Markets stage a terrific comeback; SENSEX up 200 pts now, NIFTY50 tests 24,600; Bharti Airtel surges 4%

At 12:25 PM, the S&P BSE SENSEX was trading at 81,542.77, up 252.81 points, or 0.31% while the broader NIFTY50 index was trading at 24,605.50, up 56.80 points, or 0.23%.

Out of 50 stocks on the NIFTY50 index, 23 declined, and 27 advanced.

The top five gainers were Bharti Airtel, HUL, UltraTech Cement, Power Grid, and Adani Enterprises.

The top five losers were Shriram Finance, Tata Steel, IndusInd Bank, JSW Steel, and Hindalco Industries.

India VIX, the volatility index, also eased. Last seen, it was trading at 13.77 levels, up 4.39%.

On the global front, Asia shares fell on Friday as a strong dollar kept risk sentiment fragile, while longe-term Treasury yields are heading for their biggest weekly rise this year as expectations for deep US rate cuts in 2025 recede.

Last evening, Labor Department report showed US producer prices rose more than forecast in November, though a moderation in service costs pointed to a continuation of the broader disinflationary trend. Initial claims for US unemployment benefits unexpectedly climbed last week, raising concerns about labor-market resilience.

A top-level meeting in Beijing pledged to increase debt and boost consumption but failed to boost Chinese equity markets.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.5% in Friday morning trade. Japan's Nikkei fell 1% but is still on track for a weekly gain of 0.9%.

China's blue chips dropped 0.7%, and Hong Kong's Hang Seng lost 1.2% after the Central Economic Work Conference did not offer details on new stimulus measures.

On Wall Street, stocks closed lower overnight as some investors booked profits from the Nasdaq's relentless run to record highs. That said, Nasdaq futures rose 0.4% in Asia.

Broader Market

The BSE MidCap index was trading at 47,508.72 levels, down 307 points, or 0.64%, while the BSE SmallCap index was trading at 56,731.12, down 394 points, or 0.69%.

Stocks in news

Tata Motors shares were trading over half a percent lower at ₹782.10 apiece on the BSE. 

The automaker on Thursday announced it will increase prices of its trucks and buses portfolio by up to 2% effective January 1, 2025, citing rising input costs.

The price increase is to offset the rise in input costs, Tata Motors said in a statement.

While the price increase will vary as per individual model and variant, it will be applicable across the entire range of trucks and buses, it added.

All the sectoral indices were trading in negative territory with metal stocks sliding the most.

The BSE METAL index was trading over 2% lower.