Stock Market News Today: Happy Forgings, Zydus Life in Focus

On December 26, the Indian stock market concluded with indices marking a third consecutive session of gains, closing in positive territory. The Sensex concluded at 71,336.80, marking a rise of 229.84 points or 0.32 percent. Nifty closed at 21,441.30, gaining 91.90 points or 0.43 percent.

Around 2063 shares advanced, 1325 shares declined, and 109 shares remained unchanged.

With the exception of the IT sector, all sectoral indices closed positively. Oil & gas, power, metal, auto, and healthcare each contributed a percent to the gains.

GIFT Nifty

The GIFT Nifty indicates a marginally positive start for the broader index with a gain of 19 points.

Global Markets

US Markets

Stocks rose to start the last week of the year, pushing the S&P 500 closer to record levels. The S&P 500 climbed 0.42 percent to end at 4,774.75, while the Nasdaq Composite advanced 0.54 percent to settle at 15,074.57. The Dow Jones industrial Average gained 159.36 points, or about 0.43 percent, to close at 37,545.33.

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

The Nasdaq 100 gained 0.6 percent and notched an all-time high and record close, ending the session at 16,878.46, according to Reuters report.

Asian Markets

Asia-Pacific stocks bounced on December 27 with Australia stocks hitting a near two-year high, as more markets return from a Christmas break. Australia’s S&P/ASX 200 index gained 0.8 percent to hit its highest level since late April 2022, as trading resumed for the week. The Nikkei 225 has gained more than 27 percent so far this year, making it Asia’s top performing index for 2023. South Korea’s Kospi added 0.3 percent by open.

Stocks in the news

• Tata Motors: The auto major has sealed a deal with Uttar Pradesh State Road Transport Corporation (UPSRTC) to supply 1,350 units of the Tata LPO 1,618 diesel bus chassis, which are specifically designed for intercity and long-distance travel.
• SJVN: The company has secured a 100 MW solar power project from Gujarat Urja Vikas Nigam (GUVNL). The company successfully bagged the quoted capacity of a 100 MW solar project at Rs 2.63 per unit on a build-own-operate basis. This ground-mounted solar project will be developed by the company’s wholly owned subsidiary, i.e., SJVN Green Energy (SGEL), at a tentative cost of Rs 550 crore.
• Power Grid Corporation of India: The firm said project under “evacuation of renewable energy (RE) in Tirunelveli and Tuticorin wind energy zone (Tamil Nadu) 500 MW” has been commissioned with effect from December 24. Further, Power Grid has acquired Vataman Transmission (VTL), the project SPV, to establish a transmission system for the evacuation of an additional 7 GW of RE power from Khavda RE Park, for Rs 18.19 crore, and Koppal II Gadag II Transmission (KIIGIITL), the project SPV to establish a transmission system for the Transmission Scheme for Integration of Renewable Energy Zone (Phase-II) in Koppal-II (Phase-A and B) and Gadag-II (Phase-A) in Karnataka, on a build, own, operate, and transfer (BOOT) basis, from the bid process coordinator, PFC Consulting, for Rs 18.45 crore.
• Kansai Nerolac Paints: The Board of Directors has approved a proposal for entering into an agreement for sale with Aethon Developers, the subsidiary of Runwal Developers, for the sale of its land parcel at Lower Parel, Mumbai, for Rs 726 crore.
• Aditya Birla Capital: The company has made investments of Rs 850 crore on a rights basis in Aditya Birla Finance (ABFL) and Rs 50 crore in Aditya Birla Capital Digital (ABCDL). After the said investments, there is no change in the percentage shareholding of ABCL, and both ABCDL and ABFL continue to be wholly owned subsidiaries of the company.

FIIs and DIIs

Foreign institutional investors (FIIs) net sold shares worth Rs 95.20 crore, while domestic institutional investors (DIIs) bought Rs 167.04 crore worth of stocks on December 26.

Oil Prices

Oil jumped over 2 percent on Tuesday to the highest in almost a month, supported by the Middle East strife and investor optimism that the US Federal Reserve would soon start cutting interest rates, boosting global economic growth and fuel demand.

Brent crude futures were up by $1.79, or 2.3 percent, at $80.86 a barrel and earlier reached $81.23, the highest since December 1. US West Texas Intermediate crude rose by $1.89, or 2.6 percent, to $75.45.

Stock under F&O ban on NSE

The NSE has added RBL Bank to its F&O ban list for December 27. It retained Balrampur Chini Mills, Delta Corp, Hindustan Copper, and National Aluminium Company on 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.