Sensex Today | Stock Market LIVE Updates: Nifty nears 24,650, UltraTech Cement, Britannia top gainers

Steel stocks were in focus on December 11 after global brokerage JPMorgan said that though overall volume growth was modest in the October to November, demand is expected to accelerate from hereon as elections and monsoons are behind us.

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Here are a couple of stock recommendations by Chandan Taparia, Motilal Oswal Financial Services:

Buy J K Cement for a target price of ₹4,950 with a stop loss of ₹4,620
Buy Mahindra & Mahindra for a target price of ₹3,250 with a stop loss of ₹3,050

From CDSL to Angel One, these are some of the top gainers on the Nifty Smallcap index since November as the index hit a record high on Wednesday.

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Records highest growth amongst pharma cos as per November IPM data

Shares of food delivery aggregator Swiggy Ltd. will be in focus on Wednesday, December 11 as the one-month lock-in period of its shares ends.

As many as 6.5 crore shares of Swiggy will become eligible to trade after the end of this lock-in period.

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#CNBCTV18Market | Markets starts Wednesday’s session near flatline. #Sensex around 81,550 & #Nifty above 24,600 pic.twitter.com/uVVNycfEgL

— CNBC-TV18 (@CNBCTV18Live) December 11, 2024

As many as 85.3 lakh shares, or 12% equity, of Awfis Space Solutions worth ₹606 crore changed hands at ₹710 per share in a block deal window on Wednesday, December 11.

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#StocksToWatch | Here’s list of stocks that will be in focus, going into trade today pic.twitter.com/dXQrbNMi1C

— CNBC-TV18 (@CNBCTV18Live) December 11, 2024

Brokerage firm Goldman Sachs has cut its price target on Avenue Supermarts Ltd., the parent of hypermarket chain DMart, while maintaining its “sell” recommendation on the stock.

The price target on Avenue Supermarts has been cut to ₹3,425 from ₹4,000 earlier by Goldman Sachs. The revised price target implies a further downside potential of 10% from Tuesday’s closing levels.

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Indian markets may open flat according to the GIFT Nifty. Watch out for stocks like Avenue Supermarts, PB Fintech and Awfis Space Solutions.

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Asian market trade mixed
China expected to kick off economic work conference today
China Nov exports up 6.7%; Imports fall 3.9%
US CPI expected to rise 2.7%
Alphabet shares up 6% as it launches new quantum computing chip ‘Willow’
Fund Flow
FIIs Net Buy `1,285.96 Cr In Equities
DIIs Net Buy `605.79 Cr In Equities
Vishal Mega Mart 8000 cr IPO to open today
SEBI launches Optional T+0 settlement for top 500 Scrips
Brokers Can Change Different Brokerage For T+0 And T+1

State-owned bank said it has received an order confirming a refund of ₹1,359.29 crore for the assessment year 2015-16, including interest under Section 244A. The order, dated August 17, 2024, follows earlier orders passed by the Commissioner of Income Tax (Appeals) in March and December 2023. The bank was informed of the refund order through the Income Tax Portal on December 10, 2024.

Bisque, Link Investment Trust and Peak XV Partners Investment likely to sell 12.2% stake via block deals. Floor price of ₹680 is a 5.2% discount to Tuesday’s close. Size of the deal said to be ₹583.4 crore. There will be a lock-in period of 90 days for further sale of shares.

#CNBCTV18Market | #GIFTNifty flat, trading at a minor discount to Nifty Futures Tuesday close, indicates a muted start for the Indian market pic.twitter.com/LNYqCmhWrl

— CNBC-TV18 (@CNBCTV18Live) December 11, 2024

US equities closed slightly in the red; SPX -0.30%, Nasdaq -0.24%
UST 10y yield yield +2 bps to 4.22%
Dollar Index flat at around 106.34
NFIB Small Business Optimism Index rose to the highest reading since June 2021
US CPI later today will be watched closely
Brent crude oil -0.2% to $72.02
Nifty trading above 24,534 (40-HEMA), remains support level
On the upside, in the near-term, Nifty needs to close above 24,857
Bank Nifty needs to cross recent high of 53,888
Support for Bank Nifty comes in at 53,160

#CNBCTV18Market | #GIFTNifty flat, trading at a minor discount to Nifty Futures Tuesday close, indicates a muted start for the Indian market pic.twitter.com/DFX7HZyFGe

— CNBC-TV18 (@CNBCTV18Live) December 11, 2024

Oil was steady ahead of key US inflation data and a monthly report from OPEC that will provide a snapshot on the market.

West Texas Intermediate traded above $68 a barrel after closing 0.3% higher on Tuesday, while Brent settled near $72. The consumer price index figures for November are due later Wednesday and will provide clues on the path forward for monetary policy from the Federal Reserve.

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Asian shares fluctuated as traders await key US inflation data for clues on whether the Federal Reserve will cut or hold interest rates next week.

Japanese and Australian equities slipped, while Korean shares rose. S&P 500 contracts were little changed on Wednesday following a 0.3% drop for the index in the US. Bond yields rose in the runup to the consumer price index data.

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The screen would show that the Nifty has declined for the third day in a row. But the bullish undertones, despite the uncertainty are visible. While the index is struggling to cross the higher end of the range, the bulls are ensuring that it does not break crucial lower levels.

Read today’s Trade Setup here

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