Thursday, December 26, 2024 | 06:46 PM ISTEN Hindi

Sensex adds 462 pts; Nifty tad below 15,700; auto, banks gain; IT slips

CLOSING BELL: Auto, banking, and FMCG stocks took the centre stage today as easing commodity prices eased input cost and credit off-take pressures

SI Reporter New Delhi

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Illustration: Binay Sinha

CLOSING BELL

Stock market highlights: Benchmark indices traded within a narrow range on Friday seeking support from firm global cues. The S&P BSE Sensex closed 462 points, or 0.88 per cent, higher at 52,728. The Nifty50, meanwhile, ended at 15,699, up 143 points or 0.92 per cent.

Auto, banking, and FMCG stocks took the centre stage today as easing commodity prices eased input cost and credit off-take pressures. M&M, IndusInd Bank, Bajaj Finance, Hero MotoCorp, HUL, ICICI Bank, Britannia Industries, ONGC, Shree Cement, JSW Steel, Eicher Motors, Tata Consumer Products, Hindalco, and HDFC Bank rose between 1.5 per cent and 4.4 per cent to settle as top Nifty gainers.

On the downside, Tech M, Infosys, Apollo Hospitals, TCS, NTPC, HCL Tech, and Coal India ended as top laggards.

Meanwhile, in the broader market, the Nifty MidCap and SmallCap indices advanced 1.4 per cent and 1.76 per cent, respectively.

Global cues

European markets moved higher on Friday, with the pan-European Stoxx 600 index up 0.8 per cent. On Wall Street, futures linked to the three main indices added between 0.6 per cent and 0.9 per cent.

Meanwhile, in Asia, Japan's Nikkei gained 1.2 per cent; South Korea's Kospi 2.2 per cent; and Hong Kong's Hang Seng 2 per cent.

4:03 PM

MARKET COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets are witnessing consolidation after the sharp decline and awaiting some fresh triggers. Since we don’t have any major domestic events, global updates viz. market performance, crude movement and easing of the geopolitical situation will remain on the participants’ radar. We like auto, FMCG and pharma for long trades while metals and PSU banks may continue to underperform. We recommend maintaining sector/stock-specific approach and aligning the positions accordingly.

4:03 PM

MARKET COMMENT :: Vinod Nair, Head of Research, Geojit Financial Services

Mirroring a firm trend in the global market and in response to declining commodity prices, the domestic market maintained its positive trend. The up-move was supported by broad-based buying except in IT which remained under pressure post the downgrade of earnings forecast by Accenture. We expect the market to showcase similar short-term rebounds until fresh trigger fuels the global concerns

4:02 PM

MARKET COMMENT :: Milind Mucchala, Executive Director, Julius Baer India

Despite small trimmings expected in the economic growth/earnings estimates, India is still expected to have one of the fastest-growing economies/corporate earnings globally, with a strong macro-economic situation. Also, while FIIs have been big sellers in the markets in the past few months (one of the longest stretches of selling since GFC), a case of the winner's curse (due to its strong outperformance), India will continue to remain an attractive investment destination once the risk appetite improves.

Post the recent correction, Indian equity market valuations have also turned more reasonable, moving closer to the historical long-term averages in terms of the P/E multiples. Hence, although the volatility can remain high in the near term, it presents an attractive opportunity to build up on equity exposure, as the healthy earnings momentum is expected to remain a key pillar for the markets.

4:00 PM