Indian benchmark indices ended on a high note for the third straight session, driven by strong performance across sectors, barring FMCG.
The Sensex rose 597.67 points (0.74%) to close at 80,845.75, while the Nifty climbed 181.10 points (0.75%) to settle at 24,457.15. Among the broader market, the BSE midcap and smallcap indices added 1% each, highlighting robust investor sentiment.
Market breadth was positive, with 2,647 shares advancing against 1,190 declining, while 99 remained unchanged. Top gainers on the Nifty included Adani Ports, NTPC, Adani Enterprises, Axis Bank, and SBI. Meanwhile, Bharti Airtel, ITC, Hero MotoCorp, HDFC Life, and Sun Pharma were the laggards.
Swiggy Reports Narrowed Losses in Q2FY25
Swiggy, the food delivery giant, reported a consolidated net loss of Rs 625 crore for Q2FY25, compared to Rs 657 crore in the same period last year. Revenue surged by 30%, reflecting operational efficiency and market expansion.
Since its market debut in November 2024, Swiggy’s shares have risen 39%, fueled by strong investor confidence. The company’s listing at Rs 420, a 7.7% premium over its IPO price of Rs 390, marked a strong entry into the stock market.
C2C Advanced Systems’ Stellar Debut
Defense electronics provider C2C Advanced Systems made a remarkable market debut, listing at Rs 429.40 per share on the NSE SME, a 90% premium over its IPO price of Rs 226. Despite the cap on SME IPO listing prices, the stock’s premium aligns with the estimated GMP of 106%, indicating a multibagger performance.
ITC, Varun Beverages Under Pressure Amid GST Hike Concerns
Shares of ITC, Godfrey Phillips, and Varun Beverages faced selling pressure following reports of a potential GST hike on cigarettes, tobacco, and aerated drinks. Varun Beverages declined 5.18%, ITC fell 3%, and Godfrey Phillips dropped 3.16%.
Rupee Hits Record Low Against Dollar
The Indian rupee slid to an all-time low of 84.7575 against the dollar, weighed by a stronger greenback and a weak Chinese yuan. It later closed at 84.6850, reflecting significant pressure from non-deliverable forward (NDF) markets.
Tata Power Gains on Solar Milestone
Tata Power shares rose 2.79% intraday after the company announced the commissioning of a 431 MW DC solar project in Neemuch, Madhya Pradesh. This project is among India’s most cost-effective large-scale solar ventures, won through competitive bidding.
Global Markets Rally
Global equities gained, buoyed by tech-led advances on Wall Street. Hong Kong’s Hang Seng rose 1%, while Japan’s Nikkei climbed 1.91%. The MSCI Asia Index added 1.16%, reflecting broad optimism in Asian markets.
Spot Gold Prices Edge Higher
Gold prices rose by 0.3% to $2,646.03 per ounce as expectations of a U.S. Federal Reserve rate cut weighed on the dollar and Treasury yields. Markets now anticipate a 72% probability of a 25-basis-point rate cut at the Fed’s December meeting.
Other Key Updates
- Wipro Bonus Issue: Wipro traded ex-date for its bonus issue, remaining range-bound between Rs 289.30 and Rs 296.20.
- Indigo vs. Mahindra Legal Dispute: Indigo Airlines filed a trademark infringement case against Mahindra Electric over the use of ‘6E’ in its EV model.
- MOIL’s November Performance: MOIL shares surged as the company reported record performance for November, driving investor enthusiasm.
Indian markets continue to show resilience amid mixed global cues, with gains led by financials, PSU banks, and energy stocks, setting a positive tone for the week ahead.
Disclaimer – This article is for informational purposes only and does not constitute financial or investment advice. MarketScope Daily is not a SEBI-registered advisor. Readers should consult certified professionals before making investment decisions. All data is based on publicly available information and analysis at the time of writing. MarketScope Daily does not guarantee the accuracy or completeness of the content. Past or expected performance is not indicative of future results.
