Sensex
Biggest gainers on the Nifty were Infosys, ONGC, Tech Mahindra, LTIMindtree and TCS, while losers were Cipla, Apollo Hospitals, HDFC Life, UltraTech Cement and Bajaj Finserv.
Closing bell
Indian market news
Fii and Dii data
| Fii Sold | 865 Cr |
| Dii Bought | 1,607.08 Cr |
Indian market news
- BSE Smallcap index up 0.5 percnet led by Ashiana Housing, Accelya Solutions India, Hardwyn India:
- HCLTech Q3 profit projected expanding 6% QoQ powered by Verizon deal, ASAP acquisition; stock hits 52-week high
- KPI Green Energy reaches new high on fresh order, shares up 250% in a year
- HDFC Life 3Q net profit at Rs 365 crore, net premium income Rs 15240 crore
- Goldman Sachs anticipates govt spending growth to decrease to 10% in FY25, down from 30% in prior 3 years
- Indian rupee achieved 82.89 a dollar, its higest level since September 2023, up 0.2 percent from previous close
- Oil prices increase 2% after US, Britain hit Houthi targets
- Gold climbs as Middle East tensions raise safe-haven appeal
- M&M authorizes investment up to Rs 630 crore in Mahindra Electric Automobile via rights issue
- LIC shares slump on getting income tax demand notifications of Rs 3,528.75 crore
- UltraTech Cement to purchase 26% equity shares in Amplus Ages for Rs 49 crore
- M&M authorizes investment up to Rs 630 crore in Mahindra Electric Automobile via rights issue
- M&M drops after December shipments skid 41%
- UltraTech Cement to purchase 26% equity shares in Amplus Ages for Rs 49 crore
- Indian Overseas Bank raises lending rates by 5-10 bps
- Bajel Projects obtains LoI worth Rs 487.64 crore; share price up 3%
- HG Infra up almost 4% on winning Rs 716-crore railway project
- Tata Consumer reaches 52-week high amid talks of purchasing Capital Foods, Organic India
Indian Market Stocks
| Sensex | 847.27 | +1.18% | 72,568.45 |
| Nifty 50 | 247.35 | +1.14% | 21,894.55 |
| Bank Nifty | 271.45 | +0.57% | 47,709.80 |
Market Movers
| Infosys | 118.55 7.93% | Cipla | -18.90 -1.43% |
| ONGC | 11.55 5.45% | Apollo Hospital | -74.20 -1.26% |
| Tech Mahindra | 58.65 4.69% | UltraTechCement | -110.50 -1.11% |
| LTIMindtree | 277.10 4.65% | Bajaj Finserv | -17.35 -1.04% |
| TCS | 147.25 3.94% | Power Grid Corp | -2.50 -1.03% |
News updates
The US Federal Reserve policy rate will remain at approximately 3% for the next five to ten years. Howard M.
SoftBank is set to resume investments in India in mid-2024, following an 18-month gap. Sumer Juneja, SoftBank Investment Advisers’ head of India and EMEA, stated that the Japanese investor will resume closing acquisitions in the coming months. This comes after investors became more selective about the enterprises they backed, tightening their purse strings. SoftBank has been in a wait-and-see attitude, but is now reaffirming its intention to support cutting-edge businesses and expand its holdings in India.
Jeremy Siegel’s Weekly Commentary: The S&P 500 may reach 5,300 levels and gain 8–10% in 2024
S&P 500 gains of 8–10% are expected in 2024, according to economist Jeremy Siegel, who also projects that the index may hit 5,300.
In his weekly WisdomTree commentary note, Siegel stated, “My outlook for the S&P 500 for 2024 is another good year—in the order of 8–10 percent price gain—and I think value stocks, particularly smaller-cap value stocks, trading at much lower multiples could do better, with around 15 percent appreciation.” Following a period of profit-taking in tech equities at the start of the year, this optimistic prognosis has been made.
Microsoft surpasses Apple to become the most valuable corporation globally.
On Thursday, Microsoft surpassed Apple to become the most valuable corporation in the world, following a poor start to 2024 for the shares of the iPhone manufacturer due to mounting demand concerns.
Microsoft, situated in Redmond, Washington, had a 1.6% increase in shares last week, valuing the company at $2.875 trillion. This increase was mostly due to investors being drawn in by Microsoft’s early advantage in the race to profit from generative artificial intelligence.
With a market capitalization of $2.871 trillion, Apple had a 0.9% decline in valuation, marking the first time since 2021 that it has lagged below Microsoft. As of the most recent close, the Cupertino, California-based company’s stock had dropped 3.3%, while Microsoft’s had increased 1.8%.
Banks’ Q3 FY24 earnings: Five key areas to be aware of
Experts predict that asset quality, net interest margins (NIM), unsecured loans, deposit and credit growth, and write-offs will be some of the key factors to keep an eye on following strong profits, when earnings for the banking industry begin in mid-January.
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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.