Top Stock Market News on January 1, 2024; HUL, Asian Paints in Focus

The Indian stock market ended the last day of 2023 in the red but registered handsome gains for the year, up almost 20 percent. At close of trade on December 29, 2023, Sensex shed 170 points at 72240 level while Nifty slipped 47 points and ended the session at 21731 mark.

Around 1,758 stocks advanced and 1,533 shares declined while 54 stocks remained unchanged.

Among the sectors, buying was seen in Auto, Metal, and the FMCG space.

Technical Analysis:

On the technical front, Nifty formed a Doji candlestick pattern on the daily scale, indicating indecision amongst bulls and bears about future market trends. However, in the medium-term perspective, the index is firmly in an uptrend, displaying no indications of weakness.

Going forward, the zone of 21550-21500 will act as immediate support for the index, any sustainable move below the level of 21500 will lead to profit booking in the index.

GIFT Nifty

The GIFT Nifty indicates a marginally negative start for the broader index with a loss of 72 points.

US Markets

US stocks closed modestly lower on Friday, the last trading day of 2023, capping a robust year-end rally as investors eyed easier monetary policy in the year ahead.

The Dow Jones Industrial Average fell 20.56 points, or 0.05%, to 37,689.54. The S&P 500 lost 13.52 points, or 0.28%, to 4,769.83. The Nasdaq Composite dropped 83.78 points, or 0.56%, to 15,011.35.

Also read: Wipro, Thermax Top 2 Buys Which Can Give Up To 15% Return

Asian Markets

Asian markets ended the last day of 2023 on a mixed note. Hong Kong’s Hang Seng index slipped 0.2 percent, while China’s CSI 300 index closed 0.49 percent higher at 3,431.11. Japan’s Nikkei 225 ended down 0.22 percent at 33,464.17. The broader Topix closed 0.19 percent higher at 2,366.39.

FII and DII data

Foreign institutional investors (FIIs) bought shares worth Rs 1,459.12 crore. Domestic institutional investors (DIIs) purchased Rs 554.39 crore worth of stocks on December 29, provisional data from the NSE showed.

Stocks in the news

• Tata Coffee: The composite scheme of arrangement amongst Tata Consumer Products (TCPL), Tata Coffee (TCL), and TCPL Beverages & Foods (TBFL) will be effective January 1, 2024. With the scheme becoming effective on January 1, 2024, Tata Coffee will get dissolved without winding up. The record date has been fixed as January 15, for determining the shareholders of TCL to whom equity shares of TCPL would be allotted pursuant to the demerger and the amalgamation.
• Hindustan Unilever: In its bid to drive volumes and optimize distribution costs, HUL has made changes to its structure of distributor margins by increasing the variable margins and reducing the fixed one.
• RailTel Corporation of India: The firm has received the work order amounting to Rs 120.45 crore from South Central Railway for comprehensive signalling and telecommunication works for the provision of an automatic block signalling system in Yermaras-Nalwar section of Guntakal division in South Central Railway.
• Asian Paints: The company’s Sriperumbudur plant has received an environmental clearance from State Environment Impact Assessment Authority, Tamil Nadu. The Sriperumbudur plant is operating with the required licenses and approvals.
• ICICI Lombard General Insurance: The firm received a Rs 1,900 crore GST demand, including penalty amount, for the period July 2017 to March 2022.

Bulk Deals

Innova Captab Limited: Canara Robeco Mutual Fund bought 900000 shares at Rs 474.41. Also, Invesco Mutual Fund bought 600000 shares at Rs 452.1

Azad Engineering Limited: PCA Securities Investment Trust Co. Ltd A/C Pca India Equity Fund bought 339902 shares at Rs 703.4

Ramco Industries Ltd: The Ramco Cements Limited bought 720000 shares at Rs 215

Stock under F&O ban on NSE

The NSE has added Hindustan Copper to its F&O ban list for January 1.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.