Stock Market Live: Sensex Dips 900 Pts, Nifty Below 24,000, Adani Ent, Tata Steel & Infosys Drag

Nifty Realty declines by 1.44%, led by Prestige Grp, Lodha, Oberoi Realty, Sobha, Raymond, Phoenix Ltd, DLF, Godrej Properties 

Gainer - Sun Pharma, PowerGrid, HUL and Bharti Airtel
Losers - Asian Paint, Bajaj Finance, JSW Steel, Infosys, Reliance, NTPC, Nestle India, TCS, Titan, Tata Motors & HDFC Bank

NODWIN Gaming, a leader in youth entertainment, gaming, and esports, and a material subsidiary of Nazara Technologies Limited, has announced the acquisition of AFK Gaming Pvt. Ltd., a prominent gaming and esports media company, for Rs 7.6 Crores. This acquisition, comprising 93% of AFK’s share capital through a combination of cash and a stock swap, makes AFK a fully-owned subsidiary, as NODWIN already held the remaining 7%. 

Nifty IT declines by 1.34% led by LTIMindtree, Infosys, MphasiS, Tech Mahindra, Tata Consultancy, HCL Technologies and Wipro

Zydus Life Sciences has received final approval from the USFDA for its Lidocaine & Prilocaine topical cream, which is used to numb the skin or genital area before medical procedures.
 

The Nifty 100 index declined by 0.94%, with key contributors to the losses including LTIMindtree, Jio Financial Services, ABB India, Adani Green Energy, Bajaj Holdings & Investment, Asian Paints, Bajaj Finserv, and Infosys.

The Securities and Exchange Board of India ( SEBI ) has tightened the regulatory framework for SME IPOs to allow only those entities that have an operating profit in at least two of the previous three years while barring companies from raising funds to repay loans to promoter entities. The Board approved  amendments  to  the  SEBI  (ICDR)  Regulations,  2018  and  SEBI (LODR) Regulations, 2015.

Stove Kraft Limited has been selected by IKEA as a supply partner to develop a new range of cookware. Set to launch in 2026, the products will be available across IKEA's global network of stores. The manufacturing for this collaboration will take place at a state-of-the-art facility located in a 180,000 sq ft area at Stove Kraft's Harohalli campus.

Even though the market is a bloodbath, but here few stocks that are gaining a bit of positivity are Dr Reddy, BPCL, Cipla, Hero Moto Corp, Sun Pharma 

SpiceJet has reached an amicable settlement with Genesis, resolving a dispute worth over $16 million. As per the agreement, SpiceJet will pay Genesis $6 million, and Genesis will acquire $4 million in SpiceJet equity at Rs 100 per share. Following the announcement, SpiceJet’s stock rose to Rs 60.10, up by 3.82 (+6.79%), after opening at Rs 55 today.

The Indian stock market is experiencing a bloodbath today, with most indices in the red. However, one sector stands out—Pharma. While every other index opened in the negative, Nifty Pharma has managed to remain in the green, rising by 0.70%. Leading the charge are stocks like JB Chemicals & Pharmaceuticals, IPCA Laboratories, Dr Reddy's Laboratories, Torrent Pharmaceuticals, and Abbott India.

Rupee Weakens to 85 per Dollar After US Fed Hints at Fewer Rate Cuts in 2025

Shares of IOL Chemicals and Pharmaceuticals saw a 5% increase after the company announced that its board will convene on December 27, 2024, to discuss the possibility of a stock split. The stock is currently trading at Rs 426.5 per share.

All sectoral indices on the NSE are in the red today, with Nifty Auto, Bank, Financial Services, FMCG, IT, Media, Metal, Pharma, PSU Bank, Realty, and Healthcare leading the decline.

Sensex open in red today, currently down by 895 points. In the Sensex heatmap every stock is in red, starting with Asain Paint, M&M, Tata Steel, Kotak Bank, SBI, HDFC Bank, JSW Steel, HCL Tech, Tata Motors 

The Sensex opened at 79,029.03, down by 1,153.17 points or 1.44%, while the Nifty opened at 23,985.75, falling by 213.10 points or 0.88%, following the FOMC's decision to cut the December 2024 rate by 25 basis points.

Shriram Finance announced a fundraising of USD 1.277 billion (equivalent) on Wednesday through the external commercial borrowing route. The multi-currency deal, involving US dollars, euros, and UAE dirhams, was executed in collaboration with 12 banks and offers tenors of up to five years, according to an official statement.

Pre-open, Sensex opened at 78,967.42, down by 1,214.78 points (-1.52%), compared to yesterday’s close of 80,182.20.

Nifty pre-open stood at 23,634.80, down by 564.05 points (-2.33%), following yesterday’s decline of 137.15 points (-0.56%), which led the index to close at 24,198.85.

Trends on GIFT Nifty suggest a gap-down opening for the broader Indian index, with a loss of 339 points (-1.40%).

Stocks tumbled sharply on Wednesday after the Federal Reserve's latest announcement indicated a more cautious stance on interest rate cuts. The central bank signaled that it is likely to reduce rates just twice in 2025, down from the four cuts anticipated in September, which caught investors off guard. Chair Jerome Powell emphasized that the current rate of 4.3% is intended to remain restrictive enough to curb inflation while maintaining a strong labor market. In response to this revised outlook, the Dow Jones Industrial Average fell by over 1,100 points, marking its longest losing streak since 1974, while the S&P 500 and Nasdaq also saw significant declines.

The Fed's cautious stance put pressure on Treasury yields, which rose sharply, further weighing on investor sentiment. Following the announcement, shares of Micron Technology plunged in after-hours trading after the chipmaker reported weaker-than-expected guidance for the upcoming quarter, adding to the market's overall downturn.
 

On Wednesday, the Indian stock market witnessed a downturn as both Nifty and Sensex ended lower. Nifty closed at 24,198.85, down by 137.15 points (-0.56%). The index opened at 24,297.95, reaching a high of 24,394.45 and a low of 24,149.85 during the day. Among the top gainers were Cipla, Wipro, Reliance, Trent, and Dr Reddy’s Laboratories, while the major losers included Tata Motors, Power Grid, BEL, NTPC, and JSW Steel.

Sensex closed at 80,182.20, down by 502.25 points (-0.62%), after opening at 80,666.26 and reaching a high of 80,868.02. The day's low was recorded at 80,050.07. TCS, Reliance, Sun Pharma, Tech Mahindra, and M&M were the top gainers, while Tata Motors, Power Grid, JSW Steel, Asian Paints, Bharti Airtel, and Titan led the losers

The Federal Reserve concluded its December 2024 meeting with a decision to lower the federal funds rate by 25 basis points, setting the target range at 4.25% to 4.5%. This marks a pivotal adjustment in its monetary policy as the central bank seeks to manage inflation while supporting economic growth.