The key domestic benchmarks end with small losses on Wednesday. The Nifty settled below the 23,700 level. Consumer durables, healthcare and pharma shares declined while oil & gas, IT and FMCG shares advanced.
As per provisional closing, the barometer index, the S&P BSE Sensex, declined 50.62 points or 0.06% to 78,148.49. The Nifty 50 index lost 18.95 points or 0.08% to 23,688.95.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.09% and the S&P BSE Small-Cap index fell 1.12%.
The market breadth was weak. On the BSE, 1,389 shares rose and 2,581 shares fell. A total of 96 shares were unchanged.
The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, slipped 1.33% to 14.47.
Economy:
The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the First Advance Estimates of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25 along with its expenditure components both at constant (2011-12) and current prices.
Real GDP has been estimated to grow by 6.4% in FY 2024-25 as compared to the growth rate of 8.2% in the Provisional Estimate (PE) of GDP for FY 2023-24. Nominal GDP has witnessed a growth rate of 9.7% in FY 2024-25 over the growth rate of 9.6% in FY 2023-24. Real GVA has grown by 6.4% in FY 2024-25 over the growth rate of 7.2% in FY 2023-24.
Buzzing Index:
The Nifty Consumer Durables index slipped 2.16% to 41,745.75. The index rose 0.12% in the past trading session.
Dixon Technologies (India) (down 8.36%), Amber Enterprises India (down 3.61%), Cera Sanitaryware (down 2.71%), Whirlpool of India (down 2.6%), Kajaria Ceramics (down 2.08%), Blue Star (down 2.07%), Kalyan Jewellers India (down 2.01%), V-Guard Industries (down 1.86%), Century Plyboards (India) (down 1.8%) and Rajesh Exports (down 1.09%) declined.
On the other hand, Havells India (up 0.48%) and Crompton Greaves Consumer Electricals (up 0.33%) edged higher.
IPO Update:
The initial public offer (IPO) of Standard Glass Lining Technology received bids for 3,75,77,05,073 shares as against 2,08,29,567 shares on offer, according to stock exchange data at 15:39 IST on 8 January 2025. The issue was subscribed to 180.40 times.
The issue opened for bidding on 6 January 2025, and it will close on 8 January 2025. The price band of the IPO is fixed between Rs 133 and Rs 140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.
The initial public offer (IPO) of Quadrant Future Tek received bids for 25,69,78,400 shares as against 57,99,999 shares on offer, according to stock exchange data at 15:39 IST on 8 January 2025. The issue was subscribed to 44.31 times.
The issue opened for bidding on 7 January 2025, and it will close on 9 January 2025. The price band of the IPO is fixed between Rs 275 and Rs 290 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
The initial public offer (IPO) of Capital Infra Trust received bids for 1,64,37,600 shares as against 8,83,83,750 shares on offer, according to stock exchange data at 15:31 IST on 7 January 2025. The issue was subscribed to 0.19 times.
The issue opened for bidding on 7 January 2025, and it will close on 9 January 2025. The price band of the IPO is fixed between Rs 99 and Rs 100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
Stocks in Spotlight:
Transformers and Rectifiers (India) added 0.72%. The companys consolidated net profit surged 252.92% to Rs 55.48 crore on 51.44% rise in revenue from operations to Rs 559.36 crore in Q3 FY25 over Q3 FY24. Meanwhile, the companys board has approved issue of bonus equity shares in the proportion of 1:1.
Further, the board has also approved issuance of equity shares through qualified institutional placement (QIP) for an amount not exceeding Rs 750 crore.
Transformers & Rectifiers (India) produces transformers for both domestic and international markets.
Ashiana Housing jumped 6.87% after the company reported a 2.6 times increase in the sale value of the area booked to Rs 454.31 crore in Q3 FY25 from Rs 173.88 crore in Q3 FY24.
Prime Focus shed 0.60% to Rs 135.25 after the company announced that its subsidiary, Prime Focus Motion Pictures (PF Motion), has incorporated a wholly owned subsidiary named DNEG Creative on 7 January 2025.
Signatureglobal (India) rose 0.51%. The company said that its pre-sales zoomed 120% to Rs 2,770 crore in Q3 FY25 from Rs 1,260 crore recorded in Q3 FY24.
Tata Steel fell 0.56%. The company informed that its India crude steel production stood at 5.68 million tons (MT) in Q3 FY25, up 6% as compared with 5.35 MT in Q3 FY24.
Jindal Worldwide shed 0.36%. The companys board has approved the proposal to issue bonus shares in a 4:1 ratio during a meeting held on 7 January 2025.
Birlasoft shed 0.66%. The company announced that its chief executive officer (CEO), Roopinder Singh, who was also responsible for the Americas geography, has resigned, with effect from 7th February 2025.
Exicom Tele-Systems hit an upper circuit limit of 5% after the company signed an EV charging partnership with Mufin Green Infra.
WPIL rallied 1.50% after the company announced that its European subsidiary, Gruppo Aturia, has successfully acquired 100% shareholding of MISA Italy, located in Arzignano, Italy.
Ola Electric Mobility rose 0.48%. The company received a warning letter from the Securities Exchange Board of India (SEBI) for violating SEBI disclosure norms.
Larsen & Toubro (L&T) slipped 1.22% after the company announced that its heavy engineering arm had secured multiple orders in Q3 of FY25, both in overseas and domestic markets.
Tata Technologies added 0.54%. The company signed a strategic memorandum of understanding (MoU) with Telechips to innovate vehicle software solutions for next-gen software-defined vehicles (SDVs).
Global Markets:
The Dow Jones index futures were up 116 points, signaling a positive opening for U.S. stocks today.
European stock advanced on Wednesday as investors will awaited European consumer confidence and economic sentiment data. On the earnings front, Shell is set to release its fourth-quarter update.
Asian stocks ended mixed as the yen weakened against dollar. Traders anticipate the Federal Reserve will maintain a cautious approach to interest rate cuts, given recent data indicating a resilient U.S. economy and labor market.
Tuesday’s data showed a rise in U.S. job openings alongside a slight slowdown in hiring, suggesting the labor market remains strong. This, coupled with stronger-than-expected purchasing managers’ index data, has fueled concerns about persistent inflation.
Job openings, a measure of labor demand, rose 259,000 to 8.098 million by the last day of November, the Labor Department’s Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday. Meanwhile, U.S. services sector PMI increases to 54.1 in December from 52.1 in November.
These factors are expected to limit the Fed’s ability to aggressively cut interest rates, aligning with the bank’s recent cautious stance. The upcoming release of December’s nonfarm payroll data on Friday will provide further insights into the interest rate outlook.
US stock indices declined on Tuesday, driven by rising Treasury yields and concerns about inflation. The S&P 500 fell 1.1%, the Nasdaq Composite dropped 1.9%, and the Dow Jones Industrial Average slipped 0.4%.
Nvidia, a leading technology stock, experienced a significant decline on Tuesday despite announcing new products at the Consumer Electronics Show. While these innovations bode well for Nvidia’s long-term growth, analysts noted a limited impact on the company’s near-term prospects.
Eqwires Research Analyst
Top-notch SEBI registered research analyst
Best SEBI registered Intraday tips provider
info@eqwires.com
Telegram | Facebook | Instagram
Call: +91 9624421555 / +91 9624461555
www.eqwires.com
