December 20, 2023
New Delhi, India
Indian Stock Market Wrap
In a stark turn of events, the Indian stock market faced a significant downturn today, with the Sensex plummeting over 900 points, relinquishing the crucial 71,000 mark. The Nifty, too, struggled, falling below 21,200. This downward trend unfolded despite a positive global market mood.
Both Sensex and Nifty closed at 70,506.31 down −930.88
Broader Market Impact:
The broader markets, particularly the Smallcap index, bore the brunt of this decline, experiencing a sharp 3% drop, indicating a more pronounced fall compared to the Nifty50.
Stock Market Highlights:
Amid the market turmoil, notable events include Doms shares listing at a 77% premium, India Shelter Finance shares debuting with a 26% premium, and the opening of Azad Engineering’s IPO for subscription. Paytm’s CEO expressed optimism, foreseeing full operating profit within a year, while Ola Electric is expected to file IPO papers.
Live Updates:
Live updates reveal a sharp fall dragging both Sensex and Nifty to the day’s low. All sectors, excluding IT and FMCG, are painted red. The mid-cap and small-cap indices have seen a notable decline of 3%, indicating a widespread market correction.
Also Read: Muthoot Microfin, Happy Forgings, Azad Engineering IPOs Elicit Strong Market Response
Specific Stock Movements:
Among the major gainers are Oil and Natural Gas Corporation Ltd, Tata Consumer Products Ltd, Britannia Industries Ltd, HDFC Bank Ltd, and Hero Motocorp Ltd. Conversely, major losers include Adani Ports and Special Economic Zone Ltd, Adani Enterprises Ltd, UPL Ltd, Coal India Ltd, and Tata Steel Ltd.
Market Statistics:
The BSE Sensex dipped by 764.11 points to 70,673.08, while the Nifty lost 240.90 points, settling at 21,212.00. Trading data shows 2758 advancing, 3045 declining, and 97 remaining unchanged. Notably, 348 stocks hit a 52-week high, while 24 hit a 52-week low.
Also Read: Indian Rupee Softens Despite Weaker Dollar; RBI Challenges IMF’s Intervention Claims
Sectoral Impact:
The market, which initially soared to record highs, has now reversed, impacting various sectors. Mid-cap and small-cap stocks, in particular, have experienced a notable freefall.
Closure
The current market scenario reflects a complex interplay of global and domestic factors, driving investors to reevaluate their positions. As uncertainties linger, market participants closely monitor developments, looking for cues that may steer the market in the coming sessions.
Disclaimer:
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