The share of BEML jumps 5.01% to Rs 3033.05 following receipt of contract from the Defence Ministry.

Shares of Shree Cement fell 3.3% to Rs27,419.90 after the income tax department claimed Rs4,000 crore on the company for wrongful claims and deduction, CNBC TV18 reported citing sources.

“Even though a low VIX is usually accompanied by stability or a rising index, it is usually a worrying sign, as it suggests that traders are less prepared for unforeseen events. In fact through June 2023 until late December, 13 kept a lid on VIX, with sizable falls on the index failing to attract any panic, but instead finding buying interest to catapult prices to the new peaks that we are at now. We see the rise in VIX since late December as a positive as it prepares the traders for future shocks. Also, VIX is still not at a level that signals panic yet, but just high enough to sensitise the traders and improve the volatility expectations. That the recent fall did not call for a VIX beyond 17, the level seen during Jan-Mar when panic was the highest last year is suggestive that VIX could still ease off or even blow hot and cold for a while. This is in fact more dangerous to weekly traders than stock traders, as we may alternate between cheap straddles to expensive ones, week on week,” said Anand James, Chief Market Strategist, Geojit Financial Services.

Shares of Adani Ports & SEZ rose 2.8% to hit a new 52-week high of Rs1,154.70 a day after the company announced to tap the bond market and raise Rs500 crore. The stock replaced SBI Life Insurance to become the top gainer in the Nifty 50.

The NSE has added Balrampur Chini Mills, Chambal Fertilizer, Delta Corp, Escorts, Gujarat Narmada Valley Fertilizer and Chemicals, Hindustan Copper, Indian Energy Exchange, Indian Cements, National Aluminium, SAIL, and Zee Entertainment to its F&O ban list for January 5, 2024.

“The Bank Nifty witnessed a robust comeback by the bulls, decisively surpassing the hurdle at 48,000 on a closing basis. This breakthrough confirms the resumption of the uptrend, indicating a potential move towards the target of 50,000. The bullish crossover in the RSI further supports the positive momentum. In case of any pullback, the index has a solid support at 47,700, serving as a cushion for the bulls,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Shares of SBI Life Insurance rose 2.1% to Rs1,461.75 as of 0958 IST. The stock is the top gainer in the Nifty 50. Around 400,000 shares have traded so far on the National Stock Exchange.

The bank witnesses a substantial year-on-year (YoY) increase of 62.4% in gross advances and a quarter-on-quarter (QoQ) growth of 4.9%. The segment of Domestic Retail Loans displayed impressive YoY growth, surging by 111% with a modest QoQ increase of 3%. Additionally, there is an improvement in the CASA (Current Account Savings Account) ratio. The share of HDFC Bank trades lower by 10.85 points or 0.64% at Rs 1680 at NSE.

Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, The Nifty’s swift recovery following two bearish days indicates continued dominance by the bulls in the market. The present sentiment suggests a promising trajectory towards 21800-21850 for the Nifty. If it surpasses 21850, we might anticipate a further climb toward 22000. Notably, the index appears to have a short-term support level around 21500. A downward shift would likely initiate only if it falls below this mark; until then, it seems favorable for buyers to take advantage of market dips.

NTPC, Bharti Airtel, LTIMindtree, Hero MotoCorp, and Coal India were the top gainers in the early trade hours on the National Stock Exchange on January 05, whereas Axis Bank, IndusInd Bank, Sun Pharma, Titan, and Asian Paints were the top losers.

The NSE Nifty 50 opens higher 0.22% to settle at 21,705.75, while the BSE Sensex gains 0.24% in opening trade to 72,016.71.

Foreign institutional investors (FII) bought shares worth net Rs 1,513.4 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 1,387.4 crore on January 04, 2023, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region are trading mostly in negative territory on Thursday morning. The Asia Dow is trading down by 0.78%, Japan’s Nikkei 225 is green, up by 0.21%, Hong Kong’s Hang Seng index is trading down by 0.01% and the benchmark Chinese index Shanghai Composite is trading lower by 0.43%.

WTI crude prices are trading at $72.26 up by 0.10%, while Brent crude prices are trading at $77.61 up by 0.03%, on Friday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.02% at 102.40.

U.S. Treasury yields rose, while stocks clawed back gains after robust jobs data sparked doubts about how soon and deeply the Federal Reserve could start cutting interest rates, reported Bloomberg. The tech-heavy Nasdaq Composite dipped 45.15 points or 0.31% at 14,547.06. The S&P 500 dropped by 4.44 points or 0.09% at 4,700.37, while the Dow Jones Industrial Average ended higher by 35.53 or 0.09%.