Markets for the month of December turned out to be best month for the year after Sensex posted gains of around 8% on the back of US Fed turning from hawkish to Dovish and pricing aggressive rate cuts for 2024. The major positive trigger for Indian markets was seen from decline in Brent crude prices and US 10-year bond yield but risk arising for rising EURINR, JPYINR and GBPINR still has potential to trigger carry trade unwinding as USDINR continued to stay above the 83 mark. At the current juncture, Sensex has been trading at the upper end of rising channel and a close below 71,473 could mark a catalyst for a strong reversal. On the Upside, Nifty has limited room of 1% before it enters into a inflection point and trigger profit booking as India VIX has been trading above danger mark of 14%.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Aviation Stocks – Jet fuel (ATF) price cut to Rs. 1.01 LK/KL from Rs. 1.06 LK/KL.
- BHEL – Bags Rs. 194.22 bn project from NLC India for Talabira project.
- Bandhan Bank – Transfers housing NPAs to ARC for cash at 40.24 pct of value, for Rs. 2.89 bn.
- ACC – Successfully commissions cement unit with a capacity of 1.0 MTPA in MP.
- Grasim – Commissions additional 1.23 lk tonnes annual capacity in Bharuch, Gujarat.
- GPT Infra – Came as lowest bidder for order worth Rs. 2.67 bn.
- KPI Green – To issue bonus shares in the ratio of 1:2.
- Yes Bank – Receives Rs. 1.50 bn from a single trust in sale to ARC.
- Fineotex – Acquires additional factory land premises at Thane for Rs. 350 mn.
- Dhampur Sugar – Board meet on January 3 to consider buyback.
- Zomato – Sees record high single-day deliveries on December 31.
- Real Estate Stocks – Mumbai’s real estate soars to an 11-year high with over 1.27 lakh property registrations in 2023.
- Larsen and Toubro – Wins civil works tender for Bengaluru suburban rail project.
- SJVN – Secures Rs 100 bn construction finance facility from banks.
- Royal Orchid Hotels – Regenta and Royal Orchid Hotels to have 100 hotels by January, 2024.
- PVR Inox – Nippon Life India Trustee picked up 0.2 mn shares, equivalent to 0.2 pct of paid-up equity.
Negative Read through
- Bodal – India Ratings downgrade credit rating to BBB+/Negative.
- United Spirits – Gets tax demand order worth Rs. 930 mn.
- Container Corp – Received tax demand and penalty of Rs 650 mn under CGST Act 2017.
- Vedanta – Received two orders worth Rs 488 mn, along with interest and penalty of 10 pct of GST.
- Macrotech – Received tax demand and penalty of Rs 910 mn.
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