Closing bell: Frontline indices make new all-time highs with Nifty Energy among the top gainers!

Major Indices Performance:

On Thursday, Indian markets concluded on a positive note and reached their new all-time highs as Frontline indices experienced moderate gains, while the Broader indices also experienced substantial gains. The Sensex surged by 0.52%, making a new all-time high of 72,484.35, while the Nifty also gained moderately by 0.57%, reaching its all-time high of 21,801.45. Similarly, Nifty Bank also experienced significant gains of 0.47%, closing at 48,508.55. Additionally, in the broader market, Nifty Midcap moderately surged by 0.56%, while Nifty Smallcap soared by 0.79%.

Sectoral Performance:

Within the sectoral landscape, Nifty Energy took the lead with gains exceeding 1.5%, followed by Nifty FMCG, Nifty Pharma, and Nifty PSU Bank. Notably, Nifty IT was the only major sector which underperformed.

Top Gainers and Losers:

Among the Nifty 50, Coal India stood out as the leading gainer with an impressive surge of over 4%, followed by M&M, Hero Motocorp, and NTPC. Conversely, Adani Enterprises, Adani Ports, L&T, and Eicher Motors found themselves among the top losers.

Broader Markets:

In the broader markets, which include the Nifty Midcap and Nifty Smallcap, Hindustan Petroleum Corp, Steel Authority of India, Hindustan Copper and Housing and Urban Development Corporation registered substantial gains, standing among the top gainers. On the flip side, Bharat Dynamics, Tube Invest of India, Cyient and Balaji Amines have witnessed major declines, ranking among the top losers.

Vedanta Limited Successfully Meets Interest Payment for Secured NCDs Amid Debt Repayment Concerns:

Vedanta Limited, a mining conglomerate, successfully met the interest payment obligation for secured redeemable non-convertible debentures (NCD) scheduled for December 27. The NCDs, with a face value of Rs 1,00,000 and a total of Rs 2,500 crore, were disclosed in an exchange filing. Despite grappling with substantial debt, the Anil Agarwal-owned company managed to reduce its net debt by Rs 1,420 crore sequentially, totalling Rs 57,771 crore as of the end of the September quarter. In a move to address debt repayment concerns, the company’s Committee of Directors approved a private placement to raise Rs 3,400 crore, ahead of the bond repayment due in January, as announced on December 19.

Oil Prices:

Oil prices steadied on Wednesday, following the robust gains of the previous day, as investors closely monitored developments in the Red Sea. Despite ongoing attacks and heightened tensions in the broader Middle East, some major shippers have resumed passage through the trade route.

Brent crude futures declined by 55 cents, or 0.68%, to reach $80.52 a barrel, while US West Texas Intermediate crude saw a decrease of 74 cents, or 0.98%, settling at $74.83 a barrel. In the preceding session, both benchmarks surged over 2% due to renewed concerns about shipping disruptions in the Red Sea, coupled with optimism regarding potential U.S. interest rate cuts that could stimulate economic growth and fuel demand.

Notably, despite the attacks by the Iran-backed Houthi militia in Yemen, prominent shipping companies such as Maersk and France’s CMA CGM resumed passage through the Red Sea following the deployment of a multinational task force to the region.

NSE Advance/Decline Ratio

The broader market sentiment presents a nuanced trend, with 919 advancing stocks compared to 1136 declining stocks, signalling a pessimistic sentiment in the broader market.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.