The Sensex closed at 81,510.05, a marginal gain of 1.59 points, while the Nifty slipped by 8.95 points to end at 24,610.05.
After a strong start, the indices faced profit booking in the second half before some final-hour buying helped pare losses.
The broader indices outshone the benchmarks, with BSE Midcap and Smallcap indices gaining 0.3% each.
Impact on the stock market
Sectoral indices presented a mixed picture. Power, telecom, and media sectors declined by 0.5–1%, whereas IT, metal, PSU bank, and realty sectors rose by 0.4–1%.
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| Sector/Index | Performance |
| IT & BPM sector | +0.82% |
| Healthcare sector | +0.05% |
| Oil & Gas sector | -0.26% |
| Real estate sector | +1.43% |
| PSU Bank in India | +0.53% |
Top gainers today
| Company | Price | Change % |
| Shriram Finance Share Price | 3,186.50 | +2.56 |
| Bajaj Finserv Share Price | 1,663.40 | +1.61 |
| Wipro Share Price | 308.10 | +1.43 |
| HCL Tech Share Price | 1,936.35 | +1.38 |
| Infosys Share Price | 1,948.55 | +1.29 |
Top losers today
| Company | Price | Change % |
| Bharti Airtel Share Price | 1,578.65 | -1.49 |
| Adani Ports Share Price | 1,248.75 | -1.43 |
| HDFC Life Share Price | 633.30 | -1.32 |
| Dr Reddys Labs Share Price | 1,240.35 | -1.18 |
| Adani Enterpris Share Price | 2,467.20 | -1.15 |
Market aftermath: Impact on stocks
Religare Enterprises hit 52-week high
Shares of Religare Enterprises surged 10% to hit a 52-week high of ₹304.60. This bullish momentum followed the Reserve Bank of India’s approval for the Burman family’s acquisition of an additional 26% stake in the company.
Over the last eight days, the stock has risen by 17.12%. However, the RBI has placed conditions on this approval, including maintaining the existing management structure and delaying the appointment of new directors.
Borosil Renewables winning six days streak
Borosil Renewables continued its rally, posting a 32% gain over six sessions. On December 10, the stock rose 5%, with 33 lakh shares traded, more than double its one-month average. The government’s introduction of an anti-dumping duty on imported solar glass has supported domestic manufacturers, boosting sentiment in the solar sector.
Chairman Pradeep Kheruka expects the company’s margins to improve from 18% to mid-20s by Q4FY24, supported by price hikes.
Swiggy: CLSA backs the food-tech giant
Food delivery giant Swiggy saw its shares climb 5.6% to ₹567.80 following CLSA’s “Buy” rating with a target price of ₹708. CLSA cited Swiggy’s 30% YoY revenue growth in Q2 FY24 and the expanding Indian quick commerce market, which is expected to grow 6x between FY24 and FY27.
While competitive risks remain from players like Zomato and Blinkit, Swiggy’s plans to double its dark store count and invest in logistics underscore its growth ambitions.
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Crude oil slips despite Chinese stimulus plans
Crude oil prices fell on December 10 despite China’s announcement of policy stimulus measures to boost its economy.
- Brent oil futures: $71.88 (-0.36%)
- WTI crude oil futures: $68.06 (-0.45%)
- MCX December crude oil futures: ₹5,783 (-0.72%)
China’s commitment to expanding domestic demand and implementing proactive fiscal measures could revive commodity demand, but geopolitical tensions in Syria and concerns about instability in the region weighed on investor sentiment.
Conclusion
December 10, 2024, marked a day of volatility in the Indian stock market, with flat closures on the benchmark indices but notable activity in individual stocks. From Religare Enterprises’ surge to a 52-week high to Borosil Renewables’ extended bull run, the day reflected the dynamic nature of the market. Crude oil’s decline amidst global uncertainties adds another layer to the ever-evolving financial landscape. Stay tuned for more share market news as the year progresses.
For more stock market insights, check out the StockGro blog.
