Benchmarks end with minor gains; Nifty settles above 24,250; VIX tumbles over 5%

The key equity indices ended with modest gains on Wednesday. The Nifty settled above the 24,250 mark. Media, metal and oil & gas shares advanced while pharma, IT and PSU bank shares declined.

As per provisional closing, the S&P BSE Sensex, was up 230.02 points or 0.29% to 80,234.08. The Nifty 50 index rose 80.40 points or 0.33% to 24,274.90.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.34% and the S&P BSE Small-Cap index added 1.18%.

The market breadth was strong. On the BSE, 2,593 shares rose and 1,336 shares fell. A total of 111 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 5.21% to 14.51.

New Listing:

Shares of NTPC Green Energy were closed at Rs 122.10 on the BSE, representing a premium of 13.06% as compared with the issue price of Rs 108.

The scrip was listed at Rs 111.60, exhibiting a premium of 3.33% to the issue price.

The stock has hit a high of 122.75 and a low of 111.60. On the BSE, over 343.35 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty Media index rose 0.98% to 1,962.10. The index added 3.10% in three consecutive trading sessions.

PVR Inox (up 2.52%), Saregama India (up 2.19%), Zee Entertainment Enterprises (up 1.38%), Den Networks (up 0.81%), Network 18 Media & Investments (up 0.77%), Dish TV India (up 0.47%), Tips Music (up 0.35%), Sun TV Network (up 0.09%) added.

On the other hand, Hathway Cable & Datacom (down 8.04%), Nazara Technologies (down 0.63%) edged lower.

Stocks in Spotlight:

NTPC added 2.31% after the company announced the incorporation of a joint venture company between NTPC Green Energy (NGEL) and Maharashtra State Power Generation Company (MAHAGENCO).

MAHAGENCO NTPC Green Energy (MNGEPL) has been incorporated as 50:50 joint venture between NTPC Green Energy (NGEL), a wholly-owned subsidiary of NTPC, and Maharashtra State Power Generation Company (MAHAGENCO), a Government of Maharashtra (GOM)-owned company.

Sky Gold was locked in a lower circuit of 5%. The company informed that its board has approved the issuance of bonus equity shares in the proportion of 9:1, i.e., 9 bonus equity shares for every 1 existing equity share held.

Rail Vikas Nigam (RVNL) advanced 1.37% after the company received a letter of acceptance (LoA) for an engineering, procurement, and construction (EPC) contract worth Rs 625.08 crore from South Central Railway.

Zaggle Prepaid Ocean Services hit an upper circuit of 5% after the company has entered into an agreement with Mastercard Technology (MasterCard) for 7 years.

CG Power and Industrial Solutions rallied 4.06% after the companys subsidiary G.G.Tronics India (GGT) secured a KAVACH order from Chittaranjan Locomotive Works, West Bengal, Government of India

Talbros Automotive Components zoomed 11.11% after the company, along with its JVs, received orders worth Rs 475 crore for both the domestic and export markets from the leading OEMs. These orders are to be executed over the period of the next 5 years. These orders include orders from all the companys product lines like gaskets, heat shields, forging components, chassis and hoses.

Ola Electric Mobility hit an upper circuit of 20% after the company launched its most affordable electric scooters, S1 Z and Gig range, priced from Rs 39,000.

Global Markets:

Most European and Asian stocks declined on Wednesday amid lingering concerns over Donald Trumps tariff plans, which had rattled emerging markets in the previous session. Speculation about the role tariffs would play in the president-elect's economic agenda intensified as reports surfaced that Jamieson Greer, a protof Robert Lighthizer, was being considered for US Trade Representative. This selection underscores the administrations focus on protectionist trade policies.

In Australia, the consumer price index (CPI) inflation grew by 2.1% year-on-year in October, falling short of expectations due to government subsidies that helped reduce energy costs. However, core inflation, represented by the annual trimmed mean inflation, rose to 3.5% in October from 3.2% the previous month, pushing further above the Reserve Banks target range.

US stocks advanced on Tuesday as strength in technology shares counterbalanced worries about potential tariff escalations under Donald Trumps administration. The S&P 500 climbed 0.57%, the Dow Jones Industrial Average rose 0.28%, and the NASDAQ Composite gained 0.63%.

Among the Magnificent Seven tech stocks, five closed higher, led by Amazon.com Inc., which surged over 3%. The rally followed reports from Bloomberg that Amazon plans to reduce its reliance on NVIDIA Corporation by developing its own custom artificial intelligence chips.

Investors also weighed mixed signals on U.S. interest rates. Minutes from the Federal Reserves November meeting revealed a split among policymakers regarding the path of future rate cuts. They highlighted uncertainty about the "neutral rate," a level that neither stimulates nor restricts economic growth, as a key factor for their cautious stance.

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