After opening the day on a positive note, the markets continued momentum as the session progressed and ended the day in green.Frontline indices Nifty 50 and Sensex made fresh record highs on Tuesday, led by select energy and FMCG majors, including Reliance Industries, ITC, Nestle, and NTPC, amid broadly positive global cues.At the closing bell, the BSE Sensex stood higher by 122 points (up 0.2%).Meanwhile, the NSE Nifty closed higher by 35 points (up 0.2%).Reliance, NTPC, and Nestle were among the top gainers today.Wipro, TCS, and HCL Tech, on the other hand, were among the top losers today.The GIFT Nifty was trading at 21,526, up by 40 points, at the time of writing.Border indices ended on a mixed note with the BSE MidCap index down by 0.3% while the BSE SmallCap index rose by 0.1%.All Sectoral indices ended on a mixed note with stocks in the Energy sector, FMCG sector, Power sector, and Oil & Gas sector witnessing most of the buying.Whereas, the IT sector and Auto sector witnessed the most sales.Shares of Nestle, L&T, and IndusInd Bank hit their respective 52-week highs today.Now track the biggest movers of the stock market using stocks to watch today. This should help you keep updated with the latest developments…Asian share markets ended on a mixed note. The Shanghai Composite ended flat while the Nikkei ended 1.4% in the green. The Hang Seng tanked 0.7%.The rupee is trading at 83.17 against the US$.Gold prices for the latest contract on MCX are trading in red by 0.1% at Rs 62,201 per 10 grams.Silver for the latest contract on MCX is also trading in green by 0.2% at Rs 74,573 per 1 kg.
Why IDFC First Bank Share Price is RisingIn news from the banking sector, on Tuesday, 19 December 2023, the share price of IDFC First Bank saw a surge of 3% contributing to the upward trajectory in the stock.This rally came after the Reserve Bank of India (RBI) approved the merger of IDFC and IDFC Financial Holding Company with itself.The RBI’s ‘no objection’ for the amalgamation is subject to compliance with specified terms and conditions.The composite scheme of amalgamation requires approvals from the National Company Law Tribunal and respective shareholders of the involved companies.IDFC First Bank reported robust loan growth of 26.1% in the September quarter as compared to the same period last year. This growth was driven by home loans and rural finance.The stock has rallied over 4.5% in a week and has offered a return of more than 48% in a month.
SJ Logistics SME IPO Lists at 40% Premium
Moving on, SJ Logistics debuted with a 40% premium on Tuesday, 19 December 2023.The stock opened at Rs 175 on the NSE SME platform, a 40% premium over the IPO price of Rs 125.The IPO, which was subscribed 316 times, saw strong interest from retail investors which was 356 times their allotted quota, high net-worth individuals (HNI) subscribed 489 times, and qualified institutional buyers (QIB) subscribed 116 times.The company raised Rs 480 million from the public offer and it aims to use the proceeds for repaying or pre-paying certain borrowings, meeting working capital requirements, and general corporate purposes.If we look a bit into the business, SJ Logistics provides several services like freight forwarding, customs clearance, and transportation handling services to various sectors, including yarn and textiles, automobiles, heavy engineering, power transmission, pharmaceuticals, and more.
Zee Entertainment Share Price is Falling. Here’s Why…Moving on to the media sector, Zee Entertainment was in a lot of buzz today.On Tuesday, 19 December 2023, the share price of Zee Entertainment faced a setback and fell over 4% amid uncertainties surrounding its merger deal with Sony Pictures Networks India (SPNI).Let’s understand what’s actually happening. Basically, Zee sought an extension of the timeline to complete the amalgamation, as indicated by its notice to exchanges. SPNI, now Culver Max Entertainment, stated that Zee’s notice acknowledges the inability to meet the 21 December 2023 deadline and triggers discussions about extending the deadline.SPNI has not yet agreed to an extension and looks forward to hearing Zee’s proposals for completing the remaining closing conditions.After this happened, the shares of Zee Entertainment shares experienced selling pressure.Zee had previously requested Bangla Entertainment (BEPL) and Culver Max Entertainment (CMEPL) to extend the date required to make the merger scheme effective, adhering to the terms of the merger cooperation agreement.The proposed US$ 10 billion (bn) merger, aiming to bring together the linear networks, digital assets, production operations, and program libraries of SPNI and ZEEL, has received regulatory approvals from the Competition Commission of India (CCI), NSE, BSE, shareholders, and creditors.In August 2023, the National Company Law Tribunal (NCLT) approved the merger of ZEEL and Culver Max Entertainment.The combined entity is expected to own over 70 TV channels, two video streaming services (ZEE5 and Sony LIV), and two film studios (Zee Studios and Sony Pictures Films India).More By This Author:Sensex Today Trades Lower; TCS & Tech Mahindra Top Losers
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