The Indian benchmark indices experienced a continued decline from their record highs earlier this week, registering a fourth consecutive day of losses on Wednesday, December 3. While late buying offered some support following a predominantly quiet session, it fell short of pushing the markets into positive territory. The Sensex decreased by 31 points, representing a decline of 0.04%, closing at 85,107. Meanwhile, the Nifty 50 fell by 46 points, a drop of 0.18%, finishing at 25,986.
“Markets experienced fluctuations during the session and concluded slightly down, continuing the current consolidation trend. Following a stable opening, the Nifty experienced a gradual decline during early trading and subsequently traded within a limited range for the majority of the session. A late rebound in the final half hour contributed to reducing losses, and the index ultimately closed at 25,986. Most indices faced downward pressure across various sectors, with the auto, energy, and FMCG sectors experiencing the most significant declines. However, the IT sector showed resilience, and a recovery in private banks helped mitigate the overall downturn. The overall market exhibited relative weakness, as the midcap and smallcap indices experienced declines between 0.71% and 0.91%. Market sentiment was negatively impacted by the depreciation of the rupee, which reached a historic low of 90.13 against the dollar, raising concerns regarding import expenses and leading to foreign institutional investor outflows. Furthermore, the anticipation surrounding the MPC meeting, coupled with mixed signals from global markets, contributed to the overall cautious sentiment,” stated Ajit Mishra.
Equities to Monitor :
- Reliance Industries has established a collaboration with Surrey County Cricket Club for the Oval Invincibles team in The Hundred. In this transaction, RSBVL has acquired a 49% equity interest in Oval Invincibles from the England and Wales Cricket Board (ECB) for a total consideration of GBP 60.27 million.
- RailTel Corporation of India has obtained a contract worth Rs 48.78 crore from the Mumbai Metropolitan Region Development Authority (MMRDA).
- RVNL has reported the acquisition of a Letter of Acceptance valued at Rs 145.35 crore from Southern Railway for a traction power project.
- ONGC – The Ministry of Petroleum & Natural Gas has announced the extension of Arun Kumar Singh’s term as Chairman of ONGC for an additional year, effective December 7, via a contract-based reappointment.
- Pine Labs reported a net profit of Rs 5.97 crore in Q2, recovering from a Rs 32 crore loss in the same quarter last year, aided by lower depreciation and ESOP expenses. The revenue experienced a growth of 17.8%, reaching Rs 650 crore, driven by increased issuing, enhanced affordability, and elevated online payment volumes.
- Indian Energy Exchange disclosed a monthly electricity trade volume (excluding TRAS) of 11,409 MU for November, reflecting a 17.7% increase compared to the same month last year. In the same month, Day-Ahead Market (DAM) volumes increased by 0.3% year-over-year to 5,668 MU, while Real-Time Market (RTM) volumes surged by 40.2% to attain 4,233 MU.
- Nector Lifesciences – The Board has approved a share buyback program valued at up to Rs 81 crore, with a buyback price set at Rs 27 per share. The company has established December 24 as the record date to determine which shareholders qualify for the buyback.
- Pace Digitek has disclosed that its subsidiary, Lineage Power Pvt Ltd, has secured an order valued at Rs 99.71 crore from Advait Greenergy Pvt Ltd.
- JK Cement has successfully commenced operations of its 3.3 MnTPA Clinker Line-2 at the Panna plant in Bihar, thereby increasing the facility’s clinker capacity from 3.30 MnTPA to 6.60 MnTPA.
- IndiGo – The Directorate General of Civil Aviation (DGCA) announced on Wednesday that it has initiated an investigation into the significant flight disruptions affecting IndiGo. The regulatory body has requested that the airline provide an explanation for the operational failure and submit a strategy aimed at mitigating future cancellations and delays.