KEY HIGHLIGHTS
US Futures Decline
As 3:26 p.m., the Dow Jones Industrial Average futures and S&P 500 futrues were down 0.31% and 0.25%, respectively. The Nasdaq 100 futures was 0.07% down.
Events, Economic Data Later Tuesday
US: Core Retail Sales
US: Retail Sales
US: Capacity Utilization Rate
US: Industrial Production
US: Business Inventories
US: NAHB Housing Market Index
Sensex Slumps Over 1,000 Points At Close, Nifty Declines 1.4%: Closing Bell
Benchmark equity indices extended its fall for a second consecutive session losing nearly 2% since Friday amid weak sentiment in the global markets ahead of US Federal Reserve's meeting outcome due Wednesday night.
CME Fedwatch tool showed a 95% chance of a quarter-point rate cut in December. Broader indices, however, saw a smaller decline.
Nifty ended 1.35% or 332.25 points down at 24336 and Sensex closed 1.3% or 1,064.12 points lower at 80684.45.Intraday, both Nifty and Sensex had declined 1.4% each.
"With a strong bearish candle, the Index has breached the range of 24,500-24,800 on the downside; however, the zone of 24,270-24,300 is a strong support base," said Aditya Gaggar, director of Progressive Shares. "In the case of a breakdown, the next support is positioned at 24,100 whereas, the higher side is capped to 24,600."
Share prices of HDFC Bank Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., Tata Consultancy Services Ltd., and Larsen & Toubro Ltd. dragged the Nifty. While those of ITC and Cipla capped the fall.
Except Nifty Media, which closed flat, all sectoral indices fell.
Market breadth was skewed in favour of sellers. Around 2,472 stocks declined, 1,544 stocks advanced, and 91 stocks remained unchanged on BSE.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.65% and 0.52% down, respectively.
On BSE, 21 sectors ended lower with the BSE Telecommunication declining the most.
Markets At Close
Nifty and Sensex fell for a second consecutive session losing 2% this week
Intraday, both Nifty and Sensex had declined 1.4% each
Nifty ends 1.35% or 332.25 points down at 24336
Sensex ends 1.3% or 1,064.12 points lower at 80684.45
Broader indices outperformed. Both Nifty Midcap 100 and Nifty Smallcap 250 closed 0.6% lower
Except Nifty Media, which closed flat, all sectoral indices fell
Cipla was the only stock that gained among Nifty constituents
Shriram Finance and Grasim Industries fell the most
Rupee Ends At Record Closing Low Against US Dollar
Rupee weakened by 3 paise to end at a record closing low of 84.90 against the US Dollar. The currency weakened to 84.93 during the day. It closed at 84.87 on Monday.
Source: Bloomberg
Nazara Tech's Paper Boats In Pact With Moonbug
Nazara Technologies' paper boats apps is in pact with Moonbug Entertainment to expand Kiddopia's Content, an exchange filing said.
Europe Market Open: Indices Fall Tracking Global Cues
At 2:15 p.m., Euro Stoxx 50 was 0.3% down, UK's FTSE 100 fell 0.8%, Germany's DAX traded 0.2% down, France CAC 40 fell 0.4%, and Spain's Ibex 35 traded 0.5% down. Markets around the world await US Federal Reserve's rate cut decision due tomorrow night along with UK's central bank decision due Thursday.
Asia Market Close: Most Markets Fall But ASX 200, CSI 300 Up
Most Asian indices ended in the red on Tuesday except Australia's ASX 200 and China's CSI 300 which closed 0.8% and 0.3% higher respectively as global markets await US FOMC meeting outcome due tomorrow night.
South Korea's Kospi ended more than 1% down, Japan's Nikkei fell 0.2%, and Hong Kong's Hang Seng was 0.7% down at close.
Multibagger Mazagon Dock Shipbuilders Share Price Surges To Four-Month High Ahead Of First Stock-Split
Shares of 'Navratna' defence company Mazagon Dock Shipbuilders Ltd. gained 5% on Tuesday ahead of the company's upcoming stock-split at the end of the month.
Share Market Update: Most Fertiliser Stocks Stocks Up
Khaitan Chemicals rose the most by 9%, followed by National Fertilizers rising and Rastriya Chemical and Fertilisers 5%, NACL and FACT which traded 3% higher.
Share Market Update: Reliance Power Share Price Erases Losses After Bagging Project
Reliance Power Limited subsidiary, Reliance NU Suntech Private Limited received the Letter of Award from Solar Energy Corporation of Indiafor its proposed Solar 930 MW and 465 MW/1860 MWh Battery Energy Storage System projects.
Tata Motors Share Price Erases Losses After Bagging Orders From UPSRTC
Tata Motors Ltd. received an order to supply bus chassis to Uttar Pradesh State Road Transport Corp. As a part of the order, the company will supply 1,297 bus chassis, Bloomberg reported.
Paytm Share Price Rallies For Third Consecutive Day, Remains Above Rs 1,000-Mark
Share price of One97 Communications Ltd. jumped over 5% on Tuesday, marking the third consecutive session of strong gains for the digital payments giant. The rally follows the company’s announcement of the successful sale of its 5.4% stake in PayPay Corp., Japan’s prominent digital payments company last week.
Trading Ideas: Hold Mastek, PG Electroplast, Tata Motors For Long Term
Market experts suggest holding Mastek Ltd., PG Electroplast Ltd., Tata Motors Ltd., and Ramkrishna Forgings Ltd.
Nirmal Bang Institutional Equities Technical Research Assistant Vice President, Swati Hotkar, and Hem Securities Senior Research Analyst, Astha Jain, shared their insights on these stocks and more.
Indoco Remedies Share Price Tanks As Goa Facility Gets Warning Letter
Indoco Remedies' Goa facility has received warning letter from US FDA after it inspected the facility July 16-26, an exchange filing said.
ITC Share Price Off Day's Lows After Co Announces Hotels Demerger Date
ITC in an exchange filing announced that its effective date for demerger of hotel business is on January 1, 2025.
Share Market News: RMC Switchgears Gets New Order
RMC Switchgears has received an order worth Rs 90 crore for 5,000 solar pumps in Maharashtra, an exchange filing said.
Share Market News: India VIX Surges As Benchmarks Fall
India VIX or volatility gauge surged 5% on Tuesday as benchmarks traded 1% lower.
Dixon Technologies Share Price Rises To Record High As It Forms JV With Vivo India
Dixon Technologies (India) Ltd. share price rose to record high as it's forming a joint venture with the Vivo Mobile India Pvt. Ltd. to carry out the latter's original equipment manufacturer business for electronic devices and smartphones. Dixon Technologies has entered into a binding term sheet with Vivo Mobile India.
FTSE Rejig: Bharti Hexacom, Go Digit General Insurance Join Ranks
The FTSE stock rejig, set to take effect on Dec. 23, 2024, will include two new additions— Bharti Hexacom Ltd. and Go Digit General Insurance Ltd., according to Nuvama Alternative & Quantitative Research.
Among the biggest inflows, major BFSI players are expected to lead the charge, with ICICI Bank Ltd., Kotak Mahindra Bank Ltd., and Bajaj Finance Ltd. seeing inflows of $310 million, $118 million, and $66 million, respectively.
Five Stocks To Buy Today: Glenmark Pharma, Hyundai, GE Vernova, Schneider Electric And Prestige Estates
Analysts have ‘buy’ calls on Glenmark Pharmaceuticals Ltd., Hyundai Motor India Ltd., GE Vernova T&D India Ltd., Schneider Electric Infrastructure Ltd. and Prestige Estates Projects Ltd. The stock calls came from Shrikant Chouhan, executive vice president and head equity research, Kotak Securities Ltd., Milan Vaishnav, CMT, MSTA, founder and technical analyst, Gemstone Equity Research and Sneha S
Read here.
Sensex Rejig: Zomato To Bring In $513 Million Post-Inclusion, Says Nuvama
India's food delivery aggregator Zomato Ltd. is set to bring in an inflow of $513 million or approximately Rs 4,356 crore, as it gears up to replace JSW Steel Ltd. in the upcoming December Sensex rejig, according to Nuvama Alternative & Quantitative Research.
Read more here.
Stock Market Live: Piramal Pharma Share Price Surges After JM Financial Initiates Coverage
Piramal Pharma share price rose nearly 5% on Tuesday after JM Financial initiated coverage on the stock with a 'buy' rating, and a target price of Rs 340, implying a 36% potential upside.
The stock is currently trading at a 38% discount to its listed peers, making it an attractive opportunity for investors, holds the brokerage.
Share Market Update: Nifty Realty Rises To Over Two-Month High; Most Stocks Gain
Nifty Realty rose for a second consecutive session to hit its highest level since September 26 with most of its stocks trading in the positive and Macrotech Developers and Sobha Ltd. leading.
Afcons Infrastructure Share Price Surges As Investec Initiates Coverage With A 'Buy'
Afcons Infrastructure's stock surged over 5% following a positive outlook from Investec, which initiated coverage with a "Buy" recommendation. The brokerage highlighted Afcons’ robust track record, its strong bidding strategy, and smart execution capabilities as key drivers of its growth potential.
Quess Corp Jumps Over 9% After Antique Starts Coverage
"We initiate coverage on Quess Corp with BUY rating and a target of Rs 1,000 which implies 50% upside from the current price," said a report by Antique Stock Broking Ltd.
Rupee Opens At A Record Low After A Record Trade Deficit
The Indian rupee weakened by 3 paise, opening at a record low of 84.90 against the US dollar. It has closed at 84.87 on Monday. The trade deficit data has had a direct impact on the currency as the deficit has widened to a record high in November, led by a jump in gold imports.
Cipla Top Nifty Gainer After Kotak Upgrade To 'Buy'
Kotak Securities upgrades the stock rating to 'Buy' from Add. It cut the target price to Rs 1,725 from Rs 1,750 apiece.
Stock Market Live: Nifty, Sensex Open Lower As RIL, Infosys Share Prices Drag
Benchmark equity indices extended their fall for a second consecutive session as heavyweights Reliance and Infosys weighed on them. Globally, markets now await the outcome of US Federal Reserve meeting.
At pre-open, Nifty 50 was at 24584.80, down 0.34% or 83.45 points and Sensex was at 81514.75, down by 0.29% or 233.82 points.
"The market is likely to remain range-bound due to muted foreign institutional investor activity and anticipation surrounding the Fed’s decision," said Vikas Jain, head of research at Reliance Securities. "However, there could be action in mid-cap and small-cap stocks."
Share prices of Reliance Industries Ltd., Infosys Ltd., Bharti Airtel Ltd., HDFC Bank Ltd., and Tata Consultancy Services Ltd. dragged the Nifty.
While those of Cipla Ltd., Tata Motors Ltd., State Bank Of India, Bajaj Finance Ltd., and Sun Pharmaceutical Industries Ltd. minimised the downside.
Most indices fell. Nifty Realty, Nifty Pharma, and Nifty Media were the only gainers.
Stock Market Updates: Nifty, Sensex Lower At Pre-Open
At pre-open, Nifty 50 was at 24584.80, down 0.34% or 83.45 points and Sensex was at 81514.75, down by 0.29% or 233.82 points.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.74%.
It closed at 6.74% on Monday.
Source: Bloomberg
Rupee Weakens To Record Low Against US Dollar
Rupee weakened by 3 paise to a record low of 84.9 against the US Dollar. It closed at 84.87 on Monday.
Source: Bloomberg
Citi Research On Vedanta
Citi has maintained 'buy' with a target price of Rs 485, implying downside of 5.6%. Board Announces 4th Interim Dividend of Rs 8.5/share, record date 24th December.
IPO Update: Carraro India Sets Price Band Of Rs 668-704
Carraro India has set price band at Rs 668-704/share and bid for issue will open on December 20 and close on December 24, a company statement said.
JM Financial Initiates Coverage On Piramal Pharma
JM Financial has initiated coverage on Piramal Pharma with a buy rating and a target of Rs 340, implying 36% upside. India’s CRDMO market is expected to double by 2028, boosting opportunities and Piramal Pharma’s global capabilities position it to capitalize on growth. CDMO segment is expected to grow at 17% CAGR over 3 years and recovery in US biotech from 2HFY25 will support growth. The company's overall revenue projected to grow at 15% CAGR over FY24-27 and margins to expand by 360 bps to 18%.
Asia Market Open: Most Indices Up; Kospi Falls
Most markets in Asia–Pacific markets were trading higher ahead of the Federal Reserve policy outcome. South Korea's Kospi traded in red as political uncertainties in the nation continue to weigh on investors' sentiments.
US Market Close: Dow Falls; Nasdaq, S&P Up
On Monday, the Dow Jones Industrial Average ended 0.25% down. The S&P 500 and Nasdaq Composite ended 0.38% and 1.24% higher, respectively.
Stock Market Live: GIFT Nifty Trades Below 24,500; HPCL, Vedanta, Religare, Wipro Share Prices In Focus
The GIFT Nifty was trading at 24,662.00, down by 21.5 points or 0.1% as of 7:26 a.m. Among others, share prices of HPCL, Vedanta, Religare Enterprises, and Wipro will remain in focus.
The benchmark equity indices ended lower on Monday, weighed down by IT and metal stocks, as well as losses across the Asia-Pacific after mixed data from China.
The NSE Nifty 50 closed 100.05 points or 0.4% lower at 24,668.25 and the BSE Sensex ended 384.55 points or 0.47% down at 81,748.57.
Overseas investors and domestic institutional investors turned net sellers of Indian equities on Monday after a day of buying.
Foreign portfolio investors offloaded stocks worth Rs 278.7 crore, whereas the DIIs offloaded stocks worth Rs 234.3 crore, according to provisional data shared by the National Stock Exchange.
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