Benchmark indices Nifty and Sensex opened higher on December 26 after the Christmas holiday but gave up most of their gains within an hour as markets remained subdued ahead of the final monthly F&O expiry of 2024.
Trading volumes were thin, reflecting year-end holidays and portfolio adjustments.
The Sensex slipped 108 points or 0.14% to 78,364.82, while the Nifty was down 22.35 points or 0.094% at 23,705.30.
Midcap and smallcap indices were under pressure, each down by 0.5 percent.
Stocks in focus in India
State-owned BPCL saw its shares climb nearly 2% after the company emerged as the lowest bidder for NTPC’s 150 MW solar PV power project.
The project, with an estimated capital outlay of ₹756.45 crore (around £70 million), is expected to generate annual revenue of ₹100 crore from 400 million units of clean energy.
The project is set to be developed over a two-year timeline.
India’s biggest cement company UltraTech Cement’s shares edged higher following two major developments.
The company signed an energy supply agreement and acquired a 26% equity stake in Clean Max Sapphire, a renewable energy firm.
Separately, UltraTech finalised the purchase of an additional 32.72% stake in India Cements, raising its shareholding to 55.49% and establishing India Cements as a subsidiary.
Ola Electric’s share price was also racing at the bourses on Thursday. The stock went up around 2%.
The electric vehicle player on Wednesday the launch of over 3,200 new stores co-located with service centers across India, aiming to tackle growing complaints about aftersales service.
With the addition, Ola Electric’s retail and service network has expanded to 4,000 stores nationwide.
Sectorally, the Nifty PSU Bank and private bank indices climbed nearly 1% each, driven by strong performances from HDFC Bank, SBI, and ICICI Bank.
This marked a recovery for PSU banks, which had seen a nearly 1% decline in the previous session.
Auto stocks extended their gains for the second straight session, with Maruti Suzuki, M&M, and Tata Motors leading.
Other sectors, including FMCG, Oil and Gas, and Consumer Durables, saw modest gains of up to 0.3%, while the Nifty Realty index fell 0.4%, emerging as the sole laggard.
Investors remain cautious as the final trading days of the year unfold, with sector-specific developments driving stock-specific action.
Asian markets edge higher
The MSCI Asia Pacific Index extended its rally, marking its fourth consecutive day of gains—the longest winning streak since September.
The momentum was primarily driven by strong performances in Japan and Taiwan.
In Japan, the Nikkei 225 continued its upward trend, climbing past the 39,400 level, building on gains from the previous session.
South Korea’s Kospi inched up slightly, gaining 0.02% to reach 2,440.91 during early trading.
China’s major stock indices remained flat as investors grappled with the lack of robust trading catalysts amid the subdued activity during the Christmas holiday week.
Meanwhile, the Australian and Hong Kong stock markets were closed on Thursday for the Boxing Day holiday, having posted gains on Tuesday before the break. Markets in Indonesia and New Zealand also remained shut for the day.
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