Stock Market LIVE Updates, Monday, Decemer 23, 2024: Benchmark Indian equity indices BSE Sensex and Nifty 50 had come down from the day's highs, and were trading with some gains amid firm global cues.
At 2 PM, the BSE Sensex was higher by 253.91 points, or 0.33 per cent, at 78,295.50, and the Nifty50 was at 23,681.80, ahead by 94.30 points, or 0.4 per cent.
In the afternoon, only four stocks, Zomato (down 1.19 per cent), followed by TCS, Power Grid Corp., Maruti Suzuki India, were trading lower, while the rest climbed. Gains were led by IT (up 2.08 per cent), followed by Tech Mahindra, Tata Steel, HDFC Bank, and IndusInd Bank.
On the Nifty 50, 44 stocks were trading higher, while the rest declined. Gains were led by JSW Steel (up 3.03 per cent), followed by Trent, ITC, Tech Mahindra, and Hindalco Indstries, while losses were capped by TCS (down 1.21 per cent), followed by Hero MotoCorp, Power Grid Corp., Bajaj Auto, and Maruti Suzuki India.
All the sectoral indices were trading in the green, with the Metal, Realty, and Oil indices gaining the most, climbing 1.45 per cent, 1.45 per cent and 1.18 per cent respectively. Followng it were the Nifty Bank, and FMCG indices, which were ahead by 1 per cent each.
In the broader markets, the Nifty Midcap 100 had gained 0.67 per cent and the Nifty Smallcap 100 was marginally lower by 0.01 per cent.
In the markets today, shares of insurance companies, including both life as well as general insurers, declined by up to 6 per cent on the BSE in Monday’s intra-day trade after the Goods and Services Tax (GST) Council deferred the decision of GST on insurance.
READ MORE In contrast, shares of metal companies were in high demand on Monday, rising up to 4 per cent on the NSE after the Directorate General of Trade Remedies (DGTR) took note of the steel industry’s request for a 25 per cent safeguard duty on imports and launched an investigation.
READ MORE In the primary markets, the IPO of Unimech Aerospace and Manufacturing opened for public subscription today, December 23. The company aims to raise Rs 500 crore through a fresh issue of 63,69,424 shares and an offer for sale (OFS) of 31,84,712 shares, with a face value of Rs 5 per share.
READ MORE The three-day subscription window for the IPO of Mamata Machinery is set to conclude today. Data available on the NSE revealed that Mamata Machinery IPO has received bids for 19,54,62,727 shares against 51,78,227 shares on offer, resulting in an oversubscription of 37.75 times by the end of the second day of subscription, December 20, 2024.
READ MORE Apart from that, in 2024, Indian benchmark indices have given decent returns even with uncertainties surrounding the markets. As we look ahead to 2025, banks, chemicals, industrials, power, information technology (IT) are among the few sectors where analysts see investment potential.
READ MORE That apart, Asian shares rallied on Monday after a benign reading on US inflation restored some hope for further policy easing next year, while there was relief that Washington had averted a government shutdown.
After the bonanza of recent central bank decisions, this week is much quieter with only the minutes of a few of those meetings due. There are no Federal Reserve speeches and US data is of secondary importance.
Otherwise the themes were largely the same, with the dollar underpinned by a relatively strong economy and higher bond yields, which in turn is a burden for commodities and gold.
It is also a headache for emerging market countries, which are having to intervene to stop their currencies from falling too far and stoking domestic inflation.
For now, the afterglow from the US inflation report was enough to lift MSCI's broadest index of Asia-Pacific shares outside Japan by 0.3 per cent.
Japan's Nikkei gained 1.2 per cent, while the Topix automaker index climbed 1.3 per cent helped by signs of progress in a potential merger between Honda and Nissan.
South Korean shares climbed 1.3 per cent, while Taiwan's market bounced 2.6 per cent.
Chinese blue chips rose 0.7 per cent, as 10-year bonds yields hit a fresh record low of 1.665 per cent despite efforts by the central bank to stop the relentless decline.
EUROSTOXX 50 futures dipped 0.2 per cent, while FTSE futures and DAX futures were near flat.
S&P 500 futures added 0.4 per cent, while Nasdaq futures firmed 0.6 per cent. The S&P 500 fell almost 2 per cent last week and the Nasdaq 1.8 per cent, though the latter is still up 30 per cent for the year.
Analysts at BofA noted the S&P 500 was up 23 per cent for the year, but if the 12 largest companies were excluded the gain was only 8 per cent. They cautioned such extreme concentration was a vulnerability going into 2025.
Wall Street had rallied on Friday when a key gauge of core US inflation printed lower than expected at 0.11 per cent, providing a partial antidote to the Fed's hawkishness earlier in the week.
Fed funds futures swung to imply a 53 per cent chance of a rate cut in March and 62 per cent for May, though they only have two quarter-point easings to 3.75-4.0 per cent priced in for all of 2025. A few months ago, the market had hoped rates would bottom around 3.0 per cent.
The prospect of fewer cuts has combined with expectations of more debt-funding government spending to pressure bond markets, with 10-year yields surging almost 42 basis points in just two weeks for the biggest such increase since April 2022.
In currency markets, the dollar index held near two-year highs at 107.720, having climbed 1.9 per cent for the month so far.
The strong dollar combined with high bond yields to weigh on gold, which stood at $2,625 an ounce after slipping 1 per cent last week.
Oil prices edged higher along with other risk assets, though the high dollar remains a burden as are concerns over Chinese demand following dismal retail sales figures last week.
Brent rose 36 cents to $73.29 a barrel, while US crude gained 40 cents to $69.86 per barrel.
(With inputes from Reuters.)
 "Stock Market LIVE: Sensex climbs 500 pts to 78,550; Nifty at 23,750; Bank, Metal, Realty lead")
