Sensex drops 378 pts, Nifty holds 20,900; realty, pharma slide; metals up

Closing Bell on December 12, 2023: Sun Pharma, Maruti Suzuki, Titan, NTPC, Reliance Industries, L&T, M&M, IndusInd Bank were some of the top large-cap losers

Stock market highlights: A near broad-based selling pulled benchmark indices lower during the second half of the session with the S&P BSE Sensex ending 378 points lower at 69,551 levels, and the Nifty50 shutting shop 91 points lower at 20,906.

Sun Pharma, Maruti Suzuki, Titan, NTPC, Reliance Industries, L&T, M&M, IndusInd Bank, Infosys, HDFC Bank, Tata Motors, Bharti Airtel, and Tech M were some of the top large-cap losers, down up to 2 per cent.

The broader markets, too, gave up their gains with the BSE MidCap and SmallCap indices settling 0.4 per cent and 0.27 per cent lower, respectively. 

Among sectors, all but the Nifty Metal and Media indices closed in the negative territory led by the Nifty Realty index (down 1.95 per cent), the Nifty Auto index (down 0.7 per cent), and the Nifty Pharma index (down 0.45 per cent). 

3:48 PM

Tech View :: 'Nifty to remain sideways to negative in near-term'

The Nifty has formed a bearish engulfing pattern on the daily chart, suggesting a possibility of a bearish reversal.

On the higher end, call writers have built a heavy position at 21,000. On the lower end, put writers are heavily present at 20,800 and 20,900.

The Nifty is likely to remain mostly sideways to negative as long as it remains below 21,000.

Only a decisive move above 21,000 might induce a resumption of the uptrend. Support is placed at 20,800, below which the index may consolidate further.

Views by: Rupak De, Senior Technical analyst at LKP Securities

3:47 PM

Comment :: 'Investors stayed on sidelines ahead of Nov inflation data'

Following the recent impressive surge, the Nifty50 underwent a consolidation phase today due to anticipated elevated November inflation in India, driven by rising food prices, which may potentially delay RBI policy cuts.

In contrast, the US inflation outlook remains stable, which could influence the upcoming US Fed policy.

The Nifty Mid and Small indices, with robust rallies of 42% and 49% on a YTD basis, now carry a 25% premium to their long-term averages, signalling potential valuation concerns.

Though the domestic growth outlook remains strong, the risk of El-Nino is expected to keep the market under pressure.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:44 PM

Currency check :: Rupee ends flat vs Monday's close of 83.39/$

3:43 PM

SmallCap Heatmap :: Index slips 0.27%; Inox Green, MSTC outperform

3:41 PM

MidCap Heatmap :: Index ends 0.4% down; check top gainers and losers of the day

3:39 PM

Nifty Heatmap :: HDFC Life, Ultratech settle as top gainers; Sun Pharma, Apollo Hosp sink

3:37 PM

Closing Bell :: Nifty holds 20,900

3:36 PM

Closing Bell :: Sensex falls nearly 400 pts

3:27 PM

ALERT :: HDFC Life receives favourable orders from Customs, Excise & Service Tax Appellate Tribunal, Bangalore

>> The cumulative tax order was worth Rs 232 crore in 3 different cases.

Check details here

3:13 PM

Private banks need to catch up on financial inclusion drive: Official

Speaking at the 20th Global Inclusive Finance Summit, Joshi also asked banks and financial institutions to work on three areas -- getting KYC done for inoperative accounts, nomination for bank accounts and strengthening cyber security. READ MORE

2:59 PM

J&K Bank hits over 8 year high; soars 23% in 2 days on fund raising via QIP

Shares of Jammu & Kashmir (J&K) Bank hit over eight-year high of Rs 139.95 as they soared 12 per cent on the BSE in Tuesday's intraday trade on the back of heavy volumes. The spurt comes amid the lender's fund raising plan via qualified institutional placement (QIP). READ MORE

2:53 PM

ALERT:: SpiceJet Q2 net loss narrows to Rs 431.54 cr; stock tanks 5%

SpiceJet today reported a net loss of Rs 431.54 crore for the quarter ended September 2023 as against a net loss of Rs 837.88 crore in the corresponding quarter a year ago. Total income, however, increased 22 per cent YoY to Rs 2,104.73 crore from Rs 1,725.87 crore.

2:47 PM

Market Check:: Sensex extends fall, down over 400 points

2:38 PM

ALERT:: Adani Ports board okays refinancing existing debt up to Rs 5,000 cr; stock up 1%

The board of directors of Adani Ports have given their in-principle approval for issuance of Non-Convertible Debentures for capex/ refinancing of existing debt

and general corporate purpose for an aggregate amount not exceeding Rs 5,000 crore on private placement basis. 

2:24 PM

RBI cautions states with over 4% fiscal deficit, urges tax reforms

The Reserve Bank of India (RBI) has raised concerns about the fiscal management of some states, saying they have budgeted for deficits exceeding 4 per cent of Gross State Domestic Product (GSDP) in Financial Year 2023-24 (FY24). The national average is 3.1 per cent. READ MORE