Monday, December 23, 2024 | 11:54 AM ISTEN Hindi

Stock Market LIVE: All sectors in green; Realty, Metal, Oil surge most; Sensex up 800 pts at 78,850

Markets Today LIVE: Indian benchmark equity indices BSE Sensex and Nifty50 were trading higher on Monday, amid firm global cues

SI Reporter New Delhi

Share Market Today: Foreign Institutional Investors (FIIs) net sold Indian equities worth 3,597.82 crore on December 20, while domestic institutional investors (DIIs) net bought shares worth Rs 1,374.37 crore on Friday.

Stock Market LIVE Updates, Monday, Decemer 23, 2024: Benchmark Indian equity indices BSE Sensex and Nifty 50 climbed higher from the opening bell amid firm global cues.

At 11 AM, the BSE Sensex was higher by 782.26 points, or 1 per cent, at 78,823.85, and the Nifty50 was at 23,829, ahead by 241.80 points, or 1.03 per cent.

After the opening bell, only one stocks, Zomato (down 0.73 per cent), was trading lower, while the rest climbed. Gains were led by Tata Steel (up 1.99 per cent), followed by Tech Mahindra, HCLTech, Bajaj Finance, and Reliance Industries.

On the Nifty 50, 42 stocks were trading higher, while the rest declined. Gains were led by JSW Steel (up 2.33 per cent), followed by Tata Steel, Shriram Finance, Hindalco, and Wipro, while losses were capped by SBI Life (down 0.41 per cent), followed by Apollo Hospitals Enterprises, HDFC Life, NTPC, and Eicher Motors.

All the sectoral indices were trading higher, with the Metal index emerging as the top gainer, climbing 1.14 per cent. Followng it were the Nifty Bank, IT and Financial Services indices with gains of 0.88 per cent, 0.87 per cent and 0.85 per cent, respectively.

In the broader markets, the Nifty Midcap 100 had gained 0.42 per cent and the Nifty Smallcap 100 was higher by 0.14 per cent.

Markets in India are taking strength from the lower-than-expected core inflation reading in the US, which has worked as a counterbalance to the Fed's hawkishness on rates, and which also boosted shares on Wall Street on Friday.

However, the NSE Nifty 50 Index ended below the 200-daily moving average (DMA) after a month, with the index now down 5.3 per cent, or 1,254 points, from a high of 24,792 in just five trading sessions. It closed at 23,587.50 on Friday. Recently, the short-term bias for the Nifty has also turned negative, with the NSE benchmark index drifting below its super trendline on the daily scale. READ MORE

Separately, corporate India is transitioning from a period of exceptional earnings growth — exceeding 25 per cent over the past two to three years — to a more sustainable growth trajectory of 12-13 per cent over the next few years, says Vinit Sambre, head — equities at DSP Mutual Fund (MF). In a conversation with Business Standard, Sambre explains how this shift will likely create a more selective market environment. READ MORE

In other news, state bond yields have been trading higher than AAA-rated public sector undertaking (PSU) bonds for maturities of 10 years and beyond, data showed. Market participants said that the price difference is largely driven by heavy supply, timing mismatches in fund flows, and rising global interest rates. READ MORE

In another development, private equity and venture capital (PE/VC) funds have sold shares worth a record Rs 1.13 trillion in listed and initial public offering companies this year, exceeding 2023’s total of Rs 97,500 crore. The increase in activity within the secondary market, especially among small and midcap stocks, drove these exits. READ MORE

That apart, India’s healthcare and pharmaceutical sectors raised Rs 14,811 crore through initial public offerings (IPOs) in 2024, the largest since 2019, driven by strong domestic demand amid expanding global opportunities. READ MORE

In the primary markets, meanwhile, Unimech Aerospace and Manufacturing Limited IPO in the mainline section will open for subscription today, while subscription windows for five mainline IPOs (Concord Enviro Systems Limited IPO, Sanathan Textiles Limited IPO, Mamata Machinery Limited IPO, Mamata Machinery Limited IPO, and Transrail Lighting Limited IPO), and one SME segment IPO (Newmalayalam Steel Limited IPO) are headed for a close.

Three IPOs (Carraro India Limited IPO, Senores Pharmaceuticals Limited IPO, and Ventive Hospitality Limited IPO) would enter their second day of subscription in the mainline section, and Identical Brains Studios IPO in the SME section would see its basis of allotment get finalised today, apart from NACDAC Infrastructure IPO getting listed on the shares.

On Friday, benchmark equity indices BSE Sensex and Nifty 50 witnessed a sharp correction, ending the week's last trading session down by over 1 per cent each.

The Sensex tumbled 1,176.46 points, or 1.49 per cent, to end Friday's trading session at 78,041.59. The Nifty 50 ended down by 364.20 points, or 1.52 per cent, to settle at 23,587.50. The fear index, India VIX, which gauges volatility in markets, ended higher by 3.87 per cent at 15.07 points.

Broader markets fell more than the benchmarks, with the Nifty Midcap100 and Nifty Smallcap100 indices ending lower by 2.82 per cent and 2.19 per cent, respectively.

All sector indices ended in the red, with Nifty Realty, Nifty Select Telecom, and Nifty Financial Services ending down by over 3 per cent each. Among others, Nifty IT, Nifty Auto, and Nifty PSU Bank were the worst hit, ending down by over 2 per cent each.

That apart, Asian shares rallied on Monday after a benign reading on US inflation restored some hope for further policy easing next year, while there was relief that Washington had averted a government shutdown.

After the bonanza of recent central bank decisions, this week is much quieter with only the minutes of a few of those meetings due. There are no Federal Reserve speeches and US data is of secondary importance.

Otherwise the themes were largely the same, with the dollar underpinned by a relatively strong economy and higher bond yields, which in turn is a burden for commodities and gold.

It is also a headache for emerging market countries, which are having to intervene to stop their currencies from falling too far and stoking domestic inflation.

For now, the afterglow from the US inflation report was enough to lift MSCI's broadest index of Asia-Pacific shares outside Japan higher by 0.3 per cent.

Japan's Nikkei gained 0.96 per cent, while the Topix was 0.77 per cent higher. South Korea's Kospi firmed 0.9 per cent and the Kosdaq was 1.24 per cent higher. Australia’s S&P/ASX 200 was up 0.78 per cent.

S&P 500 futures added 0.3 per cent, while Nasdaq futures firmed 0.4 per cent. The S&P 500 fell almost 2 per cent last week and the Nasdaq 1.8 per cent, though the latter is still up 30 per cent for the year.

On Friday, the Dow Jones Industrial Average rose 497.22 points, or 1.17 per cent, to 42,839.46, the S&P 500 rose 63.93 points, or 1.09 per cent, to 5,931.01 and the Nasdaq Composite rose 199.83 points, or 1.03 per cent, to 19,572.60.

European stocks registered their worst week in over three months as Trump's comments about potential tariffs on the European Union spooked investors. MSCI's gauge of stocks across the globe rose 8.20 points, or 0.98 per cent, to 847.61.

The STOXX 600 index fell 0.88 per cent, while Europe's broad FTSEurofirst 300 index fell 19.25 points, or 0.96 per cent.

Analysts at BofA noted the S&P 500 was up 23 per cent for the year, but if the 12 largest companies were excluded the gain was only 8 per cent. They cautioned such extreme concentration was a vulnerability going into 2025.

Wall Street had rallied on Friday when a key gauge of core US inflation printed lower than expected at 0.11 per cent, providing a partial antidote to the Fed's hawkishness earlier in the week.

Fed funds futures rallied to imply a 53 per cent chance of a rate cut in March and 62 per cent for May, though they only have two quarter-point easings to 3.75-4.0 per cent priced in for all of 2025. A few months ago, the market had hoped rates would bottom around 3.0 per cent.

The prospect of fewer cuts has combined with expectations of more debt-funding government spending to pressure bond markets, with 10-year yields surging almost 42 basis points in just two weeks for the biggest such increase since April 2022.

On Friday, the yield on benchmark US 10-year notes fell 4.2 basis points to 4.528 per cent, from 4.57 per cent late on Thursday. The 30-year bond yield fell 2.2 basis points to 4.7194 per cent from 4.741 per cent late on Thursday.

The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 0.4 basis points to 4.315 per cent, from 4.319 per cent late on Thursday.

In currency markets, the dollar index held near two-year highs at 107.970 having climbed 1.9 per cent for the month so far.

The strong dollar combined with high bond yields to weigh on gold, which stood at $2,624 an ounce after slipping 1 per cent last week.

The high dollar is also a burden for oil, already hampered by concerns over Chinese demand following dismal retail sales figures last week.

Brent was up 4 cents at $73.00 a barrel, while US crude gained 12 cents to $69.58 per barrel.

(With inputes from Reuters.)

11:48 AM

Stock Market LIVE Updates: Burman family secures Sebi approval for 26% open offer in Religare

Stock Market LIVE Updates: The Burman family, promoters of consumer goods giant Dabur, have obtained all necessary regulatory approvals for its open offer to acquire an additional 26 per cent stake in Religare Enterprises Limited (REL), according to a report by The Economic Times. This move is expected to give the family majority control of the non-banking financial company (NBFC), despite opposition from the current management.

The Securities and Exchange Board of India (Sebi) recently approved the Burman family's proposed offer, joining prior endorsements from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (Irdai), Competition Commission of India (CCI), and stock exchanges. READ MORE

11:38 AM

Stock Market LIVE Updates: Piramal Enterprises gains 3% on plans to issue NCDs worth Rs 2,000 cr

Stock Market LIVE Updates: Shares of Piramal Enterprises gained up to 4.80 per cent at Rs 390.45 per share on the BSE in Monday’s intraday trade. Piramal Enterprises share price surged after the company disclosed its plans to issue secured non-convertible debentures worth Rs 2,000 crore.

In an exchange filing on Friday, the leading diversified NBFC said that its board has given the seal of approval for a public issuance of secured Non-Convertible Debentures (NCDs) with a face value of Rs 1,000 each, totaling up to Rs 2,000 crore. READ MORE

11:27 AM

Stock Market LIVE Updates: Market outlook 2025: IT, chemicals, banks among top sectors to invest

Stock Market LIVE Updates: In 2024, Indian benchmark indices have given decent returns even with uncertainties surrounding the markets. The BSE Sensex has gained 9.6 per cent year-to-date (Y-T-D), while the National Stock Exchange (NSE) Nifty rose 8.4 per cent.

As we look ahead to 2025, banks, chemicals, industrials, power, information technology (IT) are among the few sectors where analysts see investment potential. READ MORE

11:16 AM

Stock Market LIVE Updates: DAM Capital Advisors IPO Day 3; Check subscription status, GMP, key details

Stock Market LIVE Updates: The unlisted shares of DAM Capital Advisors, whose initial public offering (IPO) is set to close for subscription today, commanded a strong premium in the grey market on Monday, December 23, 2024. DAM Capital Advisors’ unlisted shares were trading at Rs 391 apiece, reflecting a grey market premium (GMP) of Rs 108, or 38.16 per cent, against the upper end of the IPO price band of Rs 283, according to sources tracking unofficial markets. READ MORE

11:08 AM

Stock Market LIVE Updates: SRM Contractors stock jumps 5% after order win worth Rs 106 from NHAI

Stock Market LIVE Updates: Shares of SRM Contractors gained up to 4.80 per cent at Rs 390.45 per share on the BSE in Monday’s intraday trade. SRM Contractors share price surged after the company secured an order worth Rs 106 crore from National Highway Authority of India (NHAI).

The order entails long-term rectification of blackspots on the Jetpur-Somnath section of NH 15, including the construction of a vehicular underpass at Sornath Junction, a flyover at Keshod Junction, a Flyover and light vehicular underpass at Gadu Location, and a Service Road at Santipara Patiya. READ MORE

11:01 AM

Stock Market LIVE Updates: 11 AM market update - Sensex, Nifty climb higher

Stock Market LIVE Updates: Benchmark Indian equity indices BSE Sensex and Nifty 50 climbed higher from the opening bell amid firm global cues.

At 11 AM, the BSE Sensex was higher by 782.26 points, or 1 per cent, at 78,823.85, and the Nifty50 was at 23,829, ahead by 241.80 points, or 1.03 per cent.

10:54 AM

Stock Market LIVE Updates: Sterling & Wilson surges 6% on Rs 1,200 cr-order for solar project; details

Stock Market LIVE Updates: Sterling & Wilson Renewable Energy shares were buzzing in trade on Monday, December 23, 2024, as the stock surged up to 6.18 per cent to hit an intraday high of Rs 471 apiece.

The uptick in the Sterling & Wilson Renewable Energy share price came after the company announced that it has received Letter of Intent (LoI) for a new order worth approximately Rs 1,200 crore in Gujarat. READ MORE

10:44 AM

Stock Market LIVE Updates: New India, GIC-RE, other insurance stocks fall up to 6% as GST cut deferred

Stock Market LIVE Updates: Shares of insurance companies, including both life as well as general insurers, declined by up to 6 per cent on the BSE in Monday’s intra-day trade after the Goods and Services Tax (GST) Council deferred the decision of GST on insurance. Thus, GST on insurance continues to remain unchanged.

The decisions on reducing GST on life and health insurance premiums and on the much-anticipated rate rationalisation of 148 items were deferred, as the Group of Ministers (GoM) panel required more time to finalise its reports. READ MORE

10:38 AM

Stock Market LIVE Updates: GMM Pfaudler's German unit buys 51% stake in a Polish LLC to setup mfg facility

Stock Market LIVE Updates: GMM Pfaudler today informed that its subsidiary, Pfaudler GmbH, Germany, has entered into an Investment and Shareholders’ Agreement on December 20, 2024, to acquire a 51 per cent stake of a limited liability company in Poland, to establish a manufacturing facility there.

The company, in an exchange filing, said, "This acquisition aims to establish a manufacturing and engineering facility in Poland, enhancing our global manufacturing capabilities and competitiveness".

The acquired entity specialises in the manufacturing of high-quality stainless-steel equipment for the pharmaceutical and food industries.

The company added that an investment of PLN 12.2 million (~ Rs 25.3 crore) will be made to establish this facility and the transaction will be funded through internal accruals.

10:31 AM

Stock Market LIVE Updates: SKF India board to meet in Dec 26 to mull approval for industrial biz's demerger

Stock Market LIVE Updates: SKF India today informed that it will hold a meeting of its board of directors on Thursday, December 26, to approve the demerger of its industrial business housed in a wholly-owned susidiary, SKF India (Industrial).

The company, in an exchange filing, said, "With reference to our Board Meeting outcome dated 08th October 2024, regarding in-principle approval to demerge the Industrial business of the Company, we wish to inform you pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 26th December 2024, inter-alia, to consider and approve the Scheme of Arrangement for Demerger between the SKF India Limited and SKF India (Industrial) Limited, a wholly owned subsidiary of the Company and their respective shareholders and creditors, for demerger of Industrial business under Sections 230 to 232 and other applicable provisions of the
Companies Act, 2013. "

10:24 AM

Stock Market LIVE Updates: L&T share price rises 2% after bagging major order from Ministry of Defence

Stock Market LIVE Updates: Larsen and Toubro (L&T) shares rose 1.6 per cent in Monday's trade, logging an intraday high at Rs 3,690 per share on BSE. The stock gained after the company bagged a major contract from the Ministry of Defence for the supply of K9 Vajra-T Artillery Platforms to the Indian Army.

Around 9:52 AM, L&T shares were up 0.51 per cent at Rs 3,649.15 per share on BSE. In comparison, the BSE Sensex was up 0.76 per cent at 78,634.73. READ MORE

10:15 AM

Stock Market LIVE Updates: Mamata Machinery IPO closes today; Subscription rises 37x, GMP up 107%

Stock Market LIVE Updates: The three-day subscription window for the initial public offering (IPO) of Mamata Machinery, which opened for public subscription on Thursday, December 19, 2024, is set to conclude today, Monday, December 23, 2024. The public offering has so far received an overwhelming response from investors.

Data available on the National Stock Exchange (NSE) revealed that the Mamata Machinery IPO has received bids for 19,54,62,727 shares against 51,78,227 shares on offer, resulting in an oversubscription of 37.75 times by the end of the second day of subscription, December 20, 2024. READ MORE

10:07 AM

Stock Market LIVE Updates: India Cements, UltraTech Cement gains up to 11% as CCI approves acquisition

Stock Market LIVE Updates: The India Cements shares jumped 11 per cent in Monday's (December 23, 2024) trade, logging an intraday high at Rs 376.3 per share on BSE. The buying in the stock came after the Competition Commission of India (CCI) granted approval to UltraTech Cement acquirers.

Around 9:22 AM, the India Cements shares were up 9.19 per cent at Rs 370.15 per share on BSE. In comparison, the BSE Sensex was up 0.72 per cent at 78,600.18. The market capitalisation of the India Cements stood at Rs 11,472.39 crore. READ MORE

10:02 AM

Stock Market LIVE Updates: 10 AM market update - Sensex, Nifty maintain opening gains

Stock Market LIVE Updates: Benchmark Indian equity indices BSE Sensex and Nifty 50 were maintaining the gains from opening bell amid firm global cues.

At 10 AM, the BSE Sensex was higher by 507.18 points, or 0.65 per cent, at 78,548.77, and the Nifty50 was at 23,730, ahead by 143 points, or 0.61 per cent.

9:56 AM

Stock Market LIVE Updates: Cupid pares gains after jumping 5% on bagging Rs 18.2-cr deal from UNFPA

Stock Market LIVE Updates: Cupid has received orders worth Rs 18.2 crore from the United Nations Population Fund (UNFPA).

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First Published: Dec 23 2024 | 7:40 AM IST

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