Indian benchmark equity indices surged to fresh closing record highs on Wednesday, with the Sensex crossing the historic 72,000 mark, boosted by optimism over the country’s macroeconomic, fundamentals and string global market trends
The BSE Sensex jumped 701.63 points or 0.98 per cent to close at its all-time closing high of 72,038.43. During the day, it rallied 783.05 points or 1.09 per cent to touch its intra-day lifetime high of 72,119.85.
The NSE Nifty soared 213.40 points or 1 per cent to settle at a record high of 21,654.75. During the day, it jumped 234.4 points or 1.09 per cent to hit its all-time intra-day high of 21,675.75.
"The Nifty experienced a significant rally as Put writers amassed substantial positions at 21500. Additionally, the daily chart showcased a breakout from consolidation. The Relative Strength Index (RSI) indicates a bullish crossover, coinciding with the index positioned above a crucial moving average. Looking ahead, the index potentially aims for a range between 21750-21800 on the upside, with support resting at 21500," said Rupak De, Senior Technical Analyst at LKP Securities.
Top Stocks To Watch On 28 December:
Zomato
The food delivery giant has received a show cause notice on 26 December from the Directorate General of GST Intelligence, Pune Zonal Unit, pertaining to an alleged tax liability worth Rs 401.7 crore along with interest and penalty for the period between 29 October 2019 and 31 March 2022. Zomato said that it is not liable to pay any tax since the delivery charges are collected by the company on behalf of the delivery partners.
Tata Power
The company has signed a share purchase agreement to acquire a 100 per cent stake in Bikaner III Neemrana II Transmission, a project special purpose vehicle. The acquisition cost is Rs 18.6 crore. Established in June 2023, the special purpose vehicle will build, own, operate, and transfer an electrical power transmission system between Bikaner and Neemrana in Rajasthan.
Exide Industries
The company has invested over Rs 39 crore through subscription on a rights basis in its subsidiary, Exide Energy Solutions. It brings the total investment in the arm to Rs 1,820.01 crore.
Lupin
The pharmaceutical company received approval from the US Food and Drug Administration (FDA) for its abbreviated new drug application for Loteprednol Etabonate Ophthalmic Suspension.
Kotak Mahindra Bank
The Reserve Bank of India (RBI) has approved the appointment of CS Rajan, an Independent Director on the board of Kotak Mahindra Bank, as the part-time Chairman of the bank, for two years, with effect from 1 January 2024.
