Market Commentary     13-Dec-24
The Week That Was
Barometers gains for 4th straight week; Nifty ends above 24,750
The key equity indices ended the week with modest gains, supported by the Friday's rally, rising for the 4th consecutive week. The indices witnessed mixed trend during the week. However, broader market relatively underperformed the frontline indices.

In the week ended on Friday, 13 December 2024, the S&P BSE Sensex rose 424 points or 0.52% to settle at 82,133.12. The Nifty 50 index added 90.50 points or 0.37% to settle at 24,768.30. The BSE Mid-Cap index gained 0.22% to close at 47,776.62. The BSE Small-Cap index shed 0.16% to end at 56,957.46.

Weekly Index Movement:

Key equity benchmarks closed lower on Monday as investors braced for key economic data releases. The S&P BSE Sensex declined 200.66 points or 0.25% to 81,508.46. The Nifty 50 index lost 58.80 points or 0.24% to 24,619.

Key benchmark indices concluded Tuesday's volatile trading session on a flat note. The S&P BSE Sensex rose 1.59 points to 81,510.05. The Nifty 50 index lost 8.95 points or 0.04% to 24,610.05.

The domestic equity benchmarks concluded Wednesday's trading session with marginal gains, as investors adopted a cautious stance ahead of key economic data releases. The S&P BSE Sensex rose 16.09 points or 0.02% to 81,526.14. The Nifty 50 index added 31.75 points or 0.13% to 24,641.80.

The key equity benchmarks ended with modest losses on Thursday. After hitting the day's high of 24,675.25 in early trade, the Nifty slipped as the session progressed to end below the 24,550 mark. The S&P BSE Sensex declined 236.18 points or 0.29% to 81,289.96. The Nifty 50 index fell 93.10 points or 0.38% to 24,548.70.

The domestic equity indices ended a volatile session with major gains on Friday. The S&P BSE Sensex advanced 843.16 points or 1.04% to 82,133.12. The Nifty 50 index gained 219.60 points or 0.89% to 24,768.30.

Economy:

India's Consumer Price Index (CPI) inflation for the month of November 2024 eased to 5.48% as against 6.21% in October 2024. The retail inflation has fallen within the Reserve Bank of India’s target range of 2-6%.

The Index of Industrial Production saw a growth rate of 3.5% in October 2024, as against 3.1% in September.

Stocks in Spotlight:

Tata Motors declined 3.13%. The company announced a price increase of up to 2% across its trucks and buses portfolio, effective from 1 January 2025, to offset the rise in input costs.

Bajaj Finserv gained 2.48%. The company’s subsidiary, Bajaj Allianz General Insurance Company, recorded gross direct premium underwritten for November 2024 of Rs 1,364.67 crore, an increase of 11.95% year on year (YoY).

Adani Green Energy slipped 0.97%. The company’s step-down subsidiary, Adani Green Energy Twenty Five, commissioned a 250 MW solar power project at Badi Sid, Jodhpur District in Rajasthan.

C E Info Systems soared 5.86%. The company reversed its decision to invest in the former CEO's new B2C company.

Hindustan Aeronautics (HAL) advanced 2.17%. The company informed that it has signed a contract with Ministry of Defence worth Rs 13,500 crore for procurement of 12 Su-30 MKI aircraft along with associated equipment.

Ashok Leyland shed 0.04%. The company has announced that it has received an order worth Rs 345.58 crore from the Tamil Nadu State Transport Corporation (TNSTC) for the supply of 1,475 BSVI Diesel Fuel Type Passenger Bus Chassis.

Godrej Consumer Products tumbled 10.48%. The company has concerns over demand pressures weighed heavily on investor sentiment. The company anticipated mid-single-digit sales growth for Q3, citing "subdued" demand conditions over the past few months.

CEAT advanced 2.75%. The company is acquiring Camso brand's off-highway construction equipment bias tyre and tracks business from Michelin in an all-cash deal valued at about $225 million.

Waaree Energies soared 10.89%. The company wholly owned subsidiary, Waaree Forever Energies, received a Letter of Award for the development of a 170 MW solar power plant in Madhya Pradesh from Rewa Ultra Mega Solar (RUMSL).

Reliance Power jumped 6.65%. The company announced that its subsidiary Reliance NU Suntech won a 930 MW solar energy contract with a battery energy storage system (BESS) project from the Solar Energy Corporation of India (SECI).

Global Markets:

China’s consumer prices rose less-than-expected in November, climbing 0.2% from a year ago, according to data from the National Bureau of Statistics released Monday.

China's November exports rose 6.7% YoY, down from 12.7% in October, signaling global demand concerns for Chinese goods and imports dropped 3.9% YoY in November, a sharper fall from October’s 2.3% decline, underscoring economic pressures.

The European Central Bank lowered its key interest rate by 25 basis points to 3%, marking its fourth and final rate cut of the year.

The Swiss National Bank (SNB) slashed rates by a larger than anticipated 50 basis points from 1% to 0.5%, while Denmark’s central bank announced a 25 basis point reduction.

Britain’s economy contracted unexpectedly in October, according to data from the U.K.’s Office for National Statistics. UK's GDP fell by 0.1%, the latest print showed, marking the second consecutive monthly downturn.

The S&P 500 rose 0.3% to 6,090.27 points on Friday, while the NASDAQ Composite rose 0.8% to 19,859.77 points, with both indexes eking out record highs. The Dow Jones Industrial Average lagged, falling 0.3% to 44,642.52 points.

Nonfarm payrolls increased by 227,000 jobs last month, above the expected 202,000, after rising an upwardly revised 36,000 in October as the labor market reeled from Hurricanes Helene and Milton as well as a big strike at Boeing factories in the West Coast.

The US consumer price index (CPI) rose by 2.7% last month, accelerating slightly from 2.6% in October. While stripping out more volatile items like food and fuel, the "core" number climbed by 3.3% in the twelve months to July, also in line with expectations.

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