The key equity benchmarks plummeted for the third consecutive day on Wednesday. Investors were cautious ahead of the US Fed Reserve's interest rate outcome due later in the day. Persistent FII selling also dampened investor sentiment. The Nifty index closed below the 24,200 mark, despite touching an intraday high of 24,394.45 earlier in the session. PSU bank and metal stocks bore the brunt of the selling pressure, while pharmaceutical and healthcare sectors displayed relative resilience.

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. The 50-unit index is down 2.30% in three sessions.

Tata Motors (down 3.03%), ICICI Bank (down 1.46%) and HDFC Bank (down 1.18%) were major drags.

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, 1,442 shares rose and 2,563 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.

Numbers to Track:

The yield on India's 10-year benchmark federal grew 1.60% to 6.867 as compared with the previous close of 6.870.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.9500 compared with its close of 84.9125 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement rose 0.12% to Rs 76,965.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 107.01.

The United States 10-year bond yield rose 0.50% to 4.407.

In the commodities market, Brent crude for the February 2025 settlement added 59 cents or 0.81% to $73.78 a barrel.

Global Markets:

The Dow Jones index futures were up 114 points, signaling a strong opening for U.S. stocks today.

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.

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 530.70 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 7.93 crore 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 43.54 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

NMDC dropped 6.09% amid reports of a potential iron ore mining duty hike by the Karnataka government.

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.

KFin Technologies jumped 7.43% after the company announced its entry into BlackRock's Aladdin Provider Network.

VA Tech Wabag plunged 11.18% 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.

Aurobindo Pharma rises 2.8% after its subsidiary, Apitoria Pharma, receives positive feedback from the US FDA following an inspection of its Unit V facility in Telangana. The inspection resulted in two minor, procedural observations, which the company will address promptly.

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.

Piramal Enterprises dropped 6.30%. 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).

Power Grid Corporation of India slipped 2.56%. 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 2.30% after the company entered into a strategic partnership with Volatus Aerospace through a memorandum of understanding (MoU) to strengthen logistics and services in India.

Alkem Laboratories rose 1.59% 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.

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 company's 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.

Rites lost 0.97%. The company has secured an order worth Rs 122.60 crore from the Meerut Development Authority.

Powered by Capital Market - Live News