Sensex Today | Share Market Live Updates: Sensex pares gains, Nifty slips below 21700; IT stocks gain, FMCG stocks fall

The HSBC India Services PMI survey, conducted by S&P Global, highlighted a pick-up in growth momentum at the end of the 2023 calendar year. Demand buoyancy spurred sales, subsequently fuelling business activity. Job creation extended into a nineteenth successive month, while business optimism strengthened.

Meanwhile, cost pressures receded further, reaching their lowest in nearly three-and-a-half years. Still, there was a quicker and solid upturn in selling charges.

Rising from 56.9 to 59.0 in December, the seasonally adjusted HSBC India Services PMI Business Activity Index highlighted a sharp increase in output that was the most pronounced since September. 

Brookfield Asset Management on Friday said it will acquire the Indian business of American Tower Corp (ATC India) for $2 billion as it looks to expand its portfolio of telecommunication services.

The deal which marks the asset manager’s third acquisition in the telecommunication space is expected to give Brookfield access to ATC India’s vast portfolio of about 78,000 sites across the country.

HDFC Bank on Friday said its gross advances rose 62.4% year-on-year to ₹24,69,500 crore as of 31 December 2023. On a sequential basis, advances grew 4.9% from ₹23,54,600 crore as of 30 September.

Deposits aggregated to approximately ₹21,72,900 crore in the December quarter, up 27.7% on year, and an increase of around 1.9% sequentially.

In pre-open, the Sensex was up 339.87 points at 72,187.44, and the Nifty rose 52.50 points to 21,711.10.

Nifty Bank has bounced from its 20 day average and reversed its previous day gain to close near the high point of the day.

On the higher side resistance will be at 48,600 levels while the trend reversal levels will be 47,500 below will which we could witness profit booking.

RSI has reversed from the lower range and other key technical indicators have turned favourable from current levels.

Bank Nifty 49,000 CE has the highest OI while on the downside 48,000 for the put OI for the weekly expiry.

NIFTY-50 has reversed its previous day loss and given a positive crossover on the higher side with key supports at 21,500 levels.

On the higher side the previous top of 21,850 will be a resistance and on the downside 21,350 will be the trend reversal from current levels.

RSI has bounced from the oversold levels as expected and other key other key technical indicators are in positive trend.

Highest call OI has moved lower to 21,700 strike while on the downside the highest put OI has moved lower to 21,500 for the weekly expiry.

Grasim Industries Ltd, the flagship of Aditya Birla Group, has set the price for its rights issue at ₹1,812 per share, totalling ₹3,999.80 crore. The company will issue up to 2.2 crore shares to promoters and promoter group, Grasim said in an exchange filing on Thursday.

The cement maker plans to raise funds up to ₹4,000 crore to fund its capital expenditure and repay existing borrowings.

Grasim, SBI, Dabur India, L&T Finance, Lupin, RBL Bank, among others, will be in focus today.

Chambal Fertilisers & Chemicals, Escorts Kubota, GNFC, India Cements, Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indian Energy Exchange, National Aluminium Company, SAIL and Zee Entertainment Enterprises are in the F&O ban list for 5 January.

GIFT Nifty futures traded 13 points higher at 21,771, indicating a flat start for Indian benchmarks.

India’s benchmark indexes ended higher on Thursday after easing from near record highs in the past two sessions, even as investors continue to fret over the timing of US rate cuts after the Federal Reserve minutes.

On Thursday, the Sensex jumped 490.97 points to settle at 71,847.57, while the broader Nifty climbed 141.25 points to end the day at 21,658.60.

Asian stocks wobbled on Friday, keeping global equities on track to snap a nine-week winning streak, as bets on aggressive Federal Reserve rate cuts were rolled back.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1% in the Asian morning, with Hong Kong’s Hang Seng slipping 0.18%.

The MSCI world index was about flat so far on the day, but heading for a 1.7% decline this week.

Japan’s Nikkei was something of an outlier, bouncing 0.5% on Friday as exporters got a boost from the yen’s slide back to just shy of 145 per dollar amid a rise in U.S. Treasury yields.

Overnight on the Wall Street, the Dow Jones Industrial Average rose 0.03%, the S&P 500 lost 0.34% and the Nasdaq Composite dropped 0.56%.