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Research Periodic Report India Cements Soars, Steelmakers Rally, Sterling Secures Solar Project

India Cements Soars, Steelmakers Rally, Sterling Secures Solar Project

Written by - Fisdom Research

December 23, 2024 2 minutes

Market Snapshot

  • Benchmark indices Nifty and Sensex trimmed gains in afternoon trade on December 23 but managed to close the day in the green.
  • A rebound in heavyweight stocks HDFC Bank, Reliance Industries, and ICICI Bank helped offset last week’s selling pressure.
  • The market recovery follows a difficult period where key indices plunged 5%, marking their worst week in over two years.
  • Among sectoral indices, Nifty Auto faced selling pressure and was the only sector to close in the red.

Sectoral Trends

Sector Name % Change Sector Name % Change
NIFTY REALTY 1.5 NIFTY METAL 0.9
NIFTY BANK 1.1 NIFTY PRIVATE BANK 0.9
NIFTY PSU BANK 1.1 NIFTY CONSUMER DURABLES 0.8
NIFTY FMCG 1.0 NIFTY FINANCIAL SERVICES 0.8

Top News

  • India Cements shares surged as the CCI approved a Rs 7,000-crore deal for UltraTech Cement to acquire a majority stake in the company.
  • Steelmakers rallied after the DGTR initiated investigations into imposing a 25% safeguard duty on steel imports, with potential early measures anticipated.
  • Sterling and Wilson Renewable Energy gained sharply after securing a Rs 1,200-crore domestic EPC order for a 500 MW solar project in Gujarat.
  • Bollywood backed realtor Lotus looks at Rs. 1000 crore IPO
  • Indo Farm Equipment IPO to open in on Dec 31st

Technical Outlook: Key Indices

Indices Name Support Resistance
Nifty 23,400 24,000
Bank Nifty 50,500 52,000

Top Gainers and Losers

Top Gainers % Change Top Losers % Change
JSWSTEEL 2.4 HEROMOTOCO -1.5
ITC 2.1 MARUTI -0.8
HINDALCO 1.9 HCLTECH -0.6

Trade Ideas Update

  • Our trade ideas success rate has 71% over the past month, even with increased volatility in the benchmark index. Follow Trade Ideas for timely stock insights.
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