Experts Financial News

rupee strengthened on Thursday while far forward premiums rose to their highest in more than two months on rising expectations of the U.S. Federal Reserve easing monetary policy cycle. The rupee closed at 83.1650 to the U.S. dollar, up from 83.3450 in the previous session.

Shares of Punjab National Bank(up 4.03 per cent), Au Small Finance Bank Ltd.(up 1.81 per cent), Kotak Mahindra Bank Ltd.(up 0.99 per cent), Federal Bank Ltd.(up 0.97 per cent) and IndusInd Bank Ltd.(up 0.82 per cent) ended the day as top gainers in the pack. On the other hand, IDFC First Bank Ltd.(down 0.16 per cent) finished as the top losers of the day.

Nirav Karkera, Head of Research, Fisdom, says: “I am not quite sure if 2024-25 will actually turn out to be the year of passives per se but definitely largecaps are expected to make a comeback. But at the same time, it is not expected to make a comeback at the cost of small and midcaps. So, there are a few good things that have been going in favour of small- and midcaps as a segment and we expect a lot of this to be carried forward into the New Year as well.” Before I ask you how you think midcap and smallcaps would be faring in 2024, let's just analyze the performance in 2023 where we have seen Nifty Small-Cap growing beyond 40%, Nifty Mid-Cap close to 38%, beating Nifty-50. Also, midcap and smallcap funds have given returns beyond 35%. It has been said that 2024 and 2025 are going to be years of passive funds and specifically focusing on large cap category. But then what is going to be the trajectory of midcaps and smallcaps going ahead? Nirav Karkera: Definitely one thing that is very clear that largecaps are once again gaining a lot of investor favour and investor interest and this comes on the back of a very stellar run-up in the mid- and smallcap segments. In fact, the run-up has been so good that it has pushed many investors to the edge of their seats, worried about what lies ahead after such a rally. Does it fizzle out from here or what is it that can keep the rally sustaining going ahead?

The 30-share BSE benchmark Sensex advanced 372 points or 0.52% to settle at 72,410. The broader NSE Nifty surged 124 points or 0.57% to end at 21,778. Among the Sensex stocks, NTPC, M&M, Power Grid, and Nestle were the top gainers, rising 2-3%.

Shares of Lupin Ltd.(up 4.03 per cent), Ipca Laboratories Ltd.(up 3.84 per cent), Dr. Reddy's Laboratories Ltd.(up 2.52 per cent), GlaxoSmithKline Pharmaceuticals Ltd.(up 2.19 per cent) and Aurobindo Pharma Ltd.(up 1.87 per cent) ended the day as top gainers in the pack.

Nifty 50, Nifty Bank, and Nifty IT are among the key indices tracked by passive index funds and would see a rebalancing as part of the quarterly review. The changes will come into effect from Friday. Among Nifty stocks, The weightage of Adani Enterprises may reduce to 0.8% from 1%, while that of Adani Ports to 0.8% from 0.9%. Adani Enterprises is likely to see outflows of $71 million while Adani Ports will see outflows of $24 million, according to analysts’ predictions. Shares of Adani Enterprises and Adani Ports fell 0.6% and 0.3%, respectively ahead of the rebalancing.

The retail portion of the issue was booked 36 times, followed by NIIs at 22.82 times and the QIB part at 2.23 times. Kay Cee Energy GMP In the grey market, the company's shares are trading with a premium of Rs 45 in the unlisted market, nearly 83% higher than the issue price. Kay Cee Energy IPO price band The company is offering its shares in the range of Rs 51-54 for the IPO, which is entirely a fresh equity issue of 29.5 lakh shares.

The changes will be effective from January 1, 2024. The fund house informed the change to its investors through an addendum. The existing minimum top-up amount for SIP Top-up facility is Rs 500 and in multiples thereof.

Sachin Tendular net worth: Azad Engineering share price today opened on NSE at ₹720 apiece levels, delivering over 37 per cent listing premium to the lucky allottees of its initial public offer. However, one of its ace investors and cricketing icon Saching Tendulkar earned much higher than the allottees becuase he chose to invest in the company nine-month ago in pre-IPO time. As per the information available in DRHP of Azad Engineering IPO, Saching Tendulkar's average cost of one share in the company is around ₹114.10.

geo-political risks, global slowdowns, quantitative tightening, and high valuations. The RBI has also identified a surge in unsecured loans as a potential risk and has announced policy measures to mitigate the concern. It is essential to closely monitor the credit expansion within the system, given the substantial surge observed this year. A potential default could pose a significant risk to one's portfolio.

Gold rate today: On account of US dollar hitting five-months low and US Fed rate cut buzz in 2024, gold price in spot market touched three-week high during morning deals in Asian stock markets. Spot gold price today opened at $2,077 per ounce levels and went on to touch intraday high of $2,088 levels and hit three-week high. In domestic market, gold future contract on Multi Commodity Exchange (MCX) for February 2024 expiry opened at ₹63,728 per 10 gm levels and went on to hit intraday high of ₹63,821 levels.

Gold Outlook for 2024, said, “The yellow metal did well and has gained over 12% in the current year. Experts and analysts in the sector anticipate a further rise in gold prices amid high demand for the precious metals. SahiBandhu Gold Loan, the largest gold loan aggregator platform, foresees a significant increase in the demand for loans against gold due to the continued per-gram gold rate rise in 2024." Expect higher prices and a buoyant loan market in 2024, said Veer Mishra, Founder of Plus.

#1 & #2 Gold and Silver Gold and silver are classic inflation hedges. Their prices have risen recently, and many market experts hold a bullish outlook for these metals in 2024. As international and monetary assets, their values are closely tied to the US dollar's strength.

Rishi Kohli, CIO - Hedge Fund Strategies at InCred Alternative Investments, told Mint that Nifty may hit the 25,000 level by the end of 2024. The market is witnessing tailwinds which can propel it to unprecedented levels.

Mint takes a look into previous incidents targeting the Israeli embassy in India, and possible reasons. On the evening of 26 December, a loud blast occurred near the Israeli embassy in New Delhi. There were no casualties but the incident has heightened fears of possible attacks on Israeli citizens in India.

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BSE and NSE during Thursday deals at a whopping premium of over 37 per cent. On BSE, Azad Engineering shares listed at ₹710 apiece levels whereas on NSE the scrip listed at ₹720 apiece levels.

BSE has surpassed ₹366 lakh crore, underscoring the significant growth and value within the market. December 2023 has emerged as the best month in terms of returns for the Indian market. The Nifty 50 has recorded a remarkable surge of over 7% within the month, constituting the most substantial monthly rally observed throughout the year.

Jubilant Foodworks Ltd. dropped 0.2 per cent to Rs 565.85 at 11:37AM (IST) in Thursday's trade. The counter has hit a high of Rs 571.35 and low of Rs 565.8 so far during the session.

Among the top seven areas, Hyderabad saw the highest increase of 42% in the average price of premium homes in the five-year period. The price rose from Rs 7,450 per sq ft in 2018 to Rs 10,580 per sq ft during the first half of 2023. Bengaluru and MMR recorded the second-highest average price hike in this segment at around 27% each. In Bengaluru, the average price of a luxury home stood at Rs 10,210 per sq ft in 2018. Since then, the average price rose to Rs 12,970 per sq ft. In MMR, the average price in the luxury segment was Rs 23,119 per sq ft in 2018. It jumped to Rs 29,260 per sq ft at the end of the first six months of 2023.

ICICI Lombard General Insurance Company Ltd. gained 0.16 per cent to Rs 1418.05 in Thursday's trade as of 11:42AM (IST). The stock hit a high price of Rs 1433.85 and low of Rs 1415.6 during the session.