Stock Market Today: Nifty, Sensex End Lower Ahead of New Year
The Indian stock market ended the last trading day of the year on a negative note, with the NSE Nifty falling 100.2 points to 25,942.1 and the BSE Sensex declining 345.91 points to 84,695.54. The decline in the market was broad-based, with all sectoral indices ending in the red.
The top gainers for the day included Tata Steel Ltd., Asian Paints Ltd., Tata Consumer Products Ltd., Grasim Industries Ltd., and Axis Bank Ltd.. On the other hand, the worst performers of the Nifty 50 index were Reliance Industries Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., HCL Technologies Ltd., and Mahindra & Mahindra Ltd..
Global Market Update
US stocks slipped for a second straight day as traders trimmed bets on tech megacaps before the end of the year. The S&P 500 fell 0.3%, with shares of Tesla Inc, Nvidia Corp, and Meta Platforms among the Big Tech decliners. The Nasdaq 100 slid 0.5%. In US government bonds, the yield on 10-year Treasuries edged lower to 4.11%.
A rally in Asian stocks paused after a seven-day run, tracking technology-led declines on Wall Street. MSCI Inc.’s gauge of Asia Pacific shares was down 0.1% in early trading. Contracts on the S&P 500 Index also edged lower after the US benchmark fell 0.3% Monday and the Nasdaq 100 slid 0.5%.
Commodity Update
Oil retained most of its recent gains as traders balanced geopolitical risks spanning Venezuela, Russia, and Iran against worries over excess supply. West Texas Intermediate hovered near $58 a barrel after climbing 2.4% on Monday, while Brent closed just under $62.
Silver stabilised following its steepest single-day decline in more than five years, as investors locked in profits after a strong year-end surge. The metal stayed above $72 an ounce on Tuesday, after plunging 9% in the prior session, while gold was largely unchanged after recording its sharpest drop in two months.
Corporate Actions
Bharat Electronics received an additional order worth Rs 569 crore. Major orders include radars, tank overhaul, communication equipment, fire control systems, simulators, antenna stabilization systems, security software, components, upgrades, spares, services etc.
RVNL emerged as the lowest bidder for a Rs 201 crore project from the East Coast Railway.
Timex Group will exercise the oversubscription option of up to 45 lakh shares or 4.47% stake. The total offer size will be 90.18 lakh shares or 8.93% stake.
Bharat Dynamics, Shipbuilding Cos, BHE, Data Pattern, Solar Industries Astra: DAC clears proposals worth a deal worth INR 79000 crore.
Indostar Capital Finance approved the sale of a portion of its CV loan book worth Rs 136 crore to Phoenix Asset Reconstruction Company for Rs 109 crore.
Cupid received in-principle approval to set up a new FMCG manufacturing facility in Saudi Arabia.
Market Outlook
The Nifty December futures were down by 0.44% to 26,119 at a premium of 77 points. The Nifty December futures open interest was up by 75%. The maximum call open interest was at 26,100, and the maximum put open interest was at 25,900.
The Indian stock market is expected to remain volatile in the near term, with the Nifty and Sensex likely to remain range-bound. Investors should remain cautious and keep an eye on global market trends, as well as domestic economic indicators.
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