On December 12, 2024, the Indian stock markets faced selling pressure, with Sensex and Nifty slipping slightly due to caution ahead of India’s CPI data and the weekly derivatives expiry. The BSE Midcap and Smallcap indices also posted losses, with Midcap falling by 0.5% and Smallcap declining by 1%. The Sensex dropped by 236.18 points or 0.29%, settling at 81,289.96, and the Nifty fell by 93.10 points or 0.38%, closing at 24,548.70. The market breadth was negative, with more stocks declining than advancing.

However, some stocks stood out with significant movements, both in the gainer and loser categories.

Top Gainers

1. Shakti Pumps: Shares surged by 5%, hitting the upper circuit limit of ₹856.55, continuing their upward momentum for the fourth consecutive session. This rally followed the announcement of a major order from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 25,000 solar-powered water pumps.

2. GHCL: The stock climbed over 4% after receiving government approval for its Soda Ash Greenfield Project in Kutch, Gujarat, which is expected to support the company’s expansion plans.

3. Waaree Energies: The stock gained 4% after securing a project to develop a 170 MW solar power plant in Madhya Pradesh, extending its winning streak to seven consecutive sessions, with an impressive 20% gain over this period.

4. Adani Group Stocks: Adani Green Energy was the standout performer within the group, jumping 6% after the commissioning of a 250 MW solar project in Rajasthan, increasing the company’s operational renewable capacity to 11,434 MW. The rally in Adani Green Energy contributed to a ₹27,000 crore increase in the group's market capitalization.

5. Godawari Power: The stock surged 7%, reaching a new record high after the company secured a deal with GAIL for the supply of re-gassified liquefied natural gas (RLNG) over the next seven years.

Top Losers

1. Bajaj Housing Finance: Shares of Bajaj Housing Finance fell by over 6% as a three-month lock-in period for anchor investors expired, freeing up 12.6 crore shares (around 2% of total equity) for trading. This created uncertainty, even though it didn’t necessarily indicate that investors would offload their holdings.

2. Nuvama Wealth Management: Shares of Nuvama tumbled over 6% following the announcement of a block deal involving shares worth ₹2,100 crore. The deal was reportedly conducted by two entities of the Edelweiss Group, which caused market jitters and a sharp decline in the stock price.

3. Neuland Laboratories: Shares of Neuland Labs plunged 6% after a block deal involving 4.9 lakh shares (around 3.8% of the company’s stake) at a 6% discount from the previous day’s closing price, amounting to a deal worth ₹780 crore.

IT and Market Performance

The Nifty IT index was the only major sectoral index to register gains on December 12, climbing 1% and reaching a new all-time high. This positive movement in IT stocks was driven by the anticipation of a Federal Reserve rate cut, with Persistent Systems, Tech Mahindra, and Coforge leading the way.

In contrast, the Nifty Media, FMCG, PSU Bank, Auto, and Energy indices all closed in the red, reflecting the broader market weakness.

In conclusion, while certain stocks like Shakti Pumps, GHCL, and Adani Green Energy enjoyed strong gains driven by positive developments, the broader market faced profit booking, leading to declines in major indices and stocks like Bajaj Housing and Neuland Laboratories.