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Sensex surged 809 points to 81,765.86, and Nifty climbed 240.95 points to 24,708.40, marking a seven-week high ahead of the RBI policy. IT and bank stocks led the rally, with Infosys and TCS each gaining over 3%. The broader market also thrived, with 2,144 stocks advancing.
India's benchmark indices, Sensex and Nifty, rebounded sharply on December 5, with the Sensex rising 1,000 points from its low, driven by gains in IT stocks and Reliance Industries. As of 12:20 pm, the Sensex was up 500 points to 81,450, while Nifty gained 133 points to 24,600. Titan led the gains, while NTPC was the top laggard. Sector performance showed Nifty IT as the top gainer, despite mixed market breadth.
India's wedding season, spanning October to December, is expected to drive significant demand across consumer sectors, with around 48 lakh weddings anticipated. Analysts predict a surge in business, particularly in jewellery, retail, and hospitality, with the market projected to generate Rs 6 lakh crore, up from Rs 4.7 lakh crore last year. Companies are optimistic about sustained growth, bolstered by increased auspicious wedding dates and favorable policy changes, such as reduced customs duty on gold.
Motilal Oswal Wealth Management identifies five key stocks poised to benefit from the upcoming wedding season, predicting a 10-15% upside over the next 3-6 months. The sectors highlighted include Jewellery, Retail, Hotels, and Automotive, with an estimated business of Rs 6 lakh crore from 48 lakh weddings during the November-December period. The selected stocks are Titan, Eicher Motors, Vedant Fashion, Safari, and Lemon Tree.
Titan's shares fell 2.5 percent to Rs 3,151.25 on the NSE following a disappointing earnings report and reduced jewellery margins. Despite a 24 percent increase in total income to Rs 12,458 crore in Q2FY25 compared to Rs 10,027 crore in Q2FY24, brokerages have slashed their target prices for the company.
Jefferies has downgraded its target for Titan to ₹3,400 per share, citing negative impacts from custom duty and a weaker product mix, despite management's positive outlook on demand. Morgan Stanley maintains an equal-weight rating, lowering FY25 jewelry EBIT margin guidance to 11-11.5% due to disappointing margins.
Saurabh Mukherjea of Marcellus Investment Managers is focusing on rural consumption as a key investment strategy, anticipating government support for rural India. His firm has invested significantly in Godrej Agrovet, capitalizing on its potential for recovery, and in Tata Consumer Products, based on strong FMCG revenue growth prospects.
The Sensex and Nifty fell by 1% amid persistent FII outflows and disappointing earnings, marking the fifth consecutive session of declines. The broader market suffered significantly, with the BSE Midcap and Smallcap indices down 2% and nearly 3%, respectively, while India VIX rose over 7%. IndusInd Bank's shares plummeted nearly 20% following poor quarterly results, contrasting with Godrej Consumer Products, which saw a 2% rise after positive brokerage calls.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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