The NSE Nifty 50 gained 0.50% to settle at 21,255.05, while the BSE Sensex jumped 0.51% to 70,865.10.

USDINR CMP- 83.27 (spot) “Indian Rupee depreciated on Thursday on positive US Dollar and a rise in crude oil prices. FII outflows over the past three consecutive session also weighed on the Rupee. However, positive domestic equities cushioned the downside. US Dollar gained on Wednesday on better than expected CB consumer confidence and existing home sales data. Consumer confidence rose to 110.7 in December vs forecast of 104 while existing home sales increased by 0.7% to 3.82 million units (annualised) in November 2023 vs forecast of 3.77 million units. We expect Rupee to trade with a slight negative bias on profit booking by FIIs at near record high domestic markets and a positive tone in the US Dollar. Surge in crude oil prices amid the geopolitical tensions in the Red Sea. However, a recovery in the domestic markets post Wednesday’s sell-off may cushion the downside. Traders may take cues from final GDP, weekly unemployment claims and and Philadelphia Fed Manufacturing Index data from US. USDINR spot price is expected to trade in a range of Rs 82.90 to Rs 83.70,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

“The 83.19 is likely to act as a pivot, but with no meaningful directional in either direction. Nearest range is set as 83.09 – 83.29,” said Anand James, Chief Market Strategist at Geojit Financial Services.

Britannia India, Power Grid, HDFC Bank, HDFC Bank, Apollo Hospitals, and BPCL are the top gainers on NSE Nifty 50 index.

Mazagon Dock Shipbuilders jumps more than 5% from days low, showcasing a robust performance as the company secured its third consecutive order in the span of 10 days. The latest contract, valued at ₹1,600 crore, has been inked with the Ministry of Defence for the construction and delivery of six cutting-edge offshore patrol vessels destined for the Indian Coast Guard.

Also Read: Boost for shipbuilders: Mazagon Dock zooms 4%; wins third order in 10 days

“We like AEL given its presence in the high growth niche segment with high entry barriers, diversified product/client portfolio and robust financials. It would benefit from industry tailwinds especially in A&D space which could improve its revenue mix. IPO is priced at 57.6x 1HFY24 P/E (on an annualized & diluted basis). We recommend Subscribe for listing gains, given its unique business model & buoyant primary market,” says analyst at Motilal Oswal Financial services.

Also Read: Azad IPO opens from December 21, Here is all you need know

“Nifty weekly contract has highest open interest at 21500 for Calls and 21000 for Puts while monthly contracts have highest open interest at 21500 for Calls and 21000 for Puts. Highest new OI addition was seen at 21300 for Calls and 20750 for Puts in weekly and at 21600 for Calls and 21600 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.63%, decreased future index shorts by 2.44% and in index options by 4.04% decrease in Call longs, 28.42% decrease in Call short, 6.94% increase in Put longs and 27.31% decrease in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

Flair Writing Industries reported a 3.2% sequential increase in net profit, reaching Rs 33.2 crore for the quarter ending September in FY24. The company also experienced a quarter-on-quarter growth in revenue, showing a 4.2% growth to Rs 257 crore. The EBITDA for the quarter reached Rs 53.8 crore, marking a 2.9% increase compared to the previous quarter. However, the margin witnessed a slight dip of 30 basis points, settling at 20.9% in Q2FY24.

“The 21600 objective that had repeatedly found place in this commentary for the last week or so turned out to be the tipping point that triggered a steep slide yesterday. It is difficult to pick a turnaround point now, given the expectation of continuation of yesterday’s downside momentum. However, it is fair to expect a consolidation or a regrouping of bulls once in the vicinity of 14d ema of 20985, or at the 20d sma near 20748. Upside marker may be placed near 21121 a break of which could unfold a mean reversion move towards 21250. This though is likely to be short lived, as the prospects of sub 20k levels will be weighed in the coming days,” said Anand James, Chief Market Strategist at Geojit Financial Services.

The shares of Inox India opens over 44% premium to Rs 949.65 at NSE.

“The Bank Nifty index experienced intense selling pressure, resulting in the formation of a bearish engulfing candle on the daily chart. The immediate resistance for the index is situated at the 47600-47700 zone, and a breakthrough above this level could pave the way for further upside, targeting 48000. However, the overall sentiment remains bearish, suggesting a cautious approach with a preference for selling on any upward movements,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

The company gets 5 billion order for 552 buses from Tamil Nadu. The stock of Ashok Leyland is trading down by 1% to Rs 168 in the intra-day trade on Thursday.

Commenting on the Technical outlook of  Rupak De, Senior Technical analyst at LKP Securities, said, The Nifty experienced a sharp correction as bearish sentiment persisted. It failed to sustain above 21500, resulting in increased call writing at the 21500 strike, subsequently leading to a significant downturn. At its lowest point, the Nifty dropped just below 21100 before recovering to close above that level. Looking ahead, there might be a consolidation phase for the Nifty in the near term. Resistance is expected around 21500, while support is anticipated at 21100.

The NSE has added Ashok Leyland, India Cements, Manappuram Finance, SAIL, Balrampur Chini, NALCO, Indus Towers, Delta Corp, Piramal Enterprises and RBL bank to its F&O ban list for December 21, 2023.

The NSE Nifty 50 opens down by 0.55% to at 21,033.95, while the BSE Sensex opens almost 1% lower to 69,917.68.

Shares in the Asia-Pacific region are trading in the mixed territory on Thursday morning. The Asia Dow is trading up by 0.55%, Japan’s Nikkei 225 is red, down 1.54%, Hong Kong’s Hang Seng index is trading up 0.66% and the benchmark Chinese index Shanghai Composite is trading lower by 1.03%.

WTI crude prices are trading at $73.64 down 0.78%, while Brent crude prices are trading at $78.91 down by 0.99%, on Thursday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.05% at 102.36.

Foreign institutional investors (FII) offloaded shares worth net Rs 1,322.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 4,754.3 crore on December 20, 2023, according to the provisional data available on the NSE.

U.S. Treasuries clung to gains while stocks strove to hold onto a rebound after a fresh batch of data left traders measuring the chances of a soft landing for the world’s largest economy, reported Bloomberg. The tech-heavy Nasdaq Composite dropped 168.85 points or 1.13% at 14,834.37. The S&P 500 plunged 51.50 points or 1.08% at 4,716.87, while the Dow Jones Industrial Average slumped 343.76 points or 0.92% to 37,214.16.