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POST-MARKET REPORT
India’s benchmark indices, Sensex and Nifty, tumbled over 1% on December 19, marking their fourth consecutive session of decline, as global market weakness weighed heavily on investor sentiment.
Though the US Federal Reserve reduced its benchmark interest rate by 25 basis points to 4.25-4.50 percent on December 18—in line with market expectations—its rate cut outlook dampened market sentiment worldwide. The Fed now forecasts only two rate cuts in 2025, down from its previous projection of four, a revision that unsettled markets worldwide.
At the close of trading, the Sensex dropped 1.2%, shedding 964 points to settle at 79,218, while the Nifty fell 1.02%, losing 247.6 points to end at 23,951.25.
Most sectoral indices suffered significant losses, say, the Nifty Bank, Financial Services, IT, and Consumer Durables indexes fell by a percent. On the other hand, the Nifty Pharma index jumped almost 2 percent.
In the broader market, the BSE MidCap and SmallCap indices saw modest declines of 0.3% each.
STOCKS TODAY
SpiceJet: SpiceJet share price jumped nearly 9 percent after the company reported that it reached an amicable settlement with Genesis, a commercial airline leasing company. This announcement resolves a $16 million dispute between both parties. As per the agreement, SpiceJet will pay Genesis $6 million and Genesis will acquire $4 million in SpiceJet equity for Rs 100 per share.
Stove Kraft: Shares of the company settled higher after the company announced selling cookware via IKEA’s global stores. The company on December 19 via a press release said that it will develop a range of cookware that will be sold through IKEA’s global network of stories from 2026. The manufacturing facility for this partnership is being housed in a built-up area of 180,000 square feet at its Harohalli campus, said the release.
Dr Reddy’s Laboratories: Shares of the company gained over 4 percent after brokerage firm Nomura upgraded its rating to ‘buy’ from the previous ‘neutral’ call. In the near term, Nomura sees the sustenance of above-average market growth in India and low-competition injectable launches in the US as key upside catalysts for the drugmaker.
Asian Paints: Shares settled 2 percent lower and hit the 52-week low in today’s trading session after two senior management executives, Shyam Swamy and Vishu Goel, announced their resignations with immediate effect on December 17, 2024.
Nestle India: Shares settled 1 percent lower, hitting a fresh 52-week low intraday. The FMCG major’s shares have been struggling on the bourses ever since it reported a marginal fall in the September quarter profit.