Nifty Today | Share Market Live Updates: Sensex around 71000; Nifty tops 21,300; IT, metals gain

The Indian tech giant Infosys will announce its quarterly results for the October-December quarter on 11 January. The Q3 FY24 results will be announced after the board of directors meeting, set to begin on 10 January. The company had in the last quarter guided for a revenue growth between 1% and 2.5% in FY24.

The microfinance lender on Thursday launched its Qualified Institutional Placement (QIP). The floor price for the QIP has been set at ₹242.81 per share.

Indices maintained their upward trajectory fueled by dovish Federal Reserve. Sensex held steady near 71,000 and Nifty was above 21,300.

Nifty Metal index gains 1.6% led by National Aluminium, Hindustan Copper, Ratnamani which jumped 3-5%

Sensex jumps 500 points, hit 71000 with Infy, TCS, HCL Tech contributing to the rally as they rose 3-4% in trade

Sterling and Wilson Renewable Energy share price jumped 5% to hit a 52-week high in early trade on Friday after the company announced the completion of a fundraise of ₹1,500 crore through qualified Institutions placement route. 

Smallcap and Midcap indices rally in line with the benchmark indices. The indices have been outperforming markets over the past few sessions. 

Nifty IT index extended Thursday’s rally and were up 1.9% led by Infosys, Persistenrt Systems and L&T tech

The company said its wholly owned subsidiary received a ₹1,026-crore order for the appointment of advanced metering infrastructure service providers

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.

Adani Port is set to divest a 49% stake in Adani Ennore Container Terminal for a total consideration of ₹247 crore. The company has entered into a Share Purchase Agreement with Mundi Limited, an indirect subsidiary of Terminal Investment Limited and associate of Mediterranean Shipping Company for the divestment.

The People’s Bank of China has executed its largest-ever one-year policy loan injection, aiming to bolster an economy grappling with a real estate downturn and sluggish demand.

The central bank provided commercial banks with 1.45 trillion yuan (approximately $204 billion) through its medium-term lending facility. This amount surpasses the anticipated maturity for this month by 800 billion yuan. (Bloomberg)

At 0922 am, Sensex was at 70,795, up 281 points from previous close led by Infosys, JSW Steel. Nift was at 21,270, up 87 points. 

Indices were higher in pre-opening session with Sensex up 270 points at 70,783.64 at 0905 am. Cipla, Hero Moto, PVR Inox in focus

ITC Ltd’s investors have little to complain about. Since its meeting with analysts in December 2021, the cigarette-maker’s shares have doubled. What is more, the strategies outlined by the company at its recent analysts’ meet point to solid long-term prospects.(read more)

Oil prices rose in early Asian trade on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar.

Brent futures rose 9 cents to $76.70 a barrel while U.S. West Texas Intermediate (WTI) crude climbed 10 cents to $71.68.

Retail inflation in November rose at the quickest pace in three months, but a closer look tells a slightly different story.

The basket of goods and services used to compute retail inflation now has nearly 49.3% items that are within the central bank’s inflation tolerance range of 2-6%, a Mint analysis showed. (Read more)

Nifty after the Bullish Hammer pattern on the daily chart opened with a huge gap up to scale new record high once again to touch 21,210 levels during the intraday session to indicate a clear breakout above the 21000 zone. With the index entering a new territory the next target expected is around 21,600 and further ahead 22,300 levels in the coming days.”

“Bank Nifty has indicated a clear breakout above the crucial 47,500 levels to strengthen the trend overall and has opened the gates for further targets of 49,200 and 50,000 levels in the coming days. From current levels, the zone near 46,300 level shall be maintained as the important support zone from current levels.”

Parekh recommended three intraday stocks for today — GAIL, L&T Finance and AU Small Finance Bank.

India’s benchmark stock indices rallied to fresh highs on Thursday after the US Federal Reserve brought the curtains down on interest rate hikes and indicated the possibility of three rate cuts in 2024.

BSE’s 30-stock Sensex jumped 929.60 points or 1.34% to close at 70,514.2 points. Nifty 50 index rose 1.23% or 256.35 points to close at an all-time high of 21,182.7, after touching an intra-day peak of 21,210.9.

Hero MotoCorp, Panacea Biotech, BHEL, Vedanta, Texmaco, Infosys, PVR, Cipla are some of the stocks to watch in trade today.

Asian markets are trading higher, taking cues from Wall Street’s overnight gains. Japan’s Nikkei 225 and South Korea’s Kospi saw modest increases, while Australian shares hit a four-month high, buoyed by strong jobs data and US Federal Reserve’s rate cut outlook for next year.