December 22, 2023

New Delhi, India

Wipro’s Uptrend and Heavy Trading Volumes

In a remarkable turn of events, Wipro Ltd witnessed a substantial surge in its stock price, reaching a one-year high of Rs 466.15. The stock experienced a 7.38% increase, reflecting a 32.49% gain from its one-year low in April. The trading volumes were notably high, with 19.93 lakh shares changing hands on the BSE, well above the two-week average of 3.46 lakh shares.

Market Capitalization and Turnover

The turnover on the counter amounted to Rs 90.79 crore, contributing to a market capitalization of Rs 2,41,721.34 crore. Positive market sentiment was evident as buy orders significantly outnumbered sell orders, highlighting investor confidence.

Analyst Perspectives on Wipro’s Future

Various technical analysts provided insights into Wipro‘s future trajectory. Jigar S Patel sees support at Rs 445 and resistance at Rs 500, projecting a trading range of Rs 430 to Rs 530 for a month. Ravi Singh predicts near-term levels of Rs 510-512, advising a stop loss at Rs 445. AR Ramachandran notes a slightly bullish outlook but warns of potential downside if the stock closes below Rs 447.

Kunal V Parar, VP of Technical Research and Algo at Choice Broking, anticipates a substantial upward movement, targeting levels between Rs 538 and Rs 622. He emphasizes the stock’s position above its 50-week moving average, indicating sustained upward momentum.

Also Read: India’s Forex Reserves Soar to 20-Month High Amid Market Inflows

Ravi Jaipuria Surpasses India’s Richest Banker: Wealth Milestone Unveiled

Comparing Wealth: Ravi Jaipuria vs. India’s Richest Banker

In a headline-grabbing development, Ravi Jaipuria of Varun Beverages has surpassed India’s richest banker in terms of wealth. While specific details about the wealth amounts and the banker in question are not provided, the shift in wealth dynamics signals significant financial changes in the market.

Market Wrap: Key Financial Indicators and IPO Trends

Direct Tax Collections and Foreign Exchange Reserves: Robust Economic Signals

The Central Board of Direct Taxes reports a remarkable 20.66% annual increase in India’s direct tax collections for FY24, reaching ₹13.7 lakh crore. Simultaneously, India’s foreign exchange reserves (Forex) witness a substantial rise of $9.11 billion, reaching $615.97 billion for the week ending December 15, 2023. These positive indicators underscore a robust and stable economic environment.

Successful Listings and Oversubscriptions in the IPO Market

The week also witnessed successful listings on the stock market, with Doms Industries and Inox shares trading at premiums of 77% and 44%, respectively, over their issue prices. Indian Shelter Finance followed suit with a 25% premium. Moreover, several IPOs, including Muthoot Microfin, Motisons Jewellers, Suraj Estate, Happy Forgings, RBZ Jewellers, and Azad Engineering, saw oversubscriptions ranging from 12.30 to an impressive 173.23 times.