After opening the day lower, Indian benchmark indices reversed the trend as the session progressed and ended the day on a firm footing.Benchmark equity indices, the BSE Sensex and NSE Nifty50 pared their early losses to extend their winning streak for the fifth consecutive session, settling in positive territory on Thursday.At the closing bell, the BSE Sensex stood higher by 809 points (up 0.9%).Meanwhile, the NSE Nifty closed higher by 240 points (up 0.9%).TCS, Trent, and Titan are among the top gainers today.Bajaj Auto, NTPC, and Grasim Industries on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,779 up by 233 points at the time of writing.The BSE MidCap index and BSE SmallCap index ended 0.2% higher.Barring the realty sector, all other sectoral indices were trading positively with stocks in the media sector, telecom sector and IT sector witnessing most buying speer.Info Edge, Dixon Tec,h and Oberoi Realty hit their respective 52-week highs today.The rupee is trading at 84.72 against the US$.Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 76,932 per 10 grams.Meanwhile, silver prices were trading 0.2% lower at Rs 93,105 per 1 kg.Here are the three key factors that drive the market’s momentum.#1 Buying in HeavyweightsThe rebound in markets was largely driven by strong buying in heavyweight stocks across sectors, with IT majors leading the charge. Stocks such as TCS, Infosys, Wipro, and Tech Mahindra rallied after Federal Reserve Chairman Jerome Powell’s remarks suggested that the US economy is performing better than previously thought.#2 FII InflowForeign institutional investors (FIIs) turned net buyers in December, providing a significant boost to Indian equities.On Wednesday, FIIs purchased shares worth Rs 17.9 bn, following the net buying of Rs 36.7 bn on Tuesday. Month-to-date, FIIs have infused Rs 52.2 bn into Indian equities, a sharp reversal from their net outflows of Rs 1.6 trillion (tn) during October and November.#3 Positive Global CuesThe rebound in Indian markets mirrors a broader risk-on sentiment in global equities. The Dow Jones Industrial Average crossed the 45,000 mark for the first time, with the strength in the US markets driven by robust growth and cooling inflation.
Why Zen Technologies Share Price is RisingIn news from the IT sector, defense training and anti-drone solutions provider Zen Technologies has signed up with US-based AVT Simulation in a ‘strategic push’ into the American market, sending shares higher by close to 3% in mid-day trade.This alliance integrates Zen’s technologies with AVT’s expertise in offering customized simulation systems for defense, emergency response, and commercial applications.AVT Simulation has over 25 years of simulation experience. There has been a surge in demand for immersive, cost-effective training platforms in America, and Zen Tech is hoping to corner a part of that pie.Over the past five years, US imports of Indian defense technologies have crossed US$ 2.8 bn, with a focus on counter-drone systems, AI-driven platforms, and simulation.Zen Tech had recently presented advancements at the I/ITSEC 2024 event, which helped the company strengthen ties with US defense industry players, explore co-development initiatives, and ramp up export opportunities.
MapmyIndia’s New Venture Sparks Concerns
Moving on, MapmyIndia’s minority shareholders are raising concerns over the board’s recent decision to hive off its consumer-facing mapping business into a separate business.Shareholders reacted sharply to the announcement when it was made public on 1 December, sending the stock price lower below the listing price, and forcing the promoters to clarify that no company funds will be used by the new entity.However, the decision to hive off the B2C venture into a separate company has soured the sentiment of some investors, who believed in the opportunity that the consumer-facing business offered.It was further informed that MapmyIndia will take a 10% stake in the new venture and provide an ‘additional funding’ of Rs 35 crore via CCDs, a decision approved by the board.It was also proposed that the new company will use MapmyIndia’s retail brand Mappls, and Mapmyindia will continue to have access to the brand for ‘B2B2C and B2G2C offerings’, effectively delineating the consumer-facing business from the listed entity.
CDSL Jumps Over 8%. Here’s WhyMoving on, shares of Central Depository Services (CDSL) jumped over 8% to hit an all-time high of Rs 1,865 per share on 5 December. The stock also gained the most in eight weeks amid heavy volumes. So far, around 10 m shares were exchanged on both BSE and NSE, significantly exceeding 4.7 m shares exchanged on an average of one week.So far this year, the stock of this central depository has more than doubled or skyrocketed over 100%, as against benchmark Nifty 50’s 12% surge.As the largest depository in the country by active demat accounts, CDSL provides investors with the convenience of electronically depositing their securities through dematerialised accounts.As per CDSL’s shareholding data pattern, FIIs have decreased their holdings to 13.7% from 14%.Sensex Today Trades Higher and Nifty Above 24,500Sensex Today Ends 110 Points Higher; Nifty Above 24,450Sensex Today Trades Higher; Nifty Above 24,500
