Week Financial News

Benchmark NSE Nifty index fell 71.95 points to 21706.75 amid selling in frontline bluechip stocks. However, stocks such as Bajel Projects, Akshar Spintex, Raj Rayon, Muthoot Microfin and Palash Securities, touched their fresh 52-week low.

unemployment benefits rose last week, indicating the labour market continues to cool in the year's fourth quarter. New state unemployment benefit claims rose by 12,000 last week to 218,000, according to the Labor Department.

₹133.95 apiece on the BSE. Similarly, shares of Hindustan Petroleum Corporation Limited (HPCL) surged significantly and were locked at 10 per cent upper circuit to hit a 52-week high mark of ₹425.45 apiece on the BSE.

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.

Hindalco Share Price Today: Shares of aluminum manufacturer Hindalco Industries were locked in at over four per cent upper circuit to hit 52-week high-mark of ₹607.65 apiece on the NSE after the company announced that it will acquire a 26 per cent stake in Seven Renewable Power Private Limited (SRPPL) on Wednesday, December 27. The Aditya Birla Group company said in a regulatory filing to the stock exchanges that it has signed shareholder’s agreement and power purchase agreement to acquire 26 per cent stake in SRPPL which would develop and operate captive power generation plant to supply 100 MW round-the-clock renewable energy to company’s smelter located in Odisha.

Domestic benchmark index NSE Nifty ended 213.4 points up at 21654.75, while the BSE Sensex closed 701.63 points up at 72038.43. On the other hand, Wonder Fibromats, Global Vectra, Keerti Knowledge, AksharChem Ltd and VL E-Governance & IT stocks hit their fresh 52-week highs today.

Asian shares have advanced, tracking gains on Wall Street after markets there reopened following Monday's holiday

European shares were marginally higher on Wednesday as robust China data lifted miners, while an overnight Wall Street rally amid persisting optimism the Federal Reserve could begin cutting rates as early as next March helped tech stocks rise. By 0814 GMT, the pan European STOXX 600 rose 0.1% at 477.83 points following an over 0.4% gain across major Wall Street indexes overnight. Basic resources was amongst the top gainers, rising 0.4% as most base metal and iron ore prices advanced after data showed manufacturing activity in top consumer China improved last month, while energy advanced 0.6%. The technology sector, which houses Europe's major chipmakers, jumped 0.7%, in line with their rising Wall Street counterparts. Keeping a lid on gains, telecoms and insurers fell 0.4% each. Volumes are expected to be light as traders return from an extended Christmas break with only a few trading days left in 2023. Bayer rose 1.7% after the German drugs-to-pesticides group said it has won a trial in a lawsuit brought by a California man who said he developed cancer from exposure to its Roundup weedkiller.

₹355.00 apiece on the BSE. In a regulatory filing, Kansai Nerolac Paints said that its board of directors has approved a proposal for monetization of idle land parcels of the company not being put for productive use.

Voltas, part of the household appliance industry, rallied more than 10% in a week to hit a fresh 52-week high last week and chart patterns suggest that the rally may not be over yet. Short-term traders can look to buy the stock now for a possible target above 1,000 levels in the short to medium term, suggest experts. The consumer durable stock rose from Rs 859 as of December 15, 2023 to Rs 947 recorded on 22nd December 2023 which translates into an upside of over 10% in a week. The stock hit a 52-week high of Rs 957 on December 20, 2023. The stock rose more than 11% in a month.

migrants and Secretary of State Antony Blinken prepares for a state visit to Mexico, a fresh wave of up to 15,000 migrants is set to crash into the already flooded US southern border of Mexico. A caravan of nearly 8,000 asylum-seekers began its march through Mexico to the border days before Blinken’s meeting with Mexican President Andres Lopez Manuel Obrador to discuss the illegal immigration crisis. They are mostly from Cuba, Haiti and Honduras.

According to Sevens Report Research, last week's price action is important for 2024, noting the increased volatility.

NMDC Share Price Today: Shares of public-sector undertaking (PSU) NMDC were locked in at over four per cent upper circuit at ₹204.90 apiece to hit its 52-week high mark on Tuesday, December 26. The shares of the iron ore company rallied earlier today after iron ore futures hit an 18-year mark. Iron ore rallied to its highest since June 2022, showing Beijing’s efforts to stem the property market’s decline in recent months may be paying dividends.

Cryptocurrency markets have witnessed a notable downturn, with major players like Ethereum (ETH), Dogecoin (DOGE), and Bitcoin (BTC) experiencing significant price plunges. This trend has been largely attributed to holders capitalizing on recent gains, leading to a substantial sell-off. Could heads be turning towards the new Pullix platform?

BSE Midcap index lost almost a per cent while the BSE Smallcap index declined by about 0.2 per cent. However, on a monthly scale, Nifty 50 and Sensex are up almost 7 per cent in December so far. Experts remain positive about the market for the medium to long term but they expect some volatility in the short term due to the market's rich valuation.

Benchmark NSE Nifty index rose 110.85 points to 21460.25 amid buying in frontline bluechip stocks. However, stocks such as Bajel Projects, Penta Gold, SS Infrastructure, Raj Rayon and GIR Natureview, touched their fresh 52-week low.

holiday season, many companies are encouraging their employees to take time off and be with their family and friends. The small fraction of staffers who might be working at these firms during this time will get compensatory leave. As 2024 has a number of holidays close to the weekend, many companies are also clubbing these to give extra time off to their employees. For now, most companies have given off to their staffers in the last week of 2023.

Investing.com — Here is your Pro Recap of the top takeaways from Wall Street analysts for the past week: upgrades for Allakos, Discover Financial, and Spotify; downgrades for PepsiCo and Nike.

2024 Market Strategy: What investors should stay away from next year? The robust investor enthusiasm has translated into impressive subscription rates during the bidding process. Consequently, these SME stocks have made market debuts with substantial premiums, surpassing their issue prices by a considerable margin. Building on this momentum, the last week of 2023 will witness another six SME companies raising funds, while stocks of 10 companies are scheduled to make their debut on the exchanges.

IRCTC share price: After ushering in financial year 2023-24, Indian Railway Catering and Tourism Corporation (IRCTC) shares have been in continuous uptrend. IRCTC share price bottomed out at around ₹560 apiece levels at the end of March 2023 and since then it has remained an ideal buy on dips stock for Indian stock market investors. Last week, IRCTC share price touched 52-week high on two straight sessions on Monday and Tuesday.

The epicentre of the quake straddled the provinces of Gansu and Qinghai in an area where many of China's Hui people, a tight-knit ethnic minority characterised by its distinctive Muslim identity, are found.