At 13:30 IST, the barometer index, the S&P BSE Sensex, jumped 1,255.99 points or 1.60% to 79,763.40. The Nifty 50 index rallied 383.20 points or 1.61% to 24,126.10.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.40% and the S&P BSE Small-Cap index rallied 0.46%.
The market breadth was positive. On the BSE, 2,191 shares rose and 1,647 shares fell. A total of 128 shares were unchanged.
Gainers & Losers
Bajaj Finserv (up 8.66%), Eicher Motors (up 7.07%), Bajaj Finance (up 6.19%), Maruti Suzuki India (up 5.04%) and Grasim Industries (up 4.53%) were major Nifty gainers.
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Britannia Industries (down 0.70%), Sun Pharmaceutical Industries (down 0.69%), Adani Ports and Special Economic Zones (down 0.18%), Bharat Electronics (BEL) (down 0.07%) and Bharat Petroleum Corporation (down 0.02%) were major Nifty losers.
Economy:
In December 2024, the seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell to 56.4, marking a 12-month low and indicating a slower improvement in operating conditions. The headline figure declined slightly from 56.5 in November but remained above the long-run average of 54.1, signaling a robust rate of growth.
Looking to 2025, Indian manufacturers were confident of a rise in output. Optimism reflected advertising, investment and expectation of favourable demand. Sentiment was nevertheless curbed by concerns around inflation and competitive pressures.
Ines Lam, Economist at HSBC, said, Indias manufacturing activity ended a strong 2024 with a soft note amidst more signs of a slowing trend, albeit moderate, in the industrial sector. The rate of expansion in new orders was the slowest in the year, suggesting weaker growth in future production. That said, there was some uplift in the growth of new export orders, which rose at the fastest pace since July. The rise in input prices eased slightly, wrapping up the year when Indian manufacturers felt the strain of sharp cost pressures.
Stocks in Spotlight:
Tata Motors rose 0.98%. The companys total domestic sales rose 1% up to Rs 76,599 units, while total commercial vehicles sales fell 1% YoY to 33,875 units and total passenger vehicle (including EV) sales rose 1% YoY to 44,289 units in December 2024 over December 2023.
Ashok Leyland jumped 4.62% after the company reported 4.97% increased in total vehicle sales to 16,957 units in December 2024, compared to 16,154 units sold in December 2023.
RailTel Corporation of India surged 4.30% after the company said that it has received the work order from Bharat Coking Coal for works amounting to Rs 78.43 crore.
Maruti Suzuki India rallied 4.86% after the car manufacturers total production jumped 30.26% to 157,654 units in December 2024 as against 121,028 units recorded in December 2023.
Eicher Motors soared 6.67% after the company reported 25% jump in total motorcycle sales to 79,466 units in December 2024 from 63,387 units sold in December 2023.
Global Markets:
The Dow Jones index futures were up 163 points, signaling a strong opening for U.S. stocks today.
European shares kick off 2025 in positive territory on Thursday, reopening after the New Years Day holiday.
Most Asian stocks declined after Chinas manufacturing data shows slow down in economy. Chinas Caixin/S&P Global manufacturing purchasing managers index for December fell to 50.5 as against 51.5 in November 2024.
Singapore's gross domestic product (GDP) rose 0.1% in the three months to December 31, advance government data showed on Thursday. The reading slowed sharply from the 3.2% seen in the prior quarter.
The US market was closed on Wednesday for New Year's Day.
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