Closing Bell: Sensex flat, Nifty above 24,600; IT, realty outperform

Indian benchmark indices ended on flat note with Nifty around 24,600 on December 10. At close, the Sensex was up 1.59 points or 0.00 percent at 81,510.05, and the Nifty was down 8.95 points or 0.04 percent at 24,610.05.

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.

Markets remained range-bound for another session, closing nearly unchanged as the recent rebound paused. After a flat opening, the Nifty index drifted lower during the first half of the session, but a swift recovery in select heavyweights erased the losses, ultimately closing at 24,610.05.

Sectorally, performance was mixed, with realty and IT leading the gains, while energy and pharma lagged. Amidst this, the broader indices managed to end marginally in the green, reflecting underlying resilience.

Despite the consolidation, the continued buoyancy in midcap and smallcap stocks is encouraging. Additionally, rotational participation across most sectors is sustaining the positive sentiment during this phase. Traders should maintain a stock-specific approach, focusing on long positions unless Nifty decisively breaks below the 24,300 level.

The choppy movement continued in the market on Tuesday and Nifty closed the day lower by 08 points amidst range bound action. After opening with a positive note, the market made failed attempt to move up in the early part of the session. The intraday weakness of mid part has almost been recovered towards the later part and Nifty closed the day off the lows.

A small red candle was formed on the daily chart with long lower shadow. Technically, this pattern looks like a bullish hammer type candle pattern, but not a classical one. Normally, a formation of bullish hammer after reasonable declines signals impending trend reversal on the upside.

The bullish pattern like higher tops and bottoms is in the process as per daily timeframe chart and the current weakness could be in line with the new higher bottom formation of the sequence. Hence a sustainable upside bounce from here could confirm higher bottom reversal pattern.

The near-term uptrend status of Nifty remains intact. The present consolidation movement or minor dip is likely to complete soon and the market is ready to witness a sustainable upside bounce from the lows. The next overhead resistance to be watched around 24850-24900 levels. Immediate support is placed 24500.

The Nifty experienced another lackluster trading session, remaining confined within the range of 24,500 to 24,650. The sentiment is likely to stay sideways in the near term unless the index makes a decisive move beyond this range.

A break below 24,470 could trigger a correction of 200 to 250 points, while resistance is seen at 24,700 to 24,750.

The domestic market concluded on a flat note, a rebound from the lows suggests buy on dip strategy. China's additional stimulus plans did not boost Asian market sentiment. The broader market outperformed, maintaining its positive trend led by mid & small caps. IT index reached new highs in anticipation of improvement in US IT spending . Upcoming inflation data from the US and India are critical for insights into potential future rate cuts. India's CPI will serve as a key indicator of underlying earnings growth, which has been downgraded in H1FY25.

Post the flat opening, Index moved marginally higher before reversing to test its immediate support of 24,550. Select heavyweights in last hour of trade pushed the Index higher to settle trade at 24,610.05 with a loss of 8.95 points. The Realty sector extended its outperformance by advancing over 1 percent followed by IT and PSU Banks, whereas Media and Energy were the major laggards.

Mid and Smallcaps managed to end the day in green and outshined the Benchmark Index.

On the daily chart, Nifty50 has formed a Hammer kind of pattern which suggests a strong bottom/support is being placed at 24,500-24,550 and is set to move towards the recent high of 24,850.

Indian rupee ended at fresh record low at 84.85 per dollar on Tuesday versus previous close of 84.73.

Indian benchmark indices ended on flat note with Nifty around 24,600 on December 10.

At close, the Sensex was up 1.59 points or 0.00 percent at 81,510.05, and the Nifty was down 8.95 points or 0.04 percent at 24,610.05. About 1970 shares advanced, 1828 shares declined, and 122 shares unchanged.

Bharti Airtel, Adani Ports, Adani Enterprises, Dr Reddy's Laboratories and HDFC Life were among the top losers on the Sensex, while gainers were Bajaj Finserv, Infosys, HCL Technologies, Wipro and Shriram Finance.

BSE Midcap and Smallcap indices were up 0.3 percent each.

On the sectoral front, power, telecom, media down 0.5-1 percent, while IT, metal, PSU Bank and realty up 0.4-1 percent.

Indian Rupee depreciated today and touched a fresh all-time low of 86.8650 as change of guard at the Reserve Bank of India raised expectations of a shift in the central bank’s monetary policy. Markets now expect a rate cut in the upcoming monetary policy in February. Weak tone in the domestic markets and a surge in the US Dollar index further pressurised the Rupee.

We expect Rupee to trade with a negative bias on strength in the US Dollar and overnight gains in crude oil prices. However, recent FII inflows may support the Rupee at lower levels. Any intervention by the RBI may also support the Rupee. Investors may remain cautious ahead of US inflation data tomorrow. Inflation is expected higher than the previous month. USDINR spot price is expected to trade in a range of Rs 84.65 to Rs 85.10.

The Sensex was down 49.69 points or 0.06 percent at 81,458.77, and the Nifty was down 25.80 points or 0.10 percent at 24,593.20. About 1731 shares advanced, 1732 shares declined, and 88 shares unchanged.

SPR Engenious, a wholly owned subsidiary of Shriram Pistons & Rings has entered into a share purchase agreement to acquire 100% equity stake in TGPEL Precision Engineering.

SEBI has rejected the company's settlement application. The regulator had issued an administrative warning letter to Gretex on February 9, and the company filed a settlement application on February 12.

The company reported consolidated crude steel production for November at 23.23 lakh tonnes, up 5 percent compared to the year-ago period. Indian operations' production was higher by 7 percent YoY, with capacity utilization for November at 94 percent for Indian operations.

It is going to be a chance for Indian companies to grab the opportunity, but we will have to see how competent we are. There is an opportunity but there are challenges. It will not be easy.

We are not completely bullish on textile but in the long run it could be an opportunity.

The company has completed its Rs 3,500 crore qualified institutions placement, receiving demand of approximately 4x the base issue size from international and domestic investors. The entire issue was placed with marquee long-only investors such as SBI MF, Capital Group, SBI Pension, Kotak MF, Nippon MF, Norges Bank, and Amundi.

There was heightened volatility due various macro-economic factors, geo-political events & US election results. This resulted in investors opting for wait & watch approach while allocating larger amounts and thus decline in lumpsum flows including flattish SIP numbers for November’2025.

We also observe rotation towards higher-risk categories (i.e. small cap funds) from low-risk categories like Large caps and hybrid funds. NFO-related activities have also been slower last month.

The Board has approved the issuance of 2.14 crore equity shares to qualified institutional buyers at a price of Rs 699 per share, amounting to Rs 1,500 crore.

Lumina Datamatics has signed a definitive agreement to acquire a controlling stake in TNQTech, a Chennai-based publishing technology and services company.

#1 Past 4 years have seen acquired projects provide 8x multiple to acquisition cost & sales to quadruple

#2 Pivot to owned land & recent equity raise serve to extend the growth & CF jump horizon

#3 In near-term, expect company to post 35 percent pre-sales growth in FY25 as H2 launches build on strong H1

The Sensex was down 152.95 points or 0.19 percent at 81,355.51, and the Nifty was down 53.55 points or 0.22 percent at 24,565.45. About 1631 shares advanced, 1779 shares declined, and 99 shares unchanged.

The Board has approved the company's proposal to set up a new hot forging plant at Kinathukadavu, Coimbatore, to increase the manufacturing capacity of existing products.

#1 Sale of PayPay stock acquisition rights approved

#2 Sale net positive for company & would help strengthen its balance sheet

#3 Drive tighter focus on its core payment and financial distribution businesses

#1 Evolution of customer preferences towards embedded protection

#2 Sustained investment scaling up of business in tier-II and III markets

#3 Robust focus on deploying sales manpower across verticals

#4 Reiterating mid-high-double-digit medium-term VNB CAGR

Nifty 50 giving more than 18 percent return in this calendar year, and mid cap and small case actually gave return more than 25%. This is the most exciting time for the Indian investment ecosystem, not only from the stock market but also from the commodity side with gold and silver at their all-time high.

The company has signed a License Agreement for a Lemon Tree Resort in Mirik, West Bengal. The property will be managed by the company's subsidiary, Carnation Hotels, and is expected to open in FY28.

The company has received a work order worth Rs 24.5 crore from Haryana State Electronics Development Corporation for CAMC.

The company has received an order worth Rs 400 crore from Sterlite Power for the supply and supervision of 765KV power transformers and reactors for the Khavda project.

80% of Nifty 50 stocks gained between 10% and 140% in FY2024. This market delivered returns not only to a few people, everyone earned. After that budget announcement, if we see the market is crossing its previous high of 26,000. Then next year, after the budget, I can say that the market can even reach the levels of maybe 28,000 29,000.

Eighty percent of Nifty 50 stocks gained between 10 percent and 140 percent in FY2024. This market delivered returns not only to a few people but to everyone. After that budget announcement, we see the market crossing its previous high of 26,000. Next year, after the budget, I believe the market could potentially reach levels of 28,000 or even 29,000.

The Nifty 50 delivered a return of more than 18 percent this year, while mid-cap and small-cap indices provided returns exceeding 25 percent. This is an exciting time for the Indian investment ecosystem, not just in the stock market but also in commodities, with gold and silver at their all-time highs.

Sanjay Malhotra, the new RBI Governor, emphasized the importance of understanding all perspectives and doing what is best for the economy. He stated that policies will continue to be shaped based on the economy's needs.

Rupee hits record low of 84.84 against the US dollar

The Reserve Bank of India (RBI), in response to an RTI query, stated that Tata Sons' applications regarding an IPO exemption and the surrender of its Certificate of Registration (COR) as a Core Investment Company (CIC) are under examination.

#1 Biosecure act appears delayed but thesis is intact

#2 Biopharma companies will continue to look for diversification & will keep adding additional partners/suppliers

#3 Any sharp correction may be an enhanced buying opportunity as pipeline appears strong

#4 Company has multiple catalysts like contrast media, GLP-1

#5 Entresto sales may not come down against street estimates of a sharp decline

#1 After recent large cuts, consensus forecast build in 14 percent consolidated EBITDA growth in FY26

#2 14 percent EBITDA growth appears achievable, building in USD 2/bbl increase in GRM, stable Jio tariffs

#3 Retail back at 15 percent YoY EBITDA (aided by a low base) will also aid growth

#4 There should be little risk of further EPS cuts, in our view

#5 Better commodity recovery/tariff hikes can surprise positively

#6 Relative valuations are supportive

The REIT has opened its institutional placements issue on December 9, with a floor price set at Rs 287.55 per unit.

The Board will meet on December 12 to consider a revised borrowing plan for raising debt during FY25, including raising funds through the issuance of bonds up to Rs 2,600 crore in one or more tranches via private placement as part of the borrowing plan for FY25.

The company has received board approval to raise up to Rs 400 crore through the issuance of equity shares, convertible instruments, or other permissible securities, in one or more tranches via preferential issue to finance its business growth plan.

Hardwyn India, India and The Gyalsung Infra, Bhutan have singed MOU stating that all the architectural hardware and glass fittings products will be supplied by Hadwyn India Ltd for renovations of buildings and upcoming projects / construction done

by The Gyalsung Infra in Bhutan.

The Sensex was up 197.66 points or 0.24 percent at 81,706.12, and the Nifty was up 52.25 points or 0.21 percent at 24,671.25. About 1868 shares advanced, 1314 shares declined, and 105 shares unchanged.