The NSE Nifty 50 dropped 0.22% to settle at 21,731.40, while the BSE Sensex declined 0.24% to 72,240.26.

“Oil prices stabilized on the last trading day of the year, after sliding 5% in the last two trading sessions as shipping companies resumed to the Red Sea route despite the militant threats. WTI Feb futures trades above $72 in a thin volume session on Friday. Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices. We expect oil prices to slide as supplies from the non-OPEC nations have been on rise in the past few months and US production is running near an all-time high of 13.3 mbpd. Production cuts by OPEC+ have proved insufficient to prop up prices, with the benchmarks declining nearly 20% from their highest level this year. Medium term we expect WTI to fall back to $66/b trend is looking weak for oil prices. We advise traders to look to short the rallies as the market balance remains in surplus of around 1.5 mbpd,” said Mohammed Imran – Research Analyst, Sharekhan by BNP Paribas.

NSE Nifty is down 0.21 percent or 45.45 points at 21,733.25, while the BSE Sensex is at 72,248.34, down 0.21 percent or 153.53 points.

USDINR CMP- 83.1750 (spot) “The Indian Rupee appreciated slightly on Friday on weak US Dollar and a decline in crude oil prices. FII inflows also supported Rupee. However, weak domestic markets capped sharp gains. The US Dollar recovered slightly on short coverings but declined again today on rate cuts bets. Rising weekly jobless claims also signalled a slowdown in the labour market. We expect the Rupee to trade with a slight positive bias on the weak tone of the US Dollar and declining crude oil prices. Fresh foreign inflows may also support the domestic currency. However, the weak tone in domestic markets caps a sharp upside. Month-end Dollar demand from OMCs and importers may weigh on the rupee at higher levels. Traders may take cues from India’s fiscal deficit and Chicago PMI data from the US. USDINR spot price is expected to trade in a range of Rs 82.90 to Rs 83.50,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

BPCL, State Bank of India, ONGC, Kotak Mahindra Bank, and Infosys are the top losers in Nifty 50 index.BPCL, State Bank of India, ONGC, Kotak Mahindra Bank, and Infosys are the top losers in Nifty 50 index.

On Friday, solar panel manufacturer Waaree Energies submitted draft papers for an initial public offering (IPO) to raise Rs 3,000 crore.

Courtesy: BSE

Fine Organic Industries Limited has disclosed an investment of ₹6 crore in Redeemable Preference Shares issued by its wholly-owned subsidiary, Fine Organic Industries (SEZ) Private Limited. These Non-Convertible, Non-Cumulative, Non-Participating shares, each with a face value of ₹10, constitute a total investment of ₹60 crore by the company.

Courtesy: NSE

“While penciling in 21860 as the next objective, we had also raised our volatility expectations. Breach of 21860 could however signal yet another extension in uptrend, potentially lining up 22400 as the next objective. But with 3d RSI peaking again, favored view expects a red candle in a day or two,” says Anand James, Chief Market Strategist at Geojit Financial Services.

The shares of Techno Electric gains 7.33% to Rs 57.45 on the following news that the company bag the orders of Rs 1750 crore for transmission and advance metering infrastructure.

“Nifty weekly contract has highest open interest at 21750 for Calls and 21750 for Puts while monthly contracts have highest open interest at 21750 for Calls and 21750 for Puts. Highest new OI addition was seen at 21750 for Calls and 21750 for Puts in weekly and at 21750 for Calls and 21750 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 21.21%, decreased future index shorts by 42.23% and in index options by 62.98% decrease in Call longs, 69.73% decrease in Call short, 48.63% decrease in Put longs and 63.97% decrease in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

Tata Motors and Tata Consumers, Adani Enterprises, Adani Ports, and Tata Steel are the top gainers on NSE Nifty 50 index.

“Though the dips unfolded on anticipated lines, they exceeded 83.19, stressing the unwillingness to clear 83.4 right away. We will look for further downsides only if 83.02 gives away,” says Anand James, Chief Market Strategist at Geojit Financial Services.

Innova Captab’s stock made a modest entrance onto Dalal Street today, marking the final listing of 2023. The pharmaceutical company debuted on the BSE at ₹456.10, a 2% premium over its issue price of ₹448. Meanwhile, on the NSE, the stock listed at ₹452.10, reflecting a premium of 0.92%. Despite trading at a premium in the grey market prior to listing, the shares witnessed a significant decline from ₹121 per share to around ₹32 in the unlisted market.

Also Read: Innova Captab makes a lacklustre debut on D-street, lists over 2% premium

“The Bank Nifty has surged above the recent consolidation phase on the daily timeframe, signaling growing optimism among market participants. It has maintained its position above the critical short-term moving average, affirming the positive trend. In the short term, the outlook appears positive, maintaining a bullish stance as long as it stays above 48500. Resistance is placed at 49000 on the higher end,” said Rupak De, Senior Technical Analyst at LKP Securities.

Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, The Nifty remained firmly in bullish territory as the index surged to a new all-time high. Strong put writing at the 21700 strike bolstered the bulls, propelling the index toward 21800. Short-term support is situated at 21700, signaling a continued bullish sentiment. A decisive move above 21800 could lead the index toward the 22000 mark.

The NSE Nifty 50 dropped 41.05 points or 0.19% to settle at 21,737.65, while the BSE Sensex shed 0.08%% to 72,351.60.

The NSE has added Hindustan Copper to its F&O ban list for December 29, 2023.

Foreign institutional investors (FII) bought shares worth net Rs 4358.99 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 136.64 crore on December 28, 2023, according to the provisional data available on the NSE

Shares in the Asia-Pacific region are trading mostly in mixed territory on Friday morning. The Asia Dow is trading up by 1.34%, Japan’s Nikkei 225 is red, down by 0.42%, Hong Kong’s Hang Seng index is trading up by 2.52% and the benchmark Chinese index Shanghai Composite is trading higher by 1.38%.

WTI crude prices are trading at $71.78 down by 3.15%, while Brent crude prices are trading at $77.15 down by 3%, on Friday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.22% at 101.21.

A banner year for stocks is drawing to a close, with gains in big tech leaving the market near all-time highs amid the artificial intelligence exuberance and dovish Federal Reserve bets, reports Bloomberg. The tech-heavy Nasdaq Composite dipped just 4.04 points or 0.03% at 15,095.14. The S&P 500 gained by just 1.77 points or 0.04% at 4,783.35, while the Dow Jones Industrial Average ended higher by 53.58 points or 0.14% to 37,710.10.