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POST-MARKET REPORT
Benchmark indices Sensex and Nifty recorded their steepest weekly declines in over two years, dropping more than 5 percent each amid global market volatility that weighed heavily on investor sentiment.
On December 20, the Sensex closed near the 78,000 mark, shedding 1.5 percent from the previous session, while the Nifty fell below 23,600, also down 1.5 percent. This marked their sharpest weekly loss since June 2022.
All major sectoral indices on the NSE suffered losses today. Nifty Realty cracked 4 percent, while PSU Bank and IT indices plunged almost 3 percent each. Nifty Metal, Media, Auto, and Nifty Bank indices fell up to 2 percent.
The mid and small-cap segments suffered even deeper losses. The BSE Midcap and Smallcap indices dropped 2.43 percent and 2.11 percent, respectively.
The Indian rupee hit a historic low of 85.34 per dollar on Friday, damaging market sentiment.
STOCKS TODAY
MTAR Technologies: Shares surged 6 percent buoyed by the company’s latest Rs 226 crore order wins. The company secured these orders for its clean energy and aerospace segments. Out of the total, orders worth Rs 191 crore have been secured for various products from Bloom Energy in the clean energy sector. Other orders worth Rs 35 crore were touted by reputed customers in the aerospace segment, including names like Rafael, IMI Systems, and IAI.
General Insurance Corporation of India: Shares skyrocketed 17 percent driven by a gush of trading volumes. The stock witnessed an upsurge in trading volumes in the counter as around one crore shares changed hands on the exchanges so far, already well ahead of the one-month daily traded average of 14 lakh shares.
Dr Reddy’s Labs: Shares emerged as one of the top gainers on the Nifty 50, closing the day with 1.5 percent gains. The stock also extended its uptrend to the third consecutive session, clocking in a 9 percent up move during the period. The stock was also a top gainer in the previous session, even when the overall market bore the brunt of heavy selling. Analysts attributed the recent buying into pharma stocks, including Dr Reddy’s to a strategic shift in positions towards defensive plays amid times of uncertainty in the market.
Sagility India: International brokerage Jefferies initiated coverage on Sagility India, a business process management (BPM) company, with a “Buy” rating and a target price of Rs 52 per share. From the previous session’s closing price of Rs 43.9, Jefferies’ price target implies a potential upside of around 18 percent. As a result, shares of the firm jumped 3 percent in trade.
Brainbees Solutions: FirstCry operator Brainbees Solutions Ltd. gained 3 percent in the morning session as domestic brokerage JM Financial kicked off coverage on the stock with a bullish ‘buy’ tag, seeing a target price of Rs 692. The price target implies an upside potential of 14 percent from the previous session’s closing price.