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The Indian equity markets closed on a negative note putting an end to the five-day rally.
At close, the Sensex was down 199.17 points or 0.27 percent at 73,128.77, and the Nifty was down 65.20 points or 0.30 percent at 22,032.30.
Top losers on the Nifty included Divis Laboratories, HCL Technologies, Wipro, NTPC, and SBI Life Insurance, while gainers included BPCL, Tata Steel, Titan Company, ITC, and Maruti Suzuki.
Among sectors, metal and oil & gas indices gained nearly 1 percent each, while power, realty, healthcare, and Information Technology were down 0.5-1.5 percent each.
BSE Midcap and Smallcap indices lost 0.3 percent each.
The rupee slumped 26 paise to 83.12 against the US dollar
STOCKS TODAY
Union Bank of India: The Bank has become the fourth public sector lender to surpass the Rs 1-lakh-crore market value with its shares soaring over 15 percent since January 1, 2024. Earlier, The State Bank of India, Bank of Baroda, and Punjab National Bank had achieved this milestone. The Union Bank stock had jumped nearly 49 percent in 2023. The lender will report its December-quarter earnings on January 20.
PNB Housing Finance: Shares of PNB Housing gained 6.25 percent after Motilal Oswal declared the company as its top pick in the NBFC and housing finance ambit. The brokerage firm said that over the past two years, the company has transformed its business model into the retail prime segment and retail affordable segment and has reduced its corporate loan book to around 4 percent of the AUM mix.
ITI: ITI jumped 17.67 percent on high trade volumes, as two crore shares changed hands against the weekly average of 30 lakh. The stock started moving up in September after the state-owned firm said it had developed laptops and micro PCs under the brand name Smaash, signaling its foray into laptop manufacturing in India.
Capri Global: Shares of Capri Global jumped 17.81 percent after the company announced that it received the license to distribute life, general, and health insurance products.
Usha Martin: Shares of Usha Martin gained 2.71 percent after the company announced that its Thailand-based subsidiary, Usha Siam Steel Industries Public Company Ltd (USSIPCL), has inked an agreement to acquire a 50 percent stake in Tesac Usha Wirerope Company Ltd (TUWCL).
NALCO: Shares of National Aluminium Corporation and Hindustan Copper surged 2.73 percent and 3.58 percent respectively after Khanij Bidesh India Ltd (Kabil), a joint venture of the two with Mineral Exploration Company Ltd, inked a deal with Argentina’s Camyen SE for lithium exploration and mining.
Eicher Motors: Shares of Eicher Motors fell 0.97 percent after global brokerage firm Morgan Stanley downgraded the stock to underweight from equal-weight and cut the target price, citing market share and margin challenges, and high valuations.