Stock Market Updates Today: Hero Moto, SBI, PVR Inox in Focus

BSE Sensex hit 70,500 levels for the first time on December 14. It surged 930 points to 70,514 after dovish commentary by the Federal Chair Jerome Powell.

The Nifty 50 surged to a record high of 21,211 and concluded at an all-time peak of 21,183, marking a gain of 256 points.

A bullish candlestick pattern emerged on the daily charts following a robust gap-up opening, signaling positive momentum for the index.

Meanwhile, the broader markets also displayed upward trends, with the Nifty Midcap 100 climbing by 1.3 percent and the Smallcap 100 index rising by 0.9 percent.

Key support and resistance levels on the Nifty

Nifty may face immediate resistance at 21,208 followed by 21,240 and 21,293. On the lower side, it can take support at 21,104 followed by 21,072 and 21,020 levels.

Key support and resistance levels on the Nifty Bank

Bank Nifty is expected to face resistance at 47,894, followed by 47,996 and 48,162. On the lower side, it may take support at 47,564, followed by 47,462 and 47,296.

Sensex, Nifty hit fresh highs after US Fed’s Dovish Pivot

Dow Jones scores second record close in a row on lower-rate bets

US stocks ended firmer on Thursday, with the Dow Jones Industrial Average notching its second straight record high close. Optimism lifted expectations that borrowing rates will decrease next year following a dovish pivot by the Federal Reserve.

The Nasdaq Composite Index gained 0.19% at 14,761.56 points, while the Dow Jones Industrial Average rose 0.43% to 37,248.35 points. The S&P 500 climbed 0.26% to end at 4,719.55 points.

Stocks on the radar

Hero MotoCorp to increase stake in Ather Energy

Hero MotoCorp will be buying an additional stake in associate company Ather Energy from an existing shareholder for up to Rs 140 crore. After this transaction, Hero’s stake in Ather Energy will increase to 39.7 percent from 36.7 percent. Hero will complete the acquisition of additional shares in Ather Energy by January 31, 2024.

Texmaco Rail receives orders from Ministry of Railways for the manufacturing and supply of freight wagons

Texmaco Rail has announced that the Ministry of Railways has awarded a substantial order for the manufacturing and supply of freight wagons. The contract is valued at approximately Rs. 1374.41 crore. The company is tasked with producing and delivering 3,400 BOXNS wagons.

Jupiter Wagons receives order worth Rs 1,617 crores from the Ministry of Railways

Jupiter Wagons received an order worth Rs 1,617 crores from the Ministry of Railways to manufacture and supply 4000 BOXNS wagons.

M&M Financial Services to enter into the business activity of soliciting and procuring insurance business as a corporate agent

M&M Financial Services said it has received approval from the Board of Directors for undertaking the supplemental business activity of soliciting and procuring insurance business as a corporate agent in the areas of life, health, and general insurance, both group and individual. 

This will be subject to obtaining the necessary approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and no objection from the RBI or other regulatory authorities.

SBI to purchase 6.35% stake in Canpac Trends

State Bank of India has executed transaction documents for the purchase of 3,70,644 shares, or 6.35 percent stake, in Canpac Trends, which provides paper-based packaging solutions, for nearly Rs 50 crore. The stake will be bought at a price of Rs 1,349 per share.

Mazagon Dock Shipbuilders launches India’s fastest solar-electric boat

Mazagon Dock Shipbuilders has launched India’s fastest solar-electric boat, SaurShakti, in Kochi. The boat was developed through a collaboration between Mazagon Dock Shipbuilders and NavAlt Solar Electric Boat, Kochi.

BHEL, CMTI signs MoU for collaboration on technology development in the areas of hydrogen value chain and IIoT solutions

BHEL and the Central Manufacturing Technology Institute (CMTI), an autonomous institution under the administrative control of the Ministry of Heavy Industries, have entered into a Memorandum of Understanding (MoU) for collaboration on technology development in the areas of hydrogen value chain and IIoT solutions for predictive maintenance of machines and manufacturing processes.

Panacea Biotec launches fully-liquid wP-IPV-based pentavalent vaccine EasyFourPol in India

Panacea Biotec has launched the fully-liquid wP-IPV-based pentavalent vaccine EasyFourPol in India. The wP-IPV pentavalent vaccine protects children against five deadly diseases: diphtheria, tetanus, pertussis, polio, and invasive infections caused by Haemophilus influenza type B.

Cipla invests Rs 42 crore in digital tech company

Cipla has invested Rs 42 crore in digital tech company, GoApptiv to expand its patient reach to the remotest towns. Cipla’s stake in the tech company now increased to 22.99% on a diluted basis.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 3,570.07 crore. Domestic institutional investors (DIIs) purchased Rs 553.17 crore worth of stocks on December 14.

Oil rises 3% on IEA demand upgrade, weaker dollar

Oil prices rose 3% on Thursday, extending the previous session’s gains. A weaker dollar and the International Energy Agency (IEA) lifting its oil demand forecast for next year boosted it.

Brent futures settled $2.35 higher, or 3.2%, at $76.61 a barrel. US West Texas Intermediate (WTI) crude climbed $2.11, or 3%, to $71.58.

Stock under F&O ban on NSE

The NSE has added Manappuram Finance and SAIL to its F&O ban list for December 15. It retained Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cements, and Zee Entertainment Enterprises to the said list. National Aluminium Company was removed from the said 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.}