Indian Stock Market Wrap: Sensex and Nifty Decline, Waaree Energies Eyes $361 Million IPO

stock market

December 29, 2023

New Delhi, India

Indian Stock Market Highlights

In a mixed end to the trading week, the Indian stock market faced a downturn despite a promising start, with the Sensex slipping 0.22% and Nifty down 0.18%. Here’s a closer look at the key highlights shaping the market dynamics.

Both Sensex and Nifty closed at 72,206.35 down −204.03 

Market Performance: The Sensex and Nifty witnessed a retreat, primarily driven by heavyweight financials, information technology (IT), and energy shares. However, the broader markets showed resilience, with BSE midcap and smallcap indices gaining 0.5 percent each. Auto and FMCG sectors saw positive trends, while bank, metal, pharma, oil & gas, and IT sectors experienced selling pressure.

SEBI’s Impactful Proposal: Makarand M Joshi, Founder of MMJC & Associates, lauded SEBI’s recent proposal to verify market rumors. This initiative aims to insulate share valuation formulas from unofficially influenced market movements, once confirmed by companies.

Also Read: Tata Coffee and Tata Consumer Products Merger Set for January 1, 2024

Year-End Trading and Global Trends: As 2023 comes to a close, the market is trading lower due to weak global cues, impacting index heavyweights like RIL and Infosys. Despite this, broader markets are holding their ground. Meanwhile, European shares are on an upswing, anticipating a softer monetary policy from major central banks in the coming year.

IPO Watch: India’s leading solar panel manufacturer, Waaree Energies, has filed for an IPO aiming to raise $361 million. The move aligns with the country’s increasing focus on renewable energy amid record-high stock market levels.

Innova Captab’s Market Debut: Innova Captab’s lackluster stock market debut, listing just 2% above the issue price, underscores the potential risks in the highly competitive market. However, the stock rebounded post-listing, jumping 20% to hit the upper circuit.


The market’s nuanced performance at the year-end reflects a complex interplay of sectoral dynamics and global trends. While some indices face a downturn, the broader markets, renewable energy initiatives, and global optimism hint at a resilient market poised for future growth.

Also Read: Azad Engineering IPO: Stellar Debut with 37% Premium, Hits ₹727 Mark


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