After opening the day flat, Indian benchmark turned negative as the session progressed and ended the day lower.The Benchmark equity indices gave up their 5-day winning streak to settle in red after the Governor Shaktikanta Das-led Monetary Policy Committee of the Reserve Bank of India (RBI MPC) announced to keep the repo rate unchanged at 6.5%At the closing bell, the BSE Sensex stood lower by 57 points (down 0.1%).Meanwhile, the NSE Nifty closed lower by 39 points (down 0.2%).Tata Motors, Bajaj Auto, and Axis Bank are among the top gainers today.Cipla, Asian Paint,s and Adani Ports, on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,769, up by 4 points at the time of writing.The BSE MidCap index ended 0.4% higher and the BSE SmallCap index ended 0.6% higher.Sectoral indices were trading mixed today with stocks in the IT sector and the metal sector witnessing buying. Meanwhile, stocks in the IT sector and the realty sector witnessing selling pressure.MCX, Coforge, and HCL Tech hit their respective 52-week highs today.The rupee is trading at 84.68 against the US$.Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 76,734 per 10 grams.Meanwhile, silver prices were trading 0.7% higher at Rs 93,047 per 1 kg.
Advait Infratech Hits 5% Upper Circuit. Here’s WhyIn news from the engineering sector, shares of Advait Infratech hit the 5% upper circuit at Rs 1,713.35 on the BSE after the company secured a significant order for the supply and installation of 24F OPGW (Optical Ground Wire) on a turnkey basis for a 400 kV transmission line.The contract, awarded by NRSS XXXI (B) Transmission, pertains to the Kurukshetra-Malerkotla 400 kV line and is set to be executed within seven months.Today marks the fourth consecutive session where shares of the Rs 18.5 bn market cap company were locked in the upper circuit.After delivering negative returns from September through November, Advait Infratech’s stock has rebounded sharply, gaining 18% so far in December.As per the Ministry of Power’s notification dated May 13, 2020, Power Grid prepared Detailed Project Reports (DPRs) for the Reliable Communication Scheme across the Northern, Southern, Eastern, Western, and Northeastern Regions.Advait Infratech specializes in power transmission, substations, and telecommunication infrastructure solutions.
Maruti Suzuki Jumps 4%. Here’s WhyMoving on to news from the auto sector, shares of India’s leading automaker Maruti Suzuki India jumped as much as 4% in Friday’s trade after the company announced plans to increase the prices of its cars.The carmaker said that the move is being made to combat in light of rising input costs and operational expenses. The prices will increase from January 2025.The price hike is expected to be up to 4% and will vary depending on the model.While the company said it continuously strives to optimize costs and minimize the impact on its customers, some portion of the increased cost may need to be passed on to the market.Maruti had a decent run at the bourses this year rising as much as 20%.
Why Vedanta Share Price is RisingMoving on, shares of Vedanta Jumped over 7% on Friday, after the company updated the bourses about the release of encumbrances over its equity shares held by parent Vedanta Resources through subsidiaries.The company announced that all encumbrances tied to a US$ 1.2 bn bond issued by Vedanta Resources Finance II PLC had been redeemed.These bonds, initially set to mature in 2025 but later extended to 2028, were guaranteed by Vedanta Resources Ltd (VRL) and its subsidiaries, viz, Twin Star Holdings, Welter Trading, Vedanta Holdings Mauritius (VHML), Vedanta Holdings Mauritius II (VHMLII) and Vedanta Netherlands Investments BV(VNIBV).Vedanta clarified that no pledge had been created by promoter entities over the company’s shares in relation to the bonds. Under the bond terms, promoter entities were restricted from creating encumbrances or disposing of assets without meeting specific conditions.The transaction also involved Citicorp International as trustee and Axis Trustee Services as the onshore collateral agent.Vedanta Limited is one of the world’s leading natural resources companies, with a significant footprint in the aluminium sector. Its Aluminium business is India’s largest producer, accounting for nearly 60% of the country’s aluminium output.
BSE Stocks Hits Record High
Moving on, shares of BSE Ltd have been on a roll in recent days after surging over 19 percent in three straight sessions to hit a record high of Rs 5,409.65 on 6 December. This comes after the scrip recorded a steep 14% jump in the previous session.The stellar upmove in the counter in recent sessions have been on the back of a surge in trading volumes. As much as 35 lakh shares of BSE have changed hands on the bourses so far, already exceeding the one-month daily traded average of 34 lakh shares.A similar story panned out in the previous session as well, when trading volumes were far higher. Around one crore shares of BSE had changed hands in the last session, a near threefold jump from its one-month daily traded average.
