Gift Nifty Down 42 Points | FPI Inflow Hits Record High | Waaree Energies Files for IPO| Top Buzzing Stocks Today

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On Thursday, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Markets ended the last trading day of the year in the red after five successful days and setting new records. Markets tried to regain some of the losses in the afternoon unsuccessfully.

At the closing bell on Thursday, the BSE Sensex closed down by 170 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 47 points (down 0.2%).

Tata Motors, Bajaj Auto and Eicher Motors were among the top gainers.

SBI, ONGC and BPCL on the other hand, were among the top losers.

Broader markets ended on positive note. The BSE MidCap index ended 0.9% higher and BSE SmallCap index ended higher by 0.7%.

Sectoral indices ended mixed with stocks in the telecom sector, auto sector and FMCG sector witnessing most of the buying. Meanwhile stocks in oil &gas sector, banking sector and energy sector witness selling.

The rupee was trading at 83.17 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 63,520 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:15 AM today, the Gift Nifty was trading 41 points lower at 21,808 levels.

Indian share markets are headed for a negative opening today following the trend on Gift Nifty.

Speaking of stock markets, next time when some of you visit a liquor store, chances are you will be surprised with a Coca Cola brand sitting next to the familiar names.

You see, Coca Cola is launching its ready to drink alcoholic beverage in the domestic market.

If it does well, this could just be the beginning with more alcoholic products like ready to drink pre mixed cocktails in the offing.

It's too soon to say what that will mean for Indian incumbents in the alcohol industry. I don't think it will be negative.

More Indians, including women, are raising glasses. Considering India's population, favourable demographics, life style changes, mass urbanisation and premiumisation, and keeping the moral overtones aside, liquor industry in India is set to grow.

Hidden Treasure, Richa Agarwal talks about stocks to keep in your watchlist if you are keen to ride the 'spirited' surge.

Top buzzing stocks today

Kotak Bank share price will be in focus today.

Shares of Kotak Mahindra Bank fell on 29 December, a day after the lender received a show-cause-cum-demand order from the assistant commissioner of central goods and service tax (GST) and excise.

Techno Electric will also be a top buzzing stock.

Shares of Techno Electric & Engineering Company touched a 52-week high, rising nearly 4% in the early trade on 29 December after the company bagged orders worth Rs 17.5 bn.

The company has received transmission order of Rs 7.1 bn, including 765kV AIS Package (Substation) for Neemrana-II from Sterlite worth Rs 1.9 bn and 765kV AIS Substation Package for establishment of 765,400 kV, 2x1500 MVA at Sikar from PGCIL worth Rs 2.2 bn.

FPI Inflow Hits Record High

Foreign flows into Indian equities in 2023 were the highest ever in a calendar year as optimism over the economy's prospects in a slowing world, the US Federal Reserve's signal that it will cut rates in 2024, and expectations of the Bharatiya Janata Party returning to power in the next year's general elections drove a flood of money into stocks here.

Foreign portfolio investors poured Rs 1.74 trillion (tn) into the domestic stock market in 2023, bettering the previous record of Rs 1.72 in 2020. In 2022, they were sellers to the tune of Rs 1.3 tn.

In the past 10 years, overseas investors have purchased stocks here on eight occasions while being net sellers on two.

In 2023, a chunk of the flows into India have been at the expense of China, which lost favour among global fund managers because of concerns over an economic slowdown, a wobbly real estate sector, mounting internal debt issues and the underperforming stock markets.

The flows into stocks here in 2023 hit record levels thanks to the late rush of money. In December, FPIs bought shares worth Rs 661.4 bn- the highest monthly flows in 2023, sparked by the dovish turn in Fed's monetary policy signalling.

Why Vodafone Idea Share Price is Rising

In a surprising turn of events, Vodafone Idea shares witnessed a remarkable surge, reaching a fresh 52-week high on the last trading day of the year. The telecom giant's stock skyrocketed nearly 23% on 29 December, marking a substantial increase in value.

Vodafone Idea shares experienced a notable upswing, jumping 22.6% to Rs 16.2 on the NSE (National Stock Exchange).

Over the past six months, Vodafone Idea shares have more than doubled investors' wealth, registering an impressive gain of 116.8%.

This surge stands in stark contrast to the Nifty 50, a frontline index, which saw a comparatively modest rise of 13.3% during the same period.

The surge in Vodafone Idea's stock price may be attributed to a supposed equity infusion by the promoters of the beleaguered telecom company.

However, the ongoing negotiations have indicated that the unfettered rally in the share price over the last six months has temporarily disrupted discussions about the much-anticipated fund infusion.

Despite the company setting December as the deadline for the fund infusion, the recent run-up in the stock price has reportedly posed a challenge to the negotiation process.

The unexpected surge in the share value, ironically, appears to be driven by expectations of fundraising.

Waaree Energies Files for IPO

Leading solar panel manufacturer Waaree Energies has filed the preliminary papers with the capital markets regulator SEBI for fund raising through initial public offering.

The IPO is a mix of fresh issue of shares worth Rs 30 bn by the company and an offer-for-sale (OFS) of 3.2 m equity shares by the existing shareholders.

Promoter entity Waaree Sustainable Finance (formerly known as Mahavir Thermoequip) will be selling 2.7 m shares in the OFS, while others Chandurkar Investments and Samir Surendra Shah will be offloading 5 lakh shares.

Promoters hold 72.3% shareholding in the company, and the remaining 27.7% shares are held by public.

Waaree, the largest manufacturer of solar photovoltaic modules, intends to utilise net fresh issue proceeds for establishing its 6-GW of ingot wafer, solar cell and solar PV module manufacturing facility in Odisha, besides general corporate purposes.

The company that commenced operations in 2007 focusing on solar PV module manufacturing, has the largest aggregate installed capacity of 12GW, as of June 2023, increasing from 9GW in March 2023 and 2GW in 2021.

It has a substantial order book of 20.16 GW of solar modules as of November 2023, which included 3.75 GW of orders for its subsidiary.

For more information on IPOs, check out the list of upcoming IPO's.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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