Stock Market News Today: GMR Airports, LIC in Focus

Sensex on December 21 climbed 359 points to 70,865, while the Nifty50 rose 105 points to 21,255. The index formed a bullish candlestick pattern on the daily charts, though there was a lower high, lower low formation.

All sectors ended positively. Nifty Media stood out as the primary winner, marking a 2.49 percent increase, driven by the gains in Zee Entertainment following Sony’s commitment to discuss the merger timeline. Alongside, Nifty Oil & Gas, Nifty PSU Bank, and Nifty Metal also saw significant increases, each rising more than 1 percent.

Technical Analysis:

On the technical front, Nifty formed a bullish candlestick pattern on the daily charts, though there was a lower high, lower low formation. While the 21,000 level has a minor support, the critical support lies near the 20-Day Moving Average around 20,800.

Medium term outlook continues to remain positive as the index maintains a position comfortably above crucial moving averages.

Option Activity:

On the option front, maximum Put OI is at 21000 followed by 20000 strike, while maximum Call OI is at 22000 followed by 21500 strike. Call writing was seen at 22000 strike, followed by 22500 strike while Put writing was seen at 21000 strike, followed by 20000 strike.

GIFT Nifty

GIFT Nifty indicates a flat to negative start for the broader index with a loss of 26.50 points.

Global Markets

Asia markets

Asian stocks were poised to eke out gains for the final full trading week of the year on Friday, while the dollar eyed a loss as investors look to 2024 as a year of steep US rate cuts, according to a Reuters report.

MSCI’s broadest index of Asia-Pacific shares outside Japan went up 0.3% in early trade. Banking shares helped Japan’s Nikkei rise 0.2%.

Wall Street ends sharply higher

US stocks closed higher on Thursday, winning back much of the previous day’s losses, as economic data fueled optimism that the Federal Reserve would ease monetary policy and revived investor risk appetite.

Also Read: Trident Techlabs IPO: All You Need to Know Before subscribing to the Issue

The Dow Jones Industrial Average rose 322.35 points, or 0.87%, to 37,404.35, the S&P 500 gained 48.4 points, or 1.03%, at 4,746.75 and the Nasdaq Composite added 185.92 points, or 1.26%, at 14,963.87.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,636.19 crore, while domestic institutional investors (DIIs) bought Rs 1,464.70 crore worth of stocks on December 21.

Stocks in the news

• Allcargo Logistics: The boards of Allcargo Logistics, Allcargo Gati approved restructuring of businesses. As per the scheme, International Supply Chain (ISC) business will be demerged into a separate entity — Allcargo ECU Ltd.
• Lupin: LupinLife, the consumer healthcare business of Lupin, launched Softovac Liquifibre, a 100 percent Ayurvedic liquid laxative. With this, the company enters the Indian liquid laxative market with this product, which is a formulation of Isabgol fibre in liquid form and natural actives such as sonamukhi, harad, mulethi, saunf, amaltas, and gulab dal.
• LIC: The company got an exemption from the Department of Economic Affairs to achieve the 25 percent minimum public shareholding threshold within 10 years of listing in 2032. The department termed the decision “public interest”.
• GMR Airports: GMR Airports Infrastructure subsidiary GMR Airports has entered into a binding agreement with the National Investment and Infrastructure Fund (NIIF) to invest Rs 675 crore in the upcoming airport at Bhogapuram, Andhra Pradesh. This is NIIF’s second investment in a GMR airport after their investment in Goa International Airport.
• MOIL: The firm announced that production by December 20 crossed 16 lakh metric tonnes in CY2023. The company said this figure is 26 percent higher than the previous high in 2019.

Bulk Deals

Ami Organics Limited: Morgan Stanley Asia Singapore PTE bought 8,07,500 shares  at Rs 1030. ICICI Prudential Mutual Fund bought 500000 shares  at Rs 1030. Malabar India Fund Limited bought 485000 shares at Rs 1030. Goldman Sachs Investments Mauritius  I Limited bought 242000 shares  at Rs 1030

Onward Technologies : Kotak Mahindra Life Insurance Company Limited bought 159699 shares at Rs 620.75 per share

Click here for more bulk deals

Stock under F&O ban on NSE

The NSE has added Hindustan Copper to its F&O ban list for December 22. It retained Ashok Leyland, Balrampur Chini Mills, Delta Corp, India Cements, Manappuram Finance, RBL Bank and SAIL in the list.

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.