Sensex Today Ends 230 Points Higher
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After opening the day flat, Indian share markets gained momentum as the session progressed and ended the day higher.
Indian benchmark indices Sensex and Nifty were lackluster in Tuesday's trade, tracking a muted mood in Asian markets. Losses in IT shares offset gains in metal and power stocks.
At the closing bell, the BSE Sensex stood up by 230 points (up 0.3%).
Meanwhile, the NSE Nifty closed higher by 91 points (up 0.4%).
NTPC, Apollo Hospital, and Adani Enterprises were among the top gainers today.
TCS, Infosys, and Tata Motors on the other hand, were among the top losers today.
The GIFT Nifty was trading at 21,508, up by 114 points, at the time of writing.
Broader markets ended on a positive note on Friday. The BSE MidCap index and BSE SmallCap index ended higher by 0.3%.
Sectoral indices ended mixed with stocks in the power sector, energy sector, and oil & gas sector witnessing most of the buying. Meanwhile stocks in the auto sector, IT sector, and metal sector witness selling.
Shares of HDFC AMC, and Colgate hit their respective 52-week highs today.
Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...
Asian share markets ended in positive territory. The Shanghai Composite ended 0.7% lower, while the Nikkei index ended 0.1% higher. Meanwhile, Hang Seng ended 1.7% lower.
The rupee is trading at 83.18 against the US$.
Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 63,100 per 10 grams.
Meanwhile, silver prices are trading flat at Rs 75,425 per 1 kg.
DLF to Launch Housing Project
In news from the realty sector, DLF is likely to launch a luxury residential project in sector 76 in Gurugram abutting Southern Peripheral Road (SPR) with an expected top line between Rs 80 billion (bn) and Rs 100 bn.
They said that the formal launch is expected in January 2024 and is touted to be the DLF's most significant residential launch after 'The Arbour' earlier this year.
The project is expected to be launched in a price bracket of Rs 17,000 to Rs 18,000 per square foot offering super-luxury residences.
They said that this project also marks DLF's maiden venture in the SPR area of Gurgaon, a move to expand its horizons beyond its established luxury and super luxury residences along the Golf Course Road in Gurugram.
The upcoming luxury housing project is likely to spread across 25 acres.
The shares of the company have given climbed 88% in 2023.
The DLF group enjoys a low-cost and fully paid-up land bank, with well-located parcels across multiple cities and diverse land usage.
A rising middle class with more disposable income and a shift towards incremental spending could be the two key factors driving consumption stocks.
Why Tata Steel's Share Price Is Rising
Moving on to news from the steel sector, shares of Tata Steel gained over 1% on 26 December after the steel major announced on 23 December that it will hold a meeting for shareholders on 25 January to review the scheme of amalgamation with Indian Steel & Wire Products.
In 2022, the Tata Steel board approved a proposal to merge seven of its subsidiaries into itself for greater synergies, higher efficiency and reduced costs.
The seven subsidiaries to be merged with Tata Steel are Tata Steel Long Products (TSPL), The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Angul Energy, and Tata Steel Mining and S&T Mining Company.
In line with group level 5S strategy - simplification, synergy, scale, sustainability, and speed - the proposed amalgamation will simplify the group holding structure by eliminating multiple companies within the group.
It is expected to lead to better utilization of common facilities, sharing of best practices, elimination of duplication and multiplicity of compliance requirements, and rationalization of administrative expenses among other things.
The resulting corporate holding structure is expected to bring enhanced agility to the business ecosystem of the merged entity.
Motisons Jewellers Lists At 98% Premium
Moving on, Shares of Motisons Jewellers made a blockbuster debut on 26 December, listing at a 98% premium over the issue price. The stock started trading at Rs 109 against the IPO price of Rs 55.
The Rs 1.5 bn public issue was bought 159.6 times during December 18-20 as all categories of investors showed strong participation in the IPO. High net-worth individuals picked 233.9 times the alloted quota, qualified institutional buyers 157.4 times, and retail investors 122.3 times.
The company will utilize net fresh issue proceeds for repaying its debt (Rs 580 m) and working capital requirements (Rs 710 m) besides general corporate purposes. Its total borrowings stood at Rs 1.7 as of June FY24.
The Jaipur-based Chhabra family-owned jewelry retail company has demonstrated robust revenue growth over the last three years, with net profit doubling in the past two years.
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