The Indian stock market closed lower on Friday, December 26, but managed to finish the week with modest gains.
Market Summary
The Sensex dropped 367 points, or 0.43%, ending the day at 85,041.45. The Nifty 50 fell 100 points, or 0.38%, to finish at 26,042.30.
Weekly Performance
Despite Friday’s dip, both indices were up for the week. The Sensex rose 112 points (about 0.13%) and broke a two‑week losing streak. The Nifty climbed 0.30%, ending a three‑week slide.
What Drove the Moves
- Profit‑taking: Investors booked gains after a short trading week that included a holiday.
- Foreign Institutional Investor (FII) selling: Continued outflows added pressure.
- Metal stocks: Strong demand cues from China helped lift the market.
- U.S. dollar: A softer dollar supported Indian equities.
- U.S. growth outlook: A stable outlook kept risk appetite alive.
Stocks to Watch
- Coforge: IT services firm planning to buy AI company Encora for $2.35 billion to boost its AI capabilities and expand in the U.S. and Latin America.
- Punjab National Bank (PNB): Reported a ₹2,434 crore borrowing fraud linked to former promoters of SREI Equipment Finance and SREI Infrastructure Finance, and has informed the RBI.
- Vikran Engineering: Received award letters to develop 45.75 MW of grid‑connected solar projects in Madhya Pradesh.
- NBCC (India): Acquiring a 21.23‑acre parcel in South Delhi for a mixed‑use real‑estate project expected to generate about ₹8,500 crore in revenue.
- Vedanta – Cairn Oil & Gas Division: Got a conditional No‑Objection Certificate from Andhra Pradesh to drill 20 on‑shore wells in Krishna district.
- Solar World Energy Solutions: Won an EPC contract worth roughly ₹725.33 crore from NTPC Renewable Energy to build a 250 MW solar plant.
- Lloyds Enterprises: Secured a ₹361 crore loan to complete payment for converting warrants of Lloyds Metals and Energy.
- Timex Group: Plans to sell an 8.93% stake through an offer‑for‑sale on December 29‑30.
- Ceigall India: Its subsidiary received a provisional highway project certificate from the National Highways Authority for a project in Punjab.
- Great Eastern Shipping: Agreed to sell its very large gas carrier, Jag Vishnu, to an independent buyer.
Remember, this is just an overview, not a prediction. Do your own research and consider your risk tolerance before making any investment decisions.