Record News

By Akash Sriram and Hyunjoo Jin

Investing.com — U.S. stock futures traded largely flat Wednesday, with traders consolidating the year's strong gains in the final week of the year. SoftBank received a hefty windfall in the form of T-Mobile US shares, while Toyota detailed a record November for global sales. The Chinese economy showed signs of life, while the crude market continued to look at the turmoil in the Middle East.

Tesla is expected to post another record quarter for electric vehicle (EV) deliveries, likely shy of an ambitious 2 million annual internal target that CEO Elon Musk touted at the beginning of the year. Faced with slowing sales, Tesla leveraged its industry-leading margins and slashed prices of its four car models globally in 2023, with a focus on China, where the company has lost market share to locals including BYD .

Nifty Bank closed higher on Wednesday for the second consecutive day in a row pushing the index to a fresh record high in line with the trend seen in the benchmark index. The Nifty Bank rallied more than 500 points to close at 48,282. The index hit a record high of 48,347.

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Sensex rallied over 700 points on Wednesday to scale the 72,000 mark for the first time. Nifty, too, hit a fresh all-time peak of 21,654.75 amid all-round buying in banks, auto, metals and IT stocks. The market rally was broad-based but Nifty's 1% rise left smallcap and midcap indices behind as investors found more value in bluechips after the non-stop rally seen in smaller stocks. UltraTech Cement ended over 4% higher, along with other cement stocks, after Nomura upgraded the sectoral outlook. Among bluechips, Hindalco and Bajaj Auto ended 4% higher while heavyweight HDFC Bank advanced 1%. The combined market capitalisation of all BSE-listed stocks rose by Rs 2.5 lakh crore to Rs 361.4 lakh crore. Here are the key factors behind today's rally:

BJP's triumph in the assembly polls, considered by many a foregone conclusion in favour of Congress, series of ED actions, including in the Mahadev betting app case, a deadly Naxal attack, and nude men protesting over jobs dominated the events in Chhattisgarh in 2023. Though elections were held at the end of the year, poll mood prevailed in Chhattisgarh throughout with top leaders of BJP, Congress and AAP making frequent visits to the state for rallies and meetings, and chalking out their strategies.

Trinamool Congress leader Derek O'Brien on Wednesday said Parliament has turned into a «deep, dark chamber,» as he accused the central government of maintaining silence on the security breach. In a post on X, O'Brien said that unlike now, after the 2001 Parliament attack, the then prime minister and home minister had given statements in the Lok Sabha and Rajya Sabha. «2001 Parliament attack: In 3 working days, a full discussion in Parliament.

Rohit Srivastava, Founder, Indiacharts.com, says “there is some level of caution in chasing the same parts of the market that have been doing well. But that is where you would want to participate, see if there is a correction in the market, you would want to be in the PSUs or the realty sector and even the metals that have started to pick up now. It is just that the current levels and setup tell us that we should not get carried away by the FOMO effect of markets.” We are at lifetime high yet again. Bulls are charging again. What do you think about the levels going forward for the Nifty as well as the Bank Nifty? Rohit Srivastava: Remember this is the year-end holiday period.

Intellivate Capital Ventures have given exceptional returns to their investors in 2023 following the overall positive market sentiment. Despite facing multiple challenges such as the Russia-Ukraine war, the Israel-Hamas war, peak global inflation, rising crude prices, peak US 10-year yield, and a consumption slowdown, the Indian market achieved a record-high streak. This remarkable performance can be attributed to sustained foreign and domestic investor inflows, improving macroeconomic indicators, and the potential for the incumbent government's return to power, all of which, contributed to keeping the markets resilient during the period.

Jai Bala, Chief Market Technician, Cashthechaos.com, says, “the banking index is the most vulnerable for reversal. It is a very long-term setup and the medium-term setup that is coalescing around the current levels. So, the 49,000 to 50,500 levels for the banking index is going to be pretty significant. One has to be extremely cautious about the banking sector and there is a great potential for a reversal around the 49,000 mark for the banking index.” After three trading sessions Nifty is finally back to new record high levels. Where do you see this market headed? What do you think is going to be the contributing factor for the market going forward when you look at the Nifty? Jai Bala: The markets are clocking new highs, but it lost momentum in multiple sectors. But this does not mean the markets are not continuing to go up. It is going to continue to go up. But we need an abundant amount of caution here and your allocation has to be quite light because we are in the late stages of the rally for the market that started from the middle of 2023.

Residential real estate sector witnessed yet another stellar year with launches likely to reach approximately 300,000 units by end-2023, a remarkable 11% higher than the previous record year of 2022. In the last couple of years, the residential market has come out of a long period stagnancy in prices.

Also Read: 2023 in review: IPOs this year have broken records; 2024 will likely see even more IPOs, says Venkatraghavan of Equirus According to data from Trendlyne, 234 companies have raised funds from Indian markets so far in 2023, with a significant portion of 176 companies falling within the SME category. In comparison, CY22 witnessed 103 SMEs entering the market; the number was 52 in 2021, 31 in 2020, and 31 in 2019. Out of the 176 SME stocks listed this year, 62, or 35%, are trading with gains ranging between 100% and 1000%.

COVID-19 sub-variant JN.1 were recorded, with the tally of cases of the new variant across the country till December 26 rising to 109, official sources said on Wednesday. Thirty-six cases were detected from Gujarat, 34 from Karnataka, 14 from Goa, nine from Maharashtra, six from Kerala, four each from Rajasthan and Tamil Nadu, and two from Telangana, they said.

Nifty on Wednesday hit a fresh all-time peak of 21,602.50 with banks, auto and metal stocks leading the charge. Notwithstanding the recent upside, Axis Securities said it foresees Nifty to hit 23,000 by December 2024. For the new calendar year 2024, the brokerage firm has picked 9 stocks within the broader themes of manufacturing, PSU banks, NBFCs, IT services, and consumption. The nine stocks recommended by Axis are Pitti Engineering, Sansera Engineering, Archean Chemicals, Amber Enterprises, JK Lakshmi Cement, SBI, Manappuram Finance, Cyient, and Westlife Foodworld. «The fundamentals of Indian corporates have improved significantly and so has the profitability across the board. This can be seen in the cumulative and rolling net profit of the NSE 500 universe for the last 4 quarters (till Q2FY24), which crossed the Rs 12 lakh crore mark. Moreover, after a muted performance for several years, the ROE of the broader market is improving as well. The bolstered balance sheet strength of corporate India and the significantly enhanced health of the Indian banking system are additional positive factors,» Axis said. It sees Nifty earnings growing to post 14% CAGR growth over FY23-26. New year stock picks from Axis:

Tata Motors expect record sales in 2024, and big cities are racing to adopt electric buses. Despite the subsidy row, India is expected to become one the world's largest EV markets. India’s biggest and increasingly most consequential neighbour, China will complete 75 years of rule by a one-party communist regime on 1 October.

Investing.com-- Gold prices kept to a tight range in Asian trade on Wednesday after rising optimism over early interest rate cuts by the Federal Reserve drove a strong melt-up in prices through December. 

Investing.com-- Japanese and Indian stock markets were the top performers in Asia through 2023, with a dovish Bank of Japan and optimism over the Indian economy acting as key points of support.

On a sparkling, clear and calm day in early December, part-time Montreal model Kim Bruneau slipped into the ocean off the coast of Nassau in the Bahamas, wearing a pink tutu, setting her sights on a new Guinness World Record for underwater modelling.