Indian benchmark indices settled in green on Tuesday, extending the rally to third consecutive day after buying in HDFC Bank and Reliance Industries. Majority of the sectors ended with gains after buying in Oil & Gas, Metals, Pharma and Auto. Fresh buying was seen in chemical sector stocks.
The BSE Sensex climbed 229.84 points or 0.32 per cent to settle at 71,336.80. The NSE Nifty50 advanced 91.95 points or 0.43 per cent to close at 21,441.35.
"Global markets are rallying in anticipation of aggressive US FED rate cuts in 2024. And Indian equities too are experiencing a surge despite premium valuations driven by reversed FIIs inflows amid global risk-on. However, some exhaustion is noticed in mid & smallcaps after the stretched rally of last 2months. 2024 is forecast to be a sector rotation period. Sectors like consumption, IT, Pharma and export-based stocks should do better," Vinod Nair, Head of Research at Geojit Financial Services said.
Top Stocks To Watch On 27 December:
The renewable energy major has announced plans to raise funds preferential warrants to its promoters. The promoters are likely to invest Rs 9,350 crore in Adani Green at a share price of Rs 1,480.75 per share.
The drugmaker’s wholly-owned subsidiary Zydus Healthcare Ltd has received a demand notice of Rs 284.58 crore under section 143(1) of the Income Tax Act, 1961. The Centralised Processing Centre (CPC) of the Income Tax Department issued the notice, citing apparent mistakes during the processing of ZHL's income tax return for the assessment year 2023-2024.
Aditya Birla Capital
The financial services arm of Aditya Birla Group said it has made strategic investment of Rs 850 crore and Rs 50 crore in its subsidiaries, Aditya Birla Finance Ltd (ABFL) and Aditya Birla Capital Digital Ltd (ABCDL) respectively on a rights basis. Pursuant to the investments, there is no change in the percentage shareholding of ABCL and both the entities continue to be wholly-owned subsidiaries, the company said in the filing.
Vishnu Prakash R Punglia
The engineering, procurement, and construction company has secured a Letter of Award for projects worth Rs 899 crore from the Uttarakhand government. The award is related to two crucial projects aimed at enhancing water supply systems in Uttarakhand, the company said in exchange filing.
The mining giant will start trading ex-dividend from 27 December 2023. The company has announced an interim dividend of Rs 11 per share of FY24.