Indices slide for 3rd day; Nifty settles below 24,200 level

The key equity benchmarks ended with significant losses on Wednesday, declining for the third day in a row. Investors are looking ahead to the US FED outcome. The Nifty settled below the 24,200 level. Media, PSU bank and metal shares tumbled while pharma, consumer durables and IT shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex, dropped 502.25 points or 0.62% to 80,182.20. The Nifty 50 index lost 137.15 points or 0.56% to 24,198.85.

In the broader market, the S&P BSE Mid-Cap index declined 0.61% and the S&P BSE Small-Cap index fell 0.76%.

The market breadth was weak. On the BSE, 1,444 shares rose and 2,561 shares fell. A total of 94 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.77% to 14.37.

New Listing:

Shares of One Mobikwik Systems were at Rs 530.30 on the BSE, representing a premium of 90.07% as compared with the issue price of Rs 279.

The scrip was listed at Rs 442.25, exhibiting a premium of 58.51% to the issue price.

The stock has hit a high of 524 and a low of 439.20. On the BSE, over 26.03 lakh shares of the company were traded in the counter.

Shares of Vishal Mega Mart were at Rs 111.95 on the BSE, representing a premium of 43.53% as compared with the issue price of Rs 78.

The scrip was listed at Rs 110, exhibiting a premium of 41.02% to the issue price.

The stock has hit a high of 115.60 and a low of 104.92. On the BSE, over 793.67 lakh shares of the company were traded in the counter.

Shares of Sai Life Sciences were at Rs 765.30 on the BSE, representing a premium of 39.40% as compared with the issue price of Rs 549.

The scrip was listed at Rs 660, exhibiting a premium of 20.21% to the issue price.

The stock has hit a high of 787.35 and a low of 651.20. On the BSE, over 43.08 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty Media index dropped 2.24% to 1,937.80. The index fell 2.21% in past two consecutive trading sessions.

PVR Inox (down 5.89%), Zee Entertainment Enterprises (down 2.92%), Dish TV India (down 2.51%), Sun TV Network (down 1.78%), Network 18 Media & Investments (down 1.60%), Den Networks (down 1.32%) and Hathway Cable & Datacom (down 0.85%) declined.

On the other hand, Nazara Technologies (up 1.99%), Tips Music (up 0.75%) and Saregama India (up 0.35%) edged higher.

Stocks in Spotlight:

Bharti Airtel shed 0.82%. The company announced a partnership with the Indian Army to provide connectivity to villages in the Kupwara, Baramulla, and Bandipore districts along the line of control (LoC) in North Kashmir.

Power Grid Corporation of India slipped 2.55%. The company informed that the committee of directors approved issuance of bonds aggregating to Rs 4,250 crore, with a base issue of Rs 1,000 crore and green shoe option of Rs 3,250 crore.

Droneacharya Aerial Innovations advanced 2.71% after the company entered into a strategic partnership with Volatus Aerospace through a memorandum of understanding (MoU) to strengthen logistics and services in India.

Gensol Engineering added 0.20%. The company said that it has secured a first large turnkey solar project order worth Rs 88 crore from a leading public steel product company in Punjab.

KFin Technologies jumped 6.44% after the company announced its entry into BlackRock's Aladdin Provider Network.

Alkem Laboratories rose 1.76% after the company, along with its subsidiary, Enzene Biosciences has entered into agreement with Sunsure Solarpark Twenty Two and Sunsure Energy to acquire 26% stake in Sunsure Solarpark.

J.Kumar Infraprojects shed 0.32%. The company announced that it has received letter of award (LoA) worth Rs 632 crore from NBCC (India).

Konstelec Engineers hit an upper circuit of 5% after the company announced that it has been awarded an order worth Rs 80.84 crore from Numaligarh Refinery for electrical works.

Suyog Telematics rallied 3.16% after the companys board has scheduled to meet on Saturday, 21 December 2024 to consider the proposal for raising funds by issue of equity or any other equity‐linked or convertible securities.

Piramal Enterprises dropped 6.24%. The company has informed that its board is scheduled to meet on Friday, 20 December 2024, to consider and approve the public issuance of non-convertible debentures (NCDs).

VA Tech Wabag plunged 11.23% after the company's said that its Rs 2,700 crore order for a 300 MLD mega seawater desalination plant from Saudi Arabia has been canceled.

Rites lost 1.27%. The company has secured an order worth Rs 122.60 crore from the Meerut Development Authority.

Ambuja Cements shed 0.95%, Sanghi industries tumbled 11.91%. Ambuja Cements announced that its board has approved the merger of Sanghi Industries (SIL) and Penna Cement Industries (PCIL) with itself. For every 100 equity shares of SIL with a face value of Rs 10 each, Ambuja Cements will issue 12 equity shares with a face value of Rs 2 each, to eligible shareholders of SIL.

Global Markets:

European shares advanced while most Asian shares ended higher on Wednesday, as investors awaited the Federal Reserve's final interest rate decision of the year. While a 25-basis-point rate cut is widely anticipated, the market is keenly focused on the Fed's outlook for next year, given the potential impact of proposed policies that could reignite inflationary pressures.

The UK's inflation increased to 2.6% in the year to November, compared to 2.3% in October 2024. However, this rise dampened hopes of a rate cut from the Bank of England ahead of its meeting on Thursday.

Japan's trade balance unexpectedly improved in November, supported by stronger-than-expected exports driven by increased demand from the U.S. and China and a weaker yen. The trade deficit narrowed to 117.6 billion yen ($770 million).

US indices retreated on Tuesday as investors exercised caution ahead of the rate decision, with the tech sector experiencing a slight pullback from recent gains. The S&P 500 fell 0.4% to 6050.61 points, the NASDAQ Composite lost 0.3% to 20,108.30 points, and the Dow Jones Industrial Average closed 0.6% lower at 43,449.90 points. NVIDIA Corporation dropped 1.2%, while Alphabet fell 0.5%. Pfizer rose 4.6% after confirming that its 2025 profit expectations remain largely unchanged.

Meanwhile, data showed US retail sales rose by 0.7% in November, exceeding forecasts. This robust figure suggests the economy remains strong and consumer spending remains healthy, despite challenges like inflation and high interest rates. This strength is underpinned by a solid job market and stable household finances.

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