The NSE Nifty 50 gained 0.57% to settle at 21,778.70, while the BSE Sensex jumped 0.52% to 72,410.39.

USDINR CMP- 83.20 (spot) “The Indian Rupee appreciated on Thursday on weak US Dollar and surge in domestic markets. Domestic equities hit record highs. Fresh FII inflows and softness in crude oil prices also supported the Rupee. However, importer demand for Dollars capped sharp gains. The US Dollar declined on Wednesday and touched the lowest levels in 5 months on rising expectations of three rate cuts by the US Federal Reserve in 2024. Traders expect 89% odds of a rate cut as early as March 2024. Richmond manufacturing index also trailed the forecast, which further pressurised the Dollar. We expect the Rupee to trade with a slight positive bias on fresh foreign inflows and an extended decline in the US Dollar. A rise in risk appetite in global markets may further support riskier currencies. However, month-end Dollar demand from OMCs and importers may cap a sharp upside. Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of Rs 82.90 to Rs 83.50,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas

Shares of Housing and Urban Development Corporation Limited experienced a notable surge of 17.62% following the formalization of a Memorandum of Understanding (MoU) with the State Government of Gujarat. The MoU delineates an investment commitment of up to ₹14,500 crore to fund diverse projects in Housing and Urban Infrastructure within the state.

Yes Bank has achieved a significant milestone in its dedication to sustainability by securing the top Environmental, Social, and Governance (ESG) score among Indian banks in the S&P Global Corporate Sustainability Assessment (CSA) 2023. Scoring 73 out of 100, the bank demonstrated noteworthy progress, surpassing its 2022 score of 68 by 5 points. This accomplishment underscores Yes Bank’s ongoing commitment to advancing its ESG practices, showcasing continuous improvement year after year.

“For investors seeking exposure to the manufacturing sector with high growth potential, Azad Engineering offers a compelling opportunity, and existing investors in the IPO may consider holding their shares. However, a cautious approach is advised due to the full valuation and potential risks, and thus a stop loss of around 650 is recommended,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

Nyati also said that, Azad Engineering, the manufacturer of forged components, made a solid debut on the stock market, listing at Rs 720 per share, a substantial 37% premium over its IPO price of Rs 524. While this performance demonstrates strong investor interest, it falls short of the pre-listing excitement that anticipated a potentially higher rise. Azad Engineering’s successful listing signifies its strong fundamentals and growth potential.

Gujarat government and Mazgaon Dockard limited have entered into a memorandum of understanding where the state government has expressed its interest to get a submarine from MDL. The share of Mazgaon Dock is trading down by 2% at Rs 2,293.

Coal India, Nestle India, Britannia Industries, and BPCL are the top mid-day gainers on NSE.

“Nifty weekly contract has highest open interest at 22000 for Calls and 21500 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21500 for Puts. Highest new OI addition was seen at 21700 for Calls and 21600 for Puts in weekly and at 21700 for Calls and 21600 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.37%, increased future index shorts by 15.01% and in index options by 10.00% in Call longs, 25.54% in Call short, 9.25% in Put longs and 24.93% in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

“Yesterday’s rise met our upside objectives of 83.3 fully calling for consolidation, rather than reopening prospects of breach of 83.4. Dips are expected to be limited to 83.19 though,” said Anand James, Chief Market Strategist at Geojit Financial Services.

Shares of Suzlon Energy gains more than 3% to Rs 38.20 in the intra-day trade on the following news that the company wins new order for its 3 MW series, its third in two days,

Azad Engineering, endorsed by cricket legend Sachin Tendulkar, witnessed its shares open at ₹720 on the National Stock Exchange (NSE), marking an impressive 37.40% premium over the issue price of ₹524. Simultaneously, on the Bombay Stock Exchange (BSE), the stock debuted at ₹710 during Thursday’s trading session.

Also Read: Sachin Tendular backed Azad Engineering makes a strong deubt on D-Street, Lists over 37% premium

Here MotoCorp, Mahindra & Mahindra, Nestle India, SBI Life Insurance , and NTPC are the top gainers on Nifty 50 index.

“The Bank Nifty recently experienced a breakout from consolidation as observed on the daily chart. It’s been consistently maintaining a position above a critical moving average. Additionally, the Relative Strength Index (RSI) reflects a bullish crossover on the daily chart. Looking forward, the index could potentially target levels between 48500-48800 on the upside, with a support base at 48000,”said Rupak De, Senior Technical Analyst at LKP Securities.

Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, 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.

The NSE Nifty 50 opened higher by 0.28% to settle at 21,715, while the BSE Sensex opens 0.31 % higher to 72,262.67.

The NSE has added National Aluminum and RBL Bank to its F&O ban list for December 28, 2023.

Foreign institutional investors (FII) bought shares worth net Rs 2926.1 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 192 crore on December 27, 2023, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region are trading mostly in the positive territory on Thursday morning. The Asia Dow is trading up by 0.91%, Japan’s Nikkei 225 is red, down by 0.74%, Hong Kong’s Hang Seng index is trading up by 1.74% and the benchmark Chinese index Shanghai Composite is trading higher by 0.54%.

WTI crude prices are trading at $74.12 up by 0.01%, while Brent crude prices are trading at $79.47 down by 0.09%, on Thursday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.12% at 100.87.

U.S. stocks struggled to find solid ground after approaching a record on speculation the Federal Reserve will cut rates in 2024, reports Bloomberg. The tech-heavy Nasdaq Composite gained just 2.83 points or 0.02% at 15,077.40. The S&P 500 dipped 1.87 points or 0.04% at 4,772.88, while the Dow Jones Industrial Average gained 25.40 points or 0.07% to 37,570.73.