Indices end below 24,550; broader market underperforms

The key equity benchmarks ended with limited losses on Thursday. After hitting the day's high of 24,675.25 in early trade, the Nifty continued to extend losses as the session progressed to end below the 24,550 mark. IT and metal shares advanced while media, FMCG and oil & gas shares declined. Trading was volatile due to the weekly F&O series expiry today.

As per provisional closing data, the S&P BSE Sensex declined 236.18 points or 0.29% to 81,289.96. The Nifty 50 index fell 93.10 points or 0.38% to 24,548.70.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.56% and the S&P BSE Small-Cap index slipped 1%.

 

The market breadth was weak. On the BSE, 1,486 shares rose and 2,512 shares fell. A total of 107 shares were unchanged.

Economy:

The year-on-year inflation rate based on the All India Consumer Price Index (CPI) for the month of November 2024 over November, 2023 is 5.48% (provisional). Corresponding inflation rates for rural and urban are 5.95% and 4.83%, respectively.

Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) for the month of November, 2024 over November, 2023 is 9.04% (provisional). The corresponding inflation rates for rural and urban are 9.10% and 8.74%, respectively. Year-on-year Housing inflation rate for the month of November, 2024 is 2.87%. The corresponding inflation rate for the month of October, 2024 was 2.81%. The housing index is compiled for urban sector only.

The Index of Industrial Production (IIP) growth rate for the month of October 2024 is 3.5 percent which was 3.1 percent in the month of September 2024. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of October 2024 are 0.9 percent, 4.1 percent and 2.0 percent respectively.

IPO Update:

The initial public offer (IPO) of One MobiKwik Systems received bids for 20,05,69,278 shares as against 1,18,71,696 shares on offer, according to stock exchange data at 15:54 IST on 12 December 2024. The issue was subscribed to 16.89 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 and 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 99,25,73,300 shares as against 75,67,56,757 shares on offer, according to stock exchange data at 15:54 IST on 12 December 2024. The issue was subscribed 1.31 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 and 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 4,09,83,705 shares as against 3,88,29,848 shares on offer, according to stock exchange data at 15:54 IST on 12 December 2024. The issue was subscribed 1.06 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 and Rs 549 per share. An investor can bid for a minimum of 27 equity shares and in multiples thereof.

The initial public offer (IPO) of Inventurus Knowledge Solutions received bids for 1,40,74,698 shares as against 1,03,66,780 shares on offer, according to stock exchange data at 17:00 IST on 12 December 2024. The issue was subscribed to 1.36 times.

The issue opened for bidding on 12 December 2024 and it will close on 16 December 2024. The price band of the IPO is fixed between Rs 1,265 and Rs 1,329 per share. An investor can bid for a minimum of 11 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index declined 2.29% to 1,964.75. The index slipped 4.84% in five consecutive trading sessions.

Dish TV India (down 4.77%), Network 18 Media & Investments (down 4.16%), Sun TV Network (down 3.28%), Saregama India (down 2.86%), Zee Entertainment Enterprises (down 2.36%), PVR Inox (down 1.93%), Hathway Cable & Datacom (down 1.45%), Den Networks (down 0.8%), Tips Music (down 0.25%) declined.

On the other hand, Nazara Technologies (up 0.21%) edged higher.

Stocks in Spotlight:

Adani Green Energy jumped 6.48% after its step-down subsidiary, Adani Green Energy Twenty Five, commissioned a 250 MW solar power project at Badi Sid, Jodhpur District in Rajasthan.

Reliance Power hit an upper circuit of 5% after the company announced that its subsidiary Reliance NU Suntech won a 930 MW solar energy contract with a battery energy storage system (BESS) project from the Solar Energy Corporation of India (SECI).

Vedanta added 1.35% after the company said that its board will meet on 16 December 2024 to consider a proposal for a fourth interim dividend on equity shares for the financial year 2024-25.

Gopal Snacks tumbled 6.86% after the firm informed about a significant fire accident that took place at one of its production unit situated at GIDC Metoda, in Gujarat, India on 12 December 2024 around 2:45 PM.

Afcons Infrastructure added 0.12%. The company announced that its joint venture (JV) Afcons-Hindustan has declared the lowest bidder (L1) for water supply project worth Rs 503.85 crore under the governments Jal Jeevan Mission.

Sammaan Capital 3.04%. The company informed that its board approved the raising of funds through the issue of equity shares up to an aggregate amount of Rs 2,500 crore through one or more qualified institution placements (QIP).

Godawari Power & Ispat added 0.49%. The company signed a seven-year deal with GAIL for RLNG gas supply to its upcoming pellet plant.

Gland Pharma fell 0.02%. The pharmaco received approval from the United States Food and Drug Administration (USFDA) for Phytonadione Injectable Emulsion USP, 10 mg/mL single dose ampules.

Waaree Energies rose 3.81% after its wholly owned subsidiary, Waaree Forever Energies, received a Letter of Award for the development of a 170 MW solar power plant in Madhya Pradesh from Rewa Ultra Mega Solar (RUMSL).

Global Markets:

European and Asian stocks advanced on Thursday after US equities rallied on Wednesday following benign inflation data. This fueled expectations of a potential Federal Reserve interest rate cut this month.

In Asia, key economic reports are due today: Australia's labor market data and India's inflation and industrial production figures. China's Central Economic Work Conference is also underway, where policymakers are expected to outline next year's economic policies, likely including stimulus measures.

US markets surged on Wednesday, with the Nasdaq Composite hitting a record high. Tech stocks, particularly Tesla and NVIDIA, rallied sharply on the prospect of lower interest rates and the potential easing of regulatory scrutiny. Artificial intelligence optimism also contributed to the gains.

The NASDAQ Composite surged 1.8% to a record high of 20,033.61 points, while the S&P 500 rose 0.8% to 6,084.19 points. The Dow Jones Industrial Average lagged, falling 0.2% to 44,148.56 points.

The US consumer price index (CPI) rose by 2.7% last month, accelerating slightly from 2.6% in October. While stripping out more volatile items like food and fuel, the "core" number climbed by 3.3% in the twelve months to July, also in line with expectations.

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