Nifty and Sensex snap two-day fall to end higher
Intraday, both the indices had gained more than 0.7%.
Nifty ends 0.4% or 98.10 points up at 23742.90
Sensex ends 0.47% or 368.40 points higher at 78507.41
Broader indices also rose. Nifty Midcap 100 ended 0.4% up; Nifty Smallcap 250 closed 0.9% higher
Most sectoral indices rose with Nifty Auto leading
M&M and Maruti Suzuki were top Nifty gainers
Dr Reddy's Labs and Hindalco fell the most
-Rupee weakened by four paise to close at 85.65 against the US dollar.
-It closed at 85.61 on Tuesday.
Source: Bloomberg
Fertiliser stocks rose Wednesday following Union Cabinet decision on affordable DAP fertilizer to provide extra subsidy to farmers. Farmers will continue to get DAP at Rs 1,350 per bag of 50 kg and extra burden will be borne by government. Zuari Agro, Mangalore Chemicals, and Paradeep Phospates gained nearly 5% each.
Markets experts suggest accumulating Hindalco Industries Ltd. and holding on to Pondy Oxides & Chemicals Ltd. and Cartrade Tech Ltd. Find out what Vaishali Parekh, vice president, technical research, Prabhudas Lilladher Pvt. Ltd. and Nirav Asher, head equity research analyst, Latin Manharlal Sec Pvt Ltd., are saying about these stocks.
The Indian Rupee depreciated 2.88% against the US Dollar in 2024. On Dec. 27, 2024, the Indian currency witnessed its worst single-day fall in over two years when it touched a record low of 85.82 against the greenback.
In this backdrop, a question arises about what the depreciation means for the Indian economy.
NDTV Profit explains the pros and cons of currency devaluation. Click here to read.
Suzlon Energy Shares Rise On Credit Rating Upgrade By CRISIL
Renewable energy developers need to prioritise bidding in auctions with higher returns to ensure robust cash flow visibility, essential for maintaining premium valuations. This strategy is particularly important amid delays of up to 12 months in power purchase agreements.
This is where Firm and Dispatchable Renewable Energy, or FDRE, tenders come into play. It is an emerging and preferred model for future renewable energy development, according to industry experts.
December provisional coal production up 0.7% At 72.4 MT Vs 71.9 MT (YoY)
December provisional coal offtake up 2.4% At 68.6 MT Vs 67 MT (YoY)
Source: Exchange Filing
Total two-wheeler sales down 4% at 2.72 lakh units (YoY). Total commercial vehicle sales up 16% at 50,952 units (YoY). Total sales down 1% At 3.23 lakh units against estimate of 3.54 lakh units (YoY)
Source: Exchange filing
Click here for live updates on December sales of Indian auto companies.
Indian equities are likely to see volatility in the first half of 2025 with the majority of the return expectations being back-end loaded in the year, according to Axis Securities.
The economy will continue to be "star performing" compared to other emerging markets and it is likely to continue its growth momentum in 2025 against the backdrop of a volatile global economy, it said in a report.
At pre-open, Nifty 50 was at 23637.65 down 0.03% or 7.15 points and Sensex was at 78265.07 up by 0.16% or 126.06 points.
-Rupee weakened by 2 paise to open at 85.62 against the US Dollar.
-It closed at 85.60 on Tuesday.
Source: Bloomberg
Macquarie's latest analysis on Indian IT firms emphasizes the ongoing challenges related to H1B visas, highlighting that these companies require such visas as not all positions can be filled by hiring locally. The analysis points to a long tail of H1B applicants, with the majority of the visas already being accounted for, raising concerns about potential constraints in the future. Macquarie also critiques proposals such as introducing a flat wage floor that is too high, arguing that it would be impractical and could trigger a wage spiral across the entire economy. Despite these challenges, Macquarie sees the current correction in the Indian IT sector as a good opportunity for investors to buy stocks in leading IT services firms. The top picks include TCS (Outperform, Target ₹5,710, upside 39%), HCL Tech (Outperform, Target ₹2,020, upside 5%), and Persistent Systems (Outperform, Target ₹6,750, upside 4.2%).
Emkay has provided an updated outlook on the Indian automotive sector, particularly focusing on two-wheeler (2W) stocks. The firm has upgraded TVS Motor to a 'Buy' from 'Add', raising the target price to Rs 2,800, reflecting an 18% upside. Bajaj Auto has also been upgraded to 'Add' from 'Sell', with an unchanged TP of Rs 9,500, offering an 8% upside.
Emkay has retained its buy rating on Hero MotoCorp with a TP of Rs 5,600, projecting a 35% upside, and similarly maintains a 'Buy' rating on Eicher Motors with a TP of Rs 5,600, indicating a 16% upside. Despite a slowdown in domestic sales growth, with a growth rate of 8% during the September to December period compared to 12.6% between April and August, Emkay views the steep correction in 2W stocks as unwarranted. The firm expects a strong recovery in exports, which will drive growth momentum in the sector, forecasting a 16-21% compound annual growth rate (CAGR) in volumes from FY24 to FY27. Emkay believes the export market will be the key growth driver for two-wheelers, and despite the domestic slowdown, still prefers 2Ws over passenger vehicles (PVs) due to a relatively better growth outlook.
HSBC has maintained a 'sell' with target price of Rs 820 and downside potential 22%. Target price of Rs 820 implies a 22.1% downside due to challenging market conditions and modest demand growth.
Ola Electric’s market share down to 19% from 24% last month. Bajaj Auto is now the market leader with 25% market share and TVS Motor maintains 23% market share. Meanwhile, Ather Energy continues to gain share, market share now stands at 14%
Source: VAHAN
US stock markets declined for the third consecutive day on Tuesday. The Dow Jones Industrial Average and S&P 500 ended 0.07% and 0.43% down, respectively. The Nasdaq Composite ended 0.90% down.
From Bharat Electronics, ONGC To Tech Mahindra: Nifty Top Gainers And Losers On Dec. 31