NIFTY50: 21,778 ▲ 123 (+0.5%)
SENSEX: 72,410 ▲ 371 (+0.5%)
- Benchmark indices rose for the fifth consecutive day
- In all, 36 of the NIFTY50 stocks closed in the green
- The US dollar index fell below 101, the lowest level in five months, amid signs of a dip in US inflation
Among the NIFTY sectoral indices, Oil & Gas (+2.0%) and FMCG (+1.3%) were the top gainers, while IT (-0.1%) was the sole loser.
What's Up
| Top gainers | Today's change |
| Coal India | 381 ▲ 15 (+4.2%) |
| NTPC | 315 ▲ 9.4 (+3.0%) |
| Mahindra & Mahindra |
1,735 ▲ 47 (+2.7%) |
What's Down
| Top losers | Today's change |
| Adani Enterprises |
2,816 ▼ 26 (-0.9%) |
| Eicher Motors | 4,095 ▼ 24 (-0.5%) |
| L&T | 3,523 ▼ 21 (-0.5%) |
Market Sentiment
| USD-INR | 83.18 ▼ 0.07 (-0.09%) |
| NIFTY MIDCAP 100 | 45,815 ▲ 256 (+0.5%) |
| NIFTY SMALLCAP 100 | 15,051 ▲ 117 (+0.7%) |
| India VIX | 15.1 ▼ 0.4 (-2.6%) |
Stock Buzz
⭐ Adani Enterprises forms JV for new-age technologies
Adani Enterprises, through its wholly-owned subsidiary, Adani Global, has formed a new 49:51 joint venture (JV) with UAE-based Sirius International Holding. This JV aims to transform India's $175 billion digital economy with its new-age technologies. Through this JV, both companies intend to deploy cutting-edge Artificial Intelligence, Internet of Things and Secured Blockchain Products for industrial applications.
⭐ L&T bags new orders in the Middle East
The power transmission & distribution business of L&T has secured key orders in the Middle East worth between ₹2,500 and ₹5,000 crore. In the UAE, the firm received an order to construct, install and commission a 400/132kv substation. At the same time, in Kuwait, the company won an order to establish 400kv overhead transmission lines. This is the second order win for the L&T in as many days. Meanwhile, the company's shares are up over 68% on a year-to-date basis.
⭐ Canara Bank to list its mutual fund subsidiary
Shares of the PSU bank rose for the second straight day, up 1.7%, after the company said it would list its mutual fund subsidiary, Canara Robeco Asset Management, via an initial public offering (IPO). Further details about the IPO will be announced in due course. Canara Robeco is a joint venture between Canara Bank and Dutch asset manager Robeco Group. As of November 2023, it had assets under management worth ₹78,398 crore. Once listed, it will become the fifth mutual fund company on Indian stock exchanges.
⭐ Sula Vineyards rises on sharp growth in visitors
Shares of the wine producer rose 4.7% today after the company’s wine tourism facilities saw record-breaking visitors and revenue between 23 to 25 December. During the long Christmas weekend, Sula’s Nashik and Bengaluru wine tourism facilities saw 12,000 visitors, generating an income of ₹2.28 crore in three days.
IPO Corner
⭐ Azad Engineering made a strong debut on the exchanges, listing at a premium of over 37%. The stock opened at ₹720 per share compared to the issue price of ₹524 per share. However, after listing, the stock saw profit booking, declining over 6% to close at ₹673 apiece.
Learn with Upstox
What are assets under management?
Assets under management (AUM) is the total market value of the investments that an asset management company, such as a mutual fund, manages on behalf of its clients. Steady growth in AUM is positive for the mutual fund company as it indicates the ability of an asset manager to deliver superior returns. The size of AUM fluctuates on a daily basis depending on the flow of money in and out of a fund and the price movements of the assets.
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