The domestic equity benchmarks experienced significant gains for the third consecutive day, closing notably higher on Tuesday.
The Nifty 50 surpassed the 21,400 level by the day’s end, reflecting positive momentum.
Most sectoral indices ended positively, notably energy, metal, and healthcare, while the IT and PSU bank index showed a different trend.
Anticipation of substantial US Fed rate cuts in 2024 has ignited a global market rally.
Indian equities soared to new heights despite premium valuations, benefiting from this global momentum.
Global Markets
Shares in Europe and Asia saw mixed trend on Tuesday amid thin trading volumes. Several markets including Australia, New Zealand and Hong Kong were shut on account of public holiday.
US stocks gyrated to a mixed close on Friday as investors headed into the Christmas holiday weekend, having digested cooler-than-expected inflation data which firmed bets for Federal Reserve interest rate cuts in the New Year.
Stocks in Spotlight
Bharat Electronics saw a 4% surge in shares on December 26 following a hefty order of Rs 678 crore. A significant chunk, Rs 445 crore, was secured for the UP Dial 112 project with Uttar Pradesh. This involves supplying hardware, AI software, and cyber security solutions statewide. They also received orders worth Rs 233 crore for various tech equipment and services. Brokerage firm CLSA is optimistic, setting a target price of Rs 207 for the stock.
Paytm shares dipped 1.5% on December 26 after laying off 1,000+ employees due to AI implementation for efficiency. The move, focused on automating operations with AI, aims to cut redundant tasks, leading to a slight reduction in the workforce in operations and marketing.
Motisons Jewellers had a stellar debut on December 26, closing over 88% higher than its IPO price of Rs 55. The public issue of Rs 151 crore was oversubscribed by 159.61 times, showing robust investor interest across all categories. The company plans to use the net proceeds to clear debt (Rs 58 crore), meet working capital needs (Rs 71 crore), and for general corporate purposes. As of June FY24, its total borrowings amounted to Rs 166 crore.
News from the IPO world🌐
RBZ Jewellers to list on Wednesday
Ola Electric plans to deploy Rs 1,226.43 cr of IPO proceeds on cell production capacity expansion
Suraj Estate Developers Ltd shares ended 7% lower on debut day on December 26
