Indices end with minor gains; broader market outperforms; VIX slides 3.7%

The key equity benchmarks ended a rangebound session with minor gains on Tuesday. The Nifty settled above the 24,600 level. Consumer durables, FMCG, and auto shares advanced while PSU bank, media, and bank shares corrected.

As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 16.09 points or 0.02% to 81,526.14. The Nifty 50 index added 31.75 points or 0.13% to 24,641.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.25% and the S&P BSE Small-Cap index rose 0.35%.

The market breadth was positive. On the BSE, 2,150 shares rose and 1,835 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, slipped 3.70% to 13.27.

Buzzing Index:

The Nifty PSU Bank index fell 0.89% to 7,089.05. The index added 0.65% in the previous trading session.

Indian Bank (down 2.12%), Punjab National Bank (down 1.75%), Bank of India (down 1.02%), Canara Bank (down 0.99%) and Bank of Baroda (down 0.95%), Bank of Maharashtra (down 0.84%), State Bank of India (down 0.63%), UCO Bank (down 0.62%), Union Bank of India (down 0.37%) and Punjab & Sind Bank (down 0.36%) declined.

On the other hand, Indian Overseas Bank (up 0.84%) edged higher.

Stocks in Spotlight:

Dee Development Engineers rallied 2.37% after the company announced that it has received a purchase order from an international entity valued at $16.5 million.

Aurionpro Solutions jumped 7.93% after the company secured a deal with a major Saudi bank to modernize its corporate banking tech using "iCashpro+."

Saakshi Medtech and Panels hit an upper circuit of 10% after the company announced that it has received a letter of business award (LoBA) worth Rs 250 crore from Mahindra & Mahindra for supply of EV panels.

PNC Infratech jumped 11.34% after its subsidiary, Hathras Highways, received a provisional completion certificate for a Uttar Pradesh-based national highway project awarded by NHAI on HAM dated 7 December 2023.

Poonawalla Fincorp rose 1.67% after the companys nomination and remuneration committee approved the appointment of Salil Hajarnis as the chief technology officer (CTO) of the company.

Bharat Global Developers (BGDL) hit an upper circuit of 5% after the company announced that its Agro Division has secured a prestigious annual supply contract worth Rs 650 crore with TATA Agro & Consumer Products.

Housing and Urban Development Corporation (HUDCO) shed 0.77%. The company informed that it has signed a memorandum of understanding (MoU) with Delhi Development Authority (DDA) on 10 December 2024 for capacity-building programs.

Kellton Tech Solutions added 0.55%. The company secured a project worth $2.5 million from Oil India to implement the Optima platform, their advanced real-time wellhead monitoring system.

Inox Green Energy Services added 0.40% after the company announced its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters.

Global Markets:

Most European stocks advanced while Asian stocks ended mixed on Wednesday as investors eagerly awaited the release of key US inflation data. The data is expected to provide crucial insights into the Federal Reserve's potential interest rate decision next week.

Meanwhile, China is gearing up for its annual economic work conference, where policymakers will outline the nation's economic agenda for the coming year. Recent strong stimulus signals from top Chinese leaders have boosted market sentiment, with President Xi Jinping expressing confidence in achieving the country's growth target.

In the US, stocks retreated for a second consecutive day, primarily due to weakness in the technology sector. Investors remained cautious ahead of the inflation report and the upcoming Federal Reserve meeting. The S&P 500 fell 0.3% to 6,034.91 points on Tuesday. The NASDAQ Composite fell 0.2% to 19,688.98 points, while the Dow Jones Industrial Average fell 0.4% to 44,247.83 points.

Google owner Alphabet Inc. was a standout performer, rising 0.6% after hours following a 5.6% jump during the session. The company announced a new breakthrough in quantum computing, which could herald a sharp increase in computing speeds.

Investors are also seeking more cues on what President-elect Donald Trumps policies will entail for inflation and the economy, with his plans for increased trade tariffs expected to increase price pressures.

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