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* The equity benchmark index ended slightly lower as investors remained cautious ahead of the US Federal Reserve meeting, with the policy outcome expected on December 18. Profit booking in IT and blue-chip stocks, including Titan, TCS, Hindalco, NTPC, and Hindustan Unilever, contributed to a 100-point drop in the Nifty, or 0.4%, which closed at 24,668, compared to the previous day's close. The India Volatility Index (India VIX) rose by 7%, closing above the 14 mark due to the anticipation of major global events such as the US Fed rate decision, along with rate decisions from the Bank of England and Bank of Japan later this week. However, Nifty mid-cap and small-cap stocks outperformed, gaining over half a percent each. Realty stocks saw a significant rally, with the Nifty Realty Index climbing 3%. Strong demand in Tier 1 and Tier 2 cities, rising property prices, and solid quarterly results positively impacted the performance of realty stocks.

* Positive developments, such as the December PMI reaching a three-month high and a drop in wholesale inflation to a two-month low, supported market sentiment from lower level. On the global front, both Asian and European markets saw slight declines after China reported weaker-than-expected retail sales data, ahead of key global events.

* In the realty sector, Oberoi Realty surged 6% to close at Rs. 2,253, while Lodha, Prestige, DLF, and Phoenix Mills gained between 2-4%.

Technical Outlook:

* Nifty Index opened flattish and failed to hold at higher zones and dripped lower in the first half of the session which was followed by some consolidation. It respected 24600 zones and closed with losses of around 100 points. It formed an inside bar on daily frame as it remained within the range of the previous session. Now it has to hold 24600 zones for the next up move towards 24800 then 25000 zones whereas supports can be seen at 24500 and 24300 zones.

Derivative Outlook:

* Nifty future closed negative with losses of 0.45% at 24720 levels. Positive setup seen in Oberoi Realty, Prestige Estate, Dixon, Lodha, Indian Hotels, Coromandel International, DLF, Zomato, MCX, CUB, Godrej Properties and Paytm while weakness in Adani Green, National Aluminium, Colpal, Chola Finance, BPCL, Hindalco, Poonalwalla Fincorp, Concor, Crompton, ONGC, Tata Consumer Products, Adani Enterprise and SBI Life.

* On option front, Maximum Call OI is at 26000 then 25000 strike while Maximum Put OI is at 24000 then 24500 strike. Call writing is seen at 24700 then 25000 strike while Put writing is seen at 24000 then 24200 strike. Option data suggests a broader trading range in between 24200 to 25200 zones while an immediate range between 24400 to 25000 levels.

* Coal India spends Rs 1,209 cr on solar projects – Company has spent a total of Rs 1,209 crore on ground-mounted solar power projects having a capacity of 661 MW, the government on Monday said. Coal India has a plan to achieve 3,000 MW solar project capacity by 2027- 28 which consists of 211.59 MW in the current fiscal, 697.85 MW in FY26, 1,235 MW in FY27 and 785 MW in FY28, Coal and mines minister G Kishan Reddy said in reply to Rajya Sabha

* Wholesale Inflation (WPI) fell to 3-month low – WPI for the month of December at 1.89% vs 2.36 previous month - expectation 2.1%

* RBL Bank – Company has re-appointed R. Subramaniakumar as chief executive officer and managing director, effective from June 23, 2025

* December PMI Data – December Service PMI reported 4-month high at 60.8 vs 58.4 previous month, Manufacturing PMI surged to 2- month high at 57.4 vs 56.5 and Composite PMI during the month of December reported 4-month high at 60.7 vs 58.6 previous month

* PC Jeweller - Company's announcement of a stock split a face value of each share will be reduced from Rs 10 to Re 1. The stock split took effect with the ex/record date set for Dec. 16.

* Godrej Agrovet Gets Areas from Gujarat Govt for Palm Oil Sowing - The Gujarat government has alloted area in Vadodara, Surat and Tapi to Godrej Agrovet for the expansion of oil palm cultivation under the National Mission on Edible Oils

* Jindal Worldwide – Company to mull bonus share proposals on Jan, 7 2025 board meeting

* Swiggy - Swiggy launched a new service called “Scenes” under its out-of-home vertical, Dineout. This feature enables users to book parties, events, and live music at Swiggy’s partner restaurants. “Scenes” is currently live in Delhi-NCR, Bengaluru, and Mumbai. In Delhi-NCR, users can access approximately 55 events, including New Year celebrations, Christmas parties, and live music shows.

* Caplin Point – Company has received approval from the USFDA for its generic version of Difluprednate eye drop indicated in the treatment of inflammation and pain associated with ocular surgery.

Global Market Update

* European Market - European stocks edged lower on Monday as a weaker-than-expected retail print in China weighed on sentiment. Investors ready themselves for the final full week of trading this year with a series of central bank meetings including the Federal Reserve, Bank of Japan and Bank of England. UK, France and Germany Index decline 0.2% each.

* Asian Market - Chinese shares fell, weighing on broader Asian equities, after weaker-than-expected retail sales data showed the world’s second-biggest economy is still struggling to recover. Asian benchmark erased gain as China’s CSI 300 Index slipped for a second day. Stocks also dropped in Hong Kong and Australia, while they rose in Japan.

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