Stock Market Updates: Sensex, Nifty Rise; Financials, Metals Shine

The Indian stock market continued its bull run as benchmark indices scaled high highs on December 28, 2023. At 12:30 PM, Sensex jumped 355 points at 72,394 mark. Nifty gained 109 points and was trading at 21,761 level. Bank Nifty also hit record high in the process.

Around 1170 stocks advanced and 1195 declined while 121 remained unchanged.

Barring the media space, all sectoral indices were trading in the green. The top gainers were metals, banks and financials.

Also read: GST Authorities Slap Rs 402 Crore Show-Cause Notice to Zomato

Top Nifty50 Gainers:

Top Nifty50 Losers:

Stocks in the News:

Zomato:

Share price of Zomato declined over 3 percent intraday on December 28 on show-cause notice (SCN) for GST dues. The food delivery aggregator received a Rs 402-crore show-cause notice from the goods and services tax (GST) authorities over unpaid dues.

The tax amount alleged in the notice is based on the sum collected by the company as delivery charges from customers on behalf of the delivery partners.

“Zomato Limited has received a show cause notice on December 26, 2023 under Section 74(1) of the Central Goods and Services Tax Act, 2017 from the Directorate General of GST Intelligence, Pune Zonal Unit,” the company said in an exchange filing.

HUDCO:

The Hudco share price surged over 19 percent, reaching a new high. The company signed a Memorandum of Understanding (MoU) with the State Government of Gujarat. The MoU involves an investment of up to Rs 14,500 crore for financing housing and urban infrastructure projects in the western state.

Canara Bank:

Canara Bank stock price gained 2 percent on December 28. The company gave an in-principle nod to initiate the listing process of its mutual fund subsidiary, Canara Robeco Asset Management Company through an initial public offering.

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.