Market Opens Higher On The Last Expiry Day Of 2024; Sensex & Nifty Poised For A Positive Year-End

The Indian equity market started the day on a positive note on December 26, with both benchmark indices opening higher. The Sensex gained 247.96 points, or 0.32%, to reach 78,720.83, while the Nifty 50 was up 68.55 points, or 0.29%, at 23,796.20. Advancing stocks dominated early trade, with 1,674 shares rising, 857 declining, and 182 remaining unchanged.

Among the Nifty 50 stocks, major gainers included ICICI Bank, Axis Bank, SBI, Kotak Mahindra Bank, and Maruti Suzuki, indicating strength in the banking and auto sectors. However, TCS, Asian Paints, Tech Mahindra, HUL, and Shriram Finance weighed on the indices as top losers.

UltraTech Cement shares saw mild gains of 0.30% after the company acquired a 26% equity stake in Clean Max Sapphire, a renewable energy generation company.

The National Aluminium Company (NALCO) stock jumped more than 2% as the company signed a mining lease deed with the District Collector of Angul for the Utkal-D and Utkal-E coal blocks. This development is set to enhance NALCO's coal production capacity to 4 million tonnes per annum (MTPA). The lease is valid until April 2051.

France's drug regulator, Agence Nationale de Sécurité du Médicament et des Produits de Santé (ANSM), conducted an inspection of the Cenexi Fontenay facility, a material subsidiary of Gland Pharma, and issued 10 observations. The stock was seen trading with gains of 1% despite the observations.

BPCL surged as the company secured a 150 MW capacity in NTPC's solar PV power project auction, emerging as the lowest bidder in a 1,200 MW tender. Shares of Mobikwik gained over 5%, with 10 lakh shares (1.4% equity) worth Rs 66.5 crore changing hands at Rs 635 per share in a large trade.

Ola Electric Mobility witnessed a 6% surge in its share price, nearing the Rs 100 mark, following the expansion of its store network to 4,000 locations. The aggressive addition of 3,200 new stores, co-located with service centres, fuelled a rally in stock. Shares of NTPC Green Energy Ltd., a subsidiary of NTPC, dipped by nearly 4% as the shareholder lock-in period ended today.

Ramky Infrastructure gained traction after receiving a Rs 215.08 crore contract from the Hyderabad Metropolitan Water Supply and Sewerage Board (HMWSSB). The project involves managing and maintaining sewage treatment plants and associated systems over five years.

The Nifty 50, ended Tuesday's session at 23,835.20, remaining 2,549.7 points below its record high of 26,277.35. Despite this gap, the index is looking to end the year on a positive note, supported by a broad-based rally as 38 out of 50 Nifty stocks traded in green.

In the previous trading session, foreign institutional investors (FIIs) continued as net sellers, offloading Rs 2,454 crore, while domestic institutional investors (DIIs) emerged as net buyers, purchasing Rs 2,819 crore worth of equities.

The Indian Rupee opened at a record low of 85.23 per US Dollar, marginally weaker than its previous close of 85.2. Currency depreciation remains a key concern as global economic conditions remain uncertain.