The BSE Sensex climbed 809.53 points (1%) to close at 81,765.86, while the NSE Nifty50 rose 240.95 points (0.98%), settling at 24,708.40.
Broader markets joined the rally, with the Nifty Midcap100 and Nifty Smallcap100 indices climbing 0.57% and 0.83%, respectively. Notably, the Nifty IT index emerged as the top performer, gaining 1.95% and reaching a fresh 52-week high of 45,027.95 during the session.
Impact on the stock market
Sectoral performance
- IT stocks led the charge: The Nifty IT index rose 1.95%, scaling a fresh 52-week high of 45,027.95, with strong contributions from TCS, Infosys, and LTIMindtree.
- Midcaps and smallcaps joined the rally, with the BSE Midcap and Smallcap indices closing up by 0.57% and 0.83%, respectively.
- Gains were seen across most sectors, except Realty and PSU Bank indices, which ended marginally lower.
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| Sector/Index | Performance |
| IT & BPM sector | 1.95% |
| Healthcare sector | 0.48% |
| Oil & Gas sector | 0.74% |
| Real estate sector | -0.25% |
| PSU Bank in India | -0.12% |
Top gainers today
| Company | Price | Change % |
| TCS Share Price | 4,464.05 | 2.52 |
| Infosys Share Price | 1,934.85 | 2.41 |
| Titan Company Share Price | 3,441.05 | 2.28 |
| Trent Share Price | 6,970.10 | 2.14 |
| Dr Reddys Labs Share Price | 1,239.85 | 2.00 |
Top losers today
| Company | Price | Change % |
| SBI Life Insura Share Price | 1,431.85 | -1.43 |
| Bajaj Auto Share Price | 8,891.95 | -1.19 |
| HDFC Life Share Price | 643.15 | -1.09 |
| NTPC Share Price | 369.15 | -0.97 |
| Grasim Share Price | 2,706.80 | -0.39 |
Market aftermath: Impact on stocks
Zomato and Swiggy hit record highs
Shares of Zomato and Swiggy soared up to 9%, achieving fresh record highs. Brokerage firm CLSA maintained its ‘outperform’ rating for Zomato, revising its price target to ₹370, projecting a 32% upside from the last close of ₹280.
Zomato shares, which have rallied an impressive 131% year-to-date, traded at ₹296.85 intraday, driven by optimism around robust growth levers and strong brokerage support. Swiggy’s narrowing losses and steady growth metrics also contributed to its bullish performance.
Also Read: Zomato’s Stock Price Soars: Is it Still a Buy?
HEG extends gains with a 6% rise
HEG continued its rally, climbing 6% to close at ₹619, marking a near 6-year high. The surge followed a ₹172 crore block deal, where 28.8 lakh shares (6% stake) exchanged hands at an average price of ₹600.
Supply concerns around graphite, triggered by tightened export controls from China, have fueled HEG’s gains, with the stock rising 40% over the past week.
PG Electroplast shines on QIP news
PG Electroplast shares jumped 6% to a record high of ₹820.75 after the company announced a ₹1,500 crore Qualified Institutional Placement (QIP).
The QIP, which involves an equity dilution of 6.7%, will fund working capital needs, loan repayments, and other corporate purposes. Despite offering a floor price of ₹705.18 per share, representing a 9% discount, investor confidence remains high, with the stock gaining 16% in the past week.
Crude oil: Mixed trends ahead of OPEC+ meeting
Crude oil futures displayed mixed trends as markets awaited the outcome of the OPEC+ meeting, with expectations of delayed production hikes due to weak demand and pricing concerns.
- February Brent crude: $72.37 (+0.08%)
- January WTI crude: $68.64 (+0.15%)
- December MCX crude: ₹5828 (-0.34%)
The US EIA reported a 5.1 million-barrel drop in crude inventories, providing some support to prices. However, geopolitical tensions involving Israel, South Korea, and Syria added to uncertainty in the oil market.
Conclusion
The Indian stock market’s strong performance on December 5, 2024, was driven by robust gains in IT stocks, alongside stellar performances from Zomato, Swiggy, HEG, and PG Electroplast. Broader market indices followed suit, reflecting sustained investor confidence.
As the markets await cues from global developments, including the OPEC+ meeting, the year-end rally appears firmly in place. Keep an eye on key stocks and sectors for the next trading session!
For more stock market insights, check out the StockGro blog.
