The stock market had a rough day on Tuesday, but it was not all bad news. While the big market indexes went down, smart investors found great opportunities in other places. Even though the main market was red, some companies won big contracts, and the excitement around the ICICI Prudential AMC IPO GMP kept the mood lively on Dalal Street.
Here is a simple look at what happened in the stock market today and why some stocks are still rallying.
The Big Picture: Markets Went Down
The two main stock market indexes, Sensex and Nifty, fell for the second day in a row. The sentiment was weak because foreign investors are selling their shares, and there is some worry about a trade deal with the United States.
In addition to equity outflows, the Indian Rupee dropped to its lowest level ever. It crossed the 91 mark, hitting a record low of 91.08 against the US Dollar during the session.
(Source: Moneycontrol, Business Today)
The Closing Numbers
- The Sensex dropped by 533.50 points (0.63%) to close at 84,679.86.
- The Nifty fell by 167.20 points (0.64%) to finish at 25,860.10.
- Broader markets also struggled, with Midcap and Smallcap indices falling nearly 1% each.
(Source: NSE, BSE)
Consumer Stocks Are Popular
Even though the market was down, people are still buying stocks of companies that sell things we use every day. The “Consumer Durables” sector actually went up by almost 1%.
Top Winners in Nifty
- Bharti Airtel: (+1.70%)
- Titan Company: (+1.65%)
- Tata Consumer: (+1.26%)
- M&M: (+0.58%)
- Bajaj Auto: (+0.55%)
(Source: Moneycontrol, Business Today)
Shakti Pumps: A Big Winner Today
One company that had a great day was Shakti Pumps. The Shakti Pumps share price jumped up by 2.88% to close at ₹773.90 and during the trading session it rose upto 6 percent.
Why did it go up
The company got a massive order from the government of Maharashtra.
- The Order: To supply 16,025 off-grid solar water pumps to farmers.
- The Value: This deal is worth about ₹443.78 crore.
- The Timeline: They have to finish this work in just 60 days.
This is great news for the company, which explains why the share price went up while the rest of the market went down.
(Source: Moneycontrol)
Other Companies Winning Contracts
Shakti Pumps was not the only one celebrating. Other companies also saw their share prices rise because of new business deals.
- SEPC: Shares went up 5% after getting a new purchase order.
- Ion Exchange: The stock rose 2% because they won a contract worth ₹205 crore.
- Gallantt Ispat: Shares added 2% after a large trade where 1.2 million shares changed hands.
(Source: Moneycontrol)
IPO Buzz: Massive Demand for ICICI Pru AMC
There is incredible excitement about the new IPO from ICICI Prudential Asset Management Company. Tuesday (Day 3) was the final day to bid for these shares, and the demand was overwhelming.
The IPO was subscribed a massive 39.17 times by the end of the final day.
- Price Band: ₹2,061 to ₹2,165 per-share.
- Issue Size: The asset manager aims to raise ₹10,602.65 crore.
- Offer for Sale: This is entirely an Offer for Sale (OFS), meaning the money goes to the promoters selling their stake, not the company itself.
Once listed, it will become the fifth ICICI Group company to join the stock exchanges. Investors are now waiting for the allotment, which is likely to be finalised on December 17. The shares are expected to list on the BSE and NSE on December 19.
Grey Market Update: According to market trackers, the ICICI Prudential AMC IPO GMP stands at ₹345. This indicates a potential listing price of around ₹2,510, reflecting a profit of 15.94% over the upper price band.
(Source: Moneycontrol, Livemint)
The Bottom Line
Even though the Sensex and Nifty are down right now, the market is still very active. Investors are moving their money into companies that are winning real business orders like Shakti Pumps.
Furthermore, the strong interest in the primary market shows that people are still willing to bet on good companies. As we wait for the listing, all eyes will remain on the ICICI Prudential AMC IPO GMP for signs of a strong debut.
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