Indian benchmark indices settled higher for second consecutive day on Friday after buying in IT stocks and firm trends in the US markets. However, the markets snapped a seven-week rally. Majority of the sectors ended in green with buying seen in IT, Realty, Metals and Pharma.
The stock market remained closed on Monday, December 25, on account of Christmas.
The BSE Sensex jumped 241.86 points or 0.34 per cent to settle at 71,106.96. The NSE Nifty50 went up by 94.35 points or 0.44 per cent to close at 21,349.40, on Friday.
“Rising bets on US Fed to cut interest rate early next year pushed the dollar and bond yields lower after US reported weaker-than-expected Q3 GDP growth at 4.9%. Thus, the underlying tone of the market remains positive. However, as we enter into holiday mood starting this weekend, we expect market to remain range bound with stock specific action this week,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Top Stocks To Watch On Tuesday:
Reliance and Walt Disney have signed a non-binding agreement of their Indian media operations merger on 25 December 2023, according to a report by Economic Times. Under the merger agreement, Reliance Industries will own 51 per cent stake through a combination of shares and cash. The shareholding pattern indicates that the Mukesh Ambani-led conglomerate will have more control, the report added.
The company said the shareholders will meet on 25 January 2024, to consider the scheme of amalgamation amongst Tata Steel and Indian Steel and Wire Products.
A consortium led by Adani Power Ltd, has received a letter of intent (LOI) for the acquisition of Coastal Energen Pvt, a company undergoing a corporate insolvency resolution process. The resolution professional granted the LOI on December 23, following the approval of the consortium’s resolution plan by CEPL's committee of creditors.
The IT major said a global company has elected to terminate the Memorandum of Understanding signed in September 2023 and that the parties would not be pursuing the Master Agreement. Infosys has entered into a MoU to provide enhanced digital experiences, along with modernisation and business operations services, leveraging Infosys platforms & AI solutions. The total client target spend over 15 years was estimated at $1.5 billion, subject to parties entering into a Master Agreement.
Subsidiary Biocon Biologics has signed a distribution agreement with Sandoz, granting the company the exclusive rights to promote, sell and distribute "adalimumab BS for subcutaneous injection (FKB)" in Japan. According to the agreement, Viatris has completed the marketing and promotion of the product as of 15 December, 2023, but will continue to provide transition support till Sandoz gradually assumes responsibility for the product from 15 February 2024.