Closing Bell: Sensex, Nifty flat on expiry day; autos shine, media drag

Indian benchmark indices ended on flat note in the volatile session on December 26. At close, the Sensex was down 0.39 points at 78,472.48, and the Nifty was up 22.55 points or 0.10 percent at 23,750.20.

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.

On the last expiry day of the year, the domestic market remained flat throughout the day amidst holidays in peer markets and a lack of major domestic or global triggers. Auto shares saw gains from recent corrections. However, concerns over FII outflows and the depreciating rupee persist, given the strengthening US dollar index and worries about potential adverse tariffs and concerns over rate cuts in 2025, held the muted market trend.

This week Nifty traded in a narrow range of 300 points, showing no clear direction. For the last three days index struggled near the 23870 level on the upside while finding support around 23600 on the downside. This tug of war between bulls and bears led to the formation of multiple Doji candles and inside bars on the daily chart indicating indecision. Nifty is hovering near its 200-day EMA and trading below its short-term moving averages as well. On the weekly chart, the index has formed a Doji candle indicating support-based buying, but with limited upside potential.

FII selling pressure has been significant as reflected by a decline in the Long-Short ratio which has dropped to 23%. Based on the current price structure as long as Nifty trades above the 24500 zone index can witness some swings towards 23900-24000 zone.

On option front, Maximum Call OI is at 24000 then 25000 strike while Maximum Put OI is at 23800 then 23000 strike. Call writing is seen at 23800 then 24000 strike while Put writing is seen at 23800 then 23000 strike. Option data suggests a broader trading range in between 23200 to 24200 zones while an immediate range between 23500 to 23900 levels.

The bulls are finding it difficult to overcome the immediate hurdle of 23,850. After a firm opening, the Index advanced under the leadership of the Banking stocks but the rally quickly fizzled out and in the absence of any triggers, the markets oscillated in a tight range before concluding the day at 23,750.20 with marginal gains of 22.55 points.

Among the sectors, Auto and Pharma were the top performers whereas Media and FMCG were the laggards. The lacklustre activity was seen in the broader markets also.

As stated earlier, we need a convincing move on either sides of a well-maintained range of 23,650-23,850.

Indian rupee ended at new record low at 85.26 per dollar on Thursday versus Tuesday's close of 85.20.

Indian benchmark indices ended on flat note in the volatile session on December 26.

At close, the Sensex was down 0.39 points at 78,472.48, and the Nifty was up 22.55 points or 0.10 percent at 23,750.20. About 1599 shares advanced, 2219 shares declined, and 95 shares unchanged.

Adani Ports, Shriram Finance, M&M, Maruti Suzuki, SBI Life Insurance were among major gainers on the Nifty, while losers were Titan Company, Asian Paints, Nestle, JSW Steel, Grasim Industries.

BSE midcap and smallcap indices ended flat.

On the sectoral front, buying was seen in the auto, energy, pharma, realty, PSU Bank, while selling was seen in the metal, FMCG, media.

Indian Rupee fell to a fresh all-time low on Thursday on strong US Dollar and rising US treasury yields. 10-year US treasury yields are at the highest levels in seven months. Surge in crude oil prices and dollar demand from importers also weighed on the Rupee. Most global markets are closed today on account of Boxing Day holiday.

We expect Rupee to trade with a negative bias on strength in the US Dollar and geopolitical tensions. Month-end/year-end Dollar demand and FII outflows may also weigh on the Rupee. However, any intervention by the RBI may support Rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of Rs 85.10 to Rs 85.45.

The Sensex was up 12.62 points or 0.02 percent at 78,485.49, and the Nifty was up 26.60 points or 0.11 percent at 23,754.25. About 1391 shares advanced, 2065 shares declined, and 74 shares unchanged.

The share price crossed Rs 1000 mark post 26 Septrmber.

#1 Companies H1FY25 revenue was flat YoY as total tonnage handled at nearly 2.37 million tonnes

#2 Collection & transportation division handled 0.96 million tonnes, up 7 percent YoY in 1HFY25

#3 Going ahead, believe company’s earnings would be fuelled by new C&T contract wins

#4 Incremental volumes at the Kanjurmarg project can also contribute to results

#5 Core EBITDA margin for H1FY25 stood at 21.1 percent vs 19.5 percent in H1FY24

A meeting of the board of directors of the company will be held on Tuesday, 7th January, 2024 to consider and approve the proposal for payment of interim dividend if any, on the equity shares of the company and the proposal for bonus issue along-with other matter, if any, as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required, including the approval of the shareholders of the Company.

Subject to approval of members of the company, the board has proposed to issue bonus shares to its equity shareholders in the proportion of 3: 1 i.e. 3 new fully paid-up equity share of Rs 2 each for every 1 existing fully paid-up equity share of Rs 2 each.

ACME Renewtech, a subsidiary of ACME Solar Holdings has successfully secured Rs 1,988 crore in term loan financing from Power Finance Corporation (PFC) to fund the development and construction of a 300 MW Solar-Wind Hybrid Renewable Energy Project.

In addition to this significant development, ACME Solar has achieved another milestone in its renewable energy portfolio by securing a 300 MW Solar Power Project under the SECI-ISTS XVIII scheme at a tariff of Rs 3.05 per unit.

The company has received a Letter of Award from UNICEF for the supply of 115 million doses of its bivalent oral polio vaccine (bOPV), valued at USD 14.95 million (approximately Rs 127 crore), for CY2025.

The company's subsidiary, Religare Broking, registered as a Depository Participant, has received approval from SEBI for changes in shareholding, control, and management.

The company has received an arbitration award directing its subsidiary, Cowtown Infotech Services, to pay Rs 40 crore (plus interest) to a vendor in relation to a terminated contract. Cowtown Infotech Services plans to challenge the award in an appropriate forum.

Kody Technolab shares extend gain on the second consecutive session

The Board has appointed Manisha Chandalia as Chief Financial Officer (CFO) of the company, effective December 24.

EaseMyTrip.com announced the launch of its newest franchise store in Srikalahasti, Andhra Pradesh. This is the company's 23rd franchise store.

#1 Remain constructive as there are multiple growth tailwinds in FY26

#2 Commencement of glassware unit in Q2FY25 may start contributing to revenue & earnings

#3 Integration of wimplast with itself will allow to unlock synergy benefits in distribution

#4 Investment in brand building, digital spends & quick comm may contribute materially to earnings in FY26

#5 Some growth spurts visible in few pockets in Q3FY25, indicating demand recovery

#1 Strategic shift in product mix; tracking well on execution

#2 Mix improvement to aid NIM expansion; recoveries to keep credit costs benign

#3 Company now well positioned to deliver 18 percent loan CAGR over FY24- 27

#4 Expect company to deliver profit CAGR of 23 percent over FY24-27 & RoA/RoE of 2.6 percent/14 percent in FY27

A meeting of the board of directors of Surana Telecom and Power is scheduled to be held on December 28, 2024 to consider and approve transfer of 5 MW solar power plant of the company by way of slump sale as going concern.

Dhruv Consultancy Services in Joint venture with Global Infra Solutions has received the notice to proceed with work towards the consultancy services

in form of construction supervision of balance cantilever bridge ( 9m carriageway plus both sides crash barrier ) length of 160.00 m effective span (with approach roads) at Garkhal in the state of Himachal Pradesh from the office of Director (Projects), Himachal Pradesh Road and Infrastructure Development Corporation.

The Contract Price is Rs 44,00,000 excluding all taxes and the contract period will be of 24 months.

The company has announced a temporary shutdown of its Goa unit for maintenance work, effective December 25.

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The Board has approved the infusion of €39 million by Bharat Forge into its subsidiary, Bharat Forge Global Holding GmbH. The funds will be used to repay debt.

The company's subsidiary, Apollo Healthco, is acquiring the business operations, software, intellectual property, and all related assets and liabilities of Searchlight Health on a going-concern and slump-sale basis for Rs 67.5 crore.

Archies has announced the expansion in GCC market through a strategic partnership with Al Hasnae Gifts. This collaboration signifies a pivotal moment for Archies as it launches operations in the UAE and plans further expansions into Oman, Saudi Arabia, and Bahrain, establishing a robust presence across the Middle East.

The company clarified media reports about China’s Hisense planning to buy a 26 percent stake in its subsidiary, stating that the business discussions are currently in the preliminary stage.

#1 Companies H1FY25 revenue was flat YoY as total tonnage handled at nearly 2.37 million tonnes

#2 Collection & transportation division handled 0.96 million tonnes, up 7 percent YoY in 1HFY25

#3 Going ahead, believe company’s earnings would be fuelled by new C&T contract wins

#4 Incremental volumes at the Kanjurmarg project can also contribute to results

#5 Core EBITDA margin for H1FY25 stood at 21.1 percent vs 19.5 percent in H1FY24

Shares of recently listed renewable energy player NTPC Green Energy tumbled over 4 percent on December 26, as the one-month lock-in period for anchor investors expired today.

Following the lock-in expiry, as many as 1.83 crore shares of NTPC Green Energy, or a 2 percent stake in the company, became eligible to trade, opening the doors for anchor investors to go ahead and offload 50 percent of their holdings in the stock if they wished to do so.

It must be noted that the end of a lock-in period does not mean that all the shares will be sold, but they only become eligible to be traded.

Meanwhile, the stock has also gained nine percent in less than a month since its market debut, giving investors plenty room to take home partial profits.

Raymond Lifestyle shares extend gain on second day after eight consecutive day of losses

The Board has approved the infusion of €39 million by Bharat Forge into its subsidiary, Bharat Forge Global Holding GmbH. The funds will be used to repay debt.

The company’s subsidiary, Ceigall Ludhiana Bathinda Greenfield Highway, has executed a Concession Agreement with the National Highways Authority of India for a project worth Rs 981 crore. The project involves the development of a six-lane access-controlled Ludhiana-Bathinda Greenfield highway section of NH-754AD as part of the Ludhiana-Ajmer Economic Corridor under Bharatmala Pariyojna Phase-I (Package-2).

The company has received a Letter of Acceptance from the Hyderabad Metropolitan Water Supply and Sewerage Board (HMWSSB) for a project worth Rs 215.08 crore. The project involves the manning, operation, and maintenance of STPs and their connecting interception and diversion under HMWSSB jurisdiction for five years.

Welspun Corp's associate company East Pipes Integrated Company for Industry (EPIC), Saudi Arabia’s leading manufacturer of HSAW Pipes announced multi contracts sign off with Saudi Real Estate Infrastructure Company (Binyah) and AI Rashid Trading and Contracting Company with value exceeding SAR 57 million (Approx. Rs 130 crore) for manufacturing, supply of steel pipes and coating. The duration of the contract is seven months.

TVS Digital Pte Ltd. (TVS Digital), a step down wholly-owned subsidiary of TVS Motor has entered into an agreement dated 25th December 2024 (Agreement) for redemption of 5,31,416 Series A Preferred Stock of Scienaptic Systems, Inc., a Delaware corporation (Scienaptic), for an aggregate consideration of USD 1.7 Million in Scienaptic. The Transaction is expected to be completed on or before 31st December 2024.