Today's trading session saw positive momentum as both Sensex and Nifty rose around 0.51%, bouncing back from earlier lows. The BSE Sensex closed at 80,260.40, gaining 457.61 points or 0.57%, while the Nifty 50 ended at 24,274.00, up by 142.90 points or 0.59%.
Top gainers on the BSE included UltraTech Cement (+3.53%), Maruti Suzuki India, JSW Steel, Mahindra & Mahindra, and Tech Mahindra. Losers were limited, with NTPC down by 1.66%, followed by HDFC Bank, Larsen & Toubro, IndusInd Bank, and Kotak Mahindra Bank.
Sector-wise, all indices showed positive movement, with Nifty Realty leading with a 3.17% rise, followed by Nifty Metal (+1.16%) and Nifty Media (+1.09%). The IT, Pharma, FMCG, and Banking sectors also posted gains.
Meanwhile, the Indian Rupee touched a new record low of 84.70 against the US Dollar, influenced by economic data and a stronger dollar.
Earlier, Equity indices, the BSE Sensex and Nifty 50, opened on a subdued note on Monday, influenced by lower-than-expected GDP Figures.
By 10:00 AM, the BSE Sensex was trading at 79,724.63, down by 78.16 points or 0.098%. Meanwhile, the Nifty 50 managed to recover from earlier losses, rising by 12.10 points or 0.050%, to trade at 24,143. Key stocks such as Maruti Suzuki and Shriram Finance were in positive territory, showing some resilience. However, stocks like Britannia, HUL, and ONGC continued to extend their losses. The Pharma sector stood out with notable gains, surging over 3%, driven by strong performances in major pharmaceutical stocks.
Indian stock indices are expected to trade flat today, with the GIFT Nifty signaling a muted start. At 8:00 AM, the GIFT Nifty was down 0.22%, trading at 24,347. Last week ended on a strong note, as the Sensex surged 759 points to close at 79,803, while the Nifty 50 gained 217 points to finish at 24,131. Most sectoral indices closed in the green, reflecting broad-based market strength.
Asian markets are mostly in the green this morning. Japan's Nikkei 225 fell 0.31%, while the Topix rose 0.45%. Shanghai Composite gained 0.36%, and Hong Kong's Hang Seng climbed 0.73%. South Korea's Kospi and Kosdaq rose 0.45% and 0.18%, respectively, while Australia's S&P/ASX 200 added 0.3%.
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Dec 02, 2024, 2:40 pm IST
Aster DM Healthcare Shares Jump 5% After QCIL Merger News
Aster DM Healthcare's shares experienced a significant surge, climbing up to 5% intraday, following the announcement of a definitive agreement to merge with Blackstone-backed Quality Care India Limited (QCI), which is expected to position the combined entity as one of India's top three hospital chains.
Gold Rates In India Today, 2nd-Dec: 24K/100 Grams of Gold Falls By Rs 6,500; 1Kg Silver Dips Rs 500
Gold prices in India fell precipitously today, Monday, December 2, amid geopolitical concerns and a drop in the dollar index.
In India, the current price of gold is Rs 7,735 per gram for 24-carat gold and Rs 7,090 per gram for 22 carat gold. In India, the price of 22k of 10 grams of gold plunged by Rs 600 to Rs 70,900 today from Rs 71,500 earlier, while the price of 22k of 100 grams of gold fell by Rs 6,000 to Rs 7,09,000 on Monday from Rs 7,15,000 earlier.
Economy Update: India GDP | Temporary Blip Or Will It sustain?
Hitesh Suvarna of JM Financial Institutional Securities said, “Real GDP grew by 5.4% in 2QFY25, missing market expectations by 110bps. Sluggish investments and private consumption proved to be a major drag. On the supply side, resilient services and agriculture activity did not compensate for the weakness in manufacturing and mining activity. The weak GDP print in 2Q would warrant a 20-30bps cut in RBI’s growth projections for FY25. Elevated inflation will not allow RBI to ease policy rates in Dec’24; hence, we believe it will address any growth concerns through the liquidity route. We are building in 6.8% growth in FY25.”
Dec 02, 2024, 1:35 pm IST
Sector Update: Telecom | Bharti/Jio FCF Growth Story Intact On Tariff Hikes & Capex Normalisation
Dayanand Mittal of JM Financial Institutional Securities said, “We continue to expect telcos’ ARPU to grow at 11-12% CAGR in next 3-4 years given the consolidated industry structure, and Jio’s need for higher ARPU to justify its significant 5G capex and given its potential listing plans. Hence, we expect the industry to achieve an ARPU of INR 275-305 in the next 3-4 years (via tariff hikes, MBB upgrades, post-paid additions and data monetisation) for a pre-tax RoCE of 12-15%. Further, both Bharti and Jio’s managements have reiterated that capex hit a peak in FY24 and is likely to moderate from FY25 with pan-India rollout of 5G achieved by Dec’23 (for Jio) and Mar’24 (for Bharti and BHL). Thus, we estimate Bharti’s India business FCF to rise to ~INR 287bn/ INR 355bn in FY25/FY26 and Jio’s FCF to rise to ~INR 244bn/ INR 374bn in FY25/FY26; Bharti/BHL/Jio are likely to get to net cash position by FY29-30. We reiterate high conviction on our BUY on Bharti; we also maintain our BUY on BHL and our positive view on Jio. However, we maintain SELL on VIL and HOLD on Indus as, despite the recent equity fund-raise, VIL’s long-term sustainability is still contingent on significant favourable government support.”
Dec 02, 2024, 1:01 pm IST
Company Update: C.E. Info Systems | A B2B (Back-To-Basics) Pivot
Abhishek Kumar of JM Financial Institutional Securities said, “MapMyIndia’s board has decided to segregate its B2C (consumer-tech) aspirations from its core (B2B/B2B2C) business. Inherently different approach, higher investments and payback period associated with a B2C business necessitated the change. The company will take 10% stake in a new entity focussed solely on B2C business, promoted and led by current CEO Rohan Verma. This makes strategic sense to us. Location services’ B2C business model is unproven. Besides, Google Map is a near monopoly (c.80%+ market share; Source: media), making chances of success remote. Minority stake in B2C entity will preclude consolidation of losses, which could likely sustain in the foreseeable future. Our conversation with the company suggests MapMyIndia will continue to own the source code, brand and data of Mappls (B2C app). The feedback loop of the end-consumer’s map usage, benefit of brand recall in B2B/B2B2C segment will therefore continue to accrue to MapMyIndia, making it a win-win deal. The only grudge investors could have is departure of Rohan from CEO position. The company believes they have the leadership depth (exhibit 1) to make up for Rohan’s absence. Relatively unexposed leadership cadre could however unnerve investors. We lower our target PER to 55x (from 62x) to reflect that. We however raise our FY26/27E margin estimates by c.200bps driving 5% EPS uplift. c.10% correction (past one month) and better 2H ahead make current levels attractive. We maintain BUY with a revised INR 2,810 TP.”
Dec 02, 2024, 12:26 pm IST
Company Update: Hindustan Unilever (HUVR IN) | Investor Day Takeaways
Mehul Desai of JM Financial Institutional Securities said, “India FMCG opportunity is large & volume growth is expected to accelerate over medium to LT– visible from Unilever PLC mentioning about ‘doubling down on India’ and HUL too backed it up by clearly defining the area of opportunities across its segments. The underlying theme of ’Transform to Outperform’ remains unchanged. However, in Rohit’s (MD & CEO) maiden investor day presentation, the emphasis on accelerating portfolio transformation through premiumisation (Future Core) & market development (Market Makers) was higher. This is visible from ‘Future Core’ comprising of 10 brands (of INR 10bn+ size) which are at sweet spot of premiumisation and ‘Core’ comprising more of mass end brands (such as Lifebouy, GAL, Rin, Clinic+). Moreover, growth algorithm (for double digit EPS growth) points to inline with market growth (vs ahead of market in 2022) for ‘Core’ while ‘Future Core’ & ‘Market Makers’ are expected to grow at 1.25x/1.5x market growth. Current investor concerns on HUL are more on growth acceleration and driving margin expansion (both not visible since last 6 quarters). This is contingent on pace of its portfolio transformation exercise which is where more visibility is needed. Home Care did lot of heavy lifting on these aspects in past, hopes are now pinned on Beauty and F&R division where execution will be key.”
Dec 02, 2024, 11:45 am IST
Market Live Updates: Easy Trip Planners Stock Price
This travel stock plunged by over 6% on Monday, as investors booked profits after the stock rose by 12% last week. The performance also comes after Easy Trip turned ex-bonus for its 1:1 bonus shares.
Dec 02, 2024, 11:31 am IST
Sensex, Nifty Volatile
Sensex traded in the range of 79,881.51 to 79,308.95. In the early trade, the benchmark slipped by nearly 494 points, however, recovered its losses and traded around 79,800 mark. Ultratech Cements, Maruti Suzuki, Sun Pharma, JSW Steel, and Tech Mahindra are top gainers. However, gains were capped by stocks like NTPC, IndusInd Bank, L&T, and Kotak Bank who emerged as top losers.
Nifty 50 traded marginally up to near 24,148 zone. The 50-scrip index traded between 24,182.60 to 24,008.65. In the early trade, the index dipped as much as 122.5 points. India's volatility index is above 1.87%.
Dec 02, 2024, 10:36 am IST
Infosys Share Price
India's second-largest stock, Infosys plunged by as much as 1.2% during the opening bell of Monday, December 2, 2024, after the company reportedly faced a record-breaking penalty of a whopping Rs 283 crore due to an alleged US visa fraud case. Infosys stock fell below Rs 1,840 and continues to face a bearish trend.
Dec 02, 2024, 10:02 am IST
Sensex and Nifty Today
By 10:00 AM, the BSE Sensex was trading at 79,724.63, down by 78.16 points or 0.098%. Meanwhile, the Nifty 50 managed to recover from earlier losses, rising by 12.10 points or 0.050%, to trade at 24,143.
Dec 02, 2024, 9:16 am IST
Rupee Vs Dollar
The rupee rises 0.06% to trade at 84.61 against the US dollar in early trade on Monday
Dec 02, 2024, 8:37 am IST
Market Analysis By Om Mehra, Technical Analyst, SAMCO Securities
After initial hiccups, Nifty steadily added 0.91% to close at 24,131.10. The hourly chart shows that the Nifty has recovered from the lower Bollinger Band. A bullish harami candlestick pattern appeared in the daily timeframe, indicating a short-term possible upward move. The daily RSI remains neutral and holds above 50 levels. However, the monthly negative close of 0.31% indicates that the broader trend remains bearish. The trading range for the Nifty has widened, with key support at 23,900 and resistance near 24,350.
Nifty Bank opened with a volatile session but later remained range-bound, closing in positive territory at 52,055.60, up 0.29%. Nifty Bank formed a spinning top candlestick pattern, signalling indecision. Nifty Bank has now regained support from both the 20 and 50 DMAs. A breakout above 52,600 could pave the way for a move toward 52,800. Conversely, a drop below the critical support level of 51,750 could signal a shift toward a minor bearish outlook, warranting caution in the near term.
Dec 02, 2024, 8:35 am IST
Market outlook from Vinod Nair, Head of Research, Geojit Financial Services.
"The market saw some relief after the recent consolidation, aided by an ease in geopolitical tensions, expectations of stability in government spending in H2FY25, and MSCI rebalancing. The rally was broad-based, while capex-linked sectors like infra, capital goods, and industrials outperformed in expectation of a surge in new order inflows. Brent crude declined by 4% during the week in anticipation of reduced tensions in the Middle East. An ease in oil prices will continue to aid operating metrics of Indian companies in the coming quarters.
We expect the prospects of H2 earnings to remain positive due to a good monsoon, festival and marriage season, which could ease the impact of earnings downgrades that happened in Q2. Investors’ attention also turned to US and Eurozone inflation indicators, which will influence central banks’ December policy rates. Stability in the market will depend on the steadiness of the incoming economic data next week. While the market is likely to witness some repercussions from the fall in Q2 FY25 GDP to 5.4%. On the other hand, investors will be more inclined to act on the upcoming RBI monetary policy. Though the consensus shows status quo, the probability of a rate cut in February is high due to the subdued growth in Q2. Other economic indicators like service and manufacturing PMI data, auto sales, and US job data will also influence investors’ attention and accordingly shape the market momentum."
Dec 02, 2024, 8:29 am IST
US Market Update
Global stock markets ended last week on a strong note, with U.S. indices closing higher on Friday. The Dow Jones Industrial Average rose by 0.42%, The S&P 500 gained 0.56%, marking its best monthly performance since November 2023, driven by strength across multiple sectors.
Meanwhile, the tech-heavy Nasdaq outperformed, climbing 0.83% as investors showed strong confidence in technology stocks. This positive momentum was mainly due to renewed market resilience amid improving economic data and easing concerns over interest rates.
Dec 02, 2024, 8:23 am IST
Asian Markets Update
Markets across Asia are showing strong gains this morning, with a few exceptions. Japan's benchmark Nikkei 225 slipped by 0.31%, but the broad-based Topix managed to rise 0.45%.
Meanwhile, China's Shanghai Composite gained 0.36%, and Hong Kong's Hang Seng index was up by an impressive 0.73%.
In South Korea, the Kospi climbed 0.45%, with the small-cap Kosdaq advancing 0.18%. Australia's S&P/ASX 200 also joined the upward trend, rising by 0.3%.
Dec 02, 2024, 8:23 am IST
Market Recap of the Previous Close
On Friday, November 29, the stock market wrapped up the week on a high note, closing in the green. The Sensex surged 759 points to settle at 79,803, while the Nifty 50 gained 217 points, ending at 24,131.
Sectoral performance was broadly positive, with public sector banks leading the rally. The Nifty Bank index rose 149 points to close at 52,056, driven by strong performances from heavyweights like State Bank of India, HDFC Bank, and ICICI Bank.
The pharma sector also witnessed robust buying, with Cipla, Sun Pharma, and Divi's Laboratories emerging as top gainers on the Nifty. In other highlights, Adani Green Energy delivered its best single-day performance in a year, soaring 20%, while Zee Entertainment climbed 4%.
Good morning, and welcome right here in our live blog! As Sensex and Nifty set the pace today, we’re here to guide you through every market move.stay with us for real-time updates, insights from the equity market
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