Stock market today: Indian equities witnessed broad-based selling on Tuesday, December 16, as a sharp fall in the rupee to record lows and weak global cues weighed on sentiment.
The Sensex declined 534 points, or 0.63%, to close at 84,679.86, while the Nifty 50 slipped 167 points, or 0.64%, ending at 25,860.10. The BSE Midcap and Smallcap indices also retreated, falling 0.78% and 0.69%, respectively.
“Markets traded in a narrow range on the weekly expiry day and ended lower by 0.64%, tracking weak global and domestic cues. Following a gap-down start, the Nifty oscillated within a tight band for most of the session and eventually settled near the day’s low at 25,860.10. Sectoral performance was largely negative, with realty, IT and financials emerging as the top laggards, while FMCG and auto closed almost unchanged. The broader markets remained under pressure in line with the benchmarks, with both midcap and smallcap indices declining by around 1% each.
Sentiment was weighed down by the rupee breaching historic lows and crossing the 91 mark against the US dollar, amid persistent foreign outflows and uncertainty around external trade dynamics, which kept investors cautious. In addition, lacklustre global cues further dampened risk appetite. That said, selective buying in heavyweight stocks and the scheduled weekly expiry helped cap the extent of the decline,” said Ajit Mishra, SVP, Research, Religare Broking.
Against this backdrop, here’s a list of stocks that will potentially attract investor interest and are likely to witness some movements today.
Stocks to Watch
Ola Electric
Ola Electric Mobility promoter Bhavish Aggarwal divested more than 2.6 crore shares via a bulk transaction, selling them at ₹34.99 per share. The deal was valued at approximately ₹92 crore.
Saregama
The company has entered into an Investment Agreement, a Shareholders’ Agreement (SHA), a Music Rights Agreement (MRA), along with other related transaction documents with Bhansali Productions. Under these arrangements, it has acquired 9,960 compulsorily convertible preference shares (CCPS) in Bhansali Productions for ₹325 crore.
Vedanta
Vedanta announced that the National Company Law Tribunal has cleared its proposal to restructure the oil-to-metals group into independently listed companies. The plan to demerge the business into five separate entities had earlier encountered resistance from the government, which was concerned that the move could complicate the recovery of outstanding dues from the company.
NBCC India
The company has secured a ₹332.99 crore contract from IIT Mandi for providing Project Management Consultancy services, along with an additional ₹12.05 crore order from Kandla SEZ for routine annual maintenance operations.
Reliance Industries
Reliance Consumer Products has entered the packaged foods space by reviving the legacy brand SIL, positioning it as its flagship product in the segment.
Kaynes Technology
The company’s subsidiary, Kaynes Semicon, has entered into two strategic collaborations with global technology majors—Japan’s AOI Electronics Co and Mitsui & Co—to bolster its planned semiconductor manufacturing activities in India.
Protean eGov Technologies
The company announced that its board has sanctioned the purchase of a 4.95% equity interest in NSDL Payments Bank (NSDL PB) by way of an equity investment amounting to ₹30.2 crore.
Indian Overseas Bank
The government will divest up to a 3% stake in Indian Overseas Bank via an offer for sale (OFS) beginning Wednesday, December 17. Under the non-retail segment, the Centre aims to sell up to 2% equity, amounting to 38,51,31,796 shares, on the first day of the offer.
Glenmark Pharmaceuticals
The company’s subsidiary, Glenmark Specialty S.A. (GSSA), has signed an exclusive licensing, collaboration, and distribution agreement with Jiangsu Hansoh Pharmaceutical Group Co. (Hansoh Pharma) for Aumolertinib, a third-generation EGFR tyrosine kinase inhibitor used in the treatment of non-small cell lung cancer (NSCLC).
Akzo Nobel India
Imperial Chemical Industries is likely offload as much as a 9% holding in Akzo Nobel India Ltd through a block transaction, according to reports.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
