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The market witnessed modest gains during the holiday-thinned week. The absence of major market-moving events, with most key events either concluded or scheduled for January, most likely kept investor participation muted. However, broader market relatively underperformed the frontline indices.
In the week ended on Friday, 27 December 2024, the S&P BSE Sensex rose 657.48 points or 0.84% to settle at 78,699.07. The Nifty 50 index added 225.90 points or 0.96% to settle at 23,813.40. The BSE Mid-Cap index gained 0.21% to close at 46,325.58. The BSE Small-Cap index shed 0.18% to end at 55,048.12.
Weekly Index Movement:
The domestic equity indices staged a strong rebound on Monday, snapping a five-day losing streak. The S&P BSE Sensex gained 498.58 points or 0.64% to 78,540.17. The Nifty 50 index rallied 165.95 points or 0.70% to 23,753.45.
The key equity indices closed marginally lower on Tuesday, with the Nifty settling below the 23,750 mark. The S&P BSE Sensex, was down 67.30 points or 0.09% to 78,472.87. The Nifty 50 index shed 25.80 points or 0.11% to 23,727.65.
The domestic equity benchmarks were closed on Wednesday on account of the Christmas holiday.
The key equity indices ended near the flatline amid volatility on Thursday. The S&P BSE Sensex was down 0.39 points or 0% to 78,472.48. The Nifty 50 index rose 22.55 points or 0.10% to 23,750.20.
The domestic equity indices ended with minor gains on Friday. The S&P BSE Sensex advanced 226.59 points or 0.29% to 78,699.07. The Nifty 50 index rose 63.20 points or 0.27% to 23,813.40.
Economy:
India's foreign exchange reserves dipped by $1.98 billion to $652.87 billion as of December 13, according to data shared by the Reserve Bank of India (RBI) on Friday.
The Weekly Statistical Supplement released by the RBI showed that the primary contributor to this decline was the drop in Foreign Currency Assets (FCAs), which fell by $3 billion to $562.58 billion.
Meanwhile, gold reserves were up by $1.12 billion, bringing the total to $68 billion.
The Special Drawing Rights (SDRs) dipped by $35 million, now totaling $17.99 billion, while the reserve position in the International Monetary Fund (IMF) contracted by $27 million, standing at $42.40 billion.
Stocks in Spotlight:
Larsen & Toubro shed 0.53%. The company informed that its precision engineering systems business vertical of L&T secured 'major’ order for the supply of K9 Vajra-T artillery platforms to the Indian Army.
Adani Enterprises advanced 2.74%. The company announced that it has acquired 26% stake in Gidhmuri Paturia Collieries (GPCPL) from Sainik Mining and Allied Services.
Gensol Engineering added 0.95%. The company secured an EPC contract worth approximately Rs 897.47 crore from NTPC Renewable Energy for the development of a 225 MW Solar PV project at the GSECL Solar Park, Gujarat.
Bharat Electronics (BEL) rose 0.42%. The company has received additional orders worth Rs 973 crore since its last disclosure on 9th December 2024.
Dixon Technologies (India) added 0.01%. The company announced that its wholly owned subsidiary, Dixon Electro Manufacturing, has entered into a Memorandum of Understanding (MoU) with Cellecor Gadgets for the manufacturing of refrigerators and related components for Cellecor.
InterGlobe Aviation jumped 7.49%. A domestic brokerage upgraded its rating on the stock to 'Buy' from 'Sell' and raised the target price to Rs 5,309 from Rs 3,847.
Bharat Petroleum Corporation (BPCL) gained 1.55%. The company announced its participation in NTPC’s tender for the selection of solar power generators to establish 1200 MW ISTS-connected solar PV power projects across India.
NBCC (India) slipped 1.10%. The company announced that it has received multiple work orders totalling Rs 368.75 crore from various entities.
VA TECH WABAG rallied 1.37%. The company announced that it has received an order worth euro 78 million (approximately Rs 700 crore) from Lusaka Water Supply and Sanitation Company (LWSC).
Global Markets:
Investors assessed November inflation numbers from Tokyo, which saw its headline inflation rate come in at 3%, compared to 2.6% in October. Core inflation, which excludes costs of fresh food, rose to 2.4%. Tokyo’s inflation numbers are widely considered to be a leading indicator of nationwide trends.
A preliminary estimate for the third quarter, published by the ONS last month, said U.K. GDP grew at 0.1% during the period. However, the final data released on Monday showed 0% GDP growth from the previous quarter.
The Personal Consumption Expenditures (PCE) price index, a key inflation measure, rose 0.1% in November, slower than the October increase of 0.2%. This brought the annual PCE inflation rate to 2.4%, still above the Fed's 2% target, suggesting persistent inflationary pressures.
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