The domestic equity indices closed with moderate gains on the first trading day of 2025. The Nifty surpassed the 23,700 mark after an initial dip to 23,562.80. Buying activity was observed across sectors, with notable strength in autos, media, and consumer durables.
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.
Mahindra & Mahindra (up 2.45%), Bajaj Finance (up 1.69%) and Larsen & Toubro (up 1.64%) boosted the indices.
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, 2,741 shares rose and 1,241 shares fell. A total of 90 shares were unchanged.
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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:
India's Goods and Services Tax collections rose to Rs 1.77 lakh crore in December, staying above the Rs 1.7 lakh crore mark for a tenth consecutive month, data released on January 1 showed. Tax collections were 7.3% higher than in December 2023, when they stood at Rs 1.65 lakh crore, but were lower than the Rs 2.1 lakh crore mark hit in April 2024. The pace of growth was also the slowest in three months.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 1.97% to 6.892 compared with the previous close of 6.870.
In the foreign exchange market, the rupee remains flat against the dollar. The partially convertible rupee was hovering at 85.6450, compared with its close of 85.6450 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement added 0.19% to Rs 76,896.
In the commodities market, Brent crude for March 2025 settlement gained 81 cents or 1.09% to $74.80 a barrel.
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.
IPO Update:
The initial public offer (IPO) of Indo Farm Equipment received bids for 46,16,50,572 shares as against 84,70,000 shares on offer, according to stock exchange data at 17:00 IST on 01 January 2024. The issue was subscribed to 54.50 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.
Auto Sales Impact:
Maruti Suzuki India rallied 3.26% after the companys total sales increased 29.59% to 178,248 units in December 2024 as against 137,551 units sold in December 2023.
Mahindra & Mahindra advanced 2.45% 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 0.7%. 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 1.22% 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 4.26% 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 0.39%. 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 4.71% 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 0.68%. 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 1.37% after the company announced the appointment of Alin Roy Choudhury as its chief financial officer and key managerial personnel and chief investor relation officer.
Karur Vysya Bank rallied 4.12% 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.
Further, 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 5.74% 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.
Gateway Distriparks rallied 3.58% after receiving a tax refund of Rs 12.47 crore from the Income Tax Department, reversing an earlier demand of Rs 9.48 crore.
Pennar Industries jumped 4.88% 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 3.09% 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.
SJVN surged 6.23% 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.
South West Pinnacle Exploration gained 4.99% 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 4.97% after company secured turnkey data centre IT infrastructure augmentation project of Canara Bank worth Rs 280 crore.
VA Tech Wabag advanced 1.90% 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.
APL Apollo Tubes rose 1% 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.
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