Market Commentary - End-Session
Benchmarks end almost flat, NSE VIX below 14 mark As on : 10-Dec-24  17:06

Key benchmark indices concluded Tuesday's volatile trading session on a flat note. The Nifty 50 index closed below the 24,650 mark after reaching an intraday high of 24,677.80. While the realty and IT sectors witnessed buying interest, media and energy stocks experienced downward pressure. After a muted start, the market exhibited positive momentum in the first half. However, profit-booking activities in the latter half pulled the Nifty into negative territory.

Market participants are keenly awaiting crucial economic data releases. The US CPI data on December 11, India's CPI data on December 12, and the US Federal Reserve's interest rate decision on December 18 are expected to significantly influence market sentiment.

The S&P BSE Sensex rose 1.59 points to 81,510.05. The Nifty 50 index lost 8.95 points or 0.04% to 24,610.05.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.30% and the S&P BSE Small-Cap index added 0.33%.

The market breadth was positive. On the BSE, 2019 shares rose and 1945 shares fell. A total of 129 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.33% to 13.78.

Numbers to Track:

The yield on India's 10-year benchmark federal rose 1.49% to 6.817 as compared with previous close 6.826.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 84.835, compared with its close of 84.8600 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement added 0.18% to Rs 77,626.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 106.31.

The United States 10-year bond yield rose 0.38% to 4.216.

In the commodities market, Brent crude for Feb 2024 settlement lost 32 cents or 0.44% to $ 71.82 a barrel.

Global Markets:

Most European market declined on Tuesday as investors are looking forward to U.S. inflation data due Wednesday. The consumer price index data will likely influence how the Federal Reserve proceeds on interest rates at its meeting on 17th ' 18th December 2024.

Asian stocks ended mixed on Tuesday. Chinese equities surged after the Chinese government's announcement of significant policy changes for 2025.

China's Politburo, the country's top decision-making body, signaled a shift towards a more accommodative monetary policy. This departure from the previous prudent stance is expected to stimulate the economy and support stock and property markets. The Politburo also pledged to boost domestic consumption and demand, indicating a potential increase in targeted stimulus measures.

China's November exports rose 6.7% YoY, down from 12.7% in October, signaling global demand concerns for Chinese goods and imports dropped 3.9% YoY in November, a sharper fall from October's 2.3% decline, underscoring economic pressures.

Investors are now awaiting the Central Economic Work Conference, scheduled to begin on Wednesday, for further details on China's economic plans. Analysts anticipate the conference to outline specific policy priorities and the annual growth target.

Beyond China, market participants are closely monitoring the Reserve Bank of Australia's monetary policy decision, due later today.

US stocks closed lower on Monday, with the Dow Jones Industrial Average hitting a 1.5-week low. Profit-taking and long liquidation pressured the market ahead of the release of crucial US inflation data on Wednesday. Rising Treasury yields and heightened geopolitical tensions in the Middle East, following the fall of the Assad regime in Syria, also weighed on investor sentiment.

The Dow Jones Industrial Average fell 0.54%, while the S&P 500 index fell 0.61%, and the NASDAQ Composite index fell 0.60%.

Nvidia shares declined 2.6% during regular trading hours and further dipped 0.6% in after-hours trading amid reports of an antitrust investigation by Chinese authorities.

Oracle Corporation's stock plummeted nearly 8% in afterhours trading after the company reported weaker-than-expected quarterly earnings, highlighting increased competition in the cloud computing sector from major players like Microsoft and Amazon.

Stocks in Spotlight:

Greaves Cotton soared 18.13% as ace investor Vijay Kedia acquired 12 lakh shares through a block deal, representing a 0.52% equity in the company.

Glenmark Pharmaceuticals gained 1.91% after its experimental drug ISB 2001 showed promising results in treating multiple myeloma. The drug demonstrated a 75% overall response rate in a Phase 1 study.

Saboo Sodium Chloro rallied 5% on signing MoUs worth Rs 485 crore for Greenfield Hospitality Projects with the Government of Rajasthan.

NACL Industries soared 20% after the company said that its board will meet on Thursday, 12 December 2024, to consider and evaluate proposals for fundraising.

ISGEC Heavy Engineering rallied 3.30% after Isgec Investments Pte, Singapore has entered into sale and purchase agreement (SPA) with Triumph Excel to sell its entire stake in its arm, Bioeq Energy Holdings One, Cayman Islands.

Bajaj Finserv advanced 1.59% after its subsidiary, Bajaj Allianz General Insurance Company, recorded gross direct premium underwritten for November 2024 of Rs 1,364.67 crore, an increase of 11.95% year on year (YoY).

Genpharmasec jumped 2.29% on inking deal with Amneal Healthcare (AHPL). As a non-exclusive supper stockist, Genpharmasec will distribute AHPL's products. This partnership aims annual sales of Rs 60 crore.

Pennar Industries added 0.82%. The company's board will meet on 12 December 2024 to consider entering into a joint venture to expand the business.

Solex Energy gained 1.81% after the company announced that it has received a work order worth Rs 29 crore from Zodiac Energy for supply of solar PV modules.

NHPC fell 0.91%. The company informed that its board is scheduled to meet on Thursday, 12 December 2024, to consider the proposal of fund raising through the issue of non-cumulative bonds up to Rs 2,600 crore in one or more tranches through private placement.

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