Equity benchmark indices rallied over 1 per cent to hit fresh all-time highs on Friday, with the Sensex crossing 71,000 mark, as positive domestic macroeconomic data and easing concerns over US economic growth boosted market sentiment.
In addition, heavy buying in IT, tech and metal stocks amid sustained buying by foreign investors helped the domestic equities.
The BSE Sensex jumped 969.55 points or 1.37 per cent to close at its record closing high of 71,483.75. The NSE Nifty climbed 273.95 points or 1.29 per cent to close at its new closing high of 21,456.65.
“The Indian equity markets continued their impressive streak, notching up gains for the seventh consecutive week, and the prevailing momentum is gaining strength with each passing week. The rally witnessed in the previous week can be distinctly attributed to global cues, particularly the indications of potential rate cuts by Fed Chairman Jerome Powell and the notably low likelihood of a US recession in 2024,” said Santosh Meena, Head of Research, Swastika Investmart.
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“Foreign Institutional Investors (FIIs) re-entered the market with vigor last week, displaying substantial purchases exceeding Rs 18,000 crore. The forthcoming weeks will see the direction of the market influenced significantly by the flow of funds from FIIs. Additionally, factors such as crude oil prices and macroeconomic data from both the US and China will wield considerable influence on market dynamics,” he added.
Top Stocks To Watch on 18 December:
Mankind Pharma
The drug maker acquired approximately 1.29 per cent of the paid-up ordinary share capital of Actimed Therapeutics for 1 million euro, elevating Mankind Pharma’s aggregate shareholding in the clinical-stage company biopharmaceutical company to around 10.19 per cent.
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Mazagon Dock Shipbuilders
The shipbuilding company has inked individual shipbuilding contracts with the European client for the construction of three units of state-of-the-art 7,500-deadweight tonne (DWT) multi-purpose hybrid powered vessels. The contract is valued at approximately $42 million. The nature of the order encompasses the comprehensive process of designing, building, and delivering these advanced vessels upon completion, the company said.
Adani Enterprises
Adani Group has acquired a 50.5 per cent stake in newswire agency, IANS India Pvt Ltd for Rs 5.1 lakh, further increasing its presence in the media sector, according to a regulatory filing. "AMG Media Networks Ltd has bought a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd," said Adani Enterprises, which holds the group’s media interest. AMG Media Networks signed an agreement with IANS and its shareholder Sandeep Bamzai to acquire the news organization.
United Spirits
The company received a substantial claim of Rs 365.33 crore from an existing national institutional customer. The claim, received on 11 December 2023, is tied to a past settlement where all recovery claims made by the customer had been previously settled.
NBCC
NBCC conducted a successful auction, selling 2.23 lakh square feet of commercial space at World Trade Centre for Rs 905 crore. The proceeds contribute to the overall sales of commercial inventory through e-auction, reaching Rs 9,656.6 crore.
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