The Indian stock market experienced a fluctuating session on Wednesday, December 17, as benchmark indices ended in the red for the third consecutive day. However, defying the broader weakness, Shriram Finance and State Bank of India (SBI) steered the Nifty gainers list, providing crucial support amidst the sell-off.
While the overall sentiment remained cautious, investors aggressively shifted their focus to safe-haven assets, driving silver prices to unprecedented highs even as equities faced selling pressure. Here is a comprehensive look at the market performance, top stock movers, and key commodity updates from the trading session.
The Market Snapshot
The benchmark indices failed to hold their ground as profit booking weighed on sentiment.
- BSE Sensex: The index closed at 84,559.65, down by 120.21 points or 0.14 percent.
- Nifty 50: The NSE index settled at 25,818.55, registering a decline of 41.55 points or 0.16 percent.
- Bank Nifty: The banking index also faced headwinds, ending at 58,927, down by 108 points.
Despite the dip, sectoral performance showed resilience in specific areas. The Nifty PSU Bank index gained over 1 percent, while Nifty IT and Nifty Metal indices also ended in positive territory, rising by 0.29 percent and 0.25 percent respectively.
(Source: NSE, Moneycontrol)
Top Nifty and Sensex Gainers
While the indices slipped, several heavyweights defied the trend. Shriram Finance emerged as the top gainer on the Nifty 50, jumping 2.07 percent to hit a record high. This surge came ahead of a crucial board meeting scheduled for December 19 to discuss fundraising options. Other top performers included:
- State Bank of India (SBI): Up 1.58 percent.
- Hindalco Industries: Up 1.30 percent.
- Eicher Motors: Up 1.15 percent.
- Tata Consumer Products: Up 0.86 percent.
In the Sensex 30 pack, notable gainers included Infosys, Axis Bank, Sun Pharma, Maruti Suzuki, TCS, and Tata Steel.
(Source: NSE, Moneycontrol)
Commodity Corner: Silver Shines Brightest
The spotlight of the day was undoubtedly on the commodity market. MCX Silver March futures climbed to a fresh record high, touching levels around ₹2,06,111. This massive rally highlights the growing demand for precious metals amidst global economic uncertainty.
In the currency market, the Indian Rupee staged a comeback following intervention by the Reserve Bank of India (RBI). The domestic currency rebounded to 89.81 levels against the US dollar.
(Source: Livemint, Moneycontrol)
Stocks in Spotlight: Corporate Action and News
Several stocks buzzed in trade due to order wins and regulatory updates.
- Ahluwalia Contracts: Shares inched 0.37 percent higher after the company secured a civil construction order from the Bihar State Tourism Development Corporation.
- Lupin: The pharma major rose 1.12 percent after its Nagpur injectable facility received a favourable classification from the US FDA.
- VLS Finance: In the broader market, VLS Finance soared 12.20 percent to an intraday high of ₹308.95 following an update on its buyback proposal.
- Shrimp Stocks: Shares of Apex Frozen Foods and Avanti Feeds zoomed up to 15 percent amid heavy volumes.
(Source: Moneycontrol, Business Standard)
New Listings and IPO Watch
The primary market remains active with new entrants and strong debuts.
- Nephrocare Health Services: The stock ended with a 2.5 percent gain after listing at a premium of 6.52 per cent over its IPO price of ₹460.
- Meesho: The e-commerce giant saw its shares surge 20 percent after global brokerage UBS initiated a ‘buy’ rating.
- ICICI Prudential AMC: All eyes are now on the market debut of ICICI Prudential Asset Management Company on Friday, December 19. PL Capital has already initiated a ‘Buy’ rating ahead of the listing.
(Source: NSE, Moneycontrol)
Wealth Watch: A New Top Entrepreneur
In a significant shift in India’s wealth rankings, Deepinder Goyal of Eternal (formerly Zomato) has emerged as Hurun India’s number one self-made entrepreneur. With a valuation of ₹3.2 lakh crore, he has displaced Radhakishan Damani. Goyal’s valuation surged 27 percent over the past year.
(Source: The Hindu)
Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for information purpose only and in no way to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation.
Investors are requested to do their own due diligence before investing. Paytm Money Ltd SEBI Reg No. Broking – INZ000240532, Depository Participant – IN – DP – 416 – 2019, Depository Participant Number: CDSL – 12088800, NSE (90165), BSE (6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019. For complete Terms & Conditions and Disclaimers visit: https://www.paytmmoney.com/stocks/policies/terms .
