Nifty 50 closed at 24,610.05 (-9.0, 0.0%) , BSE Sensex closed at 81,510.05 (1.6, 0%) while the broader Nifty 500 closed at 23,314.90 (22.9, 0.1%). Market breadth is horizontal. Of the 2,283 stocks traded today, 1,081 were on the uptick, and 1,176 were down.
Indian indices closed flat, with the benchmark Nifty 50 index closing at 24,610 points. The Indian volatility index, Nifty VIX, declined 2.3% and closed at 13.8 points. The Centre appointed Sanjay Malhotra as the new Governor of the Reserve Bank of India, succeeding Shaktikanta Das, for three years, effective December 11.
Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. S&P BSE SME IPO and Nifty Realty were among the top index gainers today. According to Trendlyne’s Sector dashboard, Forest Materials emerged as the best-performing sector of the day, with a rise of 4%.
Asian indices closed mixed while European indices are trading lower. US index futures traded in the red, indicating a cautious start to the trading session. Brent crude oil futures are trading in the red. Oracle reported Q2 revenue of $14.1 billion, a 9% YoY increase, although slightly below estimates. The company remains positive about the future, with CEO Safra Catz forecasting that total Oracle cloud revenue will exceed $25 billion in fiscal 2025.
Relative strength index (RSI) indicates that stocks like Coforge, Central Depository Services (India), PB Fintech, and Lemon Tree Hotels are in the overbought zone.
Shriram Pistons & Rings (SPRL) rises as its subsidiary, SPR Engenious, announces the acquisition of a 100% stake in TGPEL Precision Engineering for Rs 220 crore. The deal focuses on expanding SPRL’s product portfolio beyond ICE powertrains and is expected to be completed by December 2024.
Gujarat Gas is rising as it hikes industrial gas prices for its Morbi customers by Rs 2.3 per standard cubic metre (scm), bringing the price to Rs 47 per scm, effective December 11.
PG Electroplast closes its Rs 1,500 crore QIP offer of around 2.1 crore equity shares on December 9 at an issue price of Rs 699 per share. The issue price reflects a 0.9% discount to the QIP floor price.
Indraprastha Gas' board of directors approves a bonus issue of shares to equity holders in the ratio of 1:1. This means that each shareholder will receive one fully paid-up equity share, with a face value of Rs 2, for every share they hold on the record date.
Sharekhan believes the recent geopolitical developments in the Middle East, including the fall of the Syrian regime, could add uncertainty and risk premiums to crude oil prices. In addition, China’s shift in monetary policy will likely drive long-term growth in oil demand. While short-term factors like stimulus hopes and geopolitical risks could push oil prices to $72, the medium to long-term outlook remains bearish due to oversupply. The brokerage expects WTI crude to trade under $65 and Brent under $69 in H1CY25.
Alkem Laboratories' board of directors approves the transfer of its generics business to its subsidiary, Alkem Wellness, on a slump sale basis for a consideration of Rs 750 crore.
Syngene International is rising as 82.2 lakh shares (2% stake), worth approximately Rs 706 crore, reportedly change hands in a block deal at an average price of Rs 858.5 per share. Biocon is the likely seller in the transaction.
Torrent Power’s Rs 3,500 crore qualified institutional placement (QIP) gets oversubscribed 4X, receiving bids of Rs 14,000 crore. The company allotted 2.3 crore equity shares at Rs 1,503, offering a 3.4% discount to the floor price of Rs 1,555.8.
CLSA initiates an 'Outperform' rating on Swiggy with a target price of Rs 708. The brokerage is optimistic about the company, citing its strong growth potential in the large total addressable market (TAM) within the food delivery and quick commerce (QC) segments. It also anticipates improvements in execution, with accelerating growth and profitability. The brokerage projects the Indian quick commerce space to grow 6X between FY25-27.
Reliance Industries is reportedly in talks with banks for a $3 billion loan to refinance its $2.9 billion debt, including interest, due in 2025.
Religare Enterprises surges to its 5-year high of Rs 304.6 per share as the Reserve Bank of India (RBI) reportedly approves the Burman family's proposal to acquire an additional 26% stake in the company.
Greaves Cotton surges to its all-time high of Rs 245.8 after Vijay Kedia buys 12 lakh shares (0.5% equity) worth Rs 25 crore via a block deal. The transaction was executed at an average price of Rs 208.9 per share.
Mutual Funds' net equity inflows decline to Rs 60,295 crore in November, down from Rs 2.4 lakh crore in October, according to data released by the Association of Mutual Funds in India (AMFI). However, the net asset under management (AUM) of the MF industry increases to 68.1 lakh crore compared to Rs 67.3 lakh crore last month.
Tejas Networks signs a three-year contract with Vodafone Idea to supply its TJ1400 & TJ1600 network system packets and optical transmission products to improve Vodafone's backhaul capacity and boost network performance.
NBCC (India) secures an order worth Rs 432 crore from the Central University of Odisha. The company will provide project management consultancy (PMC) services for constructing a net-zero sustainable campus at the university's Sunabeda location.
Bharat Forge is rising as it raises Rs 1,650 crore through a qualified institutional placement (QIP) on Monday at an issue price of Rs 1,320 per share.
Anish Shah, MD & CEO of Mahindra Group, notes rural consumption, government spending, and private sector investments as key drivers for the group's expansive capex plans of around Rs 30,000 crore over three years. He highlights these investments will focus on electric vehicles, solar energy, and farm machinery. The group is also exploring opportunities in emerging areas - healthcare, drones, and consumer sectors, ensuring that new ventures align with the firm's strengths.
Axis Direct upgrades Dhanuka Agritech to 'Buy' from 'Hold' but lowers the target price to Rs 1,760 per share. This indicates a potential upside of 12.3%. The brokerage expects the company will deliver strong top-line and margin growth in FY25, driven by a robust product mix, improving prices, and a strong Rabi season. It expects the firm's revenue to grow at a CAGR of 17.3% over FY25-27.
GE Vernova T&D India rises to its new all-time high of Rs 1,980 as it receives an order worth approximately Rs 400 crore from Sterlite Power. The contract involves the supply and supervision of 765KV power transformers and reactors for the Khavda project.
DCM Shriram is rising as it enters an agreement with a special purpose vehicle (SPV), JSW Renew Energy Thirty Two, to set up a 68 MW wind-solar hybrid project to replace the existing 40 MW coal plant. The company will invest Rs 57.1 crore in the SPV.
The Centre’s Cabinet Appointments Committee appoints Sanjay Malhotra as the new Governor of the Reserve Bank of India, succeeding Shaktikanta Das, for three years, effective December 11.
Metropolis Healthcare's board approves the acquisition of Delhi NCR-based specialty cancer testing chain Core Diagnostics in a cash and stock deal worth Rs 246.8 crore.
Bharat Electronics rises as it bags orders worth Rs 634 crore to maintain the Akash missile system, telescopic sights for guns, communication equipment, jammers, and electric voting machines (EVMs), among others.
Vodafone Idea is rising as its board of directors approves issuing 175.5 crore shares worth Rs 1,980 crore through a preferential issue to its promoters, Omega Telecom Holdings and Usha Martin Telematics. Omega Telecom will invest up to Rs 1,280 crore, while Usha Martin will invest Rs 700 crore.
Nifty 50 was trading at 24,622.40 (3.4, 0.0%), BSE Sensex was trading at 81,575.96 (67.5, 0.1%) while the broader Nifty 500 was trading at 23,308.60 (16.6, 0.1%).
Market breadth is in the green. Of the 1,950 stocks traded today, 1,189 were in the positive territory and 723 were negative.
Riding High:
Largecap and midcap gainers today include Cholamandalam Investment & Finance Company Ltd. (1,336.30, 4.2%), FSN E-Commerce Ventures Ltd. (172.56, 3.9%) and Jindal Steel & Power Ltd. (1,002.35, 3.6%).
Downers:
Largecap and midcap losers today include Life Insurance Corporation of India (948.20, -3.9%), Adani Green Energy Ltd. (1,176.65, -3.3%) and Rail Vikas Nigam Ltd. (458.60, -2.5%).
Volume Rockets
35 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Nippon Life India Asset Management Ltd. (805.90, 9.7%), Varroc Engineering Ltd. (585.35, 9.4%) and Clean Science & Technology Ltd. (1,398.30, 8.5%).
Top high volume losers on BSE were VIP Industries Ltd. (481.55, -4.8%), Just Dial Ltd. (1,088, -4.6%) and Route Mobile Ltd. (1,424.05, -4.2%).
JBM Auto Ltd. (1,737.30, 7.6%) was trading at 23.6 times of weekly average. Kansai Nerolac Paints Ltd. (263.30, -3.7%) and Anupam Rasayan India Ltd. (770.40, 4.9%) were trading with volumes 12.6 and 7.0 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
16 stocks took off, crossing 52 week highs, while 2 stocks hit their 52 week lows.
Stocks touching their year highs included - EID Parry (India) Ltd. (916.80, 2.3%), HCL Technologies Ltd. (1,936.35, 1.4%) and MphasiS Ltd. (3,181.80, 2.5%).
Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,388.90, -0.1%) and ZF Commercial Vehicle Control Systems India Ltd. (12,006.35, -2.4%).
27 stocks climbed above their 200 day SMA including Varroc Engineering Ltd. (585.35, 9.4%) and Hatsun Agro Products Ltd. (1,166.45, 7.6%). 13 stocks slipped below their 200 SMA including VIP Industries Ltd. (481.55, -4.8%) and Cochin Shipyard Ltd. (1,633.40, -3.0%).