The Indian stock market saw promising trends on December 26, 2024, with key stocks like Sagility, Tata Motors, and Reliance Power attracting considerable attention.
On this day, the Sensex surged by 425.5 points, reaching 78,898.37, and the Nifty climbed 123.85 points to hit 23,851.50. Early trading indicated positive momentum, with both indices reflecting investor confidence amid favorable market conditions.
Among the stocks trending upwards was Sagility India (NSE: SAGILITY), which saw its share price rise to Rs 51.37, marking an increase of Rs 2.44 or 4.99%. This surge was largely influenced by JP Morgan's assessment, which rated the stock as ‘overweight’. Analysts highlighted Sagility’s solid fundamentals and projected strong earnings growth, with an anticipated 18% compound annual growth rate (CAGR) extending from FY24 to FY27.
Tata Motors (NSE: TATAMOTORS) also made headlines, trading at Rs 740.00 after gaining Rs 3.90 (approximately 0.53%). The stock witnessed renewed investor interest, contributing to its positive performance.
Moving on to Bajaj Housing Finance, the stock was trading at Rs 125.94, experiencing a slight decrease of Rs 1.02 (or 0.80%). After opening at Rs 127 and reaching highs of Rs 127.59, the stock couldn't maintain its initial momentum, possibly influenced by the broader market dynamics.
Another stock under scrutiny was Reliance Power (NSE: RPOWER), which registered at Rs 44.27, down Rs 0.17 (or 0.38%). This decline followed recent legal developments, as the Delhi High Court granted interim relief to Reliance NU BESS—a subsidiary of Reliance Power—in connection with disqualifications from three bids initiated by the Solar Energy Corporation of India.
Meanwhile, the share price of ITC (NSE: ITC) stood at Rs 478.50, showing marginally up movement of Rs 0.05 (or 0.010%). Notably, Antique Stock Broking upgraded its target price for ITC to Rs 563, maintaining their ‘Buy’ rating on the stock. The 52-week range for ITC is between Rs 399.35 and Rs 528.50, indicating its resilience and investor interest.
This day’s trading activity demonstrates how external factors, such as quantitative evaluations from major brokerage firms and legal outcomes, consistently shape stock performance. Analysts continuously monitor these influences, seeking signs of future potential.
The positive sentiment expressed by JP Morgan toward Sagility repositioned it as a prime investment choice within the sector, and Tata Motors' stable range fuels optimism among investors. These trends not only contribute to financial performance for the respective companies but also reflect broader confidence in the market.
With the results from ITC signaling strong fundamentals, investors seem eager to capitalize on these upward trends across various segments of the market.
This analysis offers insights not merely on stock movements but on the forces propelling these trends and overall market optimism as 2024 approaches year-end.