Stock Market LIVE: Sensex Down by 500 Pts, Nifty Below 24,250

Eiko LifeSciences Limited (ELL) is excited to unveil its strategic diversification into end-to-end shipping, logistics, and container management services. This expansion caters to a variety of industries, including both hazardous and non-hazardous chemical sectors. With this move, ELL aims to bolster backward and forward integration, reduce operational risks, and reinforce its commitment to sustainable growth and operational excellence.

Shriram Finance raises its largest syndicated loan of $1.28 billion, leveraging multiple currencies, including USD, EUR, and AED, through External Commercial Borrowings (ECBs)

HDFC Bank Limited has announced through an exchange filing that its Board of Directors will meet on Wednesday, January 22, 2025. The meeting will focus on reviewing and approving the bank's unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2024.

Bharat Global Developers (BGDL) has achieved a significant milestone by successfully completing the Rs 300 crore Fluidized Catalytic Cracker (FCC) project for Reliance Industries. The FCC unit plays a critical role in the refinery operations of Reliance Industries.

Toplosers on Sensex - Titan, Nestle India, Kotak Bank, Infosys, ITC, Bajaj Finance, JSW Steel, Tata Motors, SBI and Power Gride

Top Gainers - HCL Tech, Sun Pharma, Tech Mahindra, Reliance, HUL, TCS, M&M and Asian Paint 

Wipro has announced the acquisition of Applied Value Technologies (AVT), securing a 100% stake in the company for up to Rs 339 crore ($40 million). This move strengthens Wipro's application services capabilities and expands its global IT operations. 

Rewritten: Nifty Pharma is on the rise, leading today’s trading session with a 1.47% gain. The top-performing stocks include Mankind, Aurobindo Pharma, Lupin, Akem, Dr Reddy's, Cipla, and Glenmark.

Sectoral indices saw a mixed performance with declines in Nifty Auto, Financial Services, Media, Metal, Banks, Realty, and Oil & Gas. On the upside, Healthcare, Pharma, IT, and FMCG indices registered gains.

Garima Kapoor, Chief Economist at Elara Capital, remarked, “While we expect the Fed Chair to cut policy rates today despite a relatively strong economic backdrop, the commentary is likely to be neutral to hawkish. FOMC projections reflecting more rate cuts than in September 2024 seem unlikely, leaving either of the two options: unchanged projections or reflecting slower and/or fewer rate cuts. In either case, the policy is likely to be positive for the US Dollar.”

Nifty media which were performing decent yesterday has declined today by 1.55%, leading the loss are Saregama, Network 18, Hathway, PVR Inox, Zee, Dish TV and Sun TV

Shares of fintech firm One MobiKwik Systems Ltd had an impressive listing on Dalal Street on Wednesday, December 18, 2024. On the BSE, Mobikwik shares debuted at Rs 442.25 per share, marking a premium of Rs 163.25 or 58.51% over the issue price. Meanwhile, on the NSE, the shares were listed at Rs 440 apiece, reflecting a premium of R Rs 161 or 57.71%.

Reliance NU Suntech, a Reliance Power subsidiary, has received a Letter of Award (LoA) from SECI for India’s largest solar and battery energy storage project. The 930 MW solar energy project with a 465 MW/1860 MWh Battery Energy Storage System (BESS) will ensure reliable power supply and reduce dependence on costly peak-hour electricity.

Nifty 50 has rebounded sharply, recovering over 100 points from the day's low. The index is now trading slightly in the green, hovering around the 24,370 level, with gains of approximately 0.14%.
 

In the early trade, these are top gainers on the Nifty - Dr Reddy, Sun Pharma, Cipla, Eicher Motors, Tata Consumers.

Top losers are - Tata Motors, Power Grid, L&T, BEL, Maruti Suzuki 

The BSE Sensex opened on a flat note at 80,666.26, edging lower by 18.19 points or 0.02%. Similarly, the Nifty50 began the session with a slight negative bias, trading at 24,297.95, down 38.05 points or 0.16%. Shortly after opening, the Sensex slipped by over 100 points, while the Nifty50 dropped more than 40 points.

HCL Technologies has announced that its board of directors will meet on Monday, January 13, 2025, to review and approve the financial results for the third quarter. In a filing, the company also indicated that the board may declare a dividend for its shareholders in Q3. If approved, this would mark the fourth interim dividend for FY2025. The meeting is scheduled for January 13.

The Indian rupee remained unchanged at 84.91 against the US dollar on Tuesday, following disappointing trade balance figures and sluggish performance in the domestic market

The Sensex opened in the green at 80,861.57, up by 177.12 points, or 0.22%. Meanwhile, the Nifty was at 24,282.80, down by 53.20 points, or 0.22%.

In a significant development for investors, five companies are set to open their initial public offerings (IPOs) for public subscription on Thursday, December 19, 2024. The offerings include DAM Capital Advisors, Transrail Lighting, Sanathan Textiles, Concord Enviro Systems, and Mamata Machinery. Each company has set unique price bands, lot sizes, and issue structures to cater to retail and non-institutional investors.

'A Fed rate cut on Dec 18th is a near certainty . What will be more interesting will be the Fed forecast for 2025 . The markets will move on the Fed outlook for US GDP , US inflation and the way ahead on further rate cuts in 2025,' Ajay Bagga Executive Chairman OPC Asset Solution

The Dow extended its losing streak to nine consecutive days, the longest since 1978, closing lower along with the S&P 500 and the Nasdaq Composite. The broader market showed signs of weakness, with all three major indices ending the day in the red as investors remained on edge ahead of the Federal Reserve's upcoming policy decision. The losses come as markets await a clearer picture of the central bank's stance on interest rates

Indian equity markets closed sharply lower on Tuesday, with the Sensex tumbling over 1,000 points to 80,708 and the Nifty slipping 332.25 points or 1.35% to settle at 24,336. The sell-off was driven by concerns over the widening trade deficit and caution ahead of the Federal Open Market Committee (FOMC) meeting this week. Sectorally, Metals, Auto, Energy, and PSU Banks were the worst performers, while Nifty IT, Realty, and Pharma posted marginal losses. ITC stood as the lone gainer after announcing the record date for its hotel business demerger, while Bharti Airtel led the losers, down 3.02%, followed by IndusInd Bank, JSW Steel, and TCS.