Market Commentary - Mid-Session
Barometers turn rangebound; FMCG shares advance As on : 11-Dec-24  11:32

The frontline indices traded in a narrow range with minor gains in the mid-morning trade. The Nifty hovered above the 24,650 level. FMCG shares extended gains for the second consecutive trading session.

At 11:27 IST, the barometer index, the S&P BSE Sensex, advanced 119.85 points or 0.15% to 81,629.90. The Nifty 50 index added 46.85 points or 0.19% to 24,656.90.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.28% and the S&P BSE Small-Cap index rose 0.39%.

The market breadth was positive. On the BSE, 2,241 shares rose and 1,556 shares fell. A total of 158 shares were unchanged.

IPO Update:

The initial public offer (IPO) of One MobiKwik Systems received bids for 1,39,29,672 shares as against 1,18,71,696 shares on offer, according to stock exchange data at 11:07 IST on 11 December 2024. The issue was subscribed 1.17 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.

The initial public offer (IPO) of Vishal Mega Mart received bids for 7,49,91,290 shares as against 75,67,56,757 shares on offer, according to stock exchange data at 11:07 IST on 11 December 2024. The issue was subscribed 0.10 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.

The initial public offer (IPO) of Sai Life Sciences received bids for 12,46,212 shares as against 3,88,29,848 shares on offer, according to stock exchange data at 11:09 IST on 11 December 2024. The issue was subscribed 0.03 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.

Buzzing Index:

The Nifty FMCG index rose 0.50% to 56,810.40. The index added 0.62% in two consecutive trading sessions.

Marico (up 2.21%), Britannia Industries (up 1.91%), Nestle India (up 1.32%), Tata Consumer Products (up 1.13%), Colgate-Palmolive (India) (up 0.94%), Procter & Gamble Hygiene and Health Care (up 0.6%), Godrej Consumer Products (up 0.44%), United Breweries (up 0.42%), Radico Khaitan (up 0.41%) and Dabur India (up 0.29%) advanced.

On the other hand, Balrampur Chini Mills (down 0.29%), Hindustan Unilever (down 0.03%) edged lower.

Stocks in Spotlight:

H.G. Infra Engineering rallied 6.04% after the company said that it has received a letter of award (LoA) from the Ministry of Road Transport and Highways (MORTH) for a hybrid annuity model (HAM) project in Uttar Pradesh.

NTPC Green Energy advanced 1.60% after the company's wholly owned subsidiary, NTPC Renewable Energy (NTPC REL), secured 500 MW of solar power capacity at a tariff of Rs 3.52 per KWh from the Solar Energy Corporation of India (SECI).

BEML advanced 3.62% after the company announced that it has secured a Rs 136 crore contract for the supply of indigenously designed High Mobility Vehicles (HMV) 8x8 from the Ministry of Defence.

Global Markets:

Asian markets traded 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.

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