Closing Bell: Sensex, Nifty marginally down; metal, power drag, FMCG, autos gain

Indian equity indices ended marginally lower in the volatile session on December 24. At close, the Sensex was down 67.30 points or 0.09 percent at 78,472.87, and the Nifty was down 25.80 points or 0.11 percent at 23,727.65.

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

The Nifty remained mostly rangebound throughout the day before closing flat. On the daily chart, the index closed below the 200-DMA for the first time in three days, confirming a short-term bearish trend.

The RSI is in a bearish crossover and continues to decline, reinforcing the negative outlook. On the downside, support is placed at the 23,500-23,400 zone, while resistance is seen at 23,860.

The domestic market concluded flat ahead of the holiday, with metal and power stocks dragging performance while FMCG and auto sectors gained from recent corrections. The near-term market trajectory hinges on the outcome of Q3 results and the Union budget, but caution prevails due to a strong dollar, high bond yields, and concerns over rate cuts. The INR hitting an all-time low, further evoked the caution.

Today, the benchmark indices continued to exhibit narrow range-bound activity, with the Nifty ends 26 points lower and the Sensex down by 67 points. Among sectors, selective auto stocks saw buying interest at lower levels, while the metal and PSU bank indices experienced intraday profit booking at higher levels.

Technically, after a muted opening, the market witnessed range-bound activity throughout the day, it also formed a small inside body candle on the daily charts. We believe that the current market texture is non-directional, as traders seem to be waiting for a breakout in either direction.

On the upside, 23850/78800 would be the immediate breakout level for the bulls. If surpassed, the market could rally up to 23950-24000/79100-79300. Conversely, selling pressure is likely to accelerate below 23600/78200, with the market potentially slipping to 23500-23475/78000-77800.

After a subdued opening, the Index soared higher under the leadership of the Auto and IT counters but however once again, the level of 23,850 worked as a strong hurdle and the Index reversed to settle the trade at 23,727.65 with a loss of 25.80 points. Auto and FMCG were the top performers on a sectoral front while Metal and PSU Banks corrected the most.

The disparity was seen in the Broader markets where Midcaps moved in tandem with the Frontline Index while Smallcaps marginally outperformed by ending the day in green.

The Index is oscillating in a well-maintained range of 23,650-23,850 and a breakout on either sides is necessary for a concrete inference.

Indian rupee ended 9 paise lower at fresh record low at 85.20 per dollar on Tuesday versus Monday's close of 85.11.

Indian equity indices ended marginally lower in the volatile session on December 24.

At close, the Sensex was down 67.30 points or 0.09 percent at 78,472.87, and the Nifty was down 25.80 points or 0.11 percent at 23,727.65. About 1907 shares advanced, 1926 shares declined, and 94 shares unchanged.

Power Grid Corp, JSW Steel, SBI Life Insurance, Titan Company and SBI were among major losers on the Nifty, while gainers were Tata Motors, Adani Enterprises, Eicher Motors, BPCL and ITC.

Among sectors, buying was seen in the auto, FMCG, oil & gas, while selling was seen in the IT, media, metal, PSU Bank.

The BSE midcap index ended on flat note, while smallcap index was up 0.3 percent.

A meeting of the Board of Directors of the company is scheduled to be held on Thursday, 2 nd January, 2025 to consider the proposal for raising of funds, by way of, issue of one or more instruments including equity shares/convertible securities either by way of Preferential Issue/Qualified Institutional Placement or combination thereof of through any other mode stipulated under the applicable framework and subject to such approvals as may be deemed necessary.

The company has received an Establishment Inspection Report (EIR) with a Voluntary Action Indicated (VAI) status from the U.S. Food and Drug Administration (US FDA), for our API facility (Site 1), located at Bengaluru, Karnataka, and the inspection stands closed.

The company received the Establishment Inspection Report (EIR) from USFDA concluding the inspection as Closed

Indian Rupee fell to a fresh all-time low today on weak domestic markets and a strong US Dollar. Surge in crude oil prices and dollar demand also pressured the Rupee. There is demand for Dollars from importers.

We expect Rupee to trade with a negative bias on strength in the US Dollar and geopolitical tensions. Hawkish tone of the Fed and improved US economy may further support the Dollar. FII outflows may also weigh on the Rupee.

However, any intervention by the RBI may support Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 85 to Rs 85.40.

#1 In October 2024, sector's active subscriber base jumped sharply by 6.8 mn MoM

#2 4G/5G subscriber base fell in October, led by Jio, suggesting company weeding out inactive 4G customers

#3 Bharti led data subscriber additions in October implying better & premium customer mix

The Sensex was down 12.71 points or 0.02 percent at 78,527.46, and the Nifty was down 4.30 points or 0.02 percent at 23,749.15. About 1828 shares advanced, 1634 shares declined, and 82 shares unchanged.

#1 Stay optimistic on India defence space

#2 There is huge localisation push to reduce dependence on disrupted global supply chains

#3 Continued modernisation efforts with larger programs coming ahead of expected timelines

Kwality Pharmaceuticals has obtained product approval in South Africa (SAHPRA) for our prominent oncology oral solid dosage (OSD) product,

Tamoxifen 20mg Tablet, through a site transfer process.

Interglobe Aviation shares gain most in more than four months.

Shares of Interarch Building Products soared over 10 percent and hit a record high of Rs 1,869.75 on December 24 as investors rejoiced the management's solid growth outlook.

The management projected to deliver 50 percent growth in North India over FY25, with the majority of this growth coming from Uttar Pradesh. The North India region is expected to contribute 30 percent to the company’s overall business volume during this period.

#1 Company reiterates 18–20 percent overall growth guidance for FY25

#2 Immense scope to gain market share in both domestic and exports markets

#3 Plywood segment is likely to break even at 35–40 percent utilisation by FY26

#4 Particle board operations—due to start in Q3FY25—shall be 50 percent utilised by FY26

#5 Taking cognisance of near-term challenges, cutting FY25/26/27 EPS by 16 percent/12 percent/11 percent

The Central Bank of Sri Lanka's Financial Intelligence Unit has imposed a monetary penalty of Sri Lankan Rupees (LKR) 2 million (Rs 5.85 lakh) on Indian Bank for failure to comply with the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA) of Sri Lanka. Indian Bank operates in Sri Lanka through its two branches.

The company has entered into a second addendum to the loan agreement (dated June 28, 2023) with its Australia-based subsidiary, Symphony AU Pty. The agreement size has increased to A$ 15 million from A$ 10 million. The loans will be provided in one or more tranches to meet the working capital requirements of Symphony AU Pty and for general corporate purposes.

Dr Reddy’s Laboratories SA, Switzerland, a wholly owned subsidiary of the company, has incorporated a new wholly owned subsidiary in Finland, Dr Reddy's Finland Oy. Accordingly, Dr Reddy's Finland Oy is now a step-down wholly owned subsidiary of the company.

Deepesh Baxi  will relinquish his office as Chief Financial Officer (CFO) & Wholetime Director of the Company, with effect from close of business hours on 13 March 2025 to pursue opportunities outside the organization.

Consequently, he will cease to be the Director & CFO of the Company from such date.

The board has approved the sale of the company's fuel station at Belagavi, Karnataka, for Rs 3 crore. The agreement for sale will be executed by January 2025.

Akums Drugs and Pharmaceuticals has entered into an agreement with one of Leading Global Pharma Company for manufacture and supply of selected pharmaceutical formulations in European Market.

Renaissance Global raised  Rs 1,63,49,30,850 through a preferential allotment of 1,08,99,539 equity shares at Rs 150 per share.

#1 CY25 release calendar shows hollywood movie lineup & bollywood capitalising sequels standout

#2 Hollywood studios lining up 25 mega budget movies, well spread across next 12 months

#3 Bollywood capitalising sequels to already successful franchises & proven genres

#4 Strong content creates room for price hikes

#5 There is continued focus on correcting cost structure with help of favourable ind structure

The Board will meet on December 30 to consider the re-appointment of Subhash Chand Sethi as Chairman and Whole-Time Director of the company.

The Competent Authority has approved the capacity and capability assessment (CCA) of the company for GPS location-based Public Address & Passenger Information System (PAPIS) and LED destination boards in AC and Non-AC ICF & LHB coaches.

The company board approved the proposal for sub-division of existing one equity share of the company having face value of Rs 10  each into two equity shares having face value of Rs 5 each fully paid up was approved by the Board of Directors, subject to approval of the shareholders of the company and other regulatory/statutory approvals as may be required.

Ravish Mittal has resigned as Chief Financial Officer and Vice President of Finance and Accounts of the company, effective December 23.

The Sensex was up 209.22 points or 0.27 percent at 78,749.39, and the Nifty was up 65.35 points or 0.28 percent at 23,818.80. About 2014 shares advanced, 1353 shares declined, and 94 shares unchanged.

The Indian rupee falls to a fresh record, weighed by a stronger dollar and firm demand for the greenback from importers. Bonds edge slightly lower.

The NCD Committee at its meeting held today, considered and approved fund raising in 3rd Tranche for an amount of Rs 150 crore (out of approved size of Rs 400 crores) by way of issuance of Unsecured, Listed, Rated, Redeemable, Non-Convertible, Non-Cumulative, Taxable Debentures (NCDs), on a private placement basis.

The company board has accorded its approval to commence pre project activities for setting up of a green field Refinery cum Petrochemical complex in East Coast at Andhra Pradesh at an estimated cost of Rs 6100 crore.

The pre project activities consists of various initial studies, land identification and acquisition, preparation of Detailed Feasibility report, Environment Impact Assessment, Basic Design Engineering package, Front End Engineering Design etc.

The company's subsidiary, TVS Emerald, has completed the acquisition of 100% equity shares and compulsorily convertible debentures in Radial (Phase II) IT Park and Radial (Phase III) IT Park. With this, both entities have become wholly owned subsidiaries of TVS Emerald and, consequently, step-down subsidiaries of the company.

The company has completed the acquisition of 7,914 equity shares (or a 39.11% stake) in DriveX from its existing shareholder. With this, the company's shareholding in DriveX has increased to 87.38%, and consequently, DriveX has become a subsidiary of the company.

The company has received approval from the Board to infuse USD 64.50 million in its subsidiary Bharat Forge America Inc. The entire infused amount will be utilized for repaying debt.

Greaves Electric Mobility (GEML) a material subsidiary of Greaves Cotton, has filed a Draft Red Herring Prospectus (DRHP) dated December 23, 2024 with the Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited in connection with its initial public offering (IPO) of equity shares with a face value of Re 1 each, comprising a fresh issue of such number of Equity shares aggregating up to Rs 10,000 million and an offer for sale of up to 51,000,000 equity shares by company and up to 138,398,200 equity shares by Abdul Latif Jameel Green Mobility Solutions DMCC.

Shareholders have approved the sub-division of equity shares of the company in the ratio of 1:2 (i.e., existing 1 equity share of face value Rs 2 each into 2 equity shares of face value Re 1 each).

The share has touched a 52-week high of Rs 7,190.

#1 Company’s November spending market share fell 20 percent YoY vs industry’s +5 percent

#2 Spending market share fall reflects ongoing impact of RBI notification on corporate card spending

#3 November market share in number of credit cards in force stood at 18.7 percent

#4 For November 2024, volume of transactions rose 30 percent YoY vs industry's 32 percent YoY increase

#5 Aggregate daily spending was up 8 percent YoY so far in December, Vs 4 percent in November

The company's subsidiary, HG Banaskantha Bess, has entered into a battery energy storage purchase agreement with NTPC Vidyut Vyapar Nigam for the procurement of 185 MW/370 MWh on a long-term basis.

We write to inform you that the Company has executed a Development Agreement for development of land admeasuring approximately 81.05 Acres equivalent to 3,28,010 square meters, situated at village Tekali, Taluka Alibaug, District Raigad, Maharashtra.

Out of the above land, land admeasuring approximately 8.6 Acres equivalent to 34,803 square meters shall be earmarked and conveyed to the Company for construction of high end luxury 5 (five) star hotel / resort to the extent of FSI admeasuring 30,000 square meters.

On the balance land admeasuring 72.45 Acres equivalent to 2,93,207 square meters the Company intends to construct approximately 150 high end luxury, fully serviced, branded residential villas by consuming FSI of approximately 1,20,000 square meters

The consideration for the transaction to the landowners is in the form of revenue and area share from the said residential project.

Upon execution of the above agreement, the Company has taken physical possession of the above land.

Stocks in Asia gained in relatively thin holiday trading, driven by a rally in region’s tech firms after some of the world’s largest technology companies boosted US benchmarks on Monday.

Shares of PG Electroplast Limited gained over 5 percent to Rs 1,002 in the morning trade on December 24 after the company announced an expanded partnership with Whirlpool of India Limited for the contract manufacturing of semi-automatic washing machines.

Thomas George Muthoot has resigned as Managing Director of the company, and Thomas John Muthoot has resigned as Non-Executive Chairman, effective December 23.

Furthermore, the Board has approved the appointment of Tina Suzanne George as Executive Director and Ritu Elizabeth George as Additional Non-Executive Director.