Markets Slide Amid Mixed Global Cues!

📰Daily Market Wrap-Up by Stock Whisperers-December 12

Author

thestock whisperers
December 12, 2024

📈 Market Overview:

Summary of the Day's Market Performance

Market Overview

  • Sensex: Declined by 236.18 points (-0.29%) to close at 81,289.96.

  • Nifty: Fell 93.10 points (-0.38%) to settle at 24,548.70.

  • Midcap Index: Dropped by 0.5%.

  • Smallcap Index: Slipped 1%, underperforming broader markets.

  • Sectoral Highlights:

    • Gainers: IT (+0.4%, hitting a new high).

    • Losers: Media (-2%), FMCG (-1%).

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💸 Market Transactions:

  • Foreign Institutional Investors (FII): ₹-3,560.01 crore (Net Sellers)

  • Domestic Institutional Investors (DII): ₹2,646.65 crore (Net Buyers)

FIIs continued their selling streak, while DIIs provided partial market support.

📊📑 Important Observations and Market Sentiments: Editor Special

  1. Global and Domestic Focus:

    • Anticipation around India’s CPI data kept markets subdued, with a close watch on vegetable price trends, which will influence future rate decisions.

    • US inflation data meeting expectations lifted IT stocks hoping for a Fed rate cut.

  2. Weakening Rupee:

    • Concerns over a depreciating rupee added pressure on domestic equities.

  3. Sectoral Divergence:

    • IT outperformed as global tech spending optimism grew.

    • FMCG and Media sectors faced selling pressure amid mixed demand outlooks.

❓ DO YOU KNOW?

  • What is a QIP?

    • A Qualified Institutional Placement (QIP) is a capital-raising tool that allows companies to issue shares to institutional investors without undergoing lengthy regulatory processes, enabling faster access to funds.

📰Stock News:

Key Stock Movements and News

  • Top Gainers:
    Adani Enterprises, Tech Mahindra, IndusInd Bank, Bharti Airtel, Adani Ports.

  • Top Losers:
    NTPC, Hero MotoCorp, HUL, Coal India, BPCL.

  1. Gravita India:

    • Plans a ₹1,000 crore QIP next week for expansion projects.

  2. GHCL (+6%):

    • Shares surged after receiving government clearance for a soda ash project in Gujarat.

  3. Bluestone Jewellery IPO:

    • Filed papers for a ₹1,000 crore fresh issue.

  4. Shakti Pumps (+5%):

    • Gained after securing a ₹754.30 crore order, with execution expected within 60 days.

  5. Nalco (-7%):

    • Dropped as global alumina prices surged, impacted by South32's guidance withdrawal.

  6. Gopal Snacks (-8%):

    • Fell following a fire at its manufacturing unit in Rajkot.

  7. Vedanta:

    • Rose ahead of a board meeting to consider the 4th interim dividend for FY25.

  8. Neuland Labs (-8%):

    • Plunged amid reports of a ₹780 crore block deal by Smallcap World Fund.

  9. CEAT (+6%):

    • Rebounded as analysts assigned ‘Buy’ ratings following its Camso acquisition deal.

  10. ICICI Bank:

    • MOSL recommends a Buy on ICICI Bank over focus on profitable growth, target Rs 1,550

Weekly Stock Markets Rundown

December 9-13, 2024

  1. The RBI kept the repo rate unchanged while reducing the CRR rate, signaling cautious optimism about economic recovery in H2 FY25.

  2. Central banks in Australia, Canada, and Europe are set to decide on interest rates, providing critical global market cues.

  3. IPO rush continues, with Vishal Mega Mart, Sai Life Sciences, and One Mobikwik Systems opening for subscription………………….

👀Stocks to Focus:

  • Shakti Pumps: Strong growth potential with fresh order wins.

  • GHCL: Government project approvals boost expansion prospects.

  • CEAT: Positive analyst coverage highlights a strong growth outlook.

  • ICICI Bank: MOSL recommends a Buy on ICICI Bank over focus on profitable growth, target Rs 1,550

📝Summary:

Indian markets closed in the red as weak global cues, FII selling, and rupee depreciation weighed on sentiment. While defensive IT stocks supported indices, most other sectors saw declines ahead of key inflation data. Stock-specific actions, including IPO announcements and corporate updates, provided excitement amidst the cautious mood.

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Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

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