“USDINR CMP- 83.34 (spot) Indian Rupee appreciated on Wednesday on positive domestic markets and fresh FII inflows. However, the positive tone in the US Dollar and the buying of Dollars by RBI capped sharp gains. The US Dollar gained on haven demand as Moody’s cut China’s credit rating to negative. Economic data was mixed with ISM services PMI topping forecast while JOLTS job openings trailed consensus. Weak jobs data bolstered rate-cut bets by the Fed, leading to a rise in global equities. We expect Rupee to trade with a slight negative bias on positive tone in the US Dollar and fresh foreign inflows. A weak tone in crude oil prices and positive domestic markets may also support Rupee. However, RBI intervention may cap the sharp upside. Traders may take cues from US ADP Trade balance and non-farm employment change 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, Sharekhan by BNP Paribas.

The Company’s Board of Directors has accorded its approval for the sale of clear and marketable titles including land admeasuring approximately 3900 Sq.mtrs and building of about 21,000 Sq.ft along with the structures standing thereon located at 84, Deep Towers, EPIP Industrial Area, Whitefield, Bangalore-560066, Karnataka India, the company said in a regulatory filing. Stock trades at Rs 266 down 0.37%.

The stock price of Zydus Lifesciences advanced 1.56% to Rs 644 following the news that the company has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Methylene Blue Injection, 10mg/2ml and 50mg/5ml. Zydus’ Methylene Blue Injection, 10mg/2ml and 50mg/5ml. is the generic version of the Reference Listed Drug (RLD) ProvayBlue® Injection.

ITC, LTIMindtree, Wipro, Nestle India and Adani Ports are leading the gains on the NSE Nifty 50 during the intra-day trade on Wednesday.

Jefferies has recommended a ‘Buy’ call on Reliance Industries, with a target price set at Rs 2,990 per share. The recommendation comes in anticipation of Reliance Industries’ ambitious plans to commission Phase I of its photovoltaic (PV) module and storage capacity by mid-calendar year 2024.

(Source: NSE)

The stock price of HCL Tech advanced 1.70% to Rs 1,339.95 following the news that the company has extended its strategic IT and digital transformation partnership with Swedish manufacturer Husqvarna Group. Under the new five-year agreement, HCL Tech will leverage its AI, digital, engineering, and support services to enhance the resilience and stability of Husqvarna Groups’ IT environments through hyper-personalized, adaptive, AI-based solutions and a collaborative governance framework, according to the information available on the NSE.

“Equity market benchmarks, Sensex and Nifty, have extended their upward trend for the seventh consecutive session, driven by consistent buying from foreign institutional investors and a decline in crude oil prices. On Tuesday, FIIs made substantial purchases of shares amounting to Rs 5,223.51 crore. Regarding the Nifty, its immediate support is identified at the 20,675 and 20,725 levels, with a potential for profit booking around the 21,000 mark. As for the Bank Nifty, a robust support zone lies within the 46,450-46,650 range. Anticipating profit booking within the 47,200 – 47,300 pivot resistance range, there’s an expectation of increased volatility, especially in light of the relative strength index (RSI) reaching 81 levels, particularly concerning the weekly expiry,” said Shrey Jain, Founder and CEO SAS Online.

The stock price of Jindal Drilling & Industries jumped 4.44% to Rs 915 following the news that the ONGC has issued a Notification of Award to the Company for the deployment of its rig Jindal Supreme on its subsequent contract for a period of three years at Effective Day Rate (EDR) of USD 86,327. The current contract of Rig Jindal Supreme with ONGC is at an EDR of USD 39,578.78 and the same is expected to conclude in Q4 FY24.

The stock price of Hindustan Zinc surged 2.15% to Rs. 232 after the company announced that the Board of Directors of the company had approved the 2nd Interim Dividend of Rs 6 per equity share, i.e., 300% on the face value of Rs 2/- per share for the Financial Year 2023-24, amounting to Rs. 2535.19 Crores.

The stock price of Adani Green Energy soared nearly 20% to Rs 1,608 after the company announced a follow-on funding of $ 1.36 billion for construction financing from a consortium of international banks. The funding will take its construction financing framework to $3 billion, it said. The green loan facility will play a major role in enabling the development of renewable energy park at Khavda in Gujarat, which the company calls the world’s largest renewable energy park.

Adani Ports, Adani Enterprises, UPL, Coal India and Asian Paints are leading the gains on the NSE Nifty 50 during the early trade on Wednesday.

“Nifty weekly contract has highest open interest at 21,000 for Calls and 20,700 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 21,000 for Calls and 20,800 for Puts in weekly and at 21,500 for Calls and 20,800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 16.56%, decreased future index shorts by -3.84% and in index options by 1.48% decrease in Call longs, 8.90% decrease in Call short, 16.71% increase in Put longs and 5.96% decrease in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

The NSE Nifty 50 opened at a record high of 20,950.75 up 0.45%, while BSE Sensex opened at 69,534.93 up 238.79 points.

“Even though the undertone is bullish, the market is likely to consolidate in the near-term since up moves will be countered with profit booking by DIIs and individual investors who are sitting on big profits. Dips will be bought by FIIs who have emerged as sustained buyers. The continuous decline in US bond yields ( the 10-year yield is now below 4.20 %) will ensure FII buying. During the medium term, in the run up to the General elections, the market is likely to move up aided by three factors: one, expectations of political stability after the elections; two, favourable domestic macros like strong GDP growth, declining inflation, stable interest rates and soft crude;and three, favourable global cues from declining US bond yields. Bank Nifty will continue to be resilient,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“GIFT Nifty showed a positive trend, rising by 66 points to reach 21019. Despite overbought technical conditions, bullish traders remain resilient in the face of Chairman Powell’s hawkish statements, weak Asian markets, and geopolitical concerns. The fear of missing out (FOMO) continues to guide market sentiment, fueled by Foreign Institutional Investors’ optimism and the BJP’s recent electoral successes. The upcoming RBI MPC meeting is expected to maintain benchmark interest rates, and attention shifts to the US Nonfarm Payrolls for further policy outlook cues. Recommended trades include buying opportunities for Nifty, Bank Nifty, and selected stocks like Maruti, BEL, Manapurram Finance, TATA Consumer, NTPC, and PNB. The standout stock for consideration is ABFRL, with a suggested buy at CMP 240, stop at 231, and targets at 247/253, driven by a momentum play,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

“The Bank Nifty index maintained its robust buying momentum, although it formed a doji candle on the daily chart, suggesting a potential pause in the uptrend. A decisive breakout above 47,100, sustained over time, could propel the index toward 47,500 levels, indicating further upward momentum. The lower-end support has shifted to 46,400, serving as a crucial cushion for the bulls in case of any retracement,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

The NSE has added Delta Corp, Indiabulls Housing Finance, India Cements and Zee Entertainment to its F&O ban list for December 6, 2023.

Foreign institutional investors (FII) purchased shares worth net Rs 5,223.51 crore, while domestic institutional investors (DII) sold shares worth net Rs 1,399.18 crore on December 5, 2023, according to the provisional data available on the NSE.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.09% at 103.95.

WTI crude prices are trading at $72.39 up 0.11%, while Brent crude prices are trading at $77.37 up 0.22%, on Wednesday morning.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the US Federal Reserve will cut interest rates as soon as March, reported Reuters. The tech-heavy Nasdaq Composite advanced 0.31% to settle at 14,229.91, while the S&P 500 fell 0.06% to 4,567.18, and the Dow Jones Industrial Average slipped 0.22% to 36,124.56.