“USDINR CMP- 83.34 (spot) Indian Rupee traded on a flat note today. Positive US Dollar and weak domestic markets weighed on Rupee. However, weak crude oil prices and FII inflows supported Rupee at lower levels. US Dollar gained on decline in Euro and Pound. Euro slipped on rate-cut expectations by ECB in early 2024. Economic data was mixed. US ADP Non-Farm Employment Change added 103,000 jobs in November 2023 compared to 106,000 jobs in October 2023. US trade balance fell to $-64.3 bn in October 2023 as compared to $-61.2 bn in September 2023. We expect Rupee to trade with a slight negative bias on positive tone in the US Dollar and risk aversion in global markets. However, weak tone in crude oil prices and foreign inflows may support Rupee at lower levels. Traders may take cues from US weekly unemployment change and Challenger job cuts data. Investors may remain cautious ahead of RBI’s monetary policy decision on Friday. USDINR spot price is expected to trade in a range of Rs 83.00 to Rs 83.70,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

The stock price of Happiest Minds Technologies surged 3.82% to Rs 872.5 following the news that the company has been recognised as ‘Procurement Organization of the Year’ at the 8th Annual ISM-INDIA Conference and CPO Awards 2023. ISM India recognizes and celebrates the outstanding collaborative efforts of individuals and teams in procurement and supply chain excellence. From around 18 submissions from IT companies, Happiest Minds has secured the title ‘Procurement Organization of the Year’.

Shares of Tata Power soared 9.55% to hit a fresh 52-week high of Rs 322.25 on Thursday, reaching a record high after brokerage firm JM Financial upgraded their rating for the scrip to ‘Buy,’ from ‘Hold’ setting a 24% upside target price of Rs 350. “Tata Power’s recalibrated strategy involves tapping high-margin group captive RE (renewables) opportunities, exiting low-value businesses, venturing into brownfield pumped hydro storage, and expanding the transmission business beyond distribution,” said the brokerage report.

https://www.financialexpress.com/market/tata-power-shares-soar-to-52-week-high-as-jm-financial-upgrades-rating-to-buy-check-the-brokerage-call-3330671/

The share price of Bharat Electronics jumped 3.61% and hit a fresh 52-week high of Rs 161.80 following the news that the defence company has received an order of Rs 580 crore from the Indian Army for AMC of radars. This project will have the participation of Indian electronics and associated industries, including MSMEs, which are sub-vendors of BEL, according to the information available on the NSE.

Jeffries sees 6% upside potential in Hindustan Unilever and assigned Hold rating with an upside target of Rs 2,720. “In our base case, we forecast c.7% annual growth in revenues over FY23-26E with 140bps EBITDA margin expansion. Input inflation is abating, albeit HUL is seeing only a gradual volume growth recovery. We forecast EPS to rise at a 10% CAGR over FY23-26E. We value HUL at 52x Sep-25 earnings, slightly below the 5-yr average, to arrive at a price target of Rs 2,720, said Jefferies in its report.

https://www.financialexpress.com/market/jefferies-assigns-hold-rating-on-hindustan-unilever-growth-pick-up-remains-elusive-3330553/

(Source: NSE)

Tata Power, Paytm, Adani Green Energy, Adani Energy Solutions, Adani Enterprises, and Adani Total Gas are among the most active stocks on the NSE Nifty 50.

Adani Group stocks added as much as Rs 62,975 crore in investor wealth, taking their total market capitalization to Rs 15.11 lakh crore in intra-day trade on Thursday.

The stock price of Himadri Speciality Chemicals surged 3.82% to Rs 312.4 following the news that the company has announced plans to set up what it claims will be India’s first commercial plant for manufacturing Lithium Iron Phosphate (LFP) Cathode Active Material (CAM) in Odisha in the next 27–36 months.

The stock price of Ircon International tanked 8.37% to Rs 157.55 following the news that the Indian Government has announced to divest an 8% stake in the company, equivalent to 7,52,41,218 equity shares with a face value of Rs 2 each, through an offer-for-sale (OFS) scheduled for December 7-8, 2023.

(Source: NSE)

Indian Sugar Stocks down between 3% to 6% on the following news that Government of India plans to discourage ethanol production.

The stock price of Delta Corp soared nearly 5% to Rs 145.8 following the news that the High Court of Calcutta has granted interim relief to DGL and directed that no effect shall be given to any order passed by the Tax Authority in relation to the show cause notice for the Rs 6,384 crore goods and service tax (GST) demand case, the company said in a regulatory filing.

The stock price of IDFC First Bank fell 4.20% to Rs 86.6 following the news that the Bank’s Executive Director, Madhivanan Balakrishnan, has resigned from his post.

ONGC, Hindustan Unilever, Bharti Airtel, Bajaj Finance and Apollo Hospital constitute the top losers on the NSE Nifty 50 during the early trade on Thursday.

Adani Ports, SBI Life Insurance Company, Dr Reddy’s Labs, UltraTech Cement and Power Grid Corporation are leading the gains on the NSE Nifty during the early trade on Thursday.

“There are three factors that can keep the market resilient. One, steady decline in U.S. bond yields (10-year around 4.1% now) has created a global environment favourable for equities. Two, India’s GDP growth rate is improving and inflation is coming down. The steadily declining crude price is another big positive. Three, political uncertainty surrounding the 2024 General elections appears to be out of the way after the crucial state election results. These factors have emboldened the bulls and bears have been forced to cover their short positions. In spite of these favourable factors, there will be dips in the market triggered by profit booking at higher levels,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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“There are three factors that can keep the market resilient. One, steady decline in U.S. bond yields (10-year around 4.1% now) has created a global environment favourable for equities. Two, India’s GDP growth rate is improving and inflation is coming down. The steadily declining crude price is another big positive. Three, political uncertainty surrounding the 2024 General elections appears to be out of the way after the crucial state election results. These factors have emboldened the bulls and bears have been forced to cover their short positions. In spite of these favourable factors, there will be dips in the market triggered by profit booking at higher levels,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Nifty weekly contract has highest open interest at 21,000 for Calls and 20,800 for Puts while monthly contracts have highest open interest at 21,000 for Calls and 19,000 for Puts. Highest new OI addition was seen at 21,100 for Calls and 20,900 for Puts in weekly and at 22,000 for Calls and 20,900 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.19%, decrease future index shorts by 12.02% and decrease in index options by 15.19% in Call longs, 19.20% decrease in Call short, 36.53% decrease in Put longs and 34.80% decrease in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.Come from Sports betting site

The NSE Nifty 50 opened at 20932.4 down 0.02%, while the BSE Sensex opened at 69,694.15 up 40.42 points.

“The USD/INR 27th December futures contract remained within a defined range during the recent trading sessions. The daily technical chart indicates that the pair is currently trading above its moving average trend-line support at 83.35, and the RSI is maintaining levels above 50. Despite a positive divergence observed in the MACD, the pair seems to be consolidating within a range. The daily technical chart reveals a support zone between 83.22-83.05, while resistance is identified at 83.50-83.70. This pair has been exhibiting a tight trading range for an extended period. Based on the current technical setup, it is anticipated that the pair will continue trading within the narrow confines of 83.20-83.70 throughout the upcoming week,” said Rahul Kalantri, VP Commodities, Mehta Equities.

“This Thursday morning brings two positive developments: WTI Oil hits a 5-month low at $70.70 a barrel, affecting stocks like Asian Paints and Indigo, while the 10-year US Treasury yields drop to 4.415, favoring IT & Software stocks. With positive global cues, Nifty may see its 8th consecutive day of gains, maintaining a winning streak through December. The focus is on Nifty’s psychological 21,000 mark, and from a technical standpoint, corrective declines to 20,801 are expected to find support, but hurdles lie at 21,000. Options data suggests a trading range of 20,100-21,200, with resistance at 21,000. Economic catalysts include the RBI’s MPC meeting and Friday’s US Nonfarm Payrolls. In summary, Nifty bulls aim to explore new territories. The preferred trade for Nifty (20,938) is to buy between 20,800-20,850, with a stop at 20531, targeting 21,000/21,113, and aggressive targets at 21,500. For Bank Nifty (46,835), the recommendation is to buy between 46,100-46,300, with a stop at 44,501, targeting 47,311/47,501, and aggressive targets at 47,801-48,000,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.04% at 104.11.

WTI crude prices are trading at $69.69 up 0.45%, while Brent crude prices are trading at $74.55 up 0.34%, on Thursday morning.

US stocks ended down on Wednesday, pulled lower by megacaps and energy shares as signs of a cooling jobs market reinforced expectations that the Federal Reserve could start cutting interest rates early next year, reported Reuters. The tech-heavy Nasdaq Composite dropped 0.58% to settle at 14,146.71. The S&P 500 slipped 0.39% to settle at 4,549.34, and the Dow Jones Industrial Average fell 0.19% to 36,054.43.

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