Indian equity benchmarks closed marginally lower in a volatile session on December 6, following the Reserve Bank of India's decision to hold the repo rate steady and cut the cash reserve ratio (CRR).
The Sensex fell 56.74 points or 0.07% to close at 81,709.12, while the Nifty slipped 30.60 points or 0.12% to end at 24,677.80. Market breadth favored the bulls, with 2,298 shares advancing, 1,529 declining, and 98 remaining unchanged.
Sectorally, IT and media indices declined, while auto, metal, FMCG, telecom, and PSU banks posted gains of 0.3%-1%. The BSE Midcap index rose 0.3%, and the Smallcap index gained 0.6%.
On the Nifty, Bajaj Auto, Axis Bank, SBI Life, Tata Motors, and Maruti Suzuki led the gainers, while Adani Ports, Cipla, Bharti Airtel, HDFC Life, and Asian Paints topped the losers' list.
Meanwhile, the Indian rupee closed stronger at 84.69 per dollar compared to its previous close of 84.73, reflecting a positive trend in currency trading.
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Dec 06, 2024, 3:46 pm IST
Markets End Flat as RBI Holds Repo Rate
Indian equity benchmarks closed marginally lower in a volatile session on December 6, following the Reserve Bank of India’s decision to hold the repo rate steady and cut the cash reserve ratio (CRR). The Sensex fell 56.74 points or 0.07% to close at 81,709.12, while the Nifty slipped 30.60 points or 0.12% to end at 24,677.80. Market breadth favored the bulls, with 2,298 shares advancing, 1,529 declining, and 98 remaining unchanged.
Dec 06, 2024, 2:31 pm IST
Vodafone Group Units Exit Indus Towers with Complete Stake Sale
Vodafone Group Plc's subsidiaries, Usha Martin Telematics and Omega Telecom Holdings, have sold their entire 3.003% shareholding in Indus Towers, marking a complete exit from the tower infrastructure company.The stake was acquired by a mix of domestic and global institutional investors. Key buyers included AADI Financial Advisors LLP, VFTC, Kotak Mahindra Mutual Fund, National Pension System (NPS) Trust, Susquehanna Pacific, Blackstone, BofA Securities Europe, Copthall Mauritius Investment, Ghisallo Master Fund, ICICI Prudential Life Insurance, Jupiter India Fund, Kadensa Master Fund, Morgan Stanley, Blue Diamond Properties, Vanguard, Optimas Global Alpha Fund, QRT Master Fund, Qube Master Fund, Societe Generale, and Jupiter Global Fund.
Dec 06, 2024, 2:25 pm IST
Nifty Outlook Today
Mr. Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL said, “Nifty index is in buy on dips mode as overall trend remains Bullish and Nifty traded higher for the past 5 trading sessions. Nifty has crossed the resistance of 24500 levels. Throughout the week, sustained buying was seen from lower levels. Index is taking strong Support near 24350 zones which is also close to it 50 DEMA. On weekly chart Nifty has formed a Bullish candle which indicates some more strength towards the next resistance of 24800 then 25000 levels. Index is also trading above all short term moving averages and the current price action suggests that further Up-move may occur. The increase in the long-short ratio from 38.14% along with FIIs buying over ₹5000 crore from past some days indicates continued Bullish picture in the market. Overall as per price structure, till Nifty holds above 24500 zones, dips could be purchased for the upside target towards 25000 zones. On Weekly basis it has formed a strong Bullish candle indicating continued buying. On option front, Maximum Call OI is at 25500 then 25000 strike while Maximum Put OI is at 24500 then 24000 strike. Call writing is seen at 24800 then 24850 strike while Put writing is seen at 24500 then 24700 strike. Option data suggests a broader trading range in between 24000 to 25500 zones while an immediate range between 24500 to 24850 levels.”
Dec 06, 2024, 12:56 pm IST
Sector Update: Higher OMC Profitability In H2FY25 To offset LPG Subsidy Impact For The Year
“In the absence of government support as yet, the LPG subsidy continues to weigh heavily on OMCs. We expect subsidy impact to touch ~Rs400bn by FY25. With H1FY25 having already impacted OMCs with Rs 174.9bn, H2FY25 will see an incremental impact of ~Rs225bn. As per our scenario analysis, if government provides 60% of the shortfall, the FY25 EBITDA could reach Rs413.2bn for IOCL, Rs286.8bn for BPCL, Rs207.2bn for HPCL, significantly surpassing Bloomberg consensus of Rs404.6bn, Rs243.6bn, Rs149.4bn respectively. Even in the event of a worst-case scenario of zero government aid, the robust H2FY25 performance driven by strong GRMs and healthy marketing margins could help offset the said impact. We stay bullish on OMCs but prefer HPCL (Buy | TP: 475) and BPCL (Buy | TP: 370) over IOCL (Neutral | TP: 154), given its limited upside potential,” said Yes Securities.
Dec 06, 2024, 12:30 pm IST
Pushpa 2: ‘Wildfire’ expected!
“Much awaited Pushpa 2 is set to release on 5th Dec and has created a strong buzz on the box office with staggering advance booking collections of INR1bn+ globally. More than 1mn tickets have been booked in advance. Further, states of Telangana and Andhra Pradesh have relaxed pricing caps for 2-3 weeks post release, which is a move in positive direction for the industry. This bolsters our bullish view on PVR INOX. We remain optimistic on revival in occupancy rates and premiumization play in movie exhibition business. Further, strong content pipeline and slew of blockbusters should result in strong performance for the company in coming quarters. We value PVR INOX at FY27E EV/EBITDA multiple of 14x and arrive at a TP of Rs1,980. PVR INOX remains our high conviction pick. Maintain BUY,” said Yes Securities in a note.
Dec 06, 2024, 12:07 pm IST
RBI Governor Maintains a Fine Balance Between Inflation & Growth
Mr. Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities said, “RBI Governor held on the neutral stance and maintained the repo rates at 6.5% to tackle inflationary concerns. The inflation projection for FY24-25 at 4.8% is above RBI’s comfort level of 4%. There is also an upside risk to inflation as the global economies are leaning towards protectionism after President Trump being re-elected to the Oval office. Despite the neutral stance in Repo rate the RBI has acknowledged growth concerns with a CRR cut of 50 basis points from 4.5% to 4%. The GDP numbers for quarter ending Sep-24 was way below expectations at 5.4%. However, the governor believes that growth has bottomed out and we are headed higher from here with projections of 6.8% for Q3 and 7.2% for Q4 in FY24-25. The GDP growth forecast for FY24-25 is reduced from 7.2% to 6.6%. We believe the RBI has maintained a fine balance between inflation and growth. India 10 year bond yields has also recovered after falling sharply to 6.668% from 6.86% in the last 10 days. If the RBI projections stand true then we can expect rate cuts in the first half of next year. With the infusion of more than Rs 1 lakh crore in liquidity through CRR cut, it seems that deposit rates have peaked for now and lending rates might fall once the rate cuts start next year.”
Dec 06, 2024, 11:30 am IST
Stock Market Live Updates: PSU Bank Stocks Outperform
Banking stocks cheered RBI's latest policy decision on December 6. PSU Banks outperformed private banking stocks with the index on NSE surging by more than 1%. The majority of PSU banks such as UCO Bank, Central Bank of India, Bank of Baroda, SBI, Canara Bank, and Union Bank among others soared between 1-3%. On an expected line, RBI decided to keep the repo rate unchanged for the eleventh time in a row. But the key surprising factor was the 50 bps cut in cash reserve ratio (CRR) which is vital for liquidity flow in the banking system.
Dec 06, 2024, 10:56 am IST
RBI Monetary Policy: No Cut! Repo Rate Unchanged For 11th Time In Row, To 6.5%
The Reserve Bank of India (RBI) decided to keep the policy repo rate unchanged at 6.50% for the eleventh time in a row on Friday, December 6, 2024. Subsequently, the standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%. The rate decision is in line with market and economists expectations.
Sarveshwar Foods Limited Secures Export Order Worth Rs.498 Million from I SIFOL LLC, USA
Sarveshwar Foods Limited, one of India’s leading suppliers of premium Basmati rice, has successfully secured an export order to supply 5,350 Metric Tons (MT) of Basmati Rice, valued at USD 5.84 million (approximately INR 498 million) from I SIFOL LLC, one of the USA’s largest and most prestigious entity having robust network in retail stores, restaurants, and supermarkets. Established in 2008 in New York, I SIFOL LLC is a renowned brand representative and distributor committed to excellence and having a robust national distribution network across the USA. I SIFOL reaches over 1,000 ethnic retail outlets and 1,500 ethnic restaurants across the United States, while also making inroads into mainstream supermarkets and club stores. Its operations are fully compliant with the stringent regulations of key U.S. government agencies, including the USDA, FDA, state agencies, and major port authorities, and for ensuring product compliance through FDAapproved food laboratories.
Dec 06, 2024, 9:30 am IST
Indian Rupee Opens Higher Against the Dollar
The Indian rupee opened 7 paise higher on Friday, trading at 84.66 per dollar, compared to its previous close of 84.73. The rupee's marginal strengthening against the US dollar, as market participants are closely watching the currency's movement, particularly amid ongoing developments in international markets and the domestic economic outlook.
Dec 06, 2024, 9:28 am IST
Stock Market Live Updates: Market Open Mixed Ahead of Key RBI Announcements
On Friday, the Indian equity indices, Sensex and Nifty 50, opened on a mixed note, with market participants awaiting important updates from the RBI governor. As of around 9:30 AM, the BSE Sensex stood at 81,734.90, down by 31.32 points or 0.038%. Meanwhile, the Nifty 50 was at 24,693.55, lower by 14.85 points or 0.060%.
Dec 06, 2024, 9:12 am IST
Crude Oil and Gold Prices Dip Amid Supply Forecasts and Yield Gains
On Thursday, oil prices declined as investors considered the forecast of abundant supply for the coming year, alongside OPEC+'s decision to postpone its planned production increase by three months to April 2025. Gold prices fell due to firmer U.S. Treasury yields following the release of weekly jobless claims data, as markets looked ahead to the U.S. non-farm payrolls report for clues on the Federal Reserve's interest rate policy as per experts from Geojit Financial Services Limited.
Dec 06, 2024, 9:07 am IST
Market Insights from Prashanth Tapse Senior VP (Research), Mehta Equities
The trading theme is optimistic for a strong year-end rally at Dalal Street, with Nifty and Sensex up 13.67% YTD. FIIs were net buyers in yesterday’s session, adding Rs 8540 crore. Market focus is on the 'Santa Claus Rally', while RBI is expected to maintain the status quo on repo rates due to high inflation and lower-than-expected GDP growth. Zomato hit an all-time high, and IGL is in focus with a bonus issue proposal. Preferred trades include buying Nifty at 24,500–24,550 and Bank Nifty at 53,000–53,200. Stock to buy: Lupin (CMP 2125) with targets of 2171/2193 and aggressive target at 2301.
Dec 06, 2024, 9:03 am IST
Expert View On Today’s Market Movement
Hardik Matalia, Research Analyst, Choice Broking said, “The benchmark Sensex and Nifty indices are expected to open positive on Dec 06, following GIFT Nifty trends indicating a gains of 30 points for the broader index. After a positive opening, Nifty can find support at 24,500 followed by 24,400 and 24,300. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000. The charts of Bank Nifty indicate that it may get support at 53,400 followed by 53,100 and 52,800. If the index advances further, 53,900 would be the initial key resistance, followed by 54,200 and 54,400.
Foreign institutional investors (FIIs) bought equities of Rs 8,539.91 crore on December 5, on the other hand, domestic institutional investors sold equities of Rs 2,303 crore on the same day.
INDIAVIX was positive Yesterday up by 0.54% and is currently trading at 14.5275.”
Dec 06, 2024, 9:00 am IST
Nifty Expectations Today by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
FIIs turning buyers in December, in total reversal of their sustained selling strategy during the last two months, has altered the market sentiments in favour of the bulls. Encouraged by the FII buying, retail investors, too, have jumped on to the buying bandwagon. This has triggered short-covering leading to sharp intra-day volatility. The 500 point swing in Nifty from the peak to the trough yesterday indicates a tug-of-war between the bulls and the bears. The best strategy in this volatile context would be to remain invested with higher weightage for largecaps, where there is valuation comfort. The policy response of the RBI and the central bank’s commentary on the growth and inflation outlook will be keenly watched by the market today
Dec 06, 2024, 8:49 am IST
Markets Cautious Ahead of RBI MPC Meet
As per Careedge ratings, “This week's monetary policy meeting takes place against the backdrop of a marked slowdown in India's growth momentum and inflation breaching the Reserve Bank of India's (RBI) tolerance threshold. Q2 FY25 GDP growth slowed to 5.4% YoY, down from 6.7% YoY in the previous quarter, while the CPI inflation in October hit 6.2%. Elevated food inflation, particularly in vegetables, pulses, cereals, and edible oils, has contributed to sustained upward pressure on headline inflation. Although a slowdown in Q2 FY25 GDP growth was anticipated, as indicated by high-frequency macroeconomic indicators and weaker corporate performance, the extent of the deceleration in growth has been sharper than expected. While lower-than-expected growth figures support the case for some monetary policy support, the Monetary Policy Committee (MPC) will also remain mindful of the inflationary pressures. Given these evolving macroeconomic conditions, the MPC will likely aim to strike a balance between addressing concerns about slower growth and high inflation. Therefore, we expect the MPC to maintain the policy rate unchanged in this meeting, the governor’s statement expected to have a dovish undertone.”
Dec 06, 2024, 8:45 am IST
US Markets Pull Back Slightly
US markets experienced a modest decline on Thursday as investors awaited the release of key employment data on Friday. Despite the pullback, indices remained near record levels.
The Dow Jones Industrial Average fell by 0.55%, closing at 44,765. The S&P 500 slipped by 0.19% to end at 6,075, while the Nasdaq Composite edged lower by 0.18%, finishing the session at 19,700.
Dec 06, 2024, 8:41 am IST
Asian Markets Mixed Amid US Market Downturn
Asian markets displayed a mixed performance on Friday, influenced by a downturn in US markets. Hong Kong's Hang Seng index advanced 1.07%, while the Shanghai Composite gained 0.86%. In Japan, the Nikkei 225 fell 0.9%, but the Topix edged up slightly by 0.01%. South Korea's Kospi declined by 0.25%, and the Kosdaq dropped sharply, losing over 3%. Meanwhile, Australia's S&P/ASX 200 was down by 0.46%, adding to the region's mixed sentiment.
Dec 06, 2024, 8:34 am IST
Market Recap In the Previous Close
The Indian stock market maintained its upward trajectory for the fifth consecutive session on Thursday, December 5, closing higher amid intra-day volatility. Benchmark indices, Sensex and Nifty 50 posted gains of 1% each. The Sensex climbed 810 points to settle at 81,766, while the Nifty 50 gained 241 points, closing at 24,708-its highest level since October 21. Both indices showcased resilience, shrugging off morning session weakness. The Sensex rose by a staggering 1,850 points from its intra-day low, and the Nifty breached the 24,850 mark during the day before trimming some gains.
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