Sensex Flat as Nifty Holds Above 23,700 Amid FMCG and IT Declines

On Thursday, domestic equity benchmarks showed a mixed trend by midday. The S&P BSE Sensex experienced a slight drop, falling by 13.48 points or 0.017 percent to settle at 78,459.39. Meanwhile, the Nifty 50 index managed to rise by 14.30 points or 0.060 percent, remaining above the 23,700 mark at 23,741.95. This performance was largely driven by gains in the auto sector, although declines in FMCG and IT stocks led to an overall drag on the market.

The S&P BSE Mid-Cap index saw a decrease of 0.51 percent, and the S&P BSE Small-Cap index fell by 0.40 percent. The market breadth was negative, reflecting a tougher environment as 1,587 stocks moved higher while 2,201 stocks faced declines on the BSE.

IPO Activity Remains Robust
Investor interest in initial public offerings (IPOs) remained strong, with the offering from Unimech Aerospace and Manufacturing being significantly oversubscribed. By 11:15 IST, the issue had been subscribed 25.51 times, with a price band set between Rs 610 and Rs 643 per share. The offer is scheduled to close on 24 December.

Auto Stocks Fuel Gains
The Nifty Auto index increased by 0.98 percent, recovering some ground lost in the previous session. Key contributors to this rise included Maruti Suzuki (up 1.74 percent), Mahindra & Mahindra (up 1.31 percent), and Apollo Tyres (up 1.03 percent). However, shares of Samvardhana Motherson International and Bharat Forge faced downward pressure, dropping by 0.99 percent and 0.83 percent, respectively.

Notable Stocks
Among individual stocks, Godfrey Phillips India surged by 4.94 percent after announcing the appointment of Siddharth Chawla as its Chief Operating Officer. Additionally, Panacea Biotec hit a five percent upper circuit limit following a contract win to supply polio vaccines to UNICEF.

Positive Global Cues
Asian markets experienced upward momentum, aided by optimism surrounding Japan’s substantial $735 billion budget for 2025 and various stabilization measures taken in China's real estate sector. In the United States, markets closed positively on Tuesday, with the S&P 500 gaining 1.1 percent and the Dow Jones increasing by 0.91 percent, benefitting from a seasonal rally often referred to as the "Santa Claus rally."

As traders analyze the global economic landscape, they continue to keep an eye on manufacturing data coming from Singapore and recent policy measures adopted in China.

Sensex, Nifty, Market