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Market Recap
India's benchmark indices extended losses for a third session on Tuesday, weighed down by a sharp depreciation in the Indian rupee and persistent outflows from foreign investors. Ongoing global uncertainties further dampened sentiment, keeping market participants cautious.
The BSE Sensex shed 533.50 points, or 0.63%, to settle at 84,679.86, while the Nifty 50 closed 167.20 points or 0.64% lower at 25,860.10.
US Market Wrap
Signs that the US jobs market is slowing — but not weakening sharply — kept traders from ramping up bets on near-term Federal Reserve rate cuts, weighing on stocks while bonds traded unevenly.
Investors treated the data cautiously, with the release seen as distorted by lingering effects of the longest government shutdown in US history. The S&P 500 slid for a third consecutive session, while Treasury yields edged slightly lower. Interest-rate swaps point to just a 20% chance of a Fed cut in January, with a reduction now fully priced in by mid-2026.
Asian Market Check
Asian stocks opened slightly lower after weak US jobs data failed to lift expectations of further interest-rate cuts by the Federal Reserve.
MSCI’s regional equity index slipped 0.1%, marking a third straight day of declines. The cautious tone followed a mixed session on Wall Street, where the S&P 500 fell for a third consecutive day, while the Nasdaq 100 edged up 0.3%. Tesla Inc. shares dropped more than 1% in extended trading, after reports that its sales in California could be suspended for 30 days. US Treasuries and the dollar were little changed after slipping earlier in the session.
Commodity Check
Oil rebounded from its lowest level since 2021 after President Donald Trump stepped up pressure on Venezuela by ordering a blockade of oil tankers, even as concerns about a growing global supply glut continued to weigh on the market.
West Texas Intermediate rose above $56 a barrel after sliding nearly 6% over the previous four sessions, while Brent settled just under $59. Trump said the US would block sanctioned oil vessels entering and leaving the South American nation, according to a social media post on Tuesday.
Gold was little changed after weak US jobs data failed to shift expectations around further interest-rate cuts. Bullion hovered near $4,305 an ounce, following a modest drop in the previous session that ended a five-day rally. Recent data pointed to a cooling US labor market, though investors expect the Federal Reserve to place less emphasis on the figures due to distortions from the government shutdown.
Key Events To Watch
Finance Minister Nirmala Sitharaman to speak at India Economic Conclave in New Delhi
Prime Minister Narendra Modi’s second day in Ethiopia, travels to Oman later
SEBI Chairman Tuhin Kanta Pandey to address media in Mumbai.
Stocks in News
Glenmark Pharma: Arm signed a pact with Hansoh pharma to develop and commercialise Aumolertinib. Aumolertinib is an inhibitor indicated to treat non-small cell lung cancer.
NBCC: The company received an order worth Rs 345 crore order. The order is worth Rs 333 crore from IIT mandi for construction of academic blocks and another order worth Rs 12 crore from Kandia SEZ for annual maintenance work.
Saregama India: The company to acquire 51% stake in Bhansali Productions in tranches by 2030. Bhansali Productions will exclusively sell all future films' music to the company.
HCLTech: Partnered with NSE academy to deliver a series of joint certificate programs in tech, finance sectors.
Protean eGov Tech: Board approved the acquisition of 4.95% stake in NSDL Payments Bank for Rs 30.2 crore.
Thermax: Arm First Energy incorporated step-down arm First Energy 15.
TCS: Arm ListEngage MidCo LLC forms wholly owned arms TCS North America Corp, Trident LE LLC in the US.
Kaynes Tech: Arm Partners with Mitsui & Co, AOI Electronics to bolster semiconductor manufacturing operations in India.
Waaree Renewable Tech: Signed long-term power purchase pact for 300 MW inter-state transmission system solar power project.
Acme Solar: Arm commissioned additional capacity of 8MW out of 100 MW wind power project in Gujarat.
Vikram Solar: The board approved capex worth Rs 4,371 crore for phase-1 of battery energy storage system roadmap. The capex worth Rs 4,371 crore to be undertaken via Arm VSL Powerhive. The capex to be funded via both equity and debt.
NTPC Green Energy: Arm started commercial operations of 243.66 MW out of 1255 MW Khavda-I Solar PV Project in Gujarat
Lupin: Nagpur Injectable unit received EIR report from US FDA with Voluntary Action Indicated classification. US FDA had inspected the Nagpur unit from Sept 8 to Sept 16.
Ola Electric: Founder-promoter Bhavesh Agarwal undertaken a one-time monetisation of a small portion of his personal stake to fully repay a Rs 260-crore promoter-level loan, leading to the release of all previously pledged 3.93% shares. Post the transaction, the promoter will continue to hold up to 34% stake, with no dilution of control or long-term conviction. The action is taken to eliminate all promoter pledges, which can introduce avoidable risk and volatility. The transaction is being executed entirely at the promoter’s personal level and would have no impact on Ola Electric’s operations, governance, or strategic direction.
Pace Digitek: Board approved the formation of three wholly owned subsidiaries.
CESC: Arm signed pact with Toolfab for supply of Towers for wind turbine generators. The company supplies 91 towers for 300 MW wind power projects within 12 months.
Diamond Power Infra: Received letter of Intent for Rs 57.6 crore order from Rajesh power for supply of cables.
Ahluwalia Contracts: Received Rs 888 crore order from Bihar state tourism development Corp for EPC works. Received order for the construction of Ram Janmabhoomi tirtha Kshetra at Sitamarhi District.
Coal India: Coal ministry extended additional charge for the post of Chairman, MD to B. Sairam for six Months.
Wockhardt: Arm incorporated three wholly owned arms Wockhardt Swiss AG Wockhardt suisse USA holding Corp & Wockhardt Suisse USA.
Niraj Cement Structurals: Received Rs 131 crore order from PWD for road maintenance works.
GMM Pfaudler: Sold Hyderabad property for Rs 54.5 crore to Topsun Power.
Kajaria Ceramics: Shareholders approved the appointment of Ashok Kajaria as Chairman and Rishi Kajaria as a Managing director.
Aditya Birla Real Estate: Commission approved the acquisition of paper and pulp manufacturing business of Aditya Birla Real Estate by ITC.
Can Fin Homes: The board approved interim dividend of Rs 7 per share for financial year 2026, sets Dec. 19 as record date.
Eclerx: The company reduced buyback size to 6.3 lakh from 6.6 lakh declared earlier. The company increased share buyback price to Rs 4,800 per share from Rs 4,500 per share declared earlier.
RailTel Corp: Received LoA for Rs 26.9 crore order to implement advanced IT infra at VO Chidambaranar Port.
Waaree Energies: Arm incorporated two wholly owned arms Windora Energy & Agni Vayu Energy.
Sequent Scientific: The board approved the appointment Of Haribabu Bodepudi as managing director and Group chief executive officer and Rajaram Narayanan as Wholetime director for two years.
Indian Overseas Bank: The government to sell 38.5 crore shares (2% equity) with an oversubscription option of 19.2 crore shares. The government to sell up to 3% equity via OFS at a floor price of Rs 34 per share.
IPO Offering
ICICI Prudential AMC: The public issue was subscribed to 39.17 times on day 3. The bids were led by Qualified institutional investors with 123.87 times the subscription, non-institutional investors who subscribed 22.04 times, retail investors with 2.53 times the subscription and Shareholders who subscribed 9.75 times.
KSH International: The public issue was subscribed to 0.15 times on day 1. There were no bids were led by Qualified institutional investors, non-institutional investors who subscribed 0.06 times and retail investors who subscribed 0.27 times.
IPO Listing
Park Medi World: The public issue was subscribed to 8.52 times on day 3. The bids were led by Qualified institutional investors (12.07 times), non-institutional investors (15.93x), retail investors (3.32x).
Nephrocare Health Services: The public issue was subscribed to 14.08 times on day 3. The bids were led by Qualified institutional investors (26.82 times), non-institutional investors (24.77 times), retail investors (2.36 times), Employees (2.81 times).
Bulk Deals
SBFC Finance: Massachusetts Institute of Technology – FDI sold 1.36 crore shares (1.25%), Tata Aia Life Insurance Company bought 82.31 lakh shares (0.77%), Aranda Investments bought 71.33 lakh shares (0.66%) at Rs 105.14 apiece at Rs 105.14 apiece.
Gallantt Ispat: Gallantt Industry bought 12.07 lakh shares (0.5%) at Rs 590 apiece, while Krone Finstock Private Limited sold 12.07 lakh shares (0.5%) at Rs 590 apiece.
Karnataka Bank: B Sumanthkumar Reddy bought 19.09 lakh shares (0.51%) at Rs 200.52 apiece.
Ola Electric Mobility: Bhavish Aggarwal sold 2.62 crore shares (0.6%) at Rs 34.99 apiece.
Insider Trade
Steel Exchange India: Promoter Umashiv Garments created a pledge for 1.45 crore shares. Promoter Vizag Profiles Private Limited created a pledge for 17.1 crore shares.
Geojit Financial Services: Promoter BNP Paribas Sa sold 4.1 crore shares.
Usha Martin: Promoter Peterhouse Investments sold 2 lakh shares.
Jindal Drilling & Industries: Promoter Sudha Apparels Ltd bought 2.91 lakh shares.
Trading Tweaks
List of securities shortlisted in Short-Term ASM Framework Stage - I: Shakti Pumps (India), Transformers and Rectifiers (India).
Consolidated list of securities shortlisted in ASM Framework: Kaynes Technology India, Rico Auto Industries, Shakti Pumps (India), VLS Finance, Transformers and Rectifiers (India).
Ex-buyback: eClerx Services.
Ex-Rights Issue: Krishival Foods
Board Meeting: GMR Power & Urban Infra (Fundraising), KPI Green Energy (Fundraising), Spandana Spoorty (Fund Raising), Urgo Capital (Fund Raising).
Share to exit anchor Lock-in: Tenneco Clean Air (3%)
F&O Cues
Nifty December futures down to 25,932 at a premium of 72 points.
Nifty December futures open interest up by 1.69%.
Nifty Options on Dec 23: Maximum Call open interest at 27,000 and Maximum Put open interest at 25,000.
Securities in ban period: Bandhan Bank.
Commodity Check
Rupee ended at a record closing low of 91.03 against the US dollar. The local currency as of Tuesday, fell over 1% in the last five trading sessions.
Rupee fell over 2.6% in the last one month, it also continues to be the worst performing Asian currency falling nearly 6% in 2025 so far.
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