Closing Bell | Market extends losses ahead of Fed outcome; Nifty below 24,200, Sensex down 502 pts

Market Close | Sensex down 502 points, Nifty below 24,200

Indian benchmark indices ended lower on the third consecutive session on December 18 with Nifty below 24,200. At close, the Sensex was down 502.25 points or 0.62 percent at 80,182.20, and the Nifty was down 137.15 points or 0.56 percent at 24,198.85.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Vinod Nair, Head of Research, Geojit Financial Services

The Indian market is experiencing a breakdown in the early Santa Claus rally, with the impact being more pronounced in India compared to developed markets due to the rapid appreciation of the dollar. Market sentiment remains cautious ahead of the FOMC meeting and potential policy and tariff shifts from the incoming US administration. This caution is further influenced by India's premium valuation, which is significantly above the current earnings growth trajectory that has slowed over the last two quarters. Additionally, the widened November trade deficit has negatively affected domestic sentiment.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Investors shunned stocks led by banking ahead of the outcome of the US rate decision with focus on the Fed chairman's commentary on inflation & growth outlook in the backdrop of worsening global economic situation. Domestic rupee continuing its downward trajectory and hitting fresh lows also dampened the sentiment, as extended fall could further worsen trade deficit and hit inflation going ahead.

Aditya Gaggar Director of Progressive Shares

After the initial fall in the opening trade, the Index remained rangebound for the rest of the day before concluding the session at 24,198.85 with a loss of 137.15 points. Barring IT and Pharma, all the other sectors ended in red, with Media and PSU Banking being the major laggards. Selling pressure was also witnessed in the Broader markets, as Mid and Smallcaps corrected by 0.64% and 0.87%, respectively.

Nifty50 has made another bearish candle, but on the hourly chart, the Index has entered an oversold condition, and a bounce is warranted. The immediate resistance and support are placed at 24,370 & 24,100 respectively.

Currency Check | Rupee closes at fresh record low

Indian rupee ended at fresh record low at 84.95 per dollar on Wednesday versus Tuesday's close of 84.90.

Market Close | Market extends losses ahead of Fed outcome; Nifty below 24,200, Sensex down 502 pts

Indian benchmark indices ended lower on the third consecutive session on December 18 with Nifty below 24,200.

At close, the Sensex was down 502.25 points or 0.62 percent at 80,182.20, and the Nifty was down 137.15 points or 0.56 percent at 24,198.85. About 1379 shares advanced, 2456 shares declined, and 92 shares unchanged.

On the sectoral front, except pharma (up 1 percent), all other indices ended in the red with auto, energy, PSU Bank, metal, media, realty down 0.5-2 percent.

Trent, Dr Reddy's Labs, Cipla, Wipro and Bajaj Auto were top gainers on the Nifty, while losers included Tata Motors, Bharat Electronics, Power Grid Corp, JSW Steel and NTPC.

BSE Midcap and smallcap indices shed 0.5 percent each.

Stock Market LIVE Updates | VIP Industries receives favourable order from Maharashtra sales tax Tribunal, Mumbai

Stock Market LIVE Updates | Oil India appoints Abhijit Majumder as Chief Financial Officer

Gupta believes the Fed's dot plot and the movement in the US dollar in the next two months will give the RBI enough data to take a call on interest rate cuts at its next meeting in February....Read More

Brokerage Call | Berger Paints & Indigo Paints preferred picks: Nuvama

#1 Reckon Asian Paints shall grow slower than Berger Paints & Indigo Paints in H2FY25

#2 Slower growth expected for Asian Paints due to higher indexation to big cities

#3 Higher indexation borne the brunt of urban slowdown due to food inflation & other reasons

#4 Being a Pan-India player, Asian Paints gets affected the most initially by new competition

#5 Birla Opus’ entry in big cities has limited initial impact on Berger Paints and Indigo Paints

#6 Continue to prefer Pidilite over paints players

Stock Market LIVE Updates | TARC shares extend losses on eight day

Stock Market LIVE Updates | HCL Tech launches innovation lab for SAP Business AI in Germany

Brokerage Call | Citi keeps 'neutral' rating on M&M Financial Services, target at Rs 300

#1 Looking forward to nuanced scale up of mortgages, ramp up SME lending/lap

#2 Looking forward to build payments, partnership, leasing businesses

#3 Company guides for 5-7 percent disbursements and high-teens AUM growth for FY25

#4 Branch has profitability targets through desired IRR levels

#5 Opex/assets at 2.7 percent with 10 bps upward bias as will aggressively expand footprint

#6 Evaluate equity raise in H2FY25

Stock Market LIVE Updates | Le Travenues Tech launches ‘Travel Guarantee’: Offering 3x Refund On Unconfirmed Waitlisted Train Tickets

Stock Market LIVE Updates | Sai Life Sciences shares gain nearly 40% on listing day

Stock Market LIVE Updates | Vishal Mega Mart shares gain 45% on listing day

Stock Market LIVE Updates | Indraprastha Gas shares gain 5% from day's low

Stock Market LIVE Updates | One Mobikwik Systems shares gain nearly 90% on listing day

Stock Market LIVE Updates | TVS Holdings arm to buy 100% stake in two companies

TVS Emerald (Formerly known as Emerald Haven Realty Limited), a wholly owned subsidiary of TVS Holdings has entered into two share purchase agreements (SPAs) with two unrelated companies and M/s. Radial (Phase II) IT Park and M/s. Radial (Phase III) IT Park for the acquisition of 100% of the equity shares and compulsorily convertible debentures of the target companies from the sellers.

Vishal Mega Mart IPO shares listing: Gurugram-based supermarket chain made its stock exchange debut with strong listing gains for IPO investors, matching market expectations....Read More

Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan

Indian Rupee fell to a new record low on Wednesday on weak domestic markets and strong US Dollar. A weak Chinese Yuan has supported the Dollar. However, overnight decline in crude oil prices cushioned the downside.

We expect Rupee to trade with a negative bias on weak domestic markets and concerns over slowdown in the economy. A strong US Dollar and FII outflows may further weigh on the Rupee. Traders may take cues from current account balance and housing data from the US. Investors may also watch out for the FOMC meeting decision tonight. US Federal is expected to cut interest rates by 25 bps to 4.5%.. USDINR spot price is expected to trade in a range of Rs 84.75 to Rs 85.20.

Currency Check | Rupee at fresh record low at 84.95

Sensex Today| Reliance Industries up 1%, its biggest single-day gain in two weeks

Sensex Today| PVR Inox stock down 5.5%, marking its biggest single-day fall in two years

Sensex Today| Bharti Hexacom gains over 5%, its highest increase in two months

The initial set of discussions, last year, around the proposed regulation met with a lot of resistance as many believed that it violated the principles of natural justice that states that an entity is innocent until proven guilty....Read More

Sensex Today| Shriram Fin raises $1.28 bln loan in multiple currencies

Stock Market LIVE Updates | Eiko Lifesciences enters into container management service agreement with S J Logistics

Markets@2 | Sensex down 480 points, Nifty at 24200

The Sensex was down 486.99 points or 0.60 percent at 80,197.46, and the Nifty was down 135.20 points or 0.56 percent at 24,200.80. About 1212 shares advanced, 2259 shares declined, and 82 shares unchanged.

Colin Shah, MD, Kama Jewelry

The prolonged geo-political tension continues to remain a matter of concern for the Indian Gems and Jewellery industry, which has led to a slowdown in exports after seeing an uptick in the previous month. Therefore, any critical developments on the geopolitical front may continue to disrupt the trade activities in the times ahead. However, with holiday season around the corner, we expect the demand to stay upbeat driven by heightened buying sentiment.

Stock Market LIVE Updates | Mazagon Dock Shipbuilders shares snaps two-day gain

A combination of persistent FII selling and uncertainty over the Fed’s stance is keeping investors on edge, driving markets lower. ...Read More

Stock Market LIVE Updates | Muthoot Capital Services board meeting on December 20

The Board will meet on December 20 to consider the issuance of NCDs on a private placement basis on December 20.

Stock Market LIVE Updates | PVR INOX down most in 2 years

Global Markets | Asian markets end mixed

Brokerage Call | MOSL maintains 'buy' rating on CIE Automotive India, target at Rs 575

#1 Indian business to remain the growth driver, Europe business unlikely to recover soon

#2 Management aims to sustain margin of European business at current levels

#3 Company targetting to expand margin of Indian Business to 19 percent over the next 2-3 years

#4 Have lowered estimate for CY25-26 by 4 percent/5 percent due to continued weakness in Europe’s auto demand

Financial servives platform KFin Tech's ambitious expansion plans in south-east Asia have caught investor's attention, and the company says it has 'strong potential' for global expansion in countries where it is already present....Read More

Sensex Today | 1.35 million shares of Canara Bank traded in a block: Bloomberg

Stock Market LIVE Updates | KFin Technologies joins BlackRock’s Aladdin Provider Network

KFin Technologies has joined BlackRock’s Aladdin Provider network to enhance its operating model with asset managers, making it more standardised and efficient.

The collaboration will see KFintech join a growing community of the world’s largest asset servicers – enabling it to offer differentiated fund administration and accounting services to clients.

Stock Market LIVE Updates | Shriram Finance raises USD 1.28 billion in multi-currency ECB loan

Stock Market LIVE Updates | Adani Energy Solutions incorporates a wholly owned subsidiary

Adani Energy has incorporated a wholly owned subsidiary, Adani Energy Solutions Step-Eleven, for the transmission, distribution, and supply of power and other infrastructure services.

Stock Market LIVE Updates | Piramal Enterprises board meeting on December 20

The Board will meet on December 20 to consider and approve the public issuance of non-convertible debentures.

Stock Market LIVE Updates | Poonawalla Fincorp increases borrowing limits from Rs 25,000 crore to Rs 50,000 crore

Stock Market LIVE Updates | Hindustan Aeronautics extends losses on second session

Stock Market LIVE Updates | Pfizer shares gain most in 12 weeks

Stock Market LIVE Updates | Suyog Telematics board meeting on December 21

The Board will meet on December 21 to consider the proposal for raising funds via the issue of equity or any other equity-linked or convertible securities.

Brokerage Call | Citi keeps 'buy' rating on LIC Housing Finance, target at Rs 851

#1 Temporary hitch in Hyderabad/Bangalore adversely impacts disbursements growth

#2 Hyderabad/Bangalore constitute more than one-fourth of its disbursements

#3 Seasonally robust traction in Q3 might not be evident this year, though should course correct in Q4

#4 Tight liquidity pressurises borrowing cost and will offset favorable yield levers

#5 NIM to sustain at lower end of guidance at 2.7 percent

#6 Resolution through arc sale for cash consideration of Rs 250 crore to release provisions

Stock Market LIVE Updates | ITC fixes January 6 as record date for demerger of hotel business

Stock Market LIVE Updates | 4.44 million shares of Ipca Laboratories traded in a block: Bloomberg

Stock Market LIVE Updates | Power Grid approves fund raising

Prashanth Tapse, Senior VP (Research), Mehta Equities

Despite weak market sentiments Sai Life Sciences debuted the market with 18% premium to issue price which was inline with our expectations. Decent listing gain is justified as we believe the shift of global dynamics due to China plus one and Biosecure act could bring significant opportunities for Indian CDMO players in the coming future. Hence, with all attributes we recommend only risk taking investors to “HOLD” the Sai Life Sciences Ltd IPO with risk for long term only.

We had recommended allotted conservative investors can think of booking profits anything above 15%. While long term investors should consider the company to HOLD IT FOR LONG TERM despite knowing short term volatility & risk in the markets. For non-allotted investors, we advise to accumulate if we get dips post listing due to profit booking attempts but for long term only.

Brokerage Call | Jefferies keeps 'underperform' call on on Piramal Enterprises, target at Rs 820

#1 Retail AUM growth will moderate but stay near 25-30 percent in FY25

#2 RoA can improve slowly due to unwinding of legacy book, lower opex & higher fee income

#3 Expect company to see some NIM pressure, higher credit costs near term

#4 Contrary to market optimism, RoA improvement should be gradual (estimate RoA <1.5 percent FY25-27)

December is poised to witness the highest number of initial public offerings (IPOs) in nearly 17 years with as many as 15 companies having launched their public issues this month, raising around Rs 24,950 crore. ...Read More

Global Markets | Asian markets trade mixed; Nikkei down 0.5%, Kospi up 1%

Stock Market LIVE Updates | Pondy Oxides launches QIP issue on December 17

The company has launched a Qualified Institutions Placement (QIP) issue on December 17 and set a floor price at Rs 902.93 per share.

Stock Market LIVE Updates | NMDC down over 5% as Karnataka govt likely to increase duty on iron ore mining

Sensex Today | 1.49 million shares of L&T Finance traded in a block: Bloomberg

Stock Market LIVE Updates | KFin Technologies appoints Sunil Parchuri as Head – AIF – Global Operations

Stock Market LIVE Updates | J Kumar Infraprojects bags order from NBCC

Stock Market LIVE Updates | Dynamatic Technologies awards Aequs for supply of complex Airbus A220 door components

Dynamatic Technologies and Aequs Private today announced a contract for the supply of complex structural parts for the Airbus A220 Door Program.

As part of the contract, awarded by Dynamatic Technologies for the manufacture and supply of components, Aequs will leverage its end-to-end capabilities to manufacture and deliver over 200 detailed parts requiring complex tool design, forgings, machining, and surface treatment.

Stock Market LIVE Updates | EID Parry hits 52-week high; shares gain most in 20-week

Prashanth Tapse, Senior VP (Research), Mehta Equities

Despite a subdued market along with 100% OFS, Vishal Mega Mart listing was in line with market expectation. I believe retail investors missed this opportunity wherein they had shown less interest in bidding. 33.33% premium over the issue price of ₹78 Listing is justified as we believe it was all because of reasonable valuations when compared to its listed peers and high focus towards catering to India's growing middle- and lower-middle-income demographics which is strategically focused on underpenetrated markets.

Considering volatility in the market sentiments and all other parameters, allotted conservative investors can think of booking profits today, while long term risk taking investors can consider the company to HOLD IT FOR LONG TERM despite knowing short term volatility & risk in the markets. For non-allotted investors, we advise to accumulate if we get dips post listing due to profit booking attempts.

Brokerage Call | CLSA keeps 'outperform' call on DLF, target raises to Rs 975

#1 In recent follow up on ‘The Dahlias’ Project, find that company has sold 130-150 units

#2 Estimate total sales to be worth Rs 10,000-11,000 crore in ‘The Dahlias’ project so far

#3 Such demand is positively surprising, especially considering the uber-luxury product

#4 Sales so far are likely higher than assumptions for FY25

Enviro Infra Engineers stock has rallied a staggering 156 percent from the IPO price. ...Read More

Stock Market LIVE Updates | Bharat Electronics shares extends losses on second day; top loser on Nifty

Stock Market LIVE Updates | Aurionpro’s Arya.ai launches AryaXAI

Trump's strong stance on imposing heavy tariffs has caused markets and policymakers to stare at a déjà vu moment, reminiscent of 2018 when inflationary pressures rose throughout the year during his first term amid the trade war with China....Read More

Stock Market LIVE Updates | Kirloskar Ferrous commences dispatch of iron ore from Bharath mines

Currency Check | Rupee at fresh record low

Stock Market LIVE Updates | Bharti Airtel partners with Indian Army to connect villages along LoC in North Kashmir

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

The rupee traded flat near 84.90 as markets remain focused on the Fed's final policy decision of the year scheduled for December 18, 2024. While a 25 bps rate cut has already been factored in, forward commentary and projections will be key.

A dovish tone could push the dollar index lower, providing relief for the rupee. However, any uncertain or hawkish remarks may strengthen the dollar and keep participants bearish on the rupee. The rupee's range is anticipated between 84.75 and 85.05.

"We are in touch with CDSL to have the issue resolved at the earliest. In the meantime, you can sell your holdings without the need for CDSL authorisation," Zerodha tells customers... Read More