Barometers snap 5-day streak, Nifty holds 21,700; NSE VIX drops below 15 mark

The domestic equity indices ended with minor losses on the last trading session of 2023, snapping a five day gaining streak. The Nifty closed below the 21,750 mark. High valuations have raised concerns about the sustainability of the recent uptrend. In today`s trade, auto, FMCG and realty shares were in demand. Meanwhile, energy, PSU banks and IT shares were under pressure.

The barometer index, the S&P BSE Sensex, declined 170.12 points or 0.23% to 72,240.26. The Nifty 50 index lost 47.30 points or 0.22% to 21,731.40.

Infosys (down 1.29%), ICICI Bank (down 0.89%) and Reliance Industries (down 0.80%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.85% and the S&P BSE Small-Cap index added 0.69%.

The market breadth was positive. On the BSE, 1,990 shares rose and 1,794 shares fell. A total of 107 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, tumbled 4.21% to 14.50.

The Indian equity market closed the year positively despite various challenges such as rising interest rates, US bank collapses, geopolitical tensions, increased crude prices, and a slowing Chinese economy. In 2023, the Nifty 50 jumped 20.03%, Sensex gained 18.74% and Bank Nifty increased 12.34%.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.44% to 7.175 as compared with previous close 7.207.

In the foreign exchange market, the rupee was even against the dollar. The partially convertible rupee was hovering at 83.2000, compared with its close of 83.2000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement fell 0.44% to Rs 63,100.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.11% to 101.34.

The United States 10-year bond yield advanced 0.97% to 3.888.

In the commodities market, Brent crude for March 2024 settlement added 14 cents or 0.18% to $77.29 a barrel.

Global Markets:

European shares advanced while Asian stocks ended mixed on the last trading day of 2023, with investors assessing prospects of electric-vehicle companies after China`s Xiaomi unveiled its first EV. Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China�s oversaturated electric-vehicle market.

US stocks finished marginally higher Thursday, closing in on a new all-time high in the penultimate trading day of what�s been a strong year for stocks.

New Listing:

Shares of Innova Captab closed at Rs 545.65, representing a premium of 21.69% as compared with the issue price of Rs 448.

The scrip was listed at Rs 456.10, exhibiting a premium of 1.81% to the issue price.

The stock has hit a high of 547.30 and a low of 452. On the BSE, over 29.38 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

RailTel Corporation of India rallied 15.10% after the company received the work order amounting to Rs. 120.45 crore (Including GST) from South Central Railway for comprehensive signalling and telecommunication works for provision of automatic block signalling system in Yermaras-Nalwar section of Guntakal division in South Central Railway.

Kalpataru Projects International (KPIL) surged 7.64% after the company along with its joint ventures (JVs) and international subsidiaries has secured new orders worth Rs 3,244 crore.

India Shelter Finance Corporation rallied 7.34% after the company�s consolidated net profit jumped 67.3% to Rs 60.22 crore in Q2 FY24 as compared with Rs 35.99 crore recorded in Q2 FY23. Total income stood at Rs 210.55 crore in Q2 FY24, registering a growth of 45.9% as against Rs 144.35 crore posted in Q2 FY23.

GE T&D India hit an upper circuit of 5% after the company announced that it has received an order worth about 74 million GBP for supply & manufacturing of HVDC converter transformer.

Power Mech Projects jumped 3.49% after the company announced that it has received two orders aggregating to Rs 2,192.41 crore in the state of Andhra Pradesh and Uttarakhand.

Swan Energy shed 0.66%. The company said that its board has approved a proposal to raise funds through issuance of instruments or security including equity shares or any other eligible securities for an amount not exceeding Rs 4,000 crore.

Power Grid Corporation of India fell 0.63%. The state-run power transmission firm said that a special committee of the board has approved raising upto Rs 2,200 crore through bonds.

Shakti Pumps (India) rose 1.75% after the firm bagged order worth Rs 258 crore from Haryana Renewable Energy Department (HAREDA) for 6,408 pumps.

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