Recommendations Financial News

Catch Live Market Updates here Strong domestic macro data, easing oil prices and supportive global market cues helped Indian stock market indices scale record high in the previous session. On Wednesday, the Indian equity market ended higher for the fourth consecutive session led by across-the-board buying, reflecting investors’ high-risk appetite. The Sensex ended 701.63 points, or 0.98%, higher at 72,038.43, while the Nifty 50 gained 213.40 points, or 1%, to settle at 21,654.75.

Catch Live Market Updates here On December 27, the Indian equity market ended higher for the fourth consecutive session led by across-the-board buying. The Sensex ended 701.63 points higher at 72,038.43, while the Nifty 50 gained 213.40 points, or 1%, to settle at 21,654.75. Nifty 50 formed a long bull candle on the daily chart that closed at the all-time highs.

Buy or sell stocks for today: Following strong global market sentiments, Indian stock market extended its rally for fourth straight session on Wednesday. Nifty 50 index touched a new high of 21,675 and hit its highest-ever closing levels of 21,654. BSE Sensex surged around 1 per cent and closed at 72,038 levels while Bank Nifty index gained 1.17 per cent and closed at 48,282 mark after touching a new peak of 48,347 levels.

Day trading guide for today: On account of strong global cues, Indian stock market extended its rally on fourth day in a row on Wednesday. All three key benchmark indices touched a new peak and ended at record closing highs respectively. Nifty 50 index touched a new peak of 21,675 while BSE Sensex hit a new record high of 72,119 mark.

NEW DELHI : Exports of all farm commodities may come under the government lens soon, a move that aims to cool domestic prices but may spark global food security concerns. The government plans to bring all agricultural commodities under its export review and minimum export price (MEP) policy, a senior official said on the condition of anonymity. Currently, an inter-ministerial committee (IMC), chaired by the department of commerce (DoC), is responsible for the seasonal review of onion exports.

The National Payments Corporation of India (NPCI) has started the process to deploy ‘UPI Tap and Pay’ across digital payment providers soon after the apex body released details on the feature’s roll out, reported Business Standard. 

Moneyview has just revealed findings from its latest survey, offering insights into the changing dynamics of credit score awareness and financial preferences. The 2023 Consumer Credit Survey gathered responses from a diverse range of individuals, offering valuable perspectives on credit behaviours, loan aspirations, and the pivotal factors shaping financial decision-making.

Blockchain security firms are cautioning crypto projects and investors about the looming threats of more sophisticated AI-powered scams in 2024.

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.

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

bankruptcy regulator has firmed up a provisional list of 787 insolvency professionals (IPs) that it will share with the adjudicating authority to choose from to oversee various cases of resolution or liquidation. The move is aimed at avoiding administrative delays in the appointment of IPs to expedite insolvency resolution and prevent further erosion of stressed asset value, said a senior official.

You might not want Donald Trump for president, but you probably don’t want Liz Cheney either, judging by a recent piece in this newspaper. Checks and balances, she maintains, won’t work to contain Mr. Trump because he might have “allies" in Congress.

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.

Mukul Agrawal portfolio: Shares of Concord Control Systems Ltd are one of the multibagger stocks that Indian stock market has delivered in 2023. In YTD time, Mukul Agrawal share's price has has risen from around ₹218 to ₹897.70 apiece levels, delivering to the tune of 300 per cent in YTD time. However, it seems that the railway stock still possess some upside steam.

Metal stocks rallied for the fourth consecutive session on Wednesday, which saw the Nifty Metal index hitting a lifetime high. Rollover of positions to the January derivative series and a reversal in the dollar index are aiding the up move in the stocks in the sector. In four sessions, the Nifty Metal index has gained nearly 6% and hit a lifetime high of 7863.75 points. Among base metals, Hindalco Industries rose more than 3% and scaled a 52-week high of Rs 603. National Aluminium Co rose over 1% to Rs 116.85. Steelmakers across the board gained, with Tata Steel, Steel Authority of India, and JSW Steel rising 1-2%.

RBZ Jewellers share price opened on NSE and BSE at ₹100 and went on to touch 5 per cent upper circuit of ₹105 within few minutes of their listing. However, on BSE, the newly listed jewellery stock first touched 5% lower circuit of ₹95 before rising to its intraday high of ₹104.99 apiece levels. According to stock market experts, RBZ Jewellers IPO was offered at higher valuations and hence it is expected to witness selling pressure on rise.

Rishi Kohli, CIO - Hedge Fund Strategies at InCred Alternative Investments, expects the next 2 years to be bullish and advises investors to be long on equities. However, one should get cautious as we head into elections, he said. “There is a lot of talk already that Nifty has over-stretched, etc.

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:

In Wednesday’s trading session, five stocks witnessed a build of fresh long positions. Let's first understand how this conclusion is reached that whether the stock has seen a buildup of fresh long position or not.

SJVN surged 4.42% to ₹95.60 apiece in early trade on Wednesday following the company's acquisition of a significant solar project. In a filing to the exchange on Tuesday, the company announced that it had secured a 100 MW solar power project through an e-reverse auction conducted by Gujarat Urja Vikas Nigam Limited (“GUVNL").