As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 368.40 points or 0.47% to 78,507.41. The Nifty 50 index added 98.10 points or 0.41% to 23,742.90.
In the broader market, the S&P BSE Mid-Cap index rose 0.50% and the S&P BSE Small-Cap index advanced 1.03%.
The market breadth was weak. On the BSE, 2,746 shares rose and 1,239 shares fell. A total of 87 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.41% to 14.51.
Economy:
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Indias fiscal deficit reached Rs 8.5 lakh crore in the first eight months of the fiscal year (April-November), representing 52.5% of the budgeted target, according to government data released on December 31st. This exceeds the deficit recorded during the same period in the previous fiscal year, which stood at 50.7%.
Capital expenditure, though improving, lagged behind last year's pace. At Rs 5.13 lakh crore, it amounted to 46.2% of the budgeted target of Rs 11.1 lakh crore, compared with 58.5% achieved in the corresponding period of the previous fiscal year. Overall government spending reached 60.1% of the budgeted target, slightly higher than the 59% recorded in the previous year.
Revenue receipts fell short of last year's levels. Net tax revenue collection stood at 55.9%, lower than the corresponding figure in the previous year.
IPO Update:
The initial public offer (IPO) of Indo Farm Equipment received bids for 36,66,62,343 shares as against 84,70,000 shares on offer, according to stock exchange data at 15:15 IST on 01 January 2024. The issue was subscribed to 43.29 times.
The issue opened for bidding on 31 December 2024 and it will close on 02 January 2024. The price band of the IPO is fixed between Rs 204 and Rs 215 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Auto index gained 1.24% to 23,117.15. The index jumped 1.53% in two consecutive trading sessions.
Maruti Suzuki India (up 3.07%), Mahindra & Mahindra (up 2.52%), TVS Motor Company (up 1.52%), Eicher Motors (up 1.29%), Tata Motors (up 1.22%), Exide Industries (up 1.2%), Ashok Leyland (up 1.06%), Hero MotoCorp (up 0.58%) and Bharat Forge (up 0.01%) advanced.
On the other hand, Balkrishna Industries (down 1.33%), MRF (down 1.16%) and Bajaj Auto (down 0.70%) moved lower.
Auto Sales Impact:
Mahindra & Mahindra advanced 2.49% after the auto majors overall auto sales grew by 15.91% to 69,768 vehicles sold in December 2024 as against 60,188 vehicles sold in December 2023.
Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during December 2024 were at 22,943 units, up 19.88% from 19,138 units in December 2023.
Bajaj Auto shed 0.69%. The company reported 19% fall in domestic two-wheeler sales to 1,28,335 units in December 2024 as compared with 1,58,370 units sold in the same period last year.
Eicher Motors added 1.33% after the company reported 3.71% year-on-year growth in commercial vehicle (CV) sales to 8,324 units in December 2024.
SML Isuzu jumped 4.11% after the vehicle manufacturer said that it has sold 626 units in December 2024, registering growth of 16.14% from 539 units sold in November 2024.
Hyundai Motor India (HMIL) shed 0.34%. The companys total sales declined 2.4% to 55,078 units in December 2024 as compared with 56,450 units in December 2023.
Steel Strips Wheels (SSWL) rallied 4.20% after the company reported a net turnover of Rs 364.74 crore for December 2024, registering a 9.81% YoY growth compared to Rs 332.15 crore posted in December 2023.
Escorts Kubota slipped 1% after the companys agri-machinery business division sales declined by 10.82% to 5,472 units in December 2024 as against 6,136 units sold in December 2023.
Stocks in Spotlight:
Coal India added 0.73%. The company said that its total production rose 0.7% to 72.4 million tonnes (MT) in December 2024 as compared with 71.9 million tonnes in December 2023.
IRCON International gained 1.30% after the company announced the appointment of Alin Roy Choudhury as its chief financial officer and key managerial personnel and chief investor relation officer.
Piramal Enterprises shed 0.89%. The company said that it has invested Rs 1,000 crore in Piramal Capital & Housing Finance (PCHFL), a wholly owned subsidiary of the company by way of subscription to rights issue.
Karur Vysya Bank rallied 3.96% after its total business climbed 14.93% to Rs 1,81,997 crore as on 31 December 2024 as against Rs 1,58,357 crore recorded in the same period last year.
Indo Tech Transformers hit an upper circuit of 5% after the company announced that it has received a purchase order from domestic entity aggregating to Rs 117.17 crore for supply of transformers.
Additionally, the companys board has approved a capital expenditure plan of Rs 75 crore aimed at expanding plant capacity. The capacity expansion, which will increase production to 16,000 MVA, is set to be executed over the financial years 2024-2027. The project will be funded through a combination of internal accruals and bank borrowings, including a term loan.
Furthermore, the company has also revealed that it has received Letter of Award (LOA) on 30 December 2024 for supply of 3 Nos of 192 MVA transformers, with the aggregate value of the order at Rs 32.32 crore.
Power Mech Projects surged 6.12% after the firm has secured Rs 294 crore order from Adani Power for overhauling, testing and commissioning services for unit 3 and 4 of 2x660 MW Korba Phase-II thermal power.
Pennar Industries jumped 5.32% after the company announced the signing of a joint venture agreement with Zetwerk Manufacturing Businesses and others for incorporation of a joint venture company (JVC).
Indian Renewable Energy Development Agency (IREDA) rallied 3% after the companys loan sanctioned surged 129% to Rs 31,087 crore as on 31 December 2024 as compared with Rs 13,558 crore as on 31 December 2023.
South West Pinnacle Exploration gained 3.69% after the company received a contract worth Rs 158 crore from Reliance Industries (RIL) for production hole drilling for coal bed methane (CBM) in Madhya Pradesh.
Dynacons Systems & Solutions jumped 5.18% after company secured turnkey data centre IT infrastructure augmentation project of Canara Bank worth Rs 280 crore.
VA TECH WABAG advanced 2.38% after the company informed that it has secured order worth Rs 145 crore from Chennai Petroleum Corporation (CPCL) for installing desalination water pipelines at CPCLs Kattupalli plant.
Kalpataru Projects International (KPIL) rose 0.55%. The company announced that the company and its international subsidiaries have received new orders worth Rs 1,011 crore.
SJVN surged 6.32% after the company has signed Memorandum of Understanding (MoU) with Govt of Bihar for development of 1,000 MW Hathidah Durgawati pumped storage project and other PSPs in Bihar.
APL Apollo Tubes rose 1.09% after the company recorded sales volume of 828,200 ton in Q3 FY25, which is higher by 37.2% as compared with the volume of 603,659 registered in Q3 FY24.
Gateway Distriparks rallied 3.81% after receiving a tax refund of Rs 12.47 crore from the Income Tax Department, reversing an earlier demand of Rs 9.48 crore.
Global Markets:
European and Asian markets were shut for a New Year holiday, while the US stock market ended lower overnight in a low-volume session.
At the close in NYSE, the Dow Jones Industrial Average fell 0.07%, while the S&P 500 index lost 0.43%, and the NASDAQ Composite index declined 0.9%.
Tesla stock gave up gains to close 3.2% lower. Chinese state news agency Xinhua reported that the company's energy storage gigafactory in Shanghai has entered trial production, just seven months after construction began, with full-scale production expected to commence early next year.
The US market is closed on Wednesday for New Year's Day.
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