Closing Bell: Market zooms ahead of RBI policy, Nifty at 24,700, Sensex up 810 pts

Indian benchmark indices extended the gain on the fifth straight session on December 5 with Nifty at 24,700. At close, the Sensex was up 809.53 points or 1.00 percent at 81,765.86, and the Nifty was up 240.95 points or 0.98 percent at 24,708.40.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Nifty opened on a positive note and witnessed selling pressure in the first half. Action picked up in the second half, helping the Nifty to close with gains of ~241 points. It has achieved our short-term target of 24770 and hence we raise it to 25125. Support base shifts higher towards 24330 which is the 40-day exponential moving average. The hourly momentum indicator has triggered a positive crossover from the equilibrium line suggesting that the upmove is likely to continue and in case of minor degree pullback towards support zone it should be used as a buying opportunity.

Bank Nifty also witnessed continuation of the positive price action. Signs of divergence are visible on the hourly momentum indicator however there is no price confirmation as of now and hence we shall continue to ride the upmove towards 54460.

Markets extended their recovery in a volatile session, gaining over 1% after a brief pause. Following a subdued start, a sudden surge in select heavyweight stocks mid-session lifted sentiment, though volatile swings in the final hour tempered the momentum. Ultimately, the Nifty closed at 24,708, up 0.98%, after hitting an intraday high of 24,857.75.

Most sectors contributed to the rally, with IT, banking, and auto emerging as the top gainers. Market breadth remained positive, supported by sustained buying in the midcap and smallcap segments.

The recent market surge has already factored in potential support from the RBI, making the market's reaction to Friday's outcome crucial. While the IT and banking sectors continue to drive the index higher, broader sectoral participation will be essential for extending this rally. With the Nifty reclaiming 24,700—a level targeted after the breakout above 24,350—its sustenance could pave the way for a move toward 25,100. Amid this setup, we emphasize the importance of focusing on stock selection, given the selective participation across sectors.

The market experienced a sharp recovery from the day's low, closing with strong gains. A positive turnaround from FIIs for the past couple of days to India in expectation of a dovish monetary policy by RBI supported the sentiment. Further, stability in November service PMI data despite a rise in inflation shows steadiness in business activity.

Exceptional volatility was seen in today's trade. After a 1000-point swing on either sides, the Index concluded the trade at 24,708.40 with gains of 240.95 points. IT was the top gainer among the sectors followed by Auto; while on the flip side, Realty and PSU Banks were the laggards. Mid and Smallcaps underperformed as major action was seen in the Index based stocks only.

A strong candle was formed but was with above-average higher and lower shadows which depicts extreme volatility. It appears that the market has already digested tomorrow's MPC outcome.

The positive trend is likely to continue but considering the strong rally of the past 4 days, a minor correction is anticipated; however, the Index is heading towards the psychological barrier of 25,000 whereas the support has shifted higher to 24,550.

Indian rupee ended flat at 84.73 per dollar on Thursday versus Wednesday's close of 84.73.

Indian benchmark indices extended the gain on the fifth straight session on December 5 with Nifty at 24,700.

At close, the Sensex was up 809.53 points or 1.00 percent at 81,765.86, and the Nifty was up 240.95 points or 0.98 percent at 24,708.40. About 2050 shares advanced, 1758 shares declined, and 113 shares unchanged.

Biggest Nifty gainers included TCS, Infosys, Titan Company, Trent and Dr Reddy's Labs, while losers were SBI Life Insurance, Bajaj Auto, HDFC Life, NTPC and Grasim Industries.

Except realty and PSU Bank, all other sectoral indices ended in the green with Information Technology index added 2 percent.

The BSE midcap and smallcap indices ended with marginal gains.

#1 Price hike in east & north bumps pan-India trade prices by Rs 5/bag MoM #2 In eastern region trade prices are up Rs 16/bag MoM in December, in Northern region Rs 13/bag MoM #3 In Southern region & Western region prices remain flat MoM #4 In Central region, December prices are down by Rs 2/bag MoM

#1 Company is largest owner of Hyatt keys in India

#2 A strong track record of building assets with high entry barriers

#3 Asset-owners like company positioned to benefit from current upcycle with hotel industry demand growth

#4 Hotel industry demand growth may surpass supply growth over FY24-29

#5 Estimate 16 percent EBITDA CAGR over FY25-27 led by improvement in occupancy & ARR at Grand Hyatt Mumbai

Indian Rupee recovered slightly today on strength in the domestic markets and overnight decline in crude oil prices. However, a positive US Dollar capped sharp upside. The American currency fell on Wednesday on weaker than expected ISM Services PMI data. ISM Services PMI fell to 52.1 in November, sharply lower than forecast of 55.7.

We expect Rupee to trade with a negative bias on strong Dollar and worries over economic slowdown. However, weakness in crude oil prices and fresh FII outflows may support the Rupee at lower levels.

Traders may take cues from weekly unemployment claims and trade balance data from the US. USDINR spot price is expected to trade in a range of Rs 84.50 to Rs 84.95.

Rama Narahai Naidu Dodda has resigned as Chief Financial Officer of the company, effective December 10, as he wants to pursue career opportunities outside the company.

#1 Multiple growth drivers & margin levers leading to higher estimates

#2 Operating in a different league on the back of a unique set of capabilities

#3 Increase both near-term & longer-term revenue growth forecasts

#4 Forecast a 21 percent US Dollar sales CAGR over FY25-27

#5 Increase EBIT margin assumption for FY27 to 16.2 percent from a prior 15.5 percent

Pazopanib tablets are used to treat certain types of cancer, commanding a market size of $106 million.

#1 ICICI Pru Life, Tata AIA Life, Bajaj Allianz Likely To Have Hiked Prices

#2 HDFC Life Likely To Have Hiked Prices Between 5-7.5%

#3 SBI Life Has Not To Taken Any Price Increase In Term Portfolio

#4 CNBC-TV18 Has Written To ICICI Pru For A Comment, Reply Awaited

The Sensex was up 682.42 points or 0.84 percent at 81,638.75, and the Nifty was up 186.45 points or 0.76 percent at 24,653.90. About 1859 shares advanced, 1557 shares declined, and 78 shares unchanged.

Pawan Agrawal, Chief Financial Officer (KMP), will take on the additional responsibility of leading the business of Marico Southeast Asia and Marico Bangladesh w.e.f. April 1, 2025

Under the industrial promotion policies of the state governments, the company has been partly reimbursed Rs 80.45 crore against the payment of State Goods and Services Tax (SGST) paid by the company.

The Kerala-based microfinance institution has reduced lending rates by 25 basis points for income-generating loans and by 125 basis points for third-party product loans.

The company says commercial negotiations for 3 additional submarines of Scorpene Class under Project 75 are in process

#1 Company launches electric scooter, Vida V2 across segments

#2 Think sustained market share gains are key to re-rating

#3 e2-wheeler share was 6 percent in Nov-24, & Vida variants are well priced

The board of directors of the company at their meeting held today approved sub-division/stock split of existing  one equity share of face value of Rs 10  each into  ten equity shares of face value of Re 1 each fully paidup, subject to approval of members of the company.

#1 Vodafone Group Plc to sell its balance 3 percent stake in co, estimate total sale proceeds at Rs 2,700-2,800 crore

#2 After repaying outstanding borrowings of USD 101 million, estimate residual proceeds at Rs 1,900-2,000 crore

#3 Residual proceeds would then be infused as equity by Vodafone Plc into Voda Idea

#4 Voda Idea will use proceeds for clearing its past dues to Indus

#5 The amount adds up to Rs 7 for Indus, which believe can then be paid out as dividend

#6 Company could be in a position to pay out Rs 11-12 of dividend for H2FY25

#7 Dividend could rise to more than Rs 20/annum in FY26 & FY27

#8 There can be a compelling dividend yield of 6 percent over FY26-27 at current levels

The board has approved the issuance of one bonus share for every one share held by the eligible equity shareholders of the company as of the record date.

The National Company Law Tribunal (NCLT) has approved the merger of HT Mobile Solutions with the company.

Market Volatility is due to ongoing expectation on whether MPC would cut rates or not and traders are expecting RBI would focus on liquidity boosting measures after a surprise slump in economic growth. Very few are anticipating there can be a cut in the cash reserve ratio, a move that will signal further loosening of the policy.

RBI governor is not hinting any such indication but FM Sitharaman has recently indicated there is urgent need to address the interest rate cut to support growth while RBI is still concerned on inflation data which remains above the central bank’s 4% target aim. We are not expecting any cut from the RBI in this meeting and they still watch the macro data before starting to cut interest rates in India.

Technically the next resistance is anywhere near 24800 and if we get this closing this week market can touch 25000 very soon in the next coming week. Overall the trend is positive but the journey would be volatile to reach 25000.

The company's subsidiary, Iconic Property Developers, has purchased, through a Conveyance Deed, a vacant parcel of land (1,464 square meters) in Mahim, Mumbai, for Rs 101 crore. The entire amount, along with stamp duty and registration charges, has been fully paid. The company will develop a commercial building with an expected gross development value of Rs 525 crore.

The Sensex was down 237.02 points or 0.29 percent at 80,719.31, and the Nifty was down 98.70 points or 0.40 percent at 24,368.75. About 1602 shares advanced, 1721 shares declined, and 101 shares unchanged.

The two-wheeler major has launched three variants of the V2 series of electric scooters - VIDA V2 – PRO, PLUS, and LITE, with the starting price at Rs 96,000

The company has reported a 0.05 percent increase in total sales for November, with 1,885 units sold, up from 1,884 units sold in the same month last year. Domestic sales grew by 12.4 percent to 1,736 units, but exports fell by 56 percent to 149 units during the same period.

Nazara Technologies has signed a Letter of Intent with Web3 game infrastructure startup Lysto to launch The Growth Protocol, a purpose-built Layer-1 (L1) infrastructure layer for digital marketing and growth applications on the blockchain.

This launch comes amid renewed optimism in the Web3 ecosystem and growing adoption of blockchain technology across industries.

The Growth Protocol, a collaboration between Nazara's Dubai subsidiary Nazara Technologies FZ LLE and Lysto, comprises a team of experienced professionals, including executives from tech giants Microsoft and Google, the company said in a statement. The platform made its public debut at the ongoing India Blockchain Week event in Bengaluru.

Integro Technologies, an Aurionpro Company, announced the launch of its SmartLender ESG platform —a comprehensive lending

suite designed to accelerate the digital transformation of Environmental, Social, and Governance (ESG) strategies for banks.

The company has reported a 0.05 percent increase in total sales for November, with 1,885 units sold, up from 1,884 units sold in the same month last year. Domestic sales grew by 12.4 percent to 1,736 units, but exports fell by 56 percent to 149 units during the same period.

The company has received an order worth Rs 108.9 crore from Bihar Renewable Energy Development Agency. The work order involves the design, supply, and installation of remote monitoring systems for the smart solar street light system on identified existing electric poles under the Mukhyamantri Gramin Solar Street Light Yojana in Bihar state on an EPC basis.

Arun Agarwal has resigned as Global Chief Financial Officer of the company, effective December 3.

The company has completed the acquisition of a 15 percent stake in E2E Networks via preferential allotment. The secondary acquisition of 6 percent from the promoter of E2E Networks is expected to be completed on or before May 30, 2025.

The company has received an offer letter for a mega project from the Maharashtra government to set up a new project for the manufacturing of solar PV panels (1,800 MW) in Raigad. The company has decided on a fixed capital investment of Rs 1,080 crore for the project.

The pharma company has entered into an agreement to acquire three anti-diabetes brands: Cospiaq (empagliflozin), Cospiaq Met (empagliflozin + metformin), and Xilingio (empagliflozin + linagliptin) from Boehringer Ingelheim International GmbH (BI). The acquisition is expected to be completed in March 2025. Torrent has been marketing these brands since 2022 as part of an existing co-marketing agreement with Boehringer Ingelheim India.