In a day marked by cautious trading, Indian stock markets closed flat on December 10, 2024, as investors awaited crucial inflation data from the U.S. that could influence future Federal Reserve decisions.
Daily Financial News
RBI Welcomes New Governor
The Indian government has appointed Sanjay Malhotra as the new governor of the Reserve Bank of India (RBI), effective December 11, succeeding Shaktikanta Das. The change comes at a pivotal time as the RBI faces challenges with inflation and economic growth.
This leadership change has set the stage for potential shifts in monetary policy, with analysts predicting interest rate cuts as early as February 2025. Economists are optimistic that Malhotra might adopt a more growth-friendly stance to tackle ongoing economic challenges and inflationary pressures.
FIIs are Back
Foreign Institutional Investors (FIIs) have made a strong comeback after months of selling. The foreign direct equity investment surged by 45% in the first half of the financial year, reaching $29.8 billion, reflecting growing investor confidence in the Indian market, bolstered by a stable macroeconomic environment and improving growth prospects.
For domestic markets, this inflow could provide much-needed momentum in the coming months
Indian Markets Stay Flat Amid Volatility
Indian markets ended the day on a subdued note yesterday, with the Nifty barely holding above the 24,600 mark and the Sensex inching up by just 1.59 points.
The day was a rollercoaster, starting strong but losing steam as investors booked profits mid-session.
On December 10, 2024, the benchmark indices closed as follows:
- BSE Sensex: 81,510.00 (up 1.59 points or 0.00%)
- NSE Nifty 50: 24,610.00 (up 52.25 points or 0.21%)
Late buying in sectors like IT and realty provided some relief, helping indices recover slightly. It’s clear the markets are in a wait-and-watch mode, with no major triggers to push them decisively in either direction.
Top Gainers and Losers
- Top Gainers:
Shriram Finance: ₹3,175.20 (+2.20%) - Top Losers:
Trent: ₹6,862.25 (-1.26%)
Overall, about 1,868 shares advanced while 1,314 shares declined during the trading session.
IPO News
Emerald Tyre Manufacturers is set to commence trading on the NSE Emerge platform on December 12, marking a notable entry into the market.
As investors remain vigilant ahead of key economic indicators, today’s market performance reflects a cautious optimism amid changing leadership at the RBI and robust foreign investment trends.
SEBI Introduces Same-Day Settlement for Select Stocks
In a bid to make trading more efficient, SEBI has introduced an optional same-day settlement for 500 stocks. This move is expected to enhance market liquidity and offer traders more flexibility. For active participants, this change means faster access to funds and securities, making it easier to adapt to market movements.
Corporate Buzz
Corporate activity is picking up:
- Vodafone Idea plans to raise ₹1,980 crore by issuing preferred shares, a step aimed at strengthening its finances.
- NHPC is revisiting its borrowing strategy, looking to raise ₹2,600 crore. Discussions will take place in its upcoming board meeting.
- Bharat Electronics has added ₹634 crore in new orders to its portfolio, bolstering its position as a leading defense and electronics player.
That’s all for today’s highlights. Stay tuned for more updates as markets and policies evolve.
