“USDINR CMP- 83.3875 (spot) The Indian Rupee weakened marginally on the strong US Dollar and surge in crude oil prices. However, positive domestic markets and FII inflows cushioned the downside. The US Dollar gained on Friday on a better-than-expected non-farm payrolls report. The US added 199,000 jobs in November 2023 vs the forecast of 185,000 jobs and 150,000 jobs in the previous month raising hawkish sentiments. We expect the Rupee to trade with a slight negative bias on a positive tone in positive US dollars and extended gains in crude oil prices. However, fresh foreign inflows and mixed-to-positive global markets may support the Rupee at lower levels. Investors may remain cautious ahead of inflation data from India and the US tomorrow and the US Federal Reserve monetary policy meeting later this week. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

“USDINR CMP- 83.3875 (spot) The Indian Rupee weakened marginally on the strong US Dollar and surge in crude oil prices. However, positive domestic markets and FII inflows cushioned the downside. The US Dollar gained on Friday on a better-than-expected non-farm payrolls report. The US added 199,000 jobs in November 2023 vs the forecast of 185,000 jobs and 150,000 jobs in the previous month raising hawkish sentiments. We expect the Rupee to trade with a slight negative bias on a positive tone in positive US dollars and extended gains in crude oil prices. However, fresh foreign inflows and mixed-to-positive global markets may support the Rupee at lower levels. Investors may remain cautious ahead of inflation data from India and the US tomorrow and the US Federal Reserve monetary policy meeting later this week. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

“Crude oil prices, after six straight days of decline on doubts about OPEC+ output reduction and China’s demand concerns, closed with a gain of 1.89% at $71.23 Friday on better-than-expected US monthly job report that showed that the US employers added 199.000 jobs in November Vs the forecast of 185,000 jobs. The US SPR refilling plans and joint call by Russia and Saudi Arabia urging other OPEC+ members to reduce productions further boosted the oil prices. The US aims to solicit 3 million barrels for the reserve and a plan to hold monthly tenders through at least May. China’s consumer prices data, released in the weekend, showed that CPI inflation fell the fastest in three years in November. The consumer price index dropped 0.5% both from a year earlier and a month ago as compared with the forecasts of 0.10% decline both year-on-year and month-on-month. Even factory-gate deflation deepened as PPI fell 3% y-oy Vs the forecast of 2.80%. China’s inflation data indicate weak domestic demand. Crude oil is expected to trade with a positive bias in near-term as US CPI data and FOMC monetary policy decision loom. The counter may rise to $75 in the near-term. Support is at $65.”

-Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Anupam Rasayan India, one of India’s leading custom synthesis and specialty chemical players, has been honored with the prestigious Confederation of Indian Industry (CII) Award for Best Industry Practice in Waste Management, the company said in the regulatory filing. The stock of the company trades at Rs 1,031.50, down 0.44%.

(Source: NSE)

The Nifty PSU Bank index surged 1.38% to 5,555.20, with gains led by Bank of India at 3.76% and Central Bank of India with gains of 2.66% during intraday trading on Monday.

The stock price of Geekay Wires tanked 5.01% to Rs 84.45 on the news that M/S.NNV&ASSOCIATES resigned from the post of Internal Auditor. The Audit Committee and Board of Directors of the Company have appointed M/s S Jhunjhunwala & Co., Cost Accountants with FRN004101, as Internal Auditors of the Company for the Financial Year 2023-24 at their meeting held today, i.e., Monday, December 11, 2023.

Adani Enterprises, ONGC, UltraTech Cement, UPL, and Adani Ports are leading the gains on the NSE Nifty 50.

TCS’s buyback had a retail acceptance ratio of 35%, indicating that 19 out of 54 offered shares were accepted, a favorable improvement from the previous buyback’s 15% acceptance ratio.

DCB Bank shares gain more than 3% making a high of Rs 126.85 per share after the following news that the board approves ₹83 crore fund infusion from its promoter.

The stock price of One 97 Communications (Paytm) soared 2.41% to Rs 667 following the news that the company planning to invest approximately Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) for the development of a Global Payment Development Centre. With its presence in GIFT City, Paytm also aims to grab the opportunity to be a participant in the growing fintech ecosystem boom based out of here.

(Source: NSE)

The NSE Nifty 50 advanced 0.27% to hit a fresh high of 21,026.10, while the Sensex jumped 232.23 points to reach a record high of 70,057.83.

The stock price of Swan Energy surged by 3.33% to Rs 480.80 following the news that the company, which is also the successful resolution applicant for Reliance Naval and Engineering (RNEL), has received approval from the bankruptcy court to reconstitute the latter’s board. This development paves the way for the formal takeover of RNEL by Swan Energy.

Tata Motors will increase the prices of its commercial vehicles effective January 2024, by up to 3%. The price hike aims to counterbalance the lingering effects of previous input cost fluctuations and will be applicable across the entire spectrum of commercial vehicles offered by the company.

Coal India, ONGC, IndusInd Bank, UPL, and UltraTech Cement are leading the gains on the NSE Nifty 50 during early trading on Monday.

The NSE Nifty 50 advanced 0.24% to hit a fresh high of 21,019.80, while the Sensex jumped 223.30 points to reach a record high of 70,048.90 during early trading on Monday.

“The USD/INR 27th December futures contract has been consolidating within a narrow range for an extended period. Upon analyzing the weekly technical chart, it is evident that the pair is currently trading above its moving average trend-line support level of 83.22, and the Relative Strength Index (RSI) remains above the 60 level. Despite the bullish indicators, there are signs of caution in the technical setup. The MACD is displaying a negative divergence, suggesting a potential weakening of the current trend. The pair seems to be stuck within a range, reflecting indecision in the market. According to the weekly technical chart, the pair has a support zone between 83.22 and 82.92, while resistance is established at 83.60-83.85. Given the prevailing tight range, it is anticipated that the pair may continue to trade within the confines of 83.15-83.70 during today’s session,” said Rahul Kalantri, VP Commodities, Mehta Equities.

“Nifty weekly contract has highest open interest at 21000 for Calls and 20000 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 22000 for Calls and 20300 for Puts in weekly and at 21300 for Calls and 20300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 1.75%, decreased future index shorts by 2.05% and in index options by 26.25% increase in Call longs, 29.64% increase in Call short, 27.14% increase in Put longs and 25.52% increase in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

The NSE Nifty 50 opened flat at 20965.3 down 4 points, while BSE Sensex opened at 69,925.63 up 100.3 points.

“Global and domestic cues favour continuation of the ongoing rally in the market despite high valuations. FIIs turning buyers, strong DII inflows, exuberant retail investors and a thriving IPO market supported by strong economic fundamentals can sustain the rally in the short run ignoring the high valuations. The overarching message from the RBI on Wednesday was that 7percent GDP growth for FY 24 is a conservative estimate. This is an indication of the growth momentum in the economy. A significant trend in the market is the outperformance of the Bank Nifty over the Nifty. Last week while the Nifty appreciated by 3.5 percent, Bank Nifty shot up by 5.5 percent. This outperformance is likely to continue, given the fair valuations of banking stocks, particularly the leading names. For the overall market safety is now in large caps,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“In Friday’s trading, the Nifty displayed a significant surge in bullish momentum, marking the early commencement of the “Santa rally” as it breached the unprecedented 21,000 level, reaching a historic high at 21,006. Despite market fluctuations, the Nifty remains the standout bullish performer. Analysis suggests that the recent FOMO-driven activity in the Nifty is poised to sustain positive momentum on Dalal Street, fueled by factors such as BJP’s success, a decline in WTI Oil prices, and optimism about the Federal Reserve’s monetary policy. All eyes are on the upcoming US Consumer Price Index (CPI) data for November. Nifty bulls are anticipated to explore new territories, and the recommended trades include buying Nifty in the 20,850-20,900 zone and Bank Nifty at the current market price, along with bullish perspectives on specific stocks like Coforge, Polycab India, L&T Technology Services, SBI, Tata Consumer, and PNB. The top stock to consider is Polycab India, with a buy at CMP 5447, stop at 5327, and targets at 5507/5615, with aggressive targets at 5751, based on its momentum play in the inter-week strategy,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Foreign institutional investors (FII) purchased shares worth net Rs 3,632.30 crore, while domestic institutional investors (DII) sold shares worth net Rs 434.02 crore on December 8, 2023, according to the provisional data available on the NSE.

WTI crude prices are trading at $71.39 up 0.22%, while Brent crude prices are trading at $76.12 up 0.44%, on Monday morning.

US stocks closed higher on Friday, with the S&P 500 and Nasdaq notching their highest closing levels since early 2022 after a robust US jobs report fueled investor optimism about a soft landing for the economy, reported Reuters. The tech-heavy Nasdaq Composite advanced 0.45% to settle at 14,403.97 and the S&P 500 climbed 0.41% to 4,604.37. The Dow Jones Industrial Average added 0.36% to end the session at 36,247.87.