Closing Bell: Sensex up 843 points, Nifty above 24,750 as market makes a sharp recovery

Market Close | Indices recover sharply from day's low

Indian equity indices ended on strong note with Nifty above 24,750 on December 13. At close, the Sensex was up 843.16 points or 1.04 percent at 82,133.12, and the Nifty was up 219.60 points or 0.89 percent at 24,768.30.

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

Jatin Gedia – Technical Research Analyst at Mirae Asset Sharekhan

Nifty witnessed wild swings today and closed in the positive up ~220 points. On the daily charts, we can observe that the Nifty has tested the 20-day moving average (24200) and witnessed a sharp upmove. The Index has formed an Inside Bar candle stick pattern on the weekly charts and thus making the extremes of the previous candle i.e. 24858 – 24009 crucial levels to watch out for the upcoming week.

We expect the pattern to break out on the upside and continue with the positive momentum towards 25125 during the upcoming week. On the downside 24420 – 24400 is the crucial support zone. As far as derivative data is concerned, 24600 CE saw a sharp short covering and Put writing was witnessed at 24500 – 24400 strikes. The Nifty Weekly PCR witnessed an improvement from 0.70 to 1.04, suggesting a Bullish sentiment. Overall, we expect positive momentum to continue.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Markets quickly bounced back from its weak opening and surged ahead in intra-day trades as moderating inflation and uptick in IIP growth numbers enthused investors to resort to value buying in banking, IT and telecom stocks.

Market This Week

#1 Friday’s big surge intra-day helps market turn positive for the week

#2 IT Stocks lend support to market, Nifty IT index up nearly 7 percent in 2 weeks

#3 Sensex & Nifty gain 0.4 percent each, Nifty Bank up 0.1 percent & Midcap index up 0.5 percent

#4 PSU Banks & FMCG stocks were amongst major drags this week

Ajit Mishra – SVP, Research, Religare Broking

The final trading session of the week was a roller-coaster ride, with Nifty experiencing sharp swings in both directions before ending at 24.768.30 level nearly 1% higher. Sectoral indices mirrored this volatility, with FMCG, IT, and banking leading the gains, while metals and realty ended in the red. The broader indices also saw choppy trading but managed to close flat.

Nifty's strong close near the day’s high suggests the potential for further upside, with confirmation expected above the 24,800 level. We maintain a positive outlook on the IT and banking sectors, recommending selective picks from others. Participants should align their strategies accordingly, prioritizing risk management to navigate market volatility effectively.

Vinod Nair, Head of Research, Geojit Financial Services

The domestic market smartly recovered from the day’s low and moved out of the consolidation path led by index heavyweights. A gradual easing in food inflation and a price hike by FMCG companies, along with a recent correction in valuation, supported the sector to outperform. Currently, the market is anticipating a revival in consumer spending, driven by the festive season and year-end holidays, adding to the sentiments. Additionally, expectation of an increase in US spending is propelling the IT sector.

For the week, BSE Sensex added 0.7 percent and Nifty rose 0.4 percent....Read More

Rupak De, Senior Technical Analyst, LKP Securities

The equity market in India witnessed a roller-coaster session on the day of the Sensex weekly expiry. On the lower end, the Nifty found support around the neckline of the inverse head-and-shoulders pattern, completing a retest before rallying towards higher levels.

Today's low also coincides with the 38.2% retracement level of the previous rally. Going forward, the trend is likely to remain strong, with the potential to reach 25,000 and higher in the short term. On the lower end, support is placed at 24,550.

Currency Check | Rupee closes higher at 84.79

Indian rupee ended 7 paise higher at 84.79 per dollar on Friday versus Thursday's close of 84.86.

Market Close | Sensex up 843 points, Nifty above 24,750 as market makes a sharp recovery

Indian equity indices ended on strong note with Nifty above 24,750 on December 13.

At close, the Sensex was up 843.16 points or 1.04 percent at 82,133.12, and the Nifty was up 219.60 points or 0.89 percent at 24,768.30. About 1741 shares advanced, 2086 shares declined, and 114 shares unchanged.

Biggest Nifty gainers were Bharti Airtel, Kotak Mahindra Bank, ITC, UltraTech Cement, HUL, while losers included Shriram Finance, IndusInd Bank, Tata Steel, Hindalco, JSW Steel.

BSE Midcap and Smallcap indices ended on flat note.

On the sectoral front, auto, bank, FMCG, telecom rose 0.5-2 percent, while realty, metal and media shed 0.5 percent each.

Stock Market LIVE Updates | Brookfield India REIT raises Rs 3,500 crore via QIP issue

Brookfield India Real Estate Trust has raised Rs 3,500 crore by selling units to institutional investors through QIP issue mainly to reduce debt.

In a regulatory filing on Friday, the company said it has successfully completed a capital raise of Rs 3,500 crore through a qualified institutional placement (QIP) of units. The issue was launched on December 9.

The issue saw strong demand from long-term investors including a mix offerings from institutions, mutual funds, and life insurance companies. ”The issue marked the first REIT investments in India from the International Finance Corporation (part of the World Bank group) and Life Insurance Corporation of India,” Brookfield India REIT said. Other anchor investors included SBI Mutual Fund and ICICI Prudential Mutual Fund.

IPO Check | Sai Life Sciences IPO subscribed at 5.62 times at 3:15 PM (Day 3)

QIB – 15.66 times

NII - 3.86 times

Retail – 0.94 times

Overall – 5.62 times

IPO Check | Vishal Mega Mart IPO subscribed at 15.38 times at 3:10 PM (Day 3)

QIB – 40.53 times

NII - 12.89 times

Retail – 2.07 times

Overall – 15.38 times

Stock Market LIVE Updates | WS Industries appoints T R Sivaraman as chief financial officer

IPO Check | One MobiKwik Systems IPO subscribed at 80.71 times at 3:00 PM (Day 3)

QIB – 61.83 times

NII - 93.64 times

Retail – 117.97 times

Overall – 80.71 times

Sensex Today | Madhav Infra Projects bags railway order

Stock Market LIVE Updates | GE Shipping delivers its 2005 built medium range product tanker ‘Jag Padma’ to buyers

Despite heating competition in the quick commerce space, Morgan Stanley holds on the idea that Blinkit will manage to still clench at least 40 percent market share by FY27. ...Read More

Sensex Today | Kernex Microsystems locked at upper circuit on sixth consecutive session

The facility of algo trading shall be provided by the stock broker only after obtaining requisite permission of the stock exchange for each algo, says SEBI...Read More

Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan

Indian Rupee recovered from all-time lows today on decline in inflation and upbeat IIP data. India’s CPI inflation cooled off to 5.48% y-o-y in November 2024 vs 6.21% in October 2024 and in line with forecast of 5.5%. IIP grew by 3.5% y-o-y in October 2024 vs 3.1% in September 2024. Positive domestic markets also supported the Rupee. US Dollar rose on disappointing economic data from the UK and Germany.

We expect Rupee to trade with a negative bias on strong US Dollar and elevated crude oil prices. FII outflows may also pressurise the Rupee. however, a positive domestic equities and better than expected macro-economic data may support the Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 84.65 to Rs 85.05.

Brokerage Call | UBS keeps 'neutral' rating on AU Small Finance Bank, target cut to Rs 640 from Rs 750

Sensex Today | SEBI highlights focus on retail participation in Algorithmic Trading

The Securities and Exchange Board of India (SEBI) has emphasized its commitment to refining the framework governing retail participation in algorithmic trading.

SEBI plans to review and enhance existing guidelines to ensure a robust regulatory structure.

Additionally, the regulator clarified that brokers offering algorithmic trading services must first secure permission from the relevant exchanges, underscoring the importance of oversight and compliance in this evolving market segment.

Sensex Today| Solara Active Pharma down for ninth day

IndiaCharts' Rohit Srivastava said the Indian equities seem to have possibly topped out ahead of other major global indices. The global markets may now surprise us on the downside, he added. ...Read More

Sensex Today| Bank of Maharashtra falls for seventh day

Sensex Today| Decline in India's vehicle sales in November

India's passenger vehicle sales witnessed a dip in November, falling to 347,522 units from 393,238 units recorded in October, as per data from the Society of Indian Automobile Manufacturers (SIAM). The decline was observed across various segments: local car sales dropped to 97,186 units from 107,520 units, while utility vehicle sales slipped to 192,684 units from 225,934 units. Additionally, the two-wheeler segment saw a significant fall, with sales declining to 1.605 million units from 2.164 million units in October.

Stock Market LIVE Updates | ICICI Bank board approves sale of 19% stake in ICICI Merchant Services

Stock Market LIVE Updates | SpiceJet clears all pending employee provident fund dues worth Rs 160 crore

Stock Market LIVE Updates | 1.81 million shares of Delhivery traded in a block: Bloomberg

Brokerage Call | UBS keeps 'neutral' rating on Axis Bank, target cut to Rs 1,210 from Rs 1,250

Stock Market LIVE Updates | Premier Energies to set-up 1 GW Solar Photovoltaic TOPCon Module manufacturing facility

IPO Check | Sai Life Sciences IPO subscribed at 2.67 times at 1:30 PM (Day 3)

QIB – 7.06 times

NII - 1.89 times

Retail – 0.64 times

Overall – 2.67 times

Stock Market LIVE Updates | JK Tyre gets 30 million euro loan for the expansion of production capacities in Madhya Pradesh

Stock Market LIVE Updates | Dhampur Bio Organics board appoints Mohd Rizwan Khan as Vice President (Functional Head - Cane), effective December 12

IPO Check | One MobiKwik Systems IPO subscribed at 42.13 times at 1:20 PM (Day 3)

QIB – 8.19 times

NII - 70.38 times

Retail – 101.56 times

Overall – 42.13 times

Stock Market LIVE Updates | Astra Microwave JV bags order worth Rs 256 crore from Ministry Of Defence

Stock Market LIVE Updates | Veefin Solutions acquires 50% stake in Walnut AI Pte

The company, through its subsidiary Estorifi Solutions, has acquired a 50 percent stake in Walnut AI Pte for $2 million.

Stock Market LIVE Updates | Aastamangalam Finance shares trade ex-rights

Stock Market LIVE Updates | Firstsource Solutions in partnership with WebID Group

The RP-Sanjiv Goenka Group company has announced a partnership with WebID Group, a leading digital identification provider.

The partnership will further strengthen their trust and safety offering by enhancing platform security, optimizing the online identity process, and reducing potential fraudulent or malicious actors.

Stock Market LIVE Updates | NESCO declars highest bidder by National Highways Logistics Management

National Highways Logistics Management (the SPV of National NHAI) has declared the company as the highest bidder and has accepted the company’s proposal for developing, operating, and maintaining wayside amenities on the Hyderabad–Visakhapatnam Expressway in the Khammam–Devarapalle section on a lease basis.

The estimated annualized revenue from 4 sites is Rs 300 crore from the fourth year of operations.

Stock Market LIVE Updates | Adani Green Energy arm incorporates three wholly-owned subsidiaries

The company's subsidiary, Adani Renewable Energy Holding Nine, has incorporated three wholly-owned subsidiary companies: Adani Green Energy Sixty Five, Adani Green Energy Sixty Six, and Adani Green Energy Sixty Seven.

Stock Market LIVE Updates | Tolins Tyres's CFO resigns

Ravi Sharma has resigned from the post of Chief Financial Officer of the company, effective December 12.

Despite easing inflation, Indian share market grappled with global uncertainties, foreign investor selling, and persistent pressure on key sectors, overshadowing the CPI cheer....Read More

Stock Market LIVE Updates | Tamilnadu Telecommunications shares extend losses on second day

The company will invest the funds in a sustainable expansion of production capacities at its Madhya Pradesh-based passenger car radial tyre facility, the tyre maker said in a statement....Read More

Stock Market LIVE Updates | Kolte-Patil Developers launches redevelopment project ‘La Vita’ at Navi Mumbai

Kolte-Patil Developers announced its foray into the Navi Mumbai market with the launch of mixed-use development project ‘La Vita’ in the heart of sector 2, Vashi.

Stock Market LIVE Updates | Bharti Airtel shares jump highest in seven weeks

Stock Market LIVE Updates | capex plan for Rs 500-550 billion in next 3 years: Vodafone Idea at investor presentation

Stock Market LIVE Updates | Ceenik Exports shares trade ex-dividend

IPO Check | Vishal Mega Mart IPO subscribed at 3.34 times at 12:30 PM (Day 3)

QIB – 3.04 times

NII - 7.73 times

Retail – 1.62 times

Overall – 3.34 times

Stock Market LIVE Updates | Hindustan Aeronautics shares trade higher on order win from Ministry of Defence

Stock Market LIVE Updats | Exxaro Tiles sahres trades ex-split

IPO Check | Sai Life Sciences IPO subscribed at 1.69 times at 12:25 PM (Day 3)

QIB – 4.19 times

NII - 1.15 times

Retail – 0.57 times

Overall – 1.69 times

IPO Check | Quest Global IPO may take place as soon as 2025: Sources to Bloomberg

Brokerage Call | UBS keeps 'neutral' call on IndusInd Bank, target cut to Rs 1,150 from Rs 1,350, cut EPS by 5%/6% for FY25/26

IPO Check | One MobiKwik Systems IPO subscribed at 33.51 times at 12:20 PM (Day 3)

QIB – 1.52 times

NII - 58.39 times

Retail – 92.18 times

Overall – 33.51 times

Stock Market LIVE Updates | JSW Energy do not have gas storage facility at thermal plant, Ratnagiri

The company has clarified that its thermal plant at Ratnagiri does not have any gas storage facility and is not involved in the recent incident of gas release as reported in the media.

The company prioritizes the safety and well-being of employees, the community, and the environment. It adheres to stringent safety protocols and continuously monitors operations to ensure they meet the highest standards.

Stock Market LIVE Updates | 1 million shares of ITC traded in another block: Bloomerg

Stock Market LIVE Updates | Greenply Industries closes manufacturing operations at Gujarat MDF plant

The manufacturing operations at the MDF plant of the company’s wholly owned subsidiary Greenply Speciality Panels in Vadodara, Gujarat, have been closed effective December 11 due to the breakdown of machinery. Necessary steps are being taken to resolve the issue, and the facility is likely to resume production in the next few days.

Sensex Today | Dow Futures trades flat

Markets@12 | Sensex, Nifty erase all losses, trade flat

The Sensex was down 7.63 points or 0.01 percent at 81,282.33, and the Nifty was down 23.55 points or 0.10 percent at 24,525.15. About 1139 shares advanced, 2217 shares declined, and 94 shares unchanged.

Stock Market LIVE Updates | Orbit Exports locked at upper circuit; shares gain in 4 out of last 6 sessions

Stock Market LIVE Updates | 1.02 million shares of ITC traded in a block: Bloomberg

Global Markets | Asian markets trade weak; Hang Seng down 1.4%

Asian equities fell Friday as a lack of details from a Chinese economic conference disappointed some traders and risk appetite weakened ahead of next week’s Federal Reserve meeting

Waaree Energies stock had run up over 20 percent in the last seven sessions, giving investors plenty of room to book partial profits....Read More

Sensex Today | 1.16 million shares of Reliance Industries traded in another block: Bloomberg

Stock Market LIVE Updates | RBI approves appointment of Manish Jain as Executive Director of Yes Bank

The Reserve Bank of India has approved the appointment of Manish Jain as Executive Director of Yes Bank for a period of 3 years, effective December 11.