The Indian equity market concluded the trading session on Friday, December 26, in negative territory. Persistent selling pressure, a lack of fresh domestic triggers, and mixed signals from global markets dampened investor sentiment, leading to a broad-based decline.
Benchmark Indices See Red on Final Trading Day
The BSE Sensex dropped 367.25 points, or 0.43%, to finish at 85,041.45. Similarly, the Nifty 50 index declined by 99.80 points, or 0.38%, settling at 26,042.30. Analysts attributed the downturn to profit booking in a holiday-shortened week and continued selling activity by Foreign Institutional Investors (FIIs).
Despite the Friday slump, the broader picture for the week offered some relief to investors. Both key indices managed to secure modest weekly gains, putting an end to their recent run of losses. For the week ending December 26, the Sensex inched up by 112 points, or 0.13%, breaking a two-week losing streak. The Nifty 50 performed slightly better, advancing by 0.30% and ending its three-week period of declines.
Brokerage View and Market Drivers
Brokerage firm Bajaj Broking noted that the weekly gains were supported by strength in metal stocks. This sectoral strength was driven by improving demand cues from China, a softer U.S. dollar, and a stable growth outlook for the United States economy.
Stocks in Focus for the Coming Sessions
Against this market backdrop, several individual stocks are poised to attract significant investor attention due to recent corporate developments:
Coforge: The IT services company announced a major strategic move, planning to acquire artificial intelligence firm Encora for an enterprise value of $2.35 billion. This acquisition aims to bolster Coforge's in-house AI capabilities and expand its presence in the lucrative US and Latin American markets.
Punjab National Bank (PNB): The public sector bank reported a borrowing fraud worth ₹2,434 crore to the Reserve Bank of India (RBI). The fraud is linked to the former promoters of SREI Equipment Finance (SEFL) and SREI Infrastructure Finance (SIFL).
Vikran Engineering: The company has received letters of award from MP Urja Vikas Nigam Ltd to develop grid-connected solar power projects in Madhya Pradesh with a total capacity of 45.75 MW (AC).
NBCC (India): The state-owned construction giant is set to acquire a 21.23-acre land parcel in South Delhi as part of a settlement with the Delhi government. NBCC intends to develop a mixed-use real estate project on the site, with projected revenue estimated at around ₹8,500 crore.
Vedanta Ltd: The Andhra Pradesh government has granted Vedanta's Cairn Oil & Gas Division a conditional "No Objection Certificate" to drill 20 onshore wells in Krishna district.
Solar World Energy Solutions: The company has won a substantial Engineering, Procurement, and Construction (EPC) contract valued at approximately ₹725.33 crore from NTPC Renewable Energy Limited. The project involves developing a 250 MWac grid-connected solar photovoltaic plant.
Lloyds Enterprises: To fulfil the remaining payment for the conversion of warrants of Lloyds Metals and Energy, the company has signed loan agreements to secure financial support of ₹361 crore.
Timex Group: Promoter Timex Group Luxury Watches BV will divest an 8.93% stake in the company through an offer-for-sale (OFS) scheduled for December 29–30.
Ceigall India: A subsidiary of the company has been issued a provisional certificate by the National Highways Authority of India for a highway project in Punjab.
Great Eastern Shipping: The company has entered into an agreement to sell its very large gas carrier, named Jag Vishnu, to an independent third party.
