Stock Market LIVE Updates: Nifty around 21,700, Sensex up 200 pts today; Hero Moto, NTPC top gainers

Indian stocks are reaching new highs, buoyed by optimism surrounding the nation's macroeconomic fundamentals and robust global market trends. Currently, Nifty is at 21,700, with Bank Nifty surpassing 48,400.

Looking at the technical side, Nifty50 is expected to stay supported between 21,575 and 21,600. The 21,800 Call strike has a lot of interest with about 82 lakh shares. On the other hand, the 21,500 Put strike is also significant with around 135 lakh shares.

For Bank Nifty, a strong support range is between 48,000 and 48,150. The 48,500 Call strike has meaningful interest with about 26 lakh shares. Meanwhile, on the Put side, the 48,000 strike has a considerable interest of around 36 lakh shares.

Overall market sentiments are positive, FIIs have made substantial purchases, once again, adopting a "buy on dip" strategy is advisable.

Shares of PTC Industries are trading flat on December 28 after it entered into a pact with Nasmyth (UK) with focus on offering solutions to defence and aerospace customers.

Nasmyth and PTC will work together in support of the ‘Make in India’ Atmanirbhar Bharat programme. This collaboration also addresses the growing demand for vertically integrated supply chain solutions.

By increasing capacity in the market, the partnership aims to provide global solutions to original equipment manufacturers (OEMs) seeking to diversify and de-risk their supply chains while offering opportunities for capacity growth. Read More

Cerebra Integrated Technologies' board has reappointed V Ranganathan as Managing Director, and P Vishwamurthy as Wholetime Director of the company for three years with effect from January 1, 2024.

Bulls drive Nifty to 21,700, Sensex to new high; rally to continue on US Fed pivot, banking gains

Market experts see the non-stop record runs in domestic markets being lent by mother markets US, coupled with steadily declining US bond yields, and dollar index below 101 levels... Read More

Shares of Oil India had a muted start of the day on the NSE on December 28, a day after the oil and gas major payed Rs 551 crore to Numaligarh Refinery against a rights issue. At 9:20 am, the stock was trading in the red at Rs 380.20.

According to an exchange filing, Oil India has paid the second call of Rs 551 crore to Numaligarh Refinery at Rs 27.50 per equity share. Numaligarh Refinery, according to the filing, has allotted 20,03,44,555 partly paid-up equity shares to Oil India under rights issue allotment. The company holds 69.63 percent in Numaligarh Refinery.

Buy, target raised to Rs 150 from Rs 93
Company undergoing radical changes
Setting up 3GW of RE generation plants; phase wise contribution will add Rs 6 bn/GW of EBITDA by FY26
Chandrapur–600 MW is selling 70 MW of power in spot—with option to add 230 MW at higher prices

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. 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.

Sachin Tendulkar-backed Azad Engineering saw a strong start on bourses on December 28, listing at 37.4 percent premium against its issue price. The stock began trading at Rs 720 on the NSE and Rs 710 on the BSE, while its IPO price was Rs 524.

The strong listing comes on the back of good interest shown by investors in the company's Rs 740-crore public issue. Qualified institutional buyers took the lead, buying 179.66 times the allotted quota. At the same time, high net worth individuals (non-institutional investors) and retail investors picked shares 87.55 times and 23.71 times the portions set aside for them, respectively.

The Power Transmission & Distribution business of L&T Construction has secured key orders in the Middle East region.

In the United Arab Emirates, the business has received an order for Engineering, Supply, Construction, Installation, Testing and Commissioning a 400/132kV Substation. The scope also includes associated Transformer, Reactor and Substation Control & Monitoring Systems (SCMS).

In Kuwait, the business has won an order to establish 400kV Overhead Transmission Lines along with associated 400kV Underground Cable interconnections. This transmission segment of more than 100KM route length will help to evacuate and generate power. Additional orders have been won in ongoing substation orders in the region.