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Stock Market LIVE Updates: Sensex and Nifty Trade Flat Amid Mixed Global Cues; Key Stocks in Focus

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Indian markets started the day in a cautious tone as investors looked forward to key domestic and U.S. inflation numbers expected later this week. At present, the Sensex gained over 50 points, whereas the Nifty50 traded above 24,600 in initial trade. Gains in IT and financial stocks were offset by losses in index heavyweights such as HDFC Bank, Reliance Industries, and Mahindra & Mahindra (M&M). Here’s a comprehensive overview of the key developments and stocks in focus during the trading session.

Market Snapshot

The Sensex traded flat in the morning, reflecting a cautious approach from investors. IT stocks led the charge, with companies like LTIMindtree, Wipro, Infosys, and HCL Technologies posting significant gains. Auto stocks underperformed, with Maruti Suzuki, M&M, and Bajaj Auto dragging the index lower.

Sectoral Highlights

IT Stocks Shine

The IT sector emerged as the star performer of the day.

LTIMindtree gained 2.18%, while MphasiS and Wipro increased by 1.98% and 1.70%, respectively.

Infosys and HCL Technologies, too, gained 1.50% and 1.04%, respectively.

Auto Stocks Under Pressure

Auto stocks faced selling pressure. Mahindra & Mahindra declined by 1.32%, while Bajaj Auto and Maruti Suzuki by 0.82% and 0.71%, respectively. Market experts attributed this decline to fears of soft consumer demand and increasing costs.

Energy sector mixed

Oil prices softened elsewhere, but China’s promised policy stimulus provided some support as Brent crude futures declined 0.4% to $71.82 per barrel, and WTI crude dropped 0.5% to $68 per barrel.

Stock-Specific Updates

There were several stock-specific updates in the morning session due to corporate actions, order wins and market trends:

  • Waaree Energies rose more than 5% after winning 1 GW solar PV module order from a leading renewables power project developer.
  • Vodafone Idea was up 2% as promoters unveiled plans to pump in ₹1,980 crore through a preferential issue at a 39% premium to Monday’s closing price.
  • Swiggy jumped 5% after CLSA assigned a “Buy” rating with a target price of ₹708, citing its potential to capture significant market share in food delivery and quick commerce.
  • Thinkink Picturez gained 5% after the company said it would start producing films and web series with a ₹164 crore investment.
  • Greaves Cotton surged 11% after noted investor Vijay Kedia acquired a ₹25 crore stake in the firm.

IPO Corner

The IPO space continued to be hot with action, with three key offerings in focus:

One MobiKwik Systems: The digital payments platform’s ₹572 crore IPO opens tomorrow. The grey market premium (GMP) suggests a 34% premium at ₹95.
Vishal Mega Mart: The retail giant is looking to raise ₹8,000 crore through an offer for sale (OFS). Shares are commanding a 31% GMP at ₹24.
Sai Life Sciences: The IPO of the pharma firm will open tomorrow at ₹3,042 crore. Investors must assess the strengths of the issue before subscribing.

Important Developments

Torrent Power raised ₹3,500 crore through its first Qualified Institutional Placement (QIP), which was oversubscribed four times.
Bharat Forge raised ₹1,650 crore via QIP to fuel growth initiatives.
Glenmark Pharmaceuticals rose over 2% as the drugmaker said it saw promising results in a clinical trial for ISB 2001, a treatment for ischemic stroke and brain attack, with no dose-limiting toxicities identified.
NBCC (India) won a ₹432 crore order, which helped its shares rise marginally by 0.25%.

Economic Indicators and Policy Updates

Indian Rupee gained 8 paise from its lifetime low, trading at 84.78 against the US dollar.
The government appointed Sanjay Malhotra as the new Reserve Bank of India (RBI) Governor, succeeding Shaktikanta Das.

Challenges: High inflation and slow economic growth.

Analysis and Outlook

Market sentiment remains cautious ahead of the inflation data, which could shape the Reserve Bank of India’s future monetary policy. IT and renewable energy sectors continue to present opportunities, but sector-specific challenges such as auto and FMCG continue to face headwinds in the broader market.

The IPO market also continues to offer attractive opportunities. For example, companies such as Vishal Mega Mart and Sai Life Sciences are looking for investors. However, before investing, the prospective investor should look diligently into the companies.

The stock market’s performance on December 10, 2024, underscores a mixed narrative, balancing optimism in select sectors with concerns in others. As the week progresses, inflation data and global cues are expected to dictate market trends. Investors should remain vigilant and diversify their portfolios to navigate the uncertainties effectively.

Stay tuned for more updates as we continue to track the market’s movements and provide insights into emerging trends.

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