Gift Nifty Trades Flat | Why IT Stocks Are Rising | Softbank Trims PB Fintech Stake | Top Buzzing Stocks Today

Mon, 18 Dec Pre-Open

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On Friday, the bull run continued for the second straight trading session and ended the day at a record high.

Dovish Federal Reserve commentary, strong Foreign Institutional Investors (FIIs) inflows and positive global cues powered the Dalal Street today.

At the closing bell on Friday, the BSE Sensex closed higher by 970 points (up 1.4%).

Meanwhile, the NSE Nifty closed higher by 273 points (up 1.3%).

HCL Tech, Infosys, TCS were among the top gainers.

Bharti Airtel, Nestle and Maruti Suzuki on the other hand, were among the top losers.

Border indices ended on a mixed note with the BSE MidCap index ended flat while the BSE SmallCap index rose by 0.6%.

Sectoral indices ended in green with stocks in the IT sector, Metal sector, Oil & Gas sector, and Energy sector witnessing most of the buying.

Shares of L&T, TCS and Bajaj Finserv hit their 52-week high on Friday.

The rupee was trading at 83.2 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 62,479 per 10 grams at the time of Indian market closing hours on Friday.

At 7:55 AM today, the Gift Nifty was trading up by 12 points higher at 21,487 levels.

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

Speaking of the stock market, the entire bunch of PSU stocks has been the surprise package of 2023. The PSU index has outperformed the Sensex by almost 3x with lot of individual stocks doing even better.

But what next? Are their valuations running ahead of fundamentals or will the party continue in 2024?Rahul Shah co-head of research at Equitymaster, answers all these question in below video.

Top buzzing stocks today

Suzlon Energy share price will be in focus today.

Suzlon Energy secured a 100.8 mega watt (MW) wind power project from a global utility company.

The project is located in Gujarat and it involves the installation of 32 wind turbine generators with a hybrid lattice tubular tower, each having a rated capacity of 3.15 MW as part of Suzlon's 3 MW series.

Texmaco Rail & Engineering will also be a top buzzing stock.

The company declared that they won a Rs 13.7 bn order from the Ministry of Railways.

The order involves manufacturing and supplying 3,400 BOXNS wagons. This order comes after Texmaco's joint venture with SS Fabricators and Manufacturers secured an order worth Rs 1.8 bn from SJVN Arun-3 Power Development Company in October 2023.

Softbank Offloads PB Fintech Stake

Softbank entity SVF Python II Cayman sold 1,14,21,212 equity shares in the Policybazaar operator PB Fintech via open market transactions on December 15. SVF offloaded these shares for Rs 800.1 per share, valued at Rs 9.1 bn.

Government Pension Fund bought 1.6 million (m) shares of PB Fintech and HDFC Mutual Fund picked 1.15 m shares at the same price.

Earlier in October, Softbank had sold a 2.5% stake or 11.4 m shares in PB Fintech for Rs 8.7 bn.

In December last year, Softbank through its affiliates offloaded a 5.1% stake in Policybazaar for Rs 10.4 bn.

SoftBank, which was one of the early investors in India's tech companies, has been gradually paring stakes in the firms, including Paytm, Delhivery and Zomato.

PB Fintech, the parent company of PolicyBazaar, offers a consumer-centric platform by partnering with financial services companies such as insurance companies to enhance their platforms from a consumer e-commerce perspective.

Why IT Stocks Are Rising

Shares of IT companies skyrocketed for the second day in a row, fuelled by growing optimism for a soft landing of the US economy. The Nifty IT index surged 4.6% on Friday, marking an 8.2% increase over two days - the most significant rise since July 2020.

Bellwether stocks Tata Consultancy Services, Infosys, and HCL Technologies each saw a 5% jump on Friday, accounting for over half of the market gains. The sudden shift in the American economic outlook has bolstered prospects for software exporters because most domestic IT firms draw the majority of their revenue from the US.

Previously, it was believed that the world's largest economy could not reduce its inflation without slipping into a recession. But inflation there has now cooled to 3%, down from a peak of 9% in 2022. Growth in consumer spending and hiring, too, is encouraging.

Until recently, the performance of IT stocks lagged the benchmark Nifty50 for 2023.

However, after two days of gains, the year-to-date gain for the Nifty IT index stands at 25 per cent, compared to 18 per cent for the Nifty50.

Shares of TCS rose 5.3% to Rs 3,860, reaching their highest level in nearly two years.

The company's market cap crossed Rs 14 trillion (tn) once again on Friday. Meanwhile, shares of HCL Technologies hit fresh highs, with the company's market cap crossing Rs 4 tn. After a 9% increase in two days, the year-to-date returns for Infosys turned positive, too.

the Latest on Muthoot Microfin IPO

Microfinance institution Muthoot Microfin has mobilised nearly Rs 2.9 bn through its anchor book launched for a day on 15 December 2023, a day before the opening of the issue.

More than 20 institutional investors participated in the anchor book of the company, including marquee names like WCM International, JNL Multi-Manager International, North Carolina Supplemental Retirement Plans, Clearwater International Fund, Florida Retirement System, Morgan Stanley, Integrated Core Strategies, Copthall Mauritius Investment and Societe Generale.

Several insurance companies, including ICICI Prudential Life Insurance, HDFC Life Insurance, and Bajaj Allianz Life Insurance invested in the UK-based private equity investor Greater Pacific Capital-backed company via anchor book.

Muthoot Microfin on Friday said it has finalised the allocation of 97,93,812 equity shares to anchor investors at Rs 291 per equity share.

The Rs 9.6 bn initial public offering by the microfinance company will open for subscription during December 18-20. The price band for the offer has been fixed at Rs 277-291 per share.

The IPO is a mix of a fresh issue of shares worth Rs 7.6 bn by Muthoot Microfin and an offer for sale (OFS) of Rs 2 bn worth of shares by promoters and investors.

The company will utilise its net issue proceeds mainly to augment its capital base to meet future capital requirements.

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

And 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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