Sensex drops 378 pts, Nifty holds 20,900; realty, pharma slide; metals up

Closing Bell on December 12, 2023: Sun Pharma, Maruti Suzuki, Titan, NTPC, Reliance Industries, L&T, M&M, IndusInd Bank were some of the top large-cap losers

3:48 PM

Tech View :: 'Nifty to remain sideways to negative in near-term'

The Nifty has formed a bearish engulfing pattern on the daily chart, suggesting a possibility of a bearish reversal.

On the higher end, call writers have built a heavy position at 21,000. On the lower end, put writers are heavily present at 20,800 and 20,900.

The Nifty is likely to remain mostly sideways to negative as long as it remains below 21,000.

Only a decisive move above 21,000 might induce a resumption of the uptrend. Support is placed at 20,800, below which the index may consolidate further.

Views by: Rupak De, Senior Technical analyst at LKP Securities

3:47 PM

Comment :: 'Investors stayed on sidelines ahead of Nov inflation data'

Following the recent impressive surge, the Nifty50 underwent a consolidation phase today due to anticipated elevated November inflation in India, driven by rising food prices, which may potentially delay RBI policy cuts.

In contrast, the US inflation outlook remains stable, which could influence the upcoming US Fed policy.

The Nifty Mid and Small indices, with robust rallies of 42% and 49% on a YTD basis, now carry a 25% premium to their long-term averages, signalling potential valuation concerns.

Though the domestic growth outlook remains strong, the risk of El-Nino is expected to keep the market under pressure.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:44 PM

Currency check :: Rupee ends flat vs Monday's close of 83.39/$

3:43 PM

SmallCap Heatmap :: Index slips 0.27%; Inox Green, MSTC outperform

3:41 PM

MidCap Heatmap :: Index ends 0.4% down; check top gainers and losers of the day

3:39 PM

Nifty Heatmap :: HDFC Life, Ultratech settle as top gainers; Sun Pharma, Apollo Hosp sink

3:37 PM

Closing Bell :: Nifty holds 20,900

3:36 PM

Closing Bell :: Sensex falls nearly 400 pts

3:27 PM

ALERT :: HDFC Life receives favourable orders from Customs, Excise & Service Tax Appellate Tribunal, Bangalore

>> The cumulative tax order was worth Rs 232 crore in 3 different cases.

Check details here

3:13 PM

Private banks need to catch up on financial inclusion drive: Official

Speaking at the 20th Global Inclusive Finance Summit, Joshi also asked banks and financial institutions to work on three areas -- getting KYC done for inoperative accounts, nomination for bank accounts and strengthening cyber security. READ MORE

2:59 PM

J&K Bank hits over 8 year high; soars 23% in 2 days on fund raising via QIP

Shares of Jammu & Kashmir (J&K) Bank hit over eight-year high of Rs 139.95 as they soared 12 per cent on the BSE in Tuesday's intraday trade on the back of heavy volumes. The spurt comes amid the lender's fund raising plan via qualified institutional placement (QIP). READ MORE

2:53 PM

ALERT:: SpiceJet Q2 net loss narrows to Rs 431.54 cr; stock tanks 5%

SpiceJet today reported a net loss of Rs 431.54 crore for the quarter ended September 2023 as against a net loss of Rs 837.88 crore in the corresponding quarter a year ago. Total income, however, increased 22 per cent YoY to Rs 2,104.73 crore from Rs 1,725.87 crore.

2:47 PM

Market Check:: Sensex extends fall, down over 400 points

2:38 PM

ALERT:: Adani Ports board okays refinancing existing debt up to Rs 5,000 cr; stock up 1%

The board of directors of Adani Ports have given their in-principle approval for issuance of Non-Convertible Debentures for capex/ refinancing of existing debt

and general corporate purpose for an aggregate amount not exceeding Rs 5,000 crore on private placement basis. 

2:24 PM

RBI cautions states with over 4% fiscal deficit, urges tax reforms

The Reserve Bank of India (RBI) has raised concerns about the fiscal management of some states, saying they have budgeted for deficits exceeding 4 per cent of Gross State Domestic Product (GSDP) in Financial Year 2023-24 (FY24). The national average is 3.1 per cent. READ MORE

2:13 PM

Sugar companies, govt eye truce on ethanol ban from sugarcane juice

With sugar firms protesting against the government decision to halt production of ethanol from sugarcane juice and syrup in 2023-24 supply year, the Centre along with oil marketing companies (OMCs) are trying to work out a compromise formula. READ MORE

1:58 PM

ALERT:: Midhani secures Rs 357 cr order; stock rallies 4%

Mishra Dhatu Nigam (MIDHANI) has secured an order of Rs 357 crore. With this, the order booking position for FY24 now stands around Rs 1,100 crore. The open order position of MIDHANI as on date is around Rs 1,750 crore, the company said in an exchange filing.

1:49 PM

ALERT:: Tejas Networks inks licence deal for 5G Tech built by 3 institutions; stock up 1%

In one of the largest technology transfer deals from academia in India, a 5G RAN (Radio Access Network) technology developed by a multi-institutional team (IIT Madras, IIT Kanpur and the Society for Applied Microwave Electronics Engineering and Research) has been licensed to Tejas Networks for a sum of Rs 12 crore.

1:37 PM

ALERT:: Coal India capex grows 7.6% in FY24 so far; stock down 1%

Coal India's capital expenditure increased by Rs 741 crore in eight months ended November FY2024 to Rs 10,492 crore - up 7.6 per cent compard to Rs 9,751

crore in the corresponding period last year, the company said in an exchange filing.

1:26 PM

UltraTech hits new high, nears Rs 10,000-mark; stock up 6% in two days

A sharp surge in the stock price has seen the market capitalisation of this Aditya Brila Group firm near the Rs 3 trillion mark, BSE data shows. READ MORE

1:15 PM

Global Check:: Hang Seng soars 1% in subdued Asian trade

Source: Yahoo Finance

1:03 PM

Market at day's low: Sensex retreats to 69,700

12:49 PM

USFDA issues Form 483 with 5 observations to Torrent Pharma's Guj unit

Torrent Pharmaceuticals Ltd on Tuesday said the US health regulator has issued Form 483 with five procedural observations after inspecting its oral manufacturing facility situated at Bileshwarpura in Gujarat. Read

12:38 PM

OYO elevates Rakesh Kumar as Chief Financial Officer with effect from Jan 1

Hospitality technology platform OYO on Tuesday announced the elevation of Rakesh Kumar to Chief Financial Officer (CFO) with effect from January 1, 2024. Abhishek Gupta, the current CFO, will continue with OYO in an advisory and mentorship capacity, OYO said in a statement. Read

12:26 PM

Zomato looks to venture into catering business to expand market share

As part of a broader strategy to service large orders, food delivery major Zomato aims to venture into the catering business by employing its existing network of restaurant partners, according to a report by The Economic Times (ET).  
 

Rakesh Ranjan, chief executive for food delivery, was quoted as saying that despite concerns about the potential impact on profitability, Zomato is also looking to add more offerings to its loyalty programme, Gold. Read

12:12 PM

US inflation likely cooled again last month as Fed prepares to assess rates

This year's steady slowdown in US inflation likely continued in November, though the latest data may also point to steadily higher prices in some areas of the economy.
 

Tuesday's inflation report from the Labor Department is expected to show that businesses kept overall prices unchanged for a second straight month. Read

11:58 AM

Stock of this IT firm soars 55% in one month; up 141% from issue price

Shares of Netweb Technologies India hit a record high of Rs 1,206.50, as they rallied 10 per cent on the BSE in Tuesday’s intra-day trade in an otherwise subdued market. In past two trading sessions the stock has surged 21 per cent, while in the last one month it has soared 55 per cent. In comparison, the S&P BSE Sensex was down 0.01 per cent at 69,918 at 10:58 AM. Read

11:42 AM

Disney, Reliance Industries close in on deal to merge India media ops

In order to advance with plans to merge their India-based media operations, Walt Disney and Reliance Industries Ltd (RIL) are finalising details of a non-binding term sheet, according to a report by The Economic Times (ET). Read

11:25 AM

TCS hits 52-week high; extends rally post closure of share buyback

Shares of Tata Consultancy Services (TCS) hit a 52-week high at Rs 3,699, up nearly 2 per cent on the BSE in Tuesday’s intra-day trade, thus extending its rally after closure of share buyback.
 

The stock of information technology (IT) giant was quoting higher for the eight straight trading day. Thus far in the month of December, TCS has gained 6 per cent. It surpassed its previous high of Rs 3,680 touched on October 9. Read

11:10 AM

ALERT :: Hindalco to set up battery foil manufacturing facility in Odisha

>> Hindalco Industries plans to significantly expand its manufacturing capacity of fine-quality aluminium foil that is used in rechargeable batteries to serve the rapidly

growing market for electric vehicles (EVs) and energy storage systems.

>> The company is investing Rs 800 crore to build a new plant near Sambalpur in Odisha that will initially produce 25,000 tonnes of the resilient product which forms the backbone of Lithiumion and Sodium-ion cells.

>> By 2030, demand for battery grade aluminium foil in India is expected to grow manifold to 40,000 tonnes.