Markets scaled another all-time highs after Nifty Bank crossed above the crucial hurdle of 47,810 to post gains of over 1% along with backing from metal and FMCG sectors. With expectation growing of aggressive rate cuts from the U.S Fed in 2024, precious metals and base metals also witnessed significant gains in the international markets with gold prices inching closer to USD 2100 an oz. From an Indian perspective, the India VIX has risen to 9-months high to 15.5 levels which discounts minimum 4.5-5% correction in a single month and has further aggravated risk in Indian markets. The immediate resistance for Nifty is seen at 21,750 and trend reversal levels are placed on close below 21,000. Adding to it, EURINR crossing above 92.5 and JPYINR trading above 58.80 also poses risk of carry trade unwinding in the Indian bond markets.
Sensex 30 Chart
Stocks to watch
Positive Read through
- JSW Steel – Plans additional capex of over Rs. 1,000 bn , to raise capacity up to 50 MT.
- Canara Bank – Gets In-principle nod for Canara Robeco Amc IPO.
- Coromandel Intl – ‘no further leakage from liquid ammonia pipeline’.
- Petronet LNG – Bags order from Gopalpur Ports to set up LNG terminal.
- Confidence Petro – Bags order worth Rs 670 mn from BPCL for CNG cascades.
- South Indian Bank – Board approves fund raise of up to Rs 17.50 bn via rights issue.
- Sula – Records highest-ever sale for Christmas week at Rs 22.8 mn.
- GE Power – Gets LoI worth Rs. 104 mn from NTPC for spares.
- PTC Ind – Mou with Nasmyth (UK) for defence & aerospace solutions.
- KPI Green – Board meet on dec 30 to consider bonus issue.
- Affle – To acquire minority stake in Explurger for approximately Rs 373 mn.
- Cement Co’s – Cement sales volumes show signs of robust demand in infrastructure, construction.
- Tata Power – Signed a Share Purchase Agreement & acquired 100 pct stake in Bikaner III Neemrana II Transmission.
- Lupin – Received approval from USFDA for its ANDA for loteprednol etabonate ophthalmic suspension.
Negative Read through
- Zomato – Show cause notice from DGGST for alleged tax liability of Rs. 4.02 bn.
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