Sensex nosedives 1,176 pts; Nifty sinks below 23,600

The key equity indices ended with significant losses on Friday, declining for the fifth consecutive day in a row. The Nifty settled below the 23,600 level after hiting the days high of 24,065.80 in morning trade. All the sectoral indices on the NSE ended in the red, with realty, PSU bank and IT shares declining the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex, plunged 1,176.46 points or 1.49% to 78,041.59. The Nifty 50 index tumbled 364.20 points or 1.52% to 23,587.50. In four consecutive trading sessions, the Sensex and Nifty slipped by 4.98% and 4.76%, respectively.

 

In the broader market, the S&P BSE Mid-Cap index dropped 2.43% and the S&P BSE Small-Cap index fell 2.11%.

The market breadth was weak. On the BSE, 1,054 shares rose and 2,938 shares fell. A total of 93 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 3.87% to 15.07.

New Listing:

Shares of International Gemmological Institute India were at Rs 470.15 on the BSE, representing a premium of 12.75% as compared with the issue price of Rs 417.

The scrip was listed at Rs 504.85, exhibiting a premium of 21.07% to the issue price.

The stock has hit a high of 525 and a low of 454.55. On the BSE, over 51.10 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Ventive Hospitality received bids for 97,98,644 shares as against 1,44,34,453 shares on offer, according to stock exchange data at 15:20 IST on 20 December 2024. The issue was subscribed to 0.68 times.

The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 610 and Rs 643 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.

The initial public offer (IPO) of Senores Pharmaceuticals received bids for 1,09,55,704 shares as against 85,34,681 shares on offer, according to stock exchange data at 15:20 IST on 20 December 2024. The issue was subscribed to 1.28 times.

The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 372 and Rs 391 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

The initial public offer (IPO) of Carraro India received bids for 9,45,567 shares as against 1,30,98,803 shares on offer, according to stock exchange data at 15:20 IST on 20 December 2024. The issue was subscribed to 0.07 times.

The issue opened for bidding on 20 December 2024 and it will close on 24 December 2024. The price band of the IPO is fixed between Rs 668 and Rs 704 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 1,44,22,196 shares as against 1,26,22,950 shares on offer, according to stock exchange data at 15:20 IST on 20 December 2024. The issue was subscribed to 1.14 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.

The initial public offer (IPO) of DAM Capital Advisors received bids for 12,35,78,669 shares as against 2,08,04,632 shares on offer, according to stock exchange data at 15:20 IST on 20 December 2024. The issue was subscribed to 5.94 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 6,27,28,606 shares as against 1,39,16,742 shares on offer, according to stock exchange data at 15:25 IST on 20 December 2024. The issue was subscribed to 4.51 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 55,52,295 shares as against 50,15,356 shares on offer, according to stock exchange data at 15:20 IST on 20 December 2024. The issue was subscribed to 1.11 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 Mamata Machinery received bids for 16,81,92,311 shares as against 51,78,227 shares on offer, according to stock exchange data at 15:25 IST on 20 December 2024. The issue was subscribed to 32.48 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 230 and Rs 243 per share. An investor can bid for a minimum of 61 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index plunged 3.91% to 1,060.10. The index tumbled 5.23% in four consecutive trading sessions.

Macrotech Developers (down 5.17%), Prestige Estates Projects (down 4.92%), Godrej Properties (down 4.65%), Brigade Enterprises (down 4.45%), Sobha (down 4.36%), Phoenix Mills (down 4.18%), DLF (down 3.75%) and Oberoi Realty (down 1.62%) declined.

Stocks in Spotlight:

Restaurant Brands Asia slipped 1.85%. The company has informed that its board has approved raising of funds through issue of instruments or securities including equity shares or any other eligible securities by way of a qualified institutions placement (QIP) upto Rs 500 crore.

Hindustan Construction Company declined 1.04%. The company said that its board has approved the closure of the issue for the qualified institutions placement of equity shares of the company on Thursday, 19 December 2024.

Knowledge Marine & Engineering added 1.60% after the companys board scheduled to meet on Tuesday, 24 December 2024 to consider fund raising and stock split proposal.

Dhanlaxmi Bank rallied 3.84% after the companys board approved a right issue of equity shares worth Rs 297.54 crore and fixed the price at Rs 21 per share. The issue will open on 8 January 2024 and close on 28 January 2024.

Tata Power Company fell 2.65%. The company said that its subsidiary, Tata Power Renewable Energy has joined hands with Canara Bank to promote the adoption of rooftop solar systems under the PM Surya Ghar Scheme.

GE Vernova T&D India advanced 1.70% after the company received an order worth Rs 400 crore from Sterlite Grid 32 for the supply and supervision of HV equipment for the TBCB project.

KPI Green Energy was locked in 5% upper circuit after the company signed a memorandum of understanding (MoU) with the government of Rajasthan for the development of hybrid solar and wind power projects in Jaisalmer, Rajasthan.

BASF India surged 4.81% after the companys board gave in-principle approval for the demerger of the companys agricultural solutions business into a separate listed entity. The agricultural solutions business generated sales of Rs 2,006.46 crore, representing 14.57% of the total revenues of the company in FY24.

Kothari Products hit an upper circuit of 20% after the companys board scheduled to meet on 27 December 2024 to consider bonus issue of equity shares.

Steel Strips Wheels gained 1.73% after the company received nomination for steel wheel business from a leading European original equipment manufacturer (OEM) with a business value of around Euro 15 million.

Jyoti hit an upper circuit of 10% after the company announced that its Switchgear Division has secured order worth Rs 32.89 crore for supply of 11 KV VCB Panels.

Global Markets:

The Dow Jones index futures were down 242 points, signaling a weak opening for U.S. stocks today.

European shares tumbled on Friday as investors monitor political turmoil in the U.S. and monetary policy decisions from various major economies.

Asian stocks ended lower on Friday as investors digest inflation data out of Japan, as well as an interest rate decision out of China.

The Peoples Bank of China held its loan prime rates steady on Friday, leaving the one-year rate unchanged at 3.1% and the five-year rate at 3.6%.

Investors awaited the release of the U.S. Personal Consumption Expenditure (PCE) price index, a key inflation gauge, for further insights into the Federal Reserve's monetary policy stance.

Meanwhile, Japan's consumer price index (CPI) rose slightly more than expected in November. Core CPI, which excludes volatile fresh food items, increased to 2.7% year-on-year, exceeding the previous month's 2.3%.

The Bank of Japan (BOJ) held interest rates steady on Thursday, its final meeting of the year, and provided limited clues on future rate hikes. However, the central bank projected a gradual increase in inflation over the next year.

In Europe, the Bank of England also kept its policy rate unchanged at 4.75% on Thursday.

U.S. stock indices closed mixed on Thursday after a sharp decline the previous day. Investors remained cautious about the Fed's hawkish stance and the potential impact on the economy. The S&P 500 and the Nasdaq Composite fell 0.1%, and the Dow Jones Industrial Average closed 0.04% higher.

The U.S. House of Representatives rejected a Republican-backed funding bill on Thursday, increasing the risk of a government shutdown as the current funding deadline approaches midnight on Friday.

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