Sensex turns flat, Nifty holds above 23,700; FMCG and IT stocks drag

Domestic equity benchmarks displayed a mixed trend by midday on Thursday. The S&P BSE Sensex slipped 13.48 points or 0.017 percent to 78,459.39, while the Nifty 50 index edged up 14.30 points or 0.060 percent to 23,741.95. Auto stocks led the gains, while broader market indices witnessed declines.

The S&P BSE Mid-Cap index fell 0.51 per cent, and the S&P BSE Small-Cap index dropped 0.40 per cent. Market breadth remained negative, with 1,587 stocks advancing against 2,201 declines on the BSE.

IPO activity stays strong
Unimech Aerospace and Manufacturing’s initial public offering (IPO) continued to draw strong investor interest, with the issue subscribed 25.51 times as of 11:15 IST. The IPO price band is set between Rs 610 and Rs 643 per share, with the offer closing on 24 December.

Auto stocks drive gains
The Nifty Auto index gained 0.98 per cent, recovering from its previous session’s losses. Major contributors included Maruti Suzuki (up 1.74 per cent), Mahindra & Mahindra (up 1.31 per cent), and Apollo Tyres (up 1.03 per cent). However, Samvardhana Motherson International and Bharat Forge slipped by 0.99 per cent and 0.83 per cent, respectively.

Stocks in focus
Godfrey Phillips India rose 4.94 per cent after appointing Siddharth Chawla as COO. Panacea Biotec hit a five per cent upper circuit following a contract win to supply polio vaccines to UNICEF.

Global cues remain positive
Asia-Pacific markets traded higher, supported by optimism around Japan’s record $735 billion budget for 2025 and stability measures in China’s real estate sector. US markets rallied on Tuesday, with the S&P 500 up 1.1 percent and the Dow Jones adding 0.91 percent, driven by the seasonal Santa Claus rally.

Markets remain focused on global economic developments, with investors tracking manufacturing data from Singapore and policy measures in China.