Sensex soars 843 pts, Nifty ends above 24,750; Bharti Airtel spurts 4.3%

Domestic equity indices concluded a volatile trading session on a strong note on Friday, driven by a recovery in key sectors. The Nifty 50 index opened lower, hitting a day's low of 24,180.80 during the mid-morning session. However, it staged a significant recovery and closed above the 24,750 mark. FMCG and consumer durables stocks emerged as top performers for the day.

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.

Bharti Airtel (up 4.39%), ITC (up 2.07%) and ICICI Bank (up 1.22%) boosted the indices.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.08% and the S&P BSE Small-Cap index lost 0.29%.

The market breadth was negative. On the BSE, 1818 shares rose and 2173 shares fell. A total of 114 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 1.04% to 13.05.

Numbers to Track:

The yield on India's 10-year benchmark federal rose 1.60% to 6.844 as compared with previous close 6.845.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 84.8350, compared with its close of 84.8550 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.71% to Rs 77,415.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 107.

The United States 10-year bond yield rose 0.21% to 4.335.

In the commodities market, Brent crude for Feb 2024 settlement gained 60 cents or 0.82% to $ 74.01 a barrel.

Global Markets:

The Dow Jones index futures jumped 100 points, signaling a positive opening for U.S. stocks today.

European stocks advanced while Asian equities closed mixed on Friday as investors awaited the upcoming policy meeting of the US Federal Reserve and Bank of England next week.

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) also 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.

China's top leaders have announced plans for further stimulus measures to bolster the country's economy. This decision, made during the annual meeting of the Chinese Communist Party and the cabinet, involves increasing the budget deficit, borrowing more, and lowering interest rates. This aggressive approach is a departure from previous years of weaker growth and declining consumer demand. The government aims to maintain economic growth and stability in employment and prices for the upcoming year.

US stocks closed lower on Thursday as Treasury yields climbed following a hotter-than-expected inflation report. The Dow Jones Industrial Average fell 0.53%, the S&P 500 index lost 0.54%, and the NASDAQ Composite index declined 0.65%.

While US consumer price index data released on Wednesday was largely in line with expectations, producer prices rose more than anticipated in November, increasing 0.4% last month, ahead of the expected 0.2% gain. In the 12 months through November, the PPI shot up 3.0% after increasing 2.6% in October. This suggests underlying inflationary pressures may persist.

Adobe Systems Incorporated stock plummeted over 14% after the software giant issued a disappointing annual sales outlook. The company's recent efforts to incorporate artificial intelligence into its offerings appear to be taking longer than expected to generate significant returns.

Stocks in Spotlight:

FMCG shares were in demand. The Nifty FMCG index rose 1.29%. ITC (up 2.26%), Hindustan Unilever (up 1.97%), Nestle India (up 1.39%), United Breweries (up 1.28%), Dabur India (up 1.06%) and Colgate Palmolive (India) (up 0.99%) surged.

A gradual easing in food inflation and a price hike by FMCG companies, along with a recent correction in valuation, supported FMCG shares.

Ambuja Cements ended flat at Rs 572. The company informed that it has successfully commissioned and started power transmission from its 200 MW solar power project in Khavda, Rajasthan.

Tata Motors added 0.55%. 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.

Siyaram Silk Mills surged 15.78% after the company announced the launch of Cadini Italy Perfumes in India under the Cadini Italy brand.

CRISIL jumped 5.41% after the company's board approved the acquisition of 4.08% stake in Online PSB Loans (OPL) for Rs 33.25 crore on a fully diluted basis.

Spicejet rose 1.38% after the company said it cleared all pending employee provident fund (PF) dues amounting to Rs 160.07 crore, spanning over two years.

Aptech surged 1% after the company received letter of intent (LoI) from the State Government Body to conduct computer based online examination for 3 years.

Tolins Tyres dropped 4.51% after the company said its chief financial officer, Ravi Sharma, resigned on 12 December 2024.

Hindustan Aeronautics (HAL) rose 0.13%. The copmay informed that it has signed a contract with the Ministry of Defence worth Rs 13,500 crore for the procurement of 12 Su-30 MKI aircraft along with associated equipment.

Ashok Leyland added 0.94%. The company 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.

G R Infraprojects shed 0.78%. The company received a letter of intent for the establishment of a pooling station near Bijapur (Vijayapura) worth Rs 107.7 crore from PFC Consulting under the transmission scheme for integration of Bijapur REZ in Karnataka.

Premier Energies fell 0.88%. The company informed that its wholly owned subsidiary, Premier Energies Global Environment, has approved the establishment of a 1 GW solar photovoltaic TOPCon module manufacturing facility.

IPO Update:

The initial public offer (IPO) of One MobiKwik Systems received bids for 1,41,66,14,687 shares as against 1,18,71,696 shares on offer, according to stock exchange data at 17:00 IST on 13 December 2024. The issue was subscribed to 119.33 times.

The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 265 and Rs 279 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

Vishal Mega Mart's IPO received bids for 20,64,00,79,810 shares as against 75,67,56,757 shares on offer, according to stock exchange data at 17:00 IST on 13 December 2024. The issue was subscribed 27.27 times.

The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 74 and Rs 78 per share. An investor can bid for a minimum of 190 equity shares and in multiples thereof.

Sai Life Sciences' IPO received bids for 39,83,92,182 shares as against 3,88,29,848 shares on offer, according to stock exchange data at 17:00 IST on 13 December 2024. The issue was subscribed 10.26 times.

The issue opened for bidding on 11 December 2024 and it will close on 13 December 2024. The price band of the IPO is fixed between Rs 522 and Rs 549 per share. An investor can bid for a minimum of 27 equity shares and in multiples thereof.

Inventurus Knowledge Solutions' IPO received bids for 2,74,86,778 shares as against 1,03,66,780 shares on offer, according to stock exchange data at 17:00 IST on 13 December 2024. The issue was subscribed to 2.65 times.

The issue opened for bidding on 12 December 2024 and it will close on 16 December 2024. The price band of the IPO is fixed between Rs 1,265 and Rs 1,329 per share. An investor can bid for a minimum of 11 equity shares and in multiples thereof.

International Gemmological Institute (India)'s IPO received bids for 98,72,800 shares as against 5,85,60,902 shares on offer, according to stock exchange data at 17:00 IST on 13 December 2024. The issue was subscribed to 0.17 times.

The issue opened for bidding on 13 December 2024 and it will close on 17 December 2024. The price band of the IPO is fixed between Rs 397 and Rs 417 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

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