Sensex, Nifty extend losses for 4th day; rupee hits all-time low

The key equity benchmarks ended with major losses on Thursday, mirroring negative global cues after the US Federal Reserves interest rate decision. The Nifty settled around the 24,950 mark. Barring the Nifty Pharma index, all the other sectoral indices on the NSE ended in the red. Trading was volatile due to the weekly F&O series expiry today.

As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 964.15 points or 1.20% to 79,218.05. The Nifty 50 index dropped 247.15 points or 1.02% to 23,951.70. In four consecutive trading sessions, the Sensex and Nifty plunged by 3.54% and 3.29%, respectively.

 

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index slipped 0.30% and the S&P BSE Small-Cap index fell 0.28%.

The market breadth was weak. On the BSE, 1,684 shares rose and 2,308 shares fell. A total of 103 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.95% to 14.51.

Indian Rupee hit a fresh record low against the US dollar on Thursday. The currency opened at 85.0350 and touched a fresh all time low of 84.9900 and is currently trading at 85.0857.

New Listing:

Shares of Inventurus Knowledge Solutions were at Rs 2,030 on the BSE, representing a premium of 52.75% as compared with the issue price of Rs 1329.

The scrip was listed at Rs 1,856, exhibiting a premium of 39.65% to the issue price.

The stock has hit a high of 2,030 and a low of 1851. On the BSE, over 9.93 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Mamata Machinery received bids for 6,62,92,238 shares as against 51,78,227 shares on offer, according to stock exchange data at 15:10 IST on 19 December 2024. The issue was subscribed to 12.80 times.

The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 230 and Rs 243 per share. An investor can bid for a minimum of 61 equity shares and in multiples thereof.

The initial public offer (IPO) of DAM Capital Advisors received bids for 4,36,09,460 shares as against 2,08,04,632 shares on offer, according to stock exchange data at 15:10 IST on 19 December 2024. The issue was subscribed to 2.10 times.

The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 269 and Rs 283 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The initial public offer (IPO) of Transrail Lighting received bids for 2,07,33,608 shares as against 1,39,16,742 shares on offer, according to stock exchange data at 15:10 IST on 19 December 2024. The issue was subscribed to 1.49 times.

The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 410 and Rs 432 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.

The initial public offer (IPO) of Concord Enviro Systems received bids for 24,00,090 shares as against 50,15,356 shares on offer, according to stock exchange data at 15:10 IST on 19 December 2024. The issue was subscribed to 0.48 times.

The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 665 and Rs 701 per share. An investor can bid for a minimum of 21 equity shares and in multiples thereof.

The initial public offer (IPO) of Sanathan Textiles received bids for 41,95,614 shares as against 1,26,22,950 shares on offer, according to stock exchange data at 15:10 IST on 19 December 2024. The issue was subscribed to 0.33 times.

The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 305 and Rs 321 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index dropped 1.26% to 44,954.15. The index rose 0.24% in the past trading session.

LTIMindtree (down 5.39%), Mphasis (down 2.16%), L&T Technology Services (down 1.68%), Infosys (down 1.56%), Tata Consultancy Services (down 1.54%), Tech Mahindra (down 1.39%) and HCL Technologies (down 1.23%) declined.

On the other hand, Persistent Systems (up 2.12%), Coforge (up 1.90%) and Wipro (up 0.05%) edged higher.

Stocks in Spotlight:

Tata Motors slipped 1.32%. The company announced that it has secured an additional order for 148 electric buses from Bengaluru Metropolitan Transport Corporation (BMTC).

Easy Trip Planners declined 1.84%. The company announced a strategic partnership with OLX India to introduce travel booking services on OLXs platform.

Welspun Specialty Solutions lost 1.69%. The company said that its nomination and remuneration committee has approved the appointment of Navin Agarwal as the chief financial officer (CFO) of the company with effect from 19 December 2024.

Doms Industries dropped 4.03% after the companys holding firm, FILA has sold 4.57% equity share capital of the company through accelerated bookbuilding process (ABB).

Nazara Technologies slipped 1.11%. The company said that its subsidiary Nodwin Gaming has entered into a share purchase agreement with AFK Gaming and its shareholders for acquiring 92.30% stake in AFK for an aggregate consideration of Rs 7.58 crore.

Steel Exchange India fell 2.12%. The firm announced that its board has approved raising of funds up to Rs 600 crore through the issuance of equity shares or other eligible securities in one or more tranches.

Spicejet surged 8.83% after the company has reached an amicable settlement with Genesis, resolving their over $16 million dispute.

Bank of Baroda shed 1.06. The company informed that its board has approved raising of long term bonds for financing of infrastructure and affordable housing aggregating to total size upto Rs 10,000 crore.

IOL Chemicals & Pharmaceuticals jumped 8.63% after the companys board will meet on 27 December 2024 to consider and approve sub division or split of existing equity shares of the company.

Yatharth Hospital & Trauma Care Services advanced 3.21% after the companys board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 626.18 per equity share.

Enviro Infra Engineer advanced 2.10% after the company's consolidated net profit surged 180.38% to Rs 35.58 crore in Q2 FY25 as compared with Rs 12.69 crore in Q2 FY24. Revenue from operations increased 77.82% YoY to Rs 213.01 crore in Q2 FY25.

Cummins India fell 4.58%. The company said that its board has approved appointment of Prasad Kulkarni, as interim chief financial officer (CFO) and key managerial personnel of the company with effect from 10 January 2025, until a new CFO is appointed by the board.

Brigade Enterprises gained 2.58% after the company has announced the launch of 'Brigade Citrine, the companys residential project in Budigere Cross, Whitefield, Bengaluru, with a revenue potential of Rs 500 crore.

Asian Paints declined 2.12% following resignation of two senior management executives, Shyam Swamy and Vishu Goel.

Vishu Goel, associate vice president, retail sales, commercial & marketing and Shyam Swamy, vice president, home improvement, dor, services & retailing has resigned from the services of the company.

Global Markets:

The Dow Jones index futures were up 158 points, signaling a strong opening for U.S. stocks today.

European and Asian stocks dropped on Thursday, following the Federal Reserve's decision to cut interest rates by 25 basis points on Wednesday, its third consecutive rate reduction. However, the Fed hinted at fewer rate cuts in 2025 due to persistent inflation and a resilient economy.

Investors are now focused on the Bank of Japan's policy decision later today. Market sentiment is divided over whether the bank will opt for a rate hike or maintain its current stance.

The Fed's rate cut brought the target range to 4.25%-4.50%. While Chair Jerome Powell emphasized that future rate reductions would depend on inflation progress, the central bank's updated economic projections suggest a less dovish stance than previously anticipated. Policymakers now foresee two 25-basis-point rate cuts next year, compared to the four cuts projected in September.

The Fed's projections also indicate that inflation remains above the 2% target. It expects inflation to be 2.4% this year and 2.5% next year. Additionally, the central bank forecasts slightly stronger economic growth and lower unemployment in 2025.

The prospect of higher-for-longer interest rates weighed heavily on Wall Street on Wednesday. Technology stocks bore the brunt of the sell-off, with NVIDIA, Tesla, Intel, and Broadcom experiencing significant declines.

The S&P 500 fell 3%, the NASDAQ Composite dropped 3.6%, and the Dow Jones Industrial Average declined 2.6%. The Dow's 10-day losing streak is its longest since 1974.

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