Indian equity indices ended negative; All the sectoral indices ended in red except Consumer Durables, FMCG and telecom; Broader market indices also ended low

POST MARKET

Indian equity indices ended on a negative note on December 16, amid continued depreciation in the rupee, and uncertainty over the India-US trade deal.

At close, the Sensex was down 533.50 points or 0.63 percent at 84,679.86, and the Nifty was down 167.20 points or 0.64 percent at 25,860.10. About 1573 shares advanced, 2412 shares declined, and 154 shares were unchanged.

Axis Bank, Eternal, HCL Technologies, Tata Steel, JSW Steel were among the major losers on the Nifty, while gainers were Bharti Airtel, Tata Consumer, Titan Company, M&M, Bajaj Auto.

Except Consumer Durables, FMCG, and telecom, all other sectoral indices ended in the red with realty, oil & gas, metal, IT, PSU Bank, and Private Bank down 0.5-1%.

Among the broader market indices, the BSE Midcap and smallcap indices are down nearly 1 percent each.

STOCKS TODAY

Eternal

Zomato’s parent company shares ended its three-day winning streak. They dropped up to almost 5 percent due to profit-booking pressure after a UBS brokerage note highlighted that Eternal lost food delivery market share to rival Swiggy in November. Investors reacted negatively to the warning that Swiggy may be gaining ground in the core food delivery segment, contributing to the stock’s decline.

PB Fintech

The shares of Policybazaar-parent PB Fintech fell by more than 5 per cent after the new insurance amendment bill, which proposes raising FDI in the insurance sector to 100 per cent, was introduced in the Lok Sabha today. The bill also proposes to let IRDAI specify the limits of commission payable to an insurance agent.

Vedanta

The Mumbai bench of the National Company Law Tribunal (NCLT) approved Vedanta’s demerger plan covering four group companies – Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron and Steel – along with their shareholders and creditors on December 16, following which the metals and mining conglomerate’s shares rose 4.2 percent. A detailed order is awaited.

Paradeep Phosphates

The shares of fertiliser-maker Paradeep Phosphates jumped over 3 percent in trade after Union Finance Minister Nirmala Sitharaman said that there will be no shortage of fertilisers during the ongoing Rabi season.

Source – Money Control