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Market Commentary - End-Session
Indices end almost flat, Nifty holds 24,600, NSE VIX drops to 13.27 As on : 11-Dec-24  17:22

The domestic equity benchmarks concluded Wednesday's trading session with marginal gains, as investors adopted a cautious stance ahead of key economic data releases. The Nifty 50 index managed to hold above the 24,600 level. While consumer durables and FMCG stocks witnessed buying interest, bank stocks faced selling pressure.

Market participants are closely monitoring the upcoming release of US inflation data, scheduled for later today. Additionally, India's CPI (Consumer Price Index) data, due on December 12, is expected to provide insights into the country's inflationary trends. The cautious market sentiment is likely to persist until the Federal Open Market Committee (FOMC) meeting, scheduled for December 17-18.

The S&P BSE Sensex rose 16.09 points or 0.02% to 81,526.14. The Nifty 50 index added 31.75 points or 0.13% to 24,641.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.25% and the S&P BSE Small-Cap index rose 0.35%.

The market breadth was positive. On the BSE, 2,145 shares rose and 1,840 shares fell. A total of 110 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.70% to 13.27.

Numbers to Track:

The yield on India's 10-year benchmark federal rose 0.22% to 6.829 compared with previous close 6.814.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 84.8350, compared with its close of 84.8550 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.01% to Rs 78,321.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.31% to 106.73.

The United States 10-year bond yield rose 0.36% to 4.238.

In the commodities market, Brent crude for Feb 2024 settlement gained 69 cents or 0.96% to $ 72.88 a barrel.

Global Markets:

European stocks advanced while Asian stocks ended mixed on Wednesday as investors eagerly awaited the release of key US inflation data. The data is expected to provide crucial insights into the Federal Reserve's potential interest rate decision next week.

Meanwhile, China is gearing up for its annual economic work conference, where policymakers will outline the nation's economic agenda for the coming year. Recent strong stimulus signals from top Chinese leaders have boosted market sentiment, with President Xi Jinping expressing confidence in achieving the country's growth target.

In the US, stocks retreated for a second consecutive day, primarily due to weakness in the technology sector. Investors remained cautious ahead of the inflation report and the upcoming Federal Reserve meeting. The S&P 500 fell 0.3% to 6,034.91 points on Tuesday. The NASDAQ Composite fell 0.2% to 19,688.98 points, while the Dow Jones Industrial Average fell 0.4% to 44,247.83 points.

Google owner Alphabet Inc. was a standout performer, rising 0.6% after hours following a 5.6% jump during the session. The company announced a new breakthrough in quantum computing, which could herald a sharp increase in computing speeds.

Investors are also seeking more cues on what President-elect Donald Trump's policies will entail for inflation and the economy, with his plans for increased trade tariffs expected to increase price pressures.

Stocks in Spotlight:

Swiggy fell 3.84% at Rs 522.70, following the expiry of the lock-in period for anchor investors. The one-month lock-in period for anchor investors, who participated in Swiggy's initial public offering (IPO) on November 13, concluded today. As a result, approximately 6.5 crore shares, or about 3% stake in the company, became eligible for trading. The remaining 50% of their shares will be subject to a lock-in period until 9 February 2025.

Dee Development Engineers rallied 2.02% after the company announced that it has received a purchase order from an international entity valued at $16.5 million.

Aurionpro Solutions jumped 7.78% after the company secured a deal with a major Saudi bank to modernize its corporate banking tech using iCashpro+.

Shakti Pumps (India) jumped 3.09% after the company received letter of empanelment from Maharashtra State Electricity Distribution Company (MSEDC) under Magel Tyala Saur Krushi Pump Scheme. The total value of the order is around Rs 754.30 crore and it is to be executed within 60 days from the issuance of NTP/work order.

Saakshi Medtech and Panels hit an upper circuit of 10% after the company announced that it has received a letter of business award (LoBA) worth Rs 250 crore from Mahindra & Mahindra for supply of EV panels.

PNC Infratech jumped 11.95% after its subsidiary, Hathras Highways, received a provisional completion certificate for a Uttar Pradesh-based national highway project awarded by NHAI on HAM dated 7 December 2023.

Poonawalla Fincorp rose 1.43% after the company's nomination and remuneration committee approved the appointment of Salil Hajarnis as the chief technology officer (CTO) of the company.

Bharat Global Developers (BGDL) hit an upper circuit of 5% after the company announced that its Agro Division has secured a prestigious annual supply contract worth Rs 650 crore with TATA Agro & Consumer Products.

Housing and Urban Development Corporation (HUDCO) shed 0.63%. The company informed that it has signed a memorandum of understanding (MoU) with Delhi Development Authority (DDA) on 10 December 2024 for capacity-building programs.

Kellton Tech Solutions added 0.80%. The company secured a project worth $2.5 million from Oil India to implement the Optima platform, their advanced real-time wellhead monitoring system.

Inox Green Energy Services added 0.40% after the company announced its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters.

IPO Update:

The initial public offer (IPO) of One MobiKwik Systems received bids for 8,68,26,031 shares as against 1,18,71,696 shares on offer, according to stock exchange data at 17:00 IST on 11 December 2024. The issue was subscribed 7.31 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 to 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 38,58,72,710 shares as against 75,67,56,757 shares on offer, according to stock exchange data at 17:00 IST on 11 December 2024. The issue was subscribed 0.51 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 to 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 3,27,98,169 shares as against 3,88,29,848 shares on offer, according to stock exchange data at 17:00 IST on 11 December 2024. The issue was subscribed 0.84 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.

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