Markets Rally Amid Positive Sentiment

The Indian equity markets ended the day on a strong note, reflecting broad-based buying across sectors. Nifty 50 closed at 24,457.15, gaining 181.1 points (0.8%), while the BSE Sensex ended at 80,845.75, up by 597.7 points (0.7%). The broader Nifty 500 also rose by 185 points (0.8%), closing at 23,020.85.

The market breadth indicated strong momentum, with 1,609 stocks advancing and 643 declining out of 2,279 stocks traded on the BSE.

Sectoral and Index Highlights

• Top Performers: Nifty PSU Bank and Media indices were the standout gainers, each climbing over 2%.
• Transportation Sector: As per Trendlyne's sectoral dashboard, transportation emerged as the top-performing sector, registering a 3% rise.
• Volatility: The Indian volatility index, Nifty VIX, fell by 2.2% to 14.4 points, signaling reduced market uncertainty.

The Nifty Smallcap 100 and Nifty Midcap 100 indices also posted gains, reflecting investor optimism across market capitalizations.

Stock-Specific Action

• KPI Green Energy: Surged to its 5% upper limit after bagging a Rs 1,311 crore order from Coal India for a 300 MW solar photovoltaic plant.
• 52-Week Highs: A total of 251 stocks, including HDFC Bank, Persistent Systems, Dixon Technologies, and Oberoi Realty, touched their one-year highs during intraday trade on the BSE.

Other notable mentions hitting 52-week highs include Policybazaar (PB Fintech), Caplin Point Laboratories, Deepak Fertilisers, and Kaynes Technology India.

Global Market Trends

• Asian Indices: All major Asian markets closed in the green, buoyed by positive global cues.
• European Markets: Most indices traded higher, except for Russia's RTSI and MOEX indices, which were in the red.
• US Futures: Trading flat as investors awaited the JOLTS jobs data release, reflecting cautious sentiment.

Commodities Update

Brent crude oil futures moved higher as traders speculated on the outcome of the upcoming OPEC+ meeting scheduled later this week.

Top Nifty Performers

• Gainers: Adani Ports, NTPC, Adani Enterprises, Axis Bank, and SBI were among the top Nifty 50 gainers, supported by robust buying.
• Losers: Bharti Airtel, ITC, Hero MotoCorp, HDFC Life, and Sun Pharma closed in the red, with marginal declines.

Broader Market Momentum

The BSE Midcap and Smallcap indices added approximately 1% each, further showcasing the strength in the broader markets.

Key Stocks in Focus as Major Updates Drive Market Sentiment

MOIL Reports Strong November Sales Growth

MOIL's stock saw significant gains after reporting a 32% year-on-year (YoY) increase in November sales, totaling 1.3 lakh tonnes. The company also reported a slight rise in production to 1.6 lakh tonnes YoY. The positive sales figures reflect growing demand and operational efficiency.

KPI Green Energy Bags Major Solar Project Order

KPI Green Energy surged after winning a Rs 1,311 crore order from Coal India to develop a 300 MW alternating current (MW AC) solar photovoltaic plant. The project will be executed on an EPC basis, including a five-year operation and maintenance contract.

Solar Industries Secures Defence Export Orders

Solar Industries India, along with its subsidiary, secured export orders worth Rs 2,039 crore for supplying defense products to international clients. The orders will be executed over the next four years, showcasing the company’s strong global presence.

Coal India and BPCL Explore Coal-to-Gas Project

Coal India’s stock rose after signing an MoU with Bharat Petroleum Corporation to explore a coal-to-synthetic natural gas project at Western Coalfields. This collaboration highlights efforts toward sustainability and innovation in energy production.

Protean eGov Technologies Secures Key Project

Protean eGov Technologies received a Rs 161 crore work order from CERSAI to design and implement the Central KYC Records Registry 2.0 system, boosting its position in India’s digital infrastructure landscape.

E2E Networks Expands Data Centre Capacity

E2E Networks entered into an agreement with Larsen & Toubro to expand its data center capacity from 4,200 KW to 10,200 KW over five years, reinforcing its growth trajectory in the cloud computing sector.

Tobacco Stocks Decline on Proposed GST Hike

Shares of ITC, Godfrey Phillips, and Varun Beverages fell after a proposal to increase GST on tobacco and aerated drinks to 35% from 28%. The recommendation comes as part of efforts to deter consumption of "sin goods."

Gland Pharma Receives US FDA Approval

Gland Pharma gained momentum after receiving US FDA approval for its latanoprost ophthalmic solution, targeting a market size of $1.5 billion by 2024.

Pricol Expands via Strategic Acquisition

Pricol announced the acquisition of Sundaram Auto Components' injection-molded plastic division for Rs 215.3 crore, alongside an investment of up to Rs 120 crore to bolster subsidiary operations.

Block Deals Impact Indegene and Zen Technologies

• Indegene’s shares fell as 1.1 crore shares worth Rs 707 crore changed hands in a block deal.
• Zen Technologies dropped 4% after a similar deal involving 21.4 lakh shares worth Rs 386.1 crore.

Tata Consultancy Services Partners with Bank of Bhutan

TCS will implement its BaNCS Global Banking Platform to enhance the Bank of Bhutan's digital infrastructure, reflecting its robust capabilities in digital banking solutions.

Nazara Technologies Invests in Subsidiaries

Nazara Technologies invested Rs 196 crore to strengthen its gaming and sports media ventures, including Funky Monkeys and Learntube, demonstrating its focus on strategic growth.

Tata Power Renewable Energy’s Milestone Project

Tata Power Renewable Energy successfully commissioned a 431 MW DC solar project in Neemuch, integrating advanced technology to reduce CO2 emissions by 7,80,300 tonnes.

Mazagon Dock and Sky Gold Announce Key Corporate Actions

• Mazagon Dock: Scheduled a stock split on December 27 to enhance liquidity.
• Sky Gold: Declared a 9:1 bonus issue, boosting investor sentiment.

UBS Highlights Growth in Real Estate Sector

UBS initiated coverage of Indian real estate firms, rating DLF and Prestige Estates as 'Buy,' citing favorable macroeconomic conditions for sustained growth.

Outlook for Investors

Today's rally across major indices and sectors indicates robust market sentiment. The strong breadth and reduced volatility reflect growing confidence among investors. However, external factors such as the JOLTS report in the US and OPEC+ decisions on oil production could influence market trends in the coming days.

Stay tuned for further updates on how these factors may shape the trajectory of Indian markets in the week ahead.

The Upcoming IPOs in this week and coming weeks are Nisus Finance, Emerald Tyre Manufacturers, Jungle Camps, Purple United, Rosmerta Digital and Avanse Financial.The Current active IPO is Ganesh Infraworld and Suraksha Diagnostic.For more details on upcoming IPOs, you can visit our page at Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi and stay updated with the latest news on IPO updates on Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance Saathi.Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates.Start your Stock Market Journey and Apply in IPO by opening a Free Demat Account in Choice Broking FinX.