The key equity indices closed marginally lower on Tuesday, with the Nifty settling below the 23,750 mark. After a brief surge to an intraday high of 23,867.65, the index succumbed to selling pressure. The day witnessed a decline in key sectors, including metals, public sector banks, and IT stocks. Trading activity was subdued as investors reduced their positions ahead of the festive season. Market analysts anticipate a period of subdued market activity in the near term. The absence of major market-moving events, with most key events either concluded or scheduled for January, is likely to keep investor participation muted.
The S&P BSE Sensex, was down 67.30 points or 0.09% to 78,472.87. The Nifty 50 index shed 25.80 points or 0.11% to 23,727.65.
JSW Steel (down 1.54%), Titan Company (down 0.98%) and Infosys (down 0.76%) were major drags.
In the broader market, the S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index added 0.37%.
The market breadth was negative. On the BSE, 1977 shares rose and 2019 shares fell. A total of 96 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.53% to 13.18.
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The domestic market will remain shut on Wednesday, 25 December 2024, for Christmas.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.04% to 6.891 as compared with the previous close of 6.888.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.1825, compared with its previous close of 85.1100 during the previous trading session.
MCX Gold futures for 5 February 2025 settlement rose 0.10% to Rs 76,222.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.13% to 108.18.
The United States 10-year bond yield fell 0.15% to 4.592.
In the commodities market, Brent crude for February 2025 settlement gained 58 cents, or 0.58% to $72.90 a barrel.
Global Markets:
European shares traded mostly higher on Tuesday, buoyed by gains in technology shares that mirrored their U.S. counterparts. However, trading volumes remained thin ahead of the Christmas holiday.
Asian stocks ended mixed as markets awaited further clarity on Beijing's plans for stimulus measures in the upcoming year. Recent reports indicated that China will increase fiscal spending to bolster economic growth.
Regional markets drew positive signals from Wall Street, which closed higher on Monday as technology stocks partially recovered from last week's steep declines.
On Monday, the S&P 500 gained 0.7% to 5,974.07 points, the Dow Jones Industrial Average rose 0.2% to 42,906.65, and the NASDAQ Composite climbed 1% to 19,764.89 points.
Broadcom Inc. surged 5.5% as investors continued to acquire shares of the chipmaker following its strong quarterly results and optimistic guidance released earlier this month. Qualcomm Inc. stock rose more than 3% after a jury ruled that its central processors are properly licensed under an agreement with UK-based Arm Holdings.
Wall Street will have a shortened trading session on Tuesday, as will most Asian markets.
Stocks in Spotlight:
Greaves Cotton surged 7.90% after the companys material subsidiary, Greaves Electric Mobility (GEML), filed a draft red herring prospectus (DRHP) with regulatory organisations in connection with its initial public offering.
Whirlpool of India added 2.16% while PG Electroplast (PGEL) rallied 1.30% after the company signed a definitive agreement with PG Electroplast for contract manufacturing select models of Whirlpool-branded semi-automatic washing machines.
Interarch Building Products surged 10.28% after the company projected a 50% growth in North India for FY 25-26.
InterGlobe Aviation rose 3.78% to Rs 4608.45 after a domestic brokerage upgraded its rating on the stock to 'Buy' from 'Sell' and raised the target price to Rs 5,309 from Rs 3,847.
Mahanagar Telephone Nigam (MTNL) rose 2.16% after the company said that its board approved a Voluntary Retirement Scheme (VRS) for its employees.
Vraj Iron and Steel rallied 1.97% after the company successfully commenced commercial operation of the sponge iron plant on 23 December 2024 of an expansion project located at Dighoia, Bilaspur, in Chhattisgarh.
Zaggle Prepaid Ocean Services added 3.17%. The company announced that it has raised Rs 594.84 crore through qualified institutional placement (QIP) at Rs 523.20 per share.
Punjab Chemicals and Crop Protection fell 0.61%. The firm said Ashish R. Nayak, chief financial officer (CFO) & vice president of finance and accounts, has tendered his resignation from the services of the company due to personal reasons.
Akums Drugs and Pharmaceuticals shed 0.36%. The pharma major entered into an agreement with one of leading global pharma companies for the manufacture and supply of selected pharmaceutical formulations in the European market.
Knowledge Marine & Engineering Works added 2.40% after the companys board approved a proposal for sub-division of existing one equity share of the company into two equity shares.
Castrol India rose 1.07%. The company has announced that Deepesh Baxi will relinquish his office as Chief Financial Officer (CFO) & Wholetime Director of the company, with effect from the close of business hours on 13 March 2025.
IPO Update:
The initial public offer (IPO) of Unimech Aerospace and Manufacturing received bids for 4,27,26,573 shares as against 47,04,028 shares on offer, according to stock exchange data at 17:00 IST on 24 December 2024. The issue was subscribed 9.08 times.
The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 610 and Rs 643 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.
Ventive Hospitality IPO received bids for 14,14,58,901 shares as against 1,44,34,453 shares on offer, according to stock exchange data at 17:00 IST on 24 December 2024. The issue was subscribed 9.80 times.
The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 610 and Rs 643 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.
Senores Pharmaceuticals IPO received bids for 79,72,11,614 shares as against 85,34,681 shares on offer, according to stock exchange data at 17:00 IST on 24 December 2024. The issue was subscribed 93.41 times.
The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 372 and Rs 391 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.
Carraro India IPO received bids for 1,46,17,533 shares as against 1,30,98,803 shares on offer, according to stock exchange data at 17:00 IST on 24 December 2024. The issue was subscribed 1.12 times.
The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 668 and Rs 704 per share. An investor can bid for a minimum of 21 equity shares and in multiples thereof.
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