Gift Nifty Up 86 Points | UltraTech Joins Rs 3 Trillion Club | Why Metal Stocks are Rising | Top Buzzing Stocks Today

Thu, 28 Dec Pre-Open

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On Friday, Indian share markets gained the momentum as the session progressed and ended on firm footing.

Indian equity benchmarks traded higher on Wednesday tracking upbeat global market mood and amid hopes of Fed rates starting early next year.

At the closing bell on Friday, the BSE Sensex closed higher by 702 points (up 1%).

Meanwhile, the NSE Nifty closed higher by 213 points (up 1%).

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

NTPC, ONGC and Adani Ports on the other hand, were among the top losers.

Border indices ended on a positive note with the BSE MidCap index up by 0.8% while the BSE SmallCap index soared by 0.4%.

Sectoral indices ended mixed with stocks in the financial sector and auto sector witnessing most buying. Meanwhile stocks in oil & gas sector and power sector witnessed selling pressure

The rupee was trading at 83.34 against the US$.

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 63,355 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 86 points or 0.4% at 21,756 levels.

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

Speaking of stock markets, arriving at a reasonable estimate of a stock's intrinsic value is easy. However, there are errors that can creep in and even the most astute analysts can fall pretty to them.

So, what exactly are these errors and how are they associated with a stock like Tata Motors.

Tune in for more.

Top buzzing stocks today

L&T share price will be in focus today.

Shares of L&T climbed nearly 2% to hit a record high of Rs 3,548.9 on 27 December after the company bagged a major order for the Amaala project in the Red Sea region of Saudi Arabia.

The order, under the engineering, procurement and construction (EPC) type is for establishing various systems related to renewable energy generation and utilities.

Happy Forgings will also be a top buzzing stock.

Heavy forgings manufacturer Happy Forgings Ltd shares opened 18% higher on debut on 27 December after its initial public offering subscribed 82 times last week.

The Rs 10.1 bn IPO opened for subscription on 19 December and closed on 21 December. Retail investors bought 15.1 times and high net-worth individuals picked 62.2 times the allotted quota, while qualified institutional buyers (QIBs) picked 220.5 times their reserved portion.

UltraTech Joins Rs 3 Trillion Club

Amid a rally in cement stocks, UltraTech Cement crossed Rs 3 trillion (tn) market cap for the first time. With this, the cement maker has become the 20th largest company in India. It was also the leading Nifty 50 gainer of the day.

UltraTech Cement rose more than 4% to Rs 10,453 with a market cap of Rs 3 tn.

The Indian cement industry showed robust volume growth of 17% year-on-year in the first half of FY24. The momentum is expected to persist in the second half, anticipating an 11% increase in sales volumes from the first half and a 13% year-on-year surge.

The broker has revised its industry volume growth estimate to 12% for FY24, up from 8% earlier.

The company is the largest manufacturer of grey cement, ready mix concrete (RMC), and white cement in India. Apart from these, Ultratech Cement also manufactures a slew of specialty concretes that meet specific needs of customers.

Why Piramal Enterprises Share Price is Rising

Shares of Piramal Enterprises gained over 2% to hit the day's high of Rs 922 on 27 December after its subsidiary acquired office space in Lower Parel, Mumbai, for Rs 8.8 bn.

Piramal Consumer Products, a wholly owned subsidiary of Piramal Enterprises, has agreed with AASAN Corporate Solutions to acquire Piramal Towers, an office space in Mumbai.

AASAN Corporate Solutions is the promoter group company for Piramal Enterprises.

The company intends to utilise a certain portion of these office premises and expects to capitalise on space as and when it becomes available to meet the rising operating demands.

Piramal Enterprises formerly known as Piramal Healthcare, is the largest company of the Piramal Group.

It's active in business verticals including healthcare, life sciences, information management, and financial services.

Why Metal Stocks are rising

Metal stocks rallied for the fourth consecutive session on Wednesday, which saw the Nifty Metal index hitting a lifetime high.

Rollover of positions to the January derivative series and a reversal in the dollar index is aiding the up move in the stocks in the sector.

In four sessions, the Nifty Metal index has gained nearly 6% and hit a lifetime high of 7863.75 points.

Among base metals, Hindalco Industries rose more than 3% and scaled a 52-week high of Rs 603. National Aluminium Co rose over 1% to Rs 116.9.

Steelmakers across the board gained, with Tata Steel, Steel Authority of India, and JSW Steel rising 1-2%. JSW Steel shares also hit a lifetime high of Rs 636.

The metal sector has been among the top five performers this year. The index barometer has gained more than 16% on a year-to-date basis.

Stocks like Hindustan Copper, Welspun Corp and Jindal Stainless have given multibagger returns of up to 132% this year. Tata Steel, JSPL, Hindalco, SAIL, NALCO, NMDC, and Ratnamani Metals have rallied 21-73%.

Metals as a sector have been significantly underperforming and witnessed continued outflows since 2022 amid volatility in growth in China, the world's largest producer and consumer of metals.

Most market experts see the metal pack attracting fund inflows next year with an easing interest rate scenario.

Hindalco Industries has maintained a strong balance sheet and robust cash flows with a consolidated net debt-to-EBITDA ratio below 2 times.

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

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