On Tuesday, December 16, Indian equities experienced widespread selling pressure, driven by a significant decline in the rupee to record lows and unfavorable global cues that negatively impacted market sentiment. The Sensex experienced a decline of 534 points, representing a decrease of 0.63%, closing at 84,679.86. Meanwhile, the Nifty 50 fell by 167 points, or 0.64%, finishing at 25,860.10. The BSE Midcap and Smallcap indices experienced a decline, decreasing by 0.78% and 0.69%, respectively.
“Markets exhibited limited movement on the weekly expiry day, concluding with a decline of 0.64%, influenced by subdued global and domestic signals.” After a gap-down opening, the Nifty fluctuated within a narrow range for the majority of the session and ultimately closed close to the day’s low at 25,860.10. Sectoral performance exhibited a predominantly negative trend, with realty, IT, and financials standing out as the primary underperformers, whereas FMCG and auto sectors concluded the day nearly flat. The broader markets continued to face pressure, mirroring the benchmarks, as both midcap and smallcap indices experienced a decline of approximately 1% each. Market sentiment faced pressure as the rupee fell to historic lows, surpassing the 91 mark against the US dollar. This decline was driven by ongoing foreign outflows and uncertainty surrounding external trade dynamics, leading to a cautious approach among investors. Moreover, uninspiring global indicators have contributed to a decline in risk appetite. “That said, selective buying in heavyweight stocks and the scheduled weekly expiry helped cap the extent of the decline,” noted Ajit Mishra. In light of current market conditions, here’s a compilation of stocks that may capture investor attention and are expected to experience notable activity today.
Equities to Monitor :
- Ola Electric mobility promoter Bhavish Aggarwal executed a divestment of over 2.6 crore shares through a bulk transaction, with the shares sold at Rs 34.99 each. The transaction was assessed at around Rs 92 crore.
- Saregama has engaged in an Investment Agreement, a Shareholders’ Agreement (SHA), a Music Rights Agreement (MRA), and other associated transaction documents with Bhansali Productions. Under these arrangements, it has acquired 9,960 compulsorily convertible preference shares (CCPS) in Bhansali Productions for Rs 325 crore.
- Vedanta has revealed that the National Company Law Tribunal has approved its plan to reorganize the oil-to-metals conglomerate into separately listed entities. The strategy to separate the business into five distinct entities previously faced opposition from the government, which expressed concerns that this action might hinder the collection of outstanding dues from the company.
- NBCC India has obtained a contract valued at Rs 332.99 crore from IIT Mandi to deliver Project Management Consultancy services, in addition to securing an order worth Rs 12.05 crore from Kandla SEZ for routine annual maintenance operations.
- Reliance Consumer Products has made a strategic move into the packaged foods sector by revitalizing the legacy brand SIL, establishing it as the cornerstone of its offerings in this market.
- Kaynes Technology’s subsidiary, Kaynes Semicon, has formed two strategic partnerships with leading global technology firms—Japan’s AOI Electronics Co and Mitsui & Co—to enhance its intended semiconductor manufacturing initiatives in India.
- Protean eGov Technologies has revealed that its board has approved the acquisition of a 4.95% equity stake in NSDL Payments Bank (NSDL PB) through an equity investment totaling Rs 30.2 crore.
- Indian Overseas Bank – The government plans to divest up to a 3% stake in Indian Overseas Bank through an offer for sale (OFS) starting Wednesday, December 17. The Centre plans to divest up to 2% equity in the non-retail segment, which translates to 38,51,31,796 shares, on the initial day of the offer.
- Glenmark Pharmaceuticals’s subsidiary, Glenmark Specialty S.A. (GSSA), has entered into an exclusive licensing, collaboration, and distribution agreement with Jiangsu Hansoh Pharmaceutical Group Co. (Hansoh Pharma) for Aumolertinib, a third-generation EGFR tyrosine kinase inhibitor utilized in the treatment of non-small cell lung cancer (NSCLC).
- Akzo Nobel India – Imperial Chemical Industries is reportedly set to divest up to a 9% stake in Akzo Nobel India Ltd via a block transaction.