is expected and stable channel inventory despite improving real estate demand.
BJP’s Maharashtra Win A Positive For Market Sentiment: Jefferies
Jefferies said that BJP’s Maharashtra win is a positive for market sentiment as it will provide political stability at national level. The brokerage expects consumption boost, pick up in govt spending in Q2. According to the brokerage, government expenditure is likely to rise by 15% and capex by 25% in H2FY25.
Motilal Oswal on Transport Corporation of India
Motilal Oswal has maintained its ‘buy’ rating on Transport Corp. of India with a target price of Rs 1,290, implying 22% upside. It expects CAGR of 15%/19%/18% in revenue/EBITDA/PAT over FY24-27 and expects supply chain business revenue CAGR of 16% over FY24-27. It said higher capacity utilization and addition of new ship to boost growth and high proportion of LTL and branch network to aid freight business.
Emkay Cuts Nifty Target By 4% To 25,000 From 26,000: Stock Market News
Emkay has cut its target for Nifty 50 due to poor Q2 earnings season as it expects recovery in consumption growth only in FY26. It said that weakening trends of Q2 earnings season is not alarming and believes markets will mark time in immediate future. It is overweight on IT and energy, underweight on financials and staples.
Oil Price Update: Crude Futures Little Changed After Last Week’s Gains On Russia-Ukraine Tensions
At 7:22 a.m., January futures contract of WTI Crude traded flat at $71.24 a barrel and that of Brent Crude was down 0.07% at $75.12 a barrel. Last week Brent and US Crude gained around 6% as Putin said Thursday Russia had fired a ballistic missile at Ukraine and warned of a global conflict.
Asia Market Open: Australia’s ASX 200 Hits Record High; Most Indices Up
Most indices of the Asia-Pacific region rose Monday as investors await a slew of economic data to be released this week. Australia’s ASX 200 rose to hit its new all-time high of 8,462.10 points due to a rise in healthcare and commodity stocks.
Investors look forward to Korea’s central bank rate, India’s third quarter GDP, Singapore Inflation, China’s industrial profits data, Australia’s October inflation along with Tokyo’s November inflation to be released this week.
At 7:06 a.m., Australia’s ASX 200 rose 0.7%, Japan’s Nikkei rose around 2%, South Korea’s Kospi was up over 1%, and Hong Kong’s Hang Seng was 0.4% higher.
US Market Close: Indices Higher After Business Activity Data
Wall street ended Friday on a positive note after S&P Global’s flash U.S. Composite PMI Output Index increased to 55.3 this month, its highest level since April 2022. In October, the reading was 54.1.
S&P 500 closed up 0.35% at 5,969.34, Dow Jones rose 0.97% to close at 44,296.51, and Nasdaq Composite was up 0.16% to close at 19,003.65.
Stock Market Live: GIFT Nifty Trades Near 24,300; Zomato, JSW Steel, Escorts Kubota, RVNL In Focus
At 6:35 a.m., GIFT Nifty was at 24,297.50, up by 279.5 points or 1.2%. Share prices of Zomato, JSW Steel, Escorts Kubota, RVNL and others will be in focus tracking their news flow.
On Friday, the NSE Nifty 50 and BSE Sensex recorded their best sessions in over five months, ending with over 2% gain. The Nifty 50 ended 557.35 points, or 2.39%, higher at 23,907.25, and the Sensex closed 1,961.32 points, or 2.54%, higher at 79,117.11.
The benchmark indices witnessed a sharp rise post 1:30 p.m. on Friday. The Nifty 50 rose as much as 2.6% to 23,956.10, and the Sensex jumped 2.67% to 79,218,19. It’s the highest intraday jump since June 5.
Overseas investors remained net sellers of Indian equities for the 38th consecutive session on Friday, while domestic institutional investors stayed net buyers for the 13th straight session.
Foreign portfolio investors net sold stocks worth Rs 1,278.4 crore, according to provisional data shared by the National Stock Exchange. The DIIs were net buyers of shares worth Rs 1,722.2 crore.
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