NIFTY50 and Sensex close lower for second straight day, Adani Group stocks zoom, Hero MotoCorp falls on lower monthly sales; Stock Market Highlights

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The NIFTY Financial Services (-0.4%) index closed lower today, with Shriram Finance (+2.8%), Chola Finance (+1.6%) being the top gainers and ICICI Lombard (-2.5%) and IEX (-1.7%) being the top losers.

The NIFTY Midcap 100 index (+0.3%) higher today. Meanwhile, NIFTY Smallcap 100 Index (-0.01%) closed marginally lower today.

The BANK NIFTY (-0.1%) index closed in the red. Weakness in HDFC Bank (-1.4%), PNB (-0.6%) and Federal Bank (-0.03%) dragged down the index.

India’s benchmark indices – NIFTY50 (-0.6%) and SENSEX (-0.7%) – closed lower for the second straight day amid profit bookings. Out of the NIFTY50 universe, 32 stocks closed in the red. Adani Group stocks shine after positive Supreme Court verdict. Meanwhile, fall in IT and Metal stocks dragged down the NIFTY50 index.

Shares of the 2-wheeler manufacturer rose over 4% in the last hour of today’s trading session after the company’s board said it would consider a share buyback proposal in the meeting scheduled on 8th January (Monday).

• Long build-up: Bajaj Auto, Adani Enterprises, Adani Ports, IndusInd Bank, ITC
• Short build-up: JSW Steel, Infosys, Wipro, Tata Steel, LTI Mindtree

Source: BSE

• Shares of REC Ltd and Rail Vikas Nigam Ltd (RVNL) saw strong investor traction today after both companies signed MoU to finance up to ₹35,000 crore for infra projects over the next five years.

• The agreement focuses on a range of projects, including multi-modal logistics hubs, rail infra projects, road, port, & metro projects. Following the announcement, shares of REC Ltd rose 1.55% intraday, while RVNL gained more than 3% today.

Shares of the agro-processing company rose 2.8% intraday after the company’s board approved an interim dividend of ₹8 per share. The record date for payment of the interim dividend is 12 January 2024.