Nifty closes flat after a choppy session
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Market Overview
The Nifty opened 33 points higher at 24,652.65 and hit the day’s high of 24,670 before facing selling pressure until 1:45 PM. In the final half hour, it tested 24,620 but eventually closed slightly lower at 24,610.05, down by 0.03%.
Broader Market Performance:
The overall market breadth remained positive, outperforming the Nifty, with 1,438 stocks advancing, 1,367 declining, and 80 unchanged.
Sectoral Performance:
The IT sector hit all-time highs and emerged as one of the top gainers, driven by HSBC’s forecast of 6–7% growth by FY26. Nifty Realty was the best-performing sector, while others experienced mixed activity.
Note: The above numbers for Commodity futures were taken around 5 pm.
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 12th December:
The maximum CE OI is at 25000 followed by 24700 and 24800, and the maximum Put OI is at 24300 closely followed by 24500 and 24600.
With 1.21 crore contracts and 1.15 crore contracts respectively, 25000 and 24700 will be the key resistance zones for this week.
Immediate support on the downside can be seen at 24500 levels followed by 24400-350 levels. Resistance on the upside is at 24700 and 24800 levels followed by 25000.
Note: OI is subject to multiple interpretations but generally, in a falling market if there is an increase in the call OI, it indicates resistance, and in a rising market, if there is an increase in the put OI, it indicates support.
Source: Sensibull
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What’s happening in India
Mutual fund inflows in November 2024 dropped by 75%, totaling ₹60,363 crores, compared to ₹2.39 lakh crore in October. Equity fund inflows declined by 14%, with sectoral and thematic funds receiving the highest inflows. Debt fund inflows fell by 92%, with low-duration funds leading the category. Hybrid fund inflows also dropped by 76%, while index funds and ETFs saw a 70% decrease. Total assets under management (AUM) grew slightly by 1%, reaching ₹67.81 lakh crore. Dive deeper
SIP contributions in November 2024 slightly decreased to Rs 25,320 crore from Rs 25,322 crore in October, marking a brief pause after 16 months of steady growth. Dive deeper
SEBI warned investors against trading in securities of unlisted companies on unauthorized platforms, as it violates the Securities Contracts (Regulation) Act and the SEBI Act. Only recognized stock exchanges are authorized for trading listed and "to be listed" company securities. Investors were advised not to engage with unauthorized platforms, as they cannot seek recourse under SEBI or exchange jurisdiction. SEBI also cautioned against unauthorized virtual trading platforms and off-market stocks, which carry higher risks. Dive deeper
The RBI has approved the Burman family's open offer to acquire an additional 26% stake in Religare Enterprises Ltd (REL) while maintaining the current board and management. The Burmans, through their entities, currently hold 25.12% of REL. The RBI has instructed them to submit a consolidation plan by March 2026 and ensure the proposed directors meet "fit and proper" criteria. SEBI's approval for the offer is still pending. Dive deeper
HDFC Life Insurance's (-1.32%) Board has approved an investment of ₹6.6 crore in Bima Sugam India Federation, an unlisted entity incorporated in June 2024. This investment will give HDFC Life up to a 10% stake in Bima Sugam, subject to an increase in its authorized share capital. The platform aims to be a centralized digital marketplace for insurance products and services. The acquisition will be completed within statutory timelines, with cash being the mode of consideration. Dive deeper
Coforge (+1.00%) has partnered with ACORD Solutions Group to drive modernization in the global insurance industry. As part of the Licensed Integrator Partner (LIP) program, Coforge will use ACORD's Transcriber and ADEPT platforms to enhance data exchange for global insurance clients. This collaboration aims to improve digital integration between brokers and carriers, supporting the London Market’s Blueprint Two initiative. The partnership will also offer AI-powered tools for the digitization of key insurance documents. Dive deeper
IL&FS Financial Services (IFIN) is selling loans worth ₹2,200 crore, extended to SKIL Infrastructure, Gujarat-Dwarka Portwest, and SKIL-Himachal Infrastructure and Tourism, as part of its debt recovery efforts. The loans, classified as non-performing assets since 2017, have an outstanding amount of ₹2,023 crore. This forms part of IFIN’s ongoing recovery of dues from a total lending of ₹5,000 crore. Dive deeper
Bharat Forge Limited (-0.16%) raised ₹1,650 crores through a Qualified Institutional Placement (QIP) that closed on December 9, 2024. The issue saw significant demand, with over 90% allocated to prominent domestic and foreign investors. Dive deeper
Reliance Industries (-0.79%) is in talks with banks for a $3 billion offshore loan to refinance debt due in 2025. The loan, expected to be syndicated in early 2025, marks Reliance’s return to the offshore market in 2023. Dive deeper
Tejas Networks (-1.28%) has entered into a three-year contract with Vodafone Idea to supply its TJ1400 and TJ1600 transmission products. This will help scale Vodafone Idea’s backhaul capacity for 4G and 5G rollouts, supporting improved network performance across India. Dive deeper
Mahindra & Mahindra Limited (0.51%) has announced the incorporation of Velos Hybren Private Limited, a wholly owned subsidiary of Mahindra Susten Private Limited, on December 9, 2024. Velos Hybren focuses on renewable energy, including power generation and rooftop solar installations. The company’s authorized and paid-up capital is ₹15,00,000, with 1,50,000 equity shares. Dive deeper
Global SS Beauty Brands Limited, a wholly-owned subsidiary of Shoppers Stop Limited (SHOPERSTOP), has introduced Joyology Beauty, a new cosmetics brand aimed at the Zillennial generation. The brand offers a variety of products, including blush, foundation, lipstick, and eyeliner, focusing on inclusivity and self-expression. Joyology Beauty products are available at Shoppers Stop stores and on online platforms like Nykaa, Myntra, and Amazon. Dive deeper
Vodafone Idea's board approved the issuance of up to 1.75 billion equity shares worth ₹1,980 crore at ₹11.28 per share, with Omega Telecom Holdings and Usha Martin Telematics set to receive shares worth ₹1,280 crore and ₹700 crore, respectively. Dive deeper
Indraprastha Gas Limited's Board of Directors, in its meeting on December 10, 2024, approved an increase in the authorized share capital from ₹220 crore to ₹1,000 crore, divided into 500 crore equity shares of ₹2 each, subject to shareholder approval. Additionally, the Board approved a 1:1 bonus share issue, where shareholders will receive one bonus equity share for every existing equity share. Dive deeper
Shriram Pistons & Rings Ltd (+2.95%)., through its subsidiary SPR Engenious Ltd., has agreed to acquire a 100% stake in TGPEL Precision Engineering Ltd. for ₹220 crores. The acquisition, expected to close by December 31, 2024, will help diversify SPRL’s operations. TGPEL, specializing in precision tooling and plastic injection-moulded components, recorded a revenue of ₹118.3 crore in FY 2023-24. The deal will be paid in cash, with adjustments for liabilities. Dive deeper
What’s happening globally
Iron ore prices for cargoes with 62% iron content rose above $106 per ton in mid-December, following China's pledge to enhance economic support measures next year. The Politburo announced a shift toward a "moderately loose" monetary policy and "more proactive" fiscal stimulus, boosting the demand outlook. Dive deeper
Norway's annual consumer inflation rate eased to 2.4% in November 2024, from 2.6% in October, mainly due to lower housing and utility costs. Prices for food, household equipment, and recreation increased, while transport prices rebounded. The Consumer Price Index adjusted for tax changes and excluding energy products (CPI-ATE) rose by 3% year-on-year. Monthly, consumer prices increased by 0.3%, down from 0.6% in October. Dive deeper
Turkey's industrial production fell by 3.1% year-on-year in October 2024, worsened from a 2.3% decline in September. Mining and manufacturing output continued to decline, while electricity, gas, steam, and air-conditioning supply increased by 7.6%. Monthly, industrial production dropped by 0.9%, following a 1.6% gain in September. Meanwhile, Turkey's seasonally adjusted jobless rate rose to 8.8% in October 2024, from 8.7% in September, the highest rate since July. Unemployment increased by 61,000 to 3.2 million, while employment grew by 156,000 to 32.97 million, pushing the employment rate to 49.9%. Dive deeper
Job vacancies in the UK have fallen faster than in comparable countries, with a 23% decline as of November 29, 2024. This marks a sharper drop than the 14% decrease in official data from August to October and a 12% decline from pre-pandemic levels. The labour market has shifted towards employers, with fewer job postings, lower signing bonuses, and easing wage growth. Other countries, including the US and Germany, experienced smaller declines of 5% to 15%. Dive deeper
South Korea's Justice Ministry has banned President Yoon Suk Yeol from travelling overseas amid investigations into his brief declaration of martial law. The Corruption Investigation Office and police have launched separate probes, with former Defense Minister Kim Yong-hyun arrested. The political turmoil continues, with opposition parties planning impeachment votes and protests demanding Yoon's resignation. Dive deeper
The Reserve Bank of Australia (RBA) kept its cash rate at 4.35% for the ninth consecutive meeting, in line with market expectations. While headline inflation has eased, underlying inflation remains high, with a target of 2-3% by 2026. The RBA noted slower-than-expected household consumption and continued subdued growth, with decisions guided by data and evolving risks. Dive deeper
China's exports grew by 6.7% year-on-year in November 2024, missing expectations and slowing from October's 12.7% surge. However, exports reached a 26-month high of USD 312.31 billion, marking the eighth consecutive month of growth. For the year-to-date, exports rose 5.4%, driven by plastic products, textiles, and mechanical goods. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Shaktikanta Das, RBI Governor after his term ended
"The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years. I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organizations in the agriculture, cooperative & service sectors for their inputs and policy suggestions." - Link
Calendars
In the coming days, we have the following major events and corporate actions:
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