Record highs for broader indices, up to 32% gain for 67 small caps
The benchmarks reached new record highs thanks to the Indian markets’ seventh straight week of gains, which is a first in the previous three years. Other factors that supported the gains included extended buying from FIIs, declining bond yields and crude prices, and the US Fed’s dovish stance, which lifted investor sentiment.
This week, the Nifty50 gained 487.3 points, or 2.32 percent, to close at 21,456.70, hitting a new milestone of 21,492.30, while the BSE Sensex increased 2.37 percent, or 1,658.15 points, to conclude at 71,483.75 after reaching a record high of 71,605.76).
broader indexes In addition to rising 9.7%, 11.5 %, and 11%, respectively, the BSE Small-cap, BSE Mid-cap, and BSE Large-cap indices also reached record highs of 42,219.19, 36,421.02, and 8,218.77.
“Buoyed by encouraging signs from the domestic and international fronts, the market soared to new heights. The optimistic trend was bolstered by strong domestic industrial production and manufacturing PMI and encouraging comments from the RBI regarding India’s GDP outlook. According to Vinod Nair, Head of Research at Geojit Financial Services, “market optimism was further fueled by the ease in US bond yields and the expectation of multiple rate cuts by the Fed in 2024.”
For the first time, Bank Nifty leaps above 48,000 as HDFC Bank benefits from a FTSE rejig.
On December 15, the FTSE rejig helped HDFC Bank shares rise during the last hour of trading, causing the Bank Nifty to reach an all-time high of 48,000. On the same day, the Nifty 50 index had a 1.42 percent increase.
At the closing on December 15, the stock was up Rs 6.40, or 0.39 percent, to Rs 1656.55.
Given that the weight of the stock in the index grew, HDFC Bank stands to gain the most from the FTSE rebalancing. Passive fund flows will result from this. Passive index mutual funds must add the new stock that is included in the index during rebalancing, which causes flows in the stock.
Estimates from Nuvama Research indicated that $547 million in inflows were anticipated for HDFC Bank. IIFL projects $451 million in inflows into HDFC Bank.
Suzlon Energy orders a 100.8 MW wind power project, increasing by 3%.
Suzlon Energy’s stock increased by 3% in early trading on December 15 following the business’s acquisition of an order from a multinational utility company for the development of a 100.8 MW wind power project.
Suzlon, as part of its 3 MW series, will install 32 wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 3.15 MW each under the terms of the project, which will be situated in Gujarat.
Additionally, Suzlon will carry out the project’s supply, supervision, and commissioning in addition to providing post-commissioning operation and maintenance services.
Suzlon Energy’s shares were up 1.2 percent at Rs 37.80 on the NSE at 10:06 a.m.
PNB became the third state-run lender to have its market value surpass Rs 1 lakh crore.
With its shares rising more than 60% so far this year, the state-run Punjab National Bank became the third Indian institution to surpass the Rs 1-lakh-crore market value.
The market capitalization of the stock reached more than Rs 1.01 lakh crore, with a peak of Rs 91.81. The stock was up 1% from its previous finish at 9.30am, trading at Rs 90.8 per share. Bank of Baroda and State Bank of India had already reached this benchmark.
The PNB stock rose as a result of a persistent upswing in several public sector companies. PSU banks are undervalued compared to commercial banks, according to analysts. Because of their low slippage rates and lower costs for credit to the public sector, banks have strengthened their balance sheets and improved the quality of their assets.
Cipla ups its investment in GoApptiv, a digital IT startup
The Indian pharmaceutical corporation Cipla has declared that it will be investing an extra 42 crore rupees in GoApptiv Private Limited, a digital technology business.
According to a press release from the firm, this move will further extend Cipla’s footprint across the healthcare continuum, particularly to the underserved population by enabling more access to life-saving therapies, in keeping with Cipla’s objective to strengthen investments in channels of the future.
Following the closing of this agreement, Cipla will own a fully diluted 22.99 percent ownership in GoApptiv. This is Cipla’s third investment in GoApptiv, consisting of a mix of compulsorily convertible preference shares and equity shares. Since Cipla’s earlier investments, GoApptiv has significantly expanded into underserved markets and product categories.
GoApptiv is an Indian healthcare and pharmaceutical company that uses a “phygital” concept to give rural and extra-urban areas of the country access to high-quality healthcare. For retailers, it offers an integrated digital payment and promotional platform with a reward program; for distributors, it offers an integrated digital marketing and promotional program. Additionally, it offers channel partners a data-supported toolkit for decision-making.