Sensex Climbs 150 Pts To 81,650; Nifty At 24,650; UltraTech, Nestle Lead

Benchmark equity indices BSE Sensex and Nifty 50 were trading with mild gains on Wednesday, amid weak global cues.

At 11 AM, the BSE Sensex was 125.75 points, or 0.15 per cent higher at 81,635.80, while the Nifty 50 was at 24,654.75, higher by 44.70 points, or 0.18 per cent.

After the opening bell, among the 30 constituent stocks in the BSE Sensex, more than half the stocks were trading higher, with gains led by UltraTech Cement (up 2.04 per cent), followed by Nestle India, Adani Ports & SEZ, Maruti Suzuki India and Infosys, while losses were capped by HCLTech (down 0.57 per cent), followed by ICICI Bank, JSW Steel, Mahindra & Mahindra and HDFC Bank.

On the Nifty 50, 29 out of the 50 stocks in the benchmark indices were trading higher, with gains led by UltraTech Cement (up

2.54 per cent), followed by Grasim Industries, Coal India, Tata Consumer Products, and Hero MotoCorp. Losses, meanwhile, were capped by Dr Reddy’s (down 1.03 per cent), followed by HCLTech, Hindustan Unilever, Wipro, and ICICI Bank.

Across sectors, the Nifty Bank and Financial Services indices were the top drags, falling 0.28 per cent and 0.27 per cent respectively, while the IT index was down 0.08 per cent.

Among the gainers, the Media index was the top gainer, climbing 0.61 per cent, followed by OMCs, Auto and Realty.
In the broader markets, the Nifty Smallcap index climbed 100 points, or 0.51 per cent from its previous day close to touch a fresh all-time high of 19,683.2. Currently, the index was trading 0.42 per cent higher, while the Nifty Midcap 100 was 0.16 per cent higher.

With markets around the world, including India’s, declining or remaining flat for the past few sessions, they are likely to continue to tread cautiously ahead of key US inflation data, which would give crucial clues about the Federal Reserve’s policy decision at its meeting next week.

Brokerages expect Indian equities to deliver modest returns in 2025, as they cite uncertainty around earnings growth and elevated valuations as major concerns even as India’s fundamental growth story remains promising.

Moreover, equity mutual fund (MF) inflows moderated in November, weighed down by a decline in lump sum investments and new fund offering collections. Active MF schemes received Rs 35,943 crore in November, down 14 per cent from the all-time high inflow of Rs 41,887 crore in October.

However, the outlook for Indian markets in 2025 looks robust as global ratings firm S&P Global Ratings said in its latest India Outlook report that the Indian economy is set for resilient growth in 2025 on the back of strong urban consumption, steady services sector growth, and ongoing investment in infrastructure. READ MORE

The primary markets is poised to see increased action today, with One Mobikwik Systems IPO (Mainline), Vishal Mega Mart IPO (Mainline), Sai Life Sciences IPO (Mainline), Purple United Sales Limited IPO (SME) and Supreme Facility Management IPO (SME) set to open for subscription today.

In other news, Sebi on Tuesday announced that the top 500 stocks will be eligible for the same-day settlement cycle (T+0) in a phased manner. The wider eligibility will become effective on January 31, 2025. READ MORE

In the previous trading session, the BSE Sensex and Nifty 50 ended a choppy session on a flat note. The Sensex settled at 81,510.05, up marginally by 1.59 points, while the Nifty 50 settled at 24,610.05, down 8.95 points, or 0.05 per cent.

All sectoral indices ended in the green, except for Nifty Media, Auto, Pharma, and OMCs. Notably, the Nifty Realty index outperformed other sectoral indices, ending higher by 1.43 per cent, led by gains in Raymond and Phoenix Mills.

In the broader markets, meanwhile, the Nifty Midcap 100 and Nifty Smallcap 100 indices ended higher by 0.23 per cent and 0.28 per cent, respectively.

Meanwhile, markets in the Asia-Pacific region were mixed on Wednesday. Hong Kong’s Hang Seng index was up 0.57 per cent, while the CSI 300 was higher by 0.18 per cent. The Shanghai Composite was ahead by 0.13 per cent.

South Korea’s blue-chip Kospi jumped 0.78 per cent and the small-cap Kosdaq climbed 2 per cent. Japan’s Nikkei 225 was behind by 0.25 per cent while the broad-based Topix traded nearly flat. Australia’s S&P/ASX 200 was 0.49 per cent lower.

Global equities had retreated and the dollar climbed on Tuesday. Gold prices hit a two-week high, boosted by rising geopolitical tensions and expectations of a third US rate cut by the Federal Reserve next week.

Traders awaited US inflation data due on Wednesday and a meeting by the European Central Bank on Thursday.

The Dow Jones Industrial Average fell 154.10 points, or 0.35 per cent, to 44,247.83, the S&P 500 fell 17.94 points, or 0.30 per cent, to 6,034.91 and the Nasdaq Composite fell 49.45 points, or 0.25 per cent, to 19,687.24.

The pan-European STOXX 600 index fell 0.5 per cent on Tuesday, ending an eight-session winning run, with luxury stocks leading declines after weak trade data out of China.

Investors will be closely watching Wednesday’s consumer price index report for insight into the trajectory of US inflation and ensuing Federal Reserve policy. A Reuters poll of economists found 90 per cent anticipate a 25 basis point rate cut from the Fed at its December 18 meeting. With an ECB rate cut all but certain, investors will be watching for clues about its policy path.

Another boost to US sentiment was a report showing small business confidence climbing to its highest level in nearly 3-1/2 years in November.

MSCI’s gauge of stocks across the globe fell 4.28 points, or 0.49 per cent, to 866.57.

The yield on benchmark US 10-year notes rose 3.1 basis points to 4.23 per cent, from 4.199 per cent late on Monday.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.25 per cent to 106.42, with the euro down 0.27 per cent at $1.0523.

Spot gold gained 1.27 per cent to $2,692.43 an ounce. US gold futures settled 1.2 per cent higher at $2,718.40.

Elsewhere in commodities, oil prices extended their climb, after rising more than 1 per cent on Monday, on the China stimulus and possible tight supply in Europe. Investors assessed the potential regional fallout from the overthrow of Syrian President Bashar al-Assad.

Brent crude futures settled up 0.07 per cent at $72.19 a barrel. US West Texas Intermediate finished up 0.32 per cent at $68.59 a barrel.