IT stocks surge after positive US Fed commentary, IRCTC hits 52-week high & more

NIFTY50: 21,182 ▲ 256 (+1.2%)
SENSEX: 70,514 ▲ 929 (+1.3%)

• Benchmark indices soared to new highs after US Fed hinted at rate cuts in 2024
• In all, 38 of the NIFTY50 stocks closed in the green
• India’s wholesale price inflation came at 0.26% against -0.52% in the previous month

Among the NIFTY sectoral indices, Realty (+3.8%) and IT (+3.5%) were the top gainers, while Media (-0.3%) was the sole loser.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ IT stocks surge after positive US Fed commentary

The NIFTY IT index hit a record high today, with all top five gainers in the NIFTY50 coming from the IT sector. The US Federal Reserve meeting hinted at the possibility of a 75 basis point cut in 2024, in contrast to earlier projections. The positive commentary from the central bank indicates the US economy is gradually recovering, which is good for the IT sector. The industry has struggled with a global slowdown, which prompted companies to cut down on IT spendings..

⭐ IRCTC hits 52-week high on expansion plans

Shares of the railway PSU closed 1.8% higher today, after hitting a new 52-week high. This rise came after the company announced plans to expand its non-railway catering business. It has already set up hospitality outlets in nine government-owned institutions such as the Department of Telecommunications, Calcutta High court and so on. It plans to commission 15 more catering units across India, with the aim of becoming a premier brand of hospitality and catering in the country.  

⭐ NBCC shares soar on new order win

Shares of the government-owned company closed 2.9% higher today – hitting their 52-week high. This came after the company secured orders worth ₹1,500 crore from the National Cooperative Development Corporation. These orders are for the construction of 1,469 warehouses and other agri infrastructure under the world's largest grain storage plan in the cooperative sector at various locations across India.

⭐ Jupiter Wagons gains on large order win

Jupiter Wagons, a freight wagon maker, gained 4.9% today. This was after the company received an order worth ₹1,617 crore from the Indian Railways to manufacture and supply 4,000 bogie open wagons fitted with air brakes (BOXNS). The stock has gained nearly 255% this year.

IPO Corner

⭐ DOMS Industries IPO continued to receive strong traction on Day 2. The IPO of the stationery products maker was subscribed 15.2 times on the second day of subscription. Tomorrow is the last day to apply for this IPO. To know more and apply for the IPO, click here.

⭐ IPO of India Shelter Finance Corporation was subscribed 4.3 times on the second day of subscription. Tomorrow is the last day to apply for this IPO. To know more and apply for the IPO, click here.

⭐ Meanwhile, the IPO of INOX India received an overall subscription of 2.7 times on the first day.  To know more and apply for the IPO, click here.

Learn with Upstox

What is algo trading?

An algorithm is a set of clear instructions for a task. Algorithmic trading, or algo trading, is a method of automated financial trading using computer algorithms. Instead of human decision-making, algorithms execute trades based on predefined rules. These rules consider factors like price movements, volume and timing.

Join the Upstox masterclass and trade like a pro!

Options Trading course: Basics to Advanced

Starts: 18 December to 22 December 2023

Time:  6:00 PM - 9:00 PM

Venue: Online

Cost: ₹5999 + GST

Seats are filling fast!

Register Here