Stock market wrapped up today's trading in green with a strong recovery from early losses. The benchmark 30-share Sensex surged 843.16 points, or 1.04%, to close at 82,133.12, marking a robust end to the session. Meanwhile, the NSE Nifty50 advanced 219.60 points, or 0.89%, settling at 24,768.30.
Among the top performers on the Nifty were Bharti Airtel, Kotak Mahindra Bank, ITC. Conversely, stocks such as Shriram Finance, IndusInd Bank, Tata Steel faced selling pressure and closed in the red.The broader market performance was relatively muted, with the BSE Midcap and Smallcap indices trading flat. On the sectoral front, auto, banking, FMCG, and telecom stocks led the gains. However, the metal and media sectors struggled, both ending the day down by 0.5%.
Earlier, Indian stock market dipped sharply on Friday, December 13, with Sensex erasing its 81,000 mark to hit an intraday low of 80,712.63. Nifty 50 also plunged sharply to hit an intraday low of 24,382.40, giving up its 24,400 mark. Bank Nifty dipped 375 points. All sectoral indices were in red with PSU bank, metal, financial, Private bank, and auto stocks witnessed massive selloffs. India's volatility index rose by over 2%.
Market declined despite India's CPI inflation easing. One of the key reason for huge bearish tone is weak global cues. India's CPI inflation rate came in at 5.48% in November 2024, which eased sharply from 6.21% of the previous month, and came in better than market estimates of 5.5%. Inflation is back under RBI's upper tolerance limit of 6%.
In the early trade, Gift Nifty plunged by 85 points or 0.34% to trade at 24,561, while Asian market traded lower with Japan's TOPIX down by 1%. Meanwhile, S&P 500, Euro Stoxx 50, and Hang Seng futures fell. Overnight, US market fell by nearly a per cent on hot inflation and concerns related to Trump tariffs
Indian equity markets closed lower on Thursday, December 12, after a rangebound session dominated by volatility. The Sensex dropped 236 points, or 0.29%, to close at 81,290, while the Nifty declined 93 points, or 0.38%, to end at 24,549. The broader market witnessed sharper declines as the Midcap Index slipped 271 points to 59,022, and the Nifty Bank lost 175 points, settling at 53,216.
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Dec 13, 2024, 3:15 pm IST
G E Shipping delivers its 2005 built Medium Range Product Tanker “Jag Padma”
The Great Eastern Shipping Company Limited (G E Shipping) has delivered its 2005 built Medium Range product tanker “Jag Padma” to the buyers. The vessel was contracted for sale in October 2024. Post the delivery, the company’s current fleet stands at 39 vessels, comprising 26 tankers (5 crude carriers, 17 product tankers, 4 LPG carrier) and 13 dry bulk carriers (2 Capesize, 8 Kamsarmax, 3 Supramax) aggregating 3.10 Mn dwt.
Dec 13, 2024, 2:54 pm IST
Capri Loans Among Top Global Performers in S&P ESG Assessment
Capri Global Capital Ltd., a leading non-banking financial company with the brand name Capri Loans, has achieved a significant milestone in its sustainability journey. The company earned an impressive score of 48 in the S&P Global Corporate Sustainability Assessment (CSA) for FY 2023- 24, marking its debut filing. This performance significantly surpasses the industry average score of 30 and positions Capri Loans among the top 20% of respondents globally within its sector. The S&P Global CSA, recognized worldwide for evaluating Environmental, Social, and Governance (ESG) practices, highlights companies that demonstrate excellence in sustainable and responsible business operations. This achievement underscores Capri Loans’ dedication to responsible business practices. Over the past year, the company has made significant strides in formalizing its ESG framework, ensuring sustainability is integrated into decision-making processes at every level.
Dec 13, 2024, 2:34 pm IST
SpiceJet Clears All Pending Employee Provident Fund Dues
SpiceJet has successfully cleared all pending employee provident fund (PF) dues amounting to INR 160.07 Crore, spanning over two years, reaffirming its commitment to employee welfare and financial accountability. Over the past three months, since raising INR 3,000 Crore through a Qualified Institutional Placement (QIP), the airline has cleared all pending statutory liabilities, including Tax Deducted at Source (TDS), Goods and Services Tax (GST), and employee salary dues. With the airline now currently on its statutory dues, it is poised to save significantly on interest payments. Since October 2024, SpiceJet has been utilising its internal cash flows to meet its statutory obligations, including PF and TDS payments, reflecting the airline’s improved financial health and operational discipline.
Dec 13, 2024, 1:59 pm IST
Wardwizard Innovations & Mobility Expands Its Product Portfolio
Committed to promote environment friendly mobility solution with evolving technology and best-in-class features, Wardwizard Innovations & Mobility Limited (WIML), a leading electric vehicle manufacturer, today introduced a new range of ‘Made in India’ passenger and commercial electric three wheelers under the brand Joy e-rik and launched all new high speed electric scooter ‘Nemo’ under the brand Joy e-bike. Making electric three wheelers more reliable, safe and practical for driver and passengers, the company has launched two models under passenger vehicle segment - Joy e-rik V1 (L5) and Joy Bandhu (L3). In the commercial segment, the company launched two models Joy Sahayak + Cargo (L5) and Joy Eco Loader (L3). The commercial models will be available across authorised dealerships.
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Dec 13, 2024, 1:08 pm IST
Why Sensex Dropped By 1,200 Pts, Nifty Fell By 368 Pts On December 13?
The Indian market faced intense selling pressure on Friday, December 13, 2024, with Sensex nosediving by more than 1,200 points and Nifty 50 shedding nearly 368 points. Global risks dampened investors' mode across markets including Wall Street and Asian cues, with Indian stocks following suit. The stronger dollar amidst hot inflation in the USA, coupled with concerns related to Trump's tariff impact in 2025 and uncertainty around China's stimulus plan added to woes. PSU bank and metal stocks emerged as top losers.
Gold prices in India fell precipitously today, Friday, December 13 after the CPI inflation for November 2024 came in at 5.48%, below the market's anticipation of 5.50%. 22 carat gold costs Rs 7,230 per gramme in India, whereas 24 carat gold costs Rs 7,887 per gramme. The price of 22k of 10 grammes of gold in India dropped by Rs 550 to Rs 72,300 today from Rs 72,850 yesterday, while the price of 22k of 100 grammes of gold in India dropped by Rs 5,500 to Rs 7,23,000 on Friday from Rs 7,28,500 on Thursday.
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Dec 13, 2024, 12:03 pm IST
Strategy | India MF Monthly Flow Tracker – November 2024
Venkatesh Balasubramaniam of JM Financial Institutional Securities said, “Despite a deceleration in FII selling through Nov’24, they remained net sellers in the month, with outflows of INR 182bn (USD 2.2bn). Their activity was again counterbalanced by DII buying. In Nov’24, equity mutual funds (ex-arbitrage) saw inflows of INR 417bn (USD 4.9bn). While this is down 20% MoM, it is up 110% YoY. Core equity funds saw an inflow of INR 359bn, down 14% MoM. This can be attributed to: (1) a weak market sentiment after several investors were bruised by the steep fall in Oct’24, (2) lower NFOs, especially on the sectoral/thematic front, and (3) a smaller trading month. YTD in FY25, mutual funds have seen total inflows of INR 3.38trln (USD 39.8bn). SIP inflows remained robust in Nov’24 at INR 253bn (USD 3bn), taking the total SIP AUM to INR 13.54trln (USD 160bn). Indian mutual funds are currently overweight pharmaceuticals & healthcare, capital goods, consumer durables space, chemicals and textiles. They are underweight private banks, software services, oil & gas, consumer, metals & mining and PSU banks.”
Dec 13, 2024, 11:31 am IST
Economy Update: CPI Inflation | One step Closer To Rate Cut In Feb’25
Hitesh Suvarna of JM Financial Institutional Securities commented, “At 5.48%, November months CPI print came in-line with market expectations but continues to remain elevated. Deflationary pressures in the food category aided headline inflation, however ex of vegetables, headline inflation has consistently hovered below the 4% mark in 2024. To address the stubborn inflationary pressures in cereals, supply side interventions have been proactive. Despite marginal easing, uptrend in Core inflation continues. We believe that RBI’s recent upward revision in inflation expectation to 5.7% in Q3 seems realistic. Next step in RBI’s policy action would be a rate cut in Feb’25, as by then the likely impact of Trump’s policy would be clear. However we expect the rate cut cycle to be shallow both in India and in US.”
Dec 13, 2024, 11:01 am IST
Sector Update: Metals And Mining | Global Aluminium Supply Growth To Trail Demand; Prices To Remain Rangebound
Ashutosh Somani of JM Financial Institutional Securities Ltd stated, “Aluminium prices surged 8% sequentially to ~USD2.6k/t given market optimism fuelled by Chinese stimulus and production cuts announced by major players on the back of rising alumina prices. Major global players like Alcoa / Norsk Hydro have hinted towards healthy demand for aluminum in 2024 with some recovery in the packaging sector in the US and Europe; partially offset by slowdown in automotive demand. Norsk Hydro also guided for a global surplus of primary aluminium at 0.5mn tons in 2024. On the supply side, global aluminium supply growth might trail demand given 1) limited growth potential in China given capacity cap of 45mtpa 2) limited expansions outside China and 3) lower spreads for aluminium players given higher alumina prices leading to production cuts (Rusal announced a production cut of ~250k tons per year). Overall, the global aluminium market is expected to end this year with a minor surplus but it might slip into a deficit in 2025. We assume LME price to remain rangebound at USD2.5k/t – USD2.6k/t (10 yr average at ~USD2.1k/t), near spot levels, in FY25. Hindalco remains our preferred pick in the aluminium space as we believe the long term outlook for Hindalco continues to remain buoyant given a) resilient performance by India aluminium operations b) record high run rates in the copper business c) enhanced coal security post acquisition of Meenakshi, Meenakshi west and Chakla coal mines as well as bauxite through the Aditya FRP project. Given ~70%+ steady/strong EBITDA being non-LME linked, Hindalco remains our preferred play in the metal space. Re-iterate BUY.”
Krishan Parwani of JM Financial Institutional Securities Limited said, “In our view, Deepak Nitrite’s polycarbonate (PC) capex is higher compared to what a Chinese player would incur. However, capex for upcoming Bisphenol-A (BPA) and additional phenol capacities could be largely in line with that in China. Hence, overall, Deepak’s capex would not be too high compared to China. Moreover, like Chinese players, Deepak Nitrite’s PC capex is also aimed at self-sufficiency for India. Hence, ramp-up is unlikely to be a challenge. Further, we believe that technology tie-up with Trinseo will help Deepak in manufacturing various PC compounds used in medical devices, electronic appliances, etc. Post the clarity on PC capex, INR 50bn-55bn EBITDA seems likely by FY30, as was indicated in our earlier note (click here). This results in EBITDA CAGR of ~28-30% over FY24-30E. We highlight that even after considering 1-year forward EV/EBTIDA multiple contraction to ~12-13x (from current ~27-28x), investors could make ~13-14% CAGR returns over the next 4 years. We reiterate BUY with unchanged estimates and a Mar’26 TP of INR 3,020 (based on 30x Mar’27E EPS).”
Dec 13, 2024, 10:12 am IST
Nifty Outlook Today By Akshay Chinchalkar, Head of Research At Axis Securities
Thursday was another down day on the Nifty with the market yet again failing to get past what is now undoubtedly a key near-term hurdle near 24700. Yesterday's drop had higher participation compared with what was seen the day before, which means market participants are nervous. The index is now sitting inside the 50- and the 100-day averages, with the former expected to offer support around 24430, a level that sits inside critical support that spans the 24360 and 24445 zone. Immediate support lies at 24500, which bulls will need to protect at least on a closing basis.
Dec 13, 2024, 9:42 am IST
Stock Market Live Updates: Bloodbath On BSE, NSE
Sensex and Nifty entered into sharp bearish tone despite latest CPI inflation print easing in November 2024, and falling below RBI's upper limit of 6%. One of the key reason to dampen mood in market is broad-based selling across global cues. All sectoral indices were in red with PSU bank, metal, financial, Private bank, and auto stocks witnessed massive selloffs. India's volatility index rose by over 2%.
Dec 13, 2024, 9:24 am IST
Forex Market Live Update: Rupee Stays Near Record Low
Indian rupee depreciated to 84.8 level at the interbank forex market, as dollar strengthened. Accordingly, the local currency stays near its record low. USD crossed 106.7 level against a basket of currencies yesterday. Rupee is reportedly pressured by spike in crude oil prices, and FIIs consistent selling. Dollar witnesses momentum as concerns of Trump's tariffs in 2025 is expected to dim chances of rate cuts by Fed.
Dec 13, 2024, 8:35 am IST
Stocks Live Updates: Sensex Technical Outlook
Prabhudas Lilladher: Sensex once again found resistance near the 81700 zone and with slight profit booking hovered near the important 100DMA zone of 81000 levels with consolidation witnessed since the last 6 sessions. As mentioned earlier, the index needs to breach above the 81900 zone decisively to establish conviction and expect for further rise. The support for the day is seen at 80800.
Dec 13, 2024, 8:35 am IST
Market Live Updates: Nifty Technical Outlook
Prabhudas Lilladher: Nifty has been witnessing a slow and steady gradual slide during the last 5 sessions and has arrived near the important support zone of 24500 levels where the index is expected to stabilise and witness a positive trend reversal. As mentioned earlier, the index would need to breach above the 24750 zone to confirm a breakout and thereafter anticipate for fresh further rise.
Dec 13, 2024, 8:15 am IST
Market Live Updates: CPI Inflation Eased
Sensex and Nifty will also react to India's CPI inflation rate of 5.48% in November 2024, which eased sharply from 6.21% of the previous month, and came in better than market estimates of 5.5%. Inflation is back under RBI's upper tolerance limit of 6%.
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