After 3 PM, the share market displayed a strong recovery from earlier declines. The Nifty rebounded by approximately 100 points from its intraday lows, regaining momentum to trade above the 24,600 mark. Similarly, the Sensex made a significant recovery of 400 points, climbing back above 81,500.
Let’s take a closer look at the day’s highlights, from sectoral performers to global cues that influenced the market.
Share Market Overview
At 1:25 PM IST, the S&P BSE Sensex fell by 214.19 points (0.26%), settling at 81,294.27, while the Nifty 50 dropped 69.60 points (0.28%) to 24,549.40. The broader market followed suit, with the S&P BSE Mid-Cap and Small-Cap indices slipping by 0.04% and 0.07%, respectively.
The share market breadth was slightly negative, reflecting the cautious tone. Of the stocks traded on the BSE, 1,855 advanced, 2,029 declined, and 151 remained unchanged.
Share Market Recovered at 3PM
After 3 PM, the share market displayed a strong recovery from earlier declines. The Nifty rebounded by approximately 100 points from its intraday lows, regaining momentum to trade above the 24,600 mark. Similarly, the Sensex made a significant recovery of 400 points, climbing back above 81,500.
The recovery was also evident in the Bank Nifty, which gained around 300 points from its lower levels and resumed trading above the 53,500 mark. This late-session rebound highlighted renewed buying interest, lifting overall market sentiment.
Sectoral Trends
While some sectors found favor with investors, others struggled under selling pressure:
- Gainers: Realty, IT, and consumer durable stocks outperformed, buoyed by optimism in the sector.
- Losers: Media, oil & gas, and pharmaceuticals dragged the indices down, reflecting sector-specific concerns.
Top Movers: Gainers and Losers
The Nifty pack saw varied fortunes, with gains led by IT heavyweights and losses concentrated in select defensive sectors:
- Top Gainers:
- Shriram Finance (+2.29%)
- Wipro (+1.25%)
- Bajaj Finserv (+1.43%)
- State Bank Of India (+1.11%)
- HCL Technologies (+1.14%)
Bajaj Finserv’s rise was fueled by its subsidiary Bajaj Allianz General Insurance reporting an 11.95% YoY increase in gross direct premium underwritten for November 2024.
- Top Losers:
- Trent (-1.36%)
- Bharti Airtel (-1.72%)
- HDFC life (-1.52%)
- Adani Ports (-1.48%)
- Tech Mahindra (-1.15%)
Stocks in the Spotlight
A few individual stocks garnered attention for their unique developments:
- NBCC (India): The stock dipped 0.92% after announcing a Rs. 432-crore order for project management consultancy services to build a net-zero sustainable campus for the Central University of Odisha.
- NHPC: Down 0.97% as it prepares for a board meeting to consider raising Rs. 2,600 crore through non-cumulative bonds.
- ISGEC Heavy Engineering: Climbed 1.86% following news of its Singapore-based subsidiary exiting Bioeq Energy Holdings One.
- IRB Infrastructure Developers: Fell 0.69% despite reporting a 23% YoY increase in toll collection for November 2024.
- Pennar Industries: Rose 0.89%, driven by speculation around an upcoming joint venture announcement.
Global share Market Cues
International developments heavily influenced sentiment:
- European Markets: Traded lower as investors awaited key U.S. inflation data due on Wednesday. This report is expected to steer the Federal Reserve’s decision on interest rates in its December 17-18 meeting.
- Asian Markets: Posted gains, particularly in China, following the Politburo’s announcement of accommodative monetary policies for 2025. This policy pivot aims to spur domestic consumption and stimulate the stock and property markets.
- U.S. Markets: Closed lower on Monday, with the Dow Jones, S&P 500, and NASDAQ falling between 0.54% and 0.61%. The decline was fueled by profit-taking, rising Treasury yields, and geopolitical tensions.
Earnings and Company-Specific News
- Nvidia: Dropped 2.6% during regular trading hours amid reports of a potential antitrust probe in China.
- Oracle Corporation: Plunged 8% in after-hours trading due to disappointing quarterly earnings, highlighting growing competition in the cloud computing sector.
Investors are keeping a close eye on:
- U.S. Consumer Price Index (CPI) data, which could influence the Fed’s upcoming rate decision.
- The Central Economic Work Conference in China, where the government is expected to outline key growth targets and policy directions for 2025.
As the week unfolds, expect volatility to remain high, with global and domestic factors shaping the narrative. For investors, the current market environment underscores the importance of a diversified portfolio and a keen eye on macroeconomic trends.
Stay tuned for more updates and insights!