Closing bell:- The local market opened lower on January 3, mirroring the global market’s muted trend. Major frontline industries such as banking, automobiles, information technology, metals, and pharmaceuticals suffered losses, while others like as energy and FMCG saw minor increases.
Closing bell
Indian market news
Fii and Dii data
| Fii Bought | 1,602.16 Cr |
| Dii Sold | 1,959.04 Cr |
Indian market news
- India’s manufacturing PMI fell to 54.9 in December, an 18-month low.
- Office sales increase 15% year on year, and the sale of nearly 3.29 lakh residences in 2023 hits a new 10-year high: Knight Frank India
- Bajaj Auto shares rise 5% on the news of repurchase plans, reaching Rs 7,000 for the first time.
- CEAT receives a Rs 19 crore tax demand.
- Tata Steel loses 2.5% as a result of KIE’s downgrading, owing to an unfavorable risk-reward ratio.
- The IPO pipeline will remain healthy in 2024; funding will decline by 17%, but SME mop-up will increase by 150% in 2023.
- MOIL shares 1.6% of its monthly manganese output, setting a new record.
- Maharashtra Bank gains 2% as the lender records a 20% increase in Q3 gross advances and an 18% increase in deposits.
- Group stocks rise before the Supreme Court rules in the Adani-Hindenburg case
- Rupee opens at 83.30/$, up from 83.32/$ at Tuesday’s close.
- After acquiring a 49% share in the Varkala Sivagiri Station Project Joint Venture, RVNL saw a 2% increase.
- Purchase of a 1.4% share in VST Industries by Radhakishan Damani
Indian Market Stocks
| Sensex | -535.88 | -0.75% | 71,356.60 |
| Nifty 50 | -148.45 | -0.69% | 21,517.35 |
| Bank Nifty | -56.70 | -0.12% | 47,704.95 |
Market Movers
| Bajaj Auto | 321.45 4.82% | Hindalco | -24.30 -3.94% |
| Adani Enterpris | 70.60 2.41% | JSW Steel | -32.70 -3.76% |
| IndusInd Bank | 27.85 1.77% | LTIMindtree | -184.00 -2.99% |
| Cipla | 18.60 1.45% | Infosys | -44.15 -2.88% |
| ITC | 6.45 1.37% | Wipro | -13.15 -2.80% |
News updates
Equity markets don’t appear fatigued but do feel frothy: TRUST Mutual Fund’s CIO
The Indian equities markets don’t appear fatigued but do seem bubbly, especially with greater valuations in mid-caps and small-caps. Despite a favourable global sentiment towards India, Mihir Vora, Chief Investment Officer (CIO) at TRUST Mutual Fund, underlined the significance of constantly monitoring consumption growth, which is still seen as uneven, following a ‘K-shaped’ trajectory. He expressed significant interest in witnessing the kick-off of the capital expenditure cycle by the private sector.
According to the CIO’s findings, the market is anticipated to produce single-digit or lower double-digit returns in 2024, much lower than the 20 percent provided by the Indian equities markets in 2023. Additionally, the CIO said that valuations of some large-caps in information technology (IT), pharma, banks, metals, and certain specialty chemicals still appear tempting.
D-Mart Q3 business update: Revenue climbs 17% to Rs 13,247 crore
Avenue Supermarts, parent firm of retail brand D-Mart, on January 2 stated standalone revenue from operations for the quarter ended December 31, 2023 grew 17.19 percent to Rs 13,247.33 crore.
The company generated revenue of Rs 11,304.58 crore in the same quarter previous year. “The total number of stores as of December 31, 2023 stood at 341,” claimed the business in an exchange filing.
The standalone revenue from operations for quarter ended December 31, 2023 mentioned above is subject to restricted assessment by the statutory auditors of the firm, Avenue Supermarts noted.
UPI transactions exceed 100-billion threshold in 2023
Transactions over the unified payments interface (UPI) network crossed the 100 billion-mark in calendar year 2023 to conclude at roughly 118 billion, as per the data given by the National Payments Corporation of India (NPCI).
This marks a 60 percent gain as opposed to 74 billion UPI transactions reported in 2022. During August 2023, UPI had crossed the milestone of 10 billion transactions a month for the first time and proceeded to do so in the following months. In December, UPI recorded 12 billion transactions with a combined value of Rs 18.23 lakh crore.
The entire amount of UPI transactions in 2003 stood at roughly Rs 182 lakh crore, greater by 44 percent as compared to Rs 126 lakh crore in 2022.
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TCS buyback acceptance percentage at 35%, better than prior time
Tata Consultancy Services (TCS) has decided the acceptance percentage of its buyback issue at roughly 35 percent, some investors who tendered their shares claimed.
The acceptance ratio refers to several shares accepted to be bought by the corporation against the number of tendered shares. The ratio was 24 percent during the 2022 buyback.
For small shareholders, the ratio of repurchase (i.e. eligible number of shares to be tendered for the number of shares owned) was fixed at one share for every six shares held as of the record date. For other stockholders, it was two shares for every 209 shares held by them.
The company planned to buyback 4.09 crore shares at Rs 4,150 apiece and received bids for 26 crore shares.
SpiceJet board meet to examine fundraising and Q2FY24 results adjourned till Dec 12
SpiceJet, once India’s second-largest carrier by market share, said that it has pushed out the board meeting to examine fundraising and Q2FY24 results to December 12. The airline was set to declare its Q2FY24 results on December 11.
Sterling & Wilson Renewable Energy publishes QIP; floor price at Rs 365.02 per share
Sterling and Wilson Renewable Energy Limited on December 11 announced the opening of a qualified institutional placement (QIP) issuance.
The Securities Issuance Committee agreed a floor price for the offer at Rs 365.02 per share following the computation stipulated by the Securities and Exchange Board of India, the business said.
Additionally, the worldwide pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider may consider granting a reduction of up to 5 percent on the floor price. A meeting is scheduled to establish the issuance price of the equity shares, it stated.