The domestic equity benchmarks ended with modest losses on Thursday. After hitting the day's high of 24,675.25 in early trade, the Nifty slipped as the session progressed to end below the 24,550 mark. Trading was volatile due to expiry of weekly index options on the NSE today. Traders were cautious ahead of retail inflation data outcome today, and Friday's WPI inflation data. Barring IT sector, most sectoral indices on he NSE ended in the red with FMCG index shedding 1%.
The S&P BSE Sensex declined 236.18 points or 0.29% to 81,289.96. The Nifty 50 index fell 93.10 points or 0.38% to 24,548.70.
Tata Motors (down 1.59%), Larsen & Toubro (down 1.26%) and Reliance Industries (down 1.11%) were major drags.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.56% and the S&P BSE Small-Cap index slipped 1%.
The market breadth was weak. On the BSE, 1481 shares rose and 2517 shares fell. A total of 107 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.58% to 13.19.
Economy:
India's Consumer Price Index (CPI) inflation for the month of November 2024 eased to 5.48% as against 6.21% in October 2024. The retail inflation has fallen within the Reserve Bank of India's target range of 2-6%.
The Index of Industrial Production saw a growth rate of 3.5% in October 2024, as against 3.1% in September.
Numbers to Track:
The yield on India's 10-year benchmark federal rose 0.13% to 6.840 as compared with previous close 6.831.
In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 84.8800, compared with its close of 84.8300 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement shed 0.10% to Rs 78,926.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 106.55.
The United States 10-year bond yield rose 0.70% to 4.302.
In the commodities market, Brent crude for Feb 2024 settlement gained 4 cents or 0.05% to $73.56 a barrel.
Global Markets:
European and Asian stocks advanced on Thursday, following firmness in US equities overnight after benign inflation data. This fueled expectations of a potential Federal Reserve interest rate cut this month.
In Asia, key economic reports are due today: Australia's labor market data and India's inflation and industrial production figures. China's Central Economic Work Conference is also underway, where policymakers are expected to outline next year's economic policies, likely including stimulus measures.
US markets surged on Wednesday, with the Nasdaq Composite hitting a record high. Tech stocks, particularly Tesla and NVIDIA, rallied sharply on the prospect of lower interest rates and the potential easing of regulatory scrutiny. Artificial intelligence optimism also contributed to the gains.
The NASDAQ Composite surged 1.8% to a record high of 20,033.61 points, while the S&P 500 rose 0.8% to 6,084.19 points. The Dow Jones Industrial Average lagged, falling 0.2% to 44,148.56 points.
The US consumer price index (CPI) rose by 2.7% last month, accelerating slightly from 2.6% in October. While stripping out more volatile items like food and fuel, the core number climbed by 3.3% in the twelve months to July, also in line with expectations.
Stocks in Spotlight:
Adani Group shares rally as FBI Director Chris Wray announces resignation, amid reports that President-elect Trump plans to appoint Indian-American Kash Patel as his successor. Wray's term saw the indictment of Gautam Adani and six others.
Adani Power (up 3.97%), Adani Energy Solutions (up 3.16%), Adani Enterprises (up 2%), Adani Total Gas (up 1.84%), Adani Ports and Special Economic Zone (up 0.90%) Adani Wilmar (up 0.16%) surged.
Adani Green Energy jumped 6.16% after its step-down subsidiary, Adani Green Energy Twenty Five, commissioned a 250 MW solar power project at Badi Sid, Jodhpur District in Rajasthan.
Reliance Power hit an upper circuit of 5% after the company announced that its subsidiary Reliance NU Suntech won a 930 MW solar energy contract with a battery energy storage system (BESS) project from the Solar Energy Corporation of India (SECI).
Vedanta added 1.54% after the company said that its board will meet on 16 December 2024 to consider a proposal for a fourth interim dividend on equity shares for the financial year 2024-25.
Waaree Energies rose 3.72% after its wholly owned subsidiary, Waaree Forever Energies, received a Letter of Award for the development of a 170 MW solar power plant in Madhya Pradesh from Rewa Ultra Mega Solar (RUMSL).
Gopal Snacks tumbled 6.86% after the firm informed about a significant fire accident that took place at one of its production unit situated at GIDC Metoda, in Gujarat, India on 12 December 2024 around 2:45 PM.
Sammaan Capital fell 3.04%. The company informed that its board approved the raising of funds through the issue of equity shares up to an aggregate amount of Rs 2,500 crore through one or more qualified institution placements (QIP).
Afcons Infrastructure added 0.28%. The company announced that its joint venture (JV) Afcons-Hindustan has declared the lowest bidder (L1) for water supply project worth Rs 503.85 crore under the government's Jal Jeevan Mission.
Godawari Power & Ispat added 0.75%. The company signed a seven-year deal with GAIL for RLNG gas supply to its upcoming pellet plant.
Gland Pharma fell 0.18%. The pharmaco received approval from the United States Food and Drug Administration (USFDA) for Phytonadione Injectable Emulsion USP, 10 mg/mL single dose ampules.
IPO Update:
The initial public offer (IPO) of One MobiKwik Systems received bids for 24,18,36,721 shares as against 1,18,71,696 shares on offer, according to stock exchange data at 17:00 IST on 12 December 2024. The issue was subscribed to 20.37 times.
The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 265 and Rs 279 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.
Vishal Mega Mart's IPO received bids for 1,15,74,96,150 shares as against 75,67,56,757 shares on offer, according to stock exchange data at 17:00 IST on 12 December 2024. The issue was subscribed 1.53 times.
The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 74 and Rs 78 per share. An investor can bid for a minimum of 190 equity shares and in multiples thereof.
Sai Life Sciences' IPO received bids for 4,86,23,247 shares as against 3,88,29,848 shares on offer, according to stock exchange data at 17:00 IST on 12 December 2024. The issue was subscribed 1.25 times.
The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 522 to Rs 549 per share. An investor can bid for a minimum of 27 equity shares and in multiples thereof.
Inventurus Knowledge Solutions' IPO received bids for 1,41,18,445 shares as against 1,03,66,780 shares on offer, according to stock exchange data at 17:00 IST on 12 December 2024. The issue was subscribed 1.36 times.
The issue opened for bidding on 12 December 2024 and it will close on 16 December 2024. The price band of the IPO is fixed between Rs 1265 to Rs 1329 per share. An investor can bid for a minimum of 11 equity shares and in multiples thereof.
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