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Benchmark equity indices opened nearly unchanged on Tuesday following a brief rally in the previous session, as losses in banking and metal stocks capped gains. The S&P BSE Sensex edged up 47.25 points to 78,587.42, while the NSE Nifty50 gained 10.80 points to 23,764.25 at 9:30 AM.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the prior session's relief rally is unlikely to sustain. He attributed this to external pressures like a strong dollar and high US bond yields prompting foreign investors to sell, coupled with internal challenges such as growth and earnings slowdowns.
Top gainers included TCS (+0.95%), Britannia (+0.75%), and Tata Motors (+0.69%), while JSW Steel (-0.81%) and Shriram Finance (-0.76%) led the losers. Sectoral indices showed mixed performance, with Nifty Auto (+0.28%) gaining, while Nifty Metal (-0.58%) declined.
Vijayakumar advised focusing on large-cap financials, IT, and pharma for stability in a volatile market.
Office space demand remained robust this year, with gross leasing across six major cities reaching a record 66.4 million square feet, a 14% rise from the previous year, according to Colliers India. Grade A office spaces accounted for 58.2 million square feet of the total leased area.
Bengaluru recorded the highest leasing activity at 21.7 million square feet in 2024, a 39% jump from 15.6 million square feet in 2023. Hyderabad saw a significant 56% increase to 12.5 million square feet, while Mumbai experienced a 43% growth, reaching 10 million square feet. Pune reported a modest 4% rise to 5.7 million square feet.
Conversely, Chennai and Delhi-NCR witnessed declines. Leasing in Chennai dropped 35% to 6.8 million square feet, and Delhi-NCR fell 16% to 9.7 million square feet. Demand was primarily driven by technology, engineering, manufacturing, and financial services companies.
Mukesh Ambani and his daughter Isha Ambani are leading Shein’s pilot launch of women’s western wear on Ajio, facilitated by Reliance Retail. This marks Shein’s return to India after being banned in June 2020 amid geopolitical tensions with China. The brand, now based in Singapore, is testing its collection on Ajio, with plans to possibly expand later, though no timeline has been confirmed.
Shein’s re-entry follows its partnership with Reliance Retail Ventures, aiming to rival brands like Tata’s Zudio and Myntra in the affordable fashion space. Commerce Minister Piyush Goyal clarified that Shein would operate on an Indian platform with no access to user data. Reliance has also partnered with Roadget Business Pte Ltd to establish a local manufacturing network. India’s fast-fashion market, projected to exceed $50 billion by FY31, offers significant opportunities, though competition from unorganised players remains fierce.
On December 24, 2024, shares of several Tata Group companies surged, with stocks like Tata Investment Corporation, Tata Chemicals, Tata Motors, Tata Power, Tata Elxsi, Tata Consumer Products, and Tata Communications rising by up to 12% on the BSE. Tata Investment led the rally, soaring 11.83% to Rs 7,305 per share, while Tata Chemicals gained 3.99% to Rs 1,076.20, and Tata Motors rose 2.51% to Rs 740.70. Other notable increases included Tata Elxsi, TCS, Tata Power, Tata Consumer Products, and Tata Communications. However, Tata Steel saw a dip, falling 1.05% to Rs 140.20.
This surge followed reports of Tata Capital planning a Rs 15,000 crore IPO, which is expected to include both primary and secondary share sales. The IPO follows the successful debut of Tata Technologies in November 2023. With IPO fundraising in 2024 reaching Rs 1.8 trillion, Tata Capital, part of the Tata Group, continues to expand its presence in financial services.
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