As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 1,064.12 points or 1.30% to 80,684.45. The Nifty 50 index dropped 332.25 points or 1.35% to 24,336.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.65% and the S&P BSE Small-Cap index shed 0.52%.

The market breadth was weak. On the BSE, 1,571 shares rose and 2,446 shares fell. A total of 90 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.31% to 14.49.

Economy

India's merchandise trade deficit hit an all-time high of $37.84 billion in November, soaring widely from $27.1 billion in October, amid a spike in import bill. Surging gold imports and falling exports also had an impact. Petroleum product exports contracted sharply by 49.7% to $3.72 billion in November 2024.

Meanwhile, India's total exports (merchandise and services combined) for November 2024 are estimated at $67.79 billion, registering a positive growth of 9.59 percent vis-'-vis November 2023. Total imports (merchandise and services combined) for November 2024 are estimated at $87.63 billion, registering a positive growth of 27.47 percent vis-'-vis November 2023.

IPO Update:

The initial public offer (IPO) of International Gemmological Institute (India) received bids for 1,33,37,12,100 shares as against 5,85,60,902 shares on offer, according to stock exchange data at 15:15 IST on 17 December 2024. The issue was subscribed to 22.77 times.

The issue opened for bidding on 13 December 2024 and it will close on 17 December 2024. The price band of the IPO is fixed between Rs 397 and Rs 417 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index slipped 1.82% to 6,928.05. The index rose 0.40% in the past trading session.

Bank of India (down 3.61%), Union Bank of India (down 3.06%), Indian Bank (down 2.54%), Punjab National Bank (down 2.2%), Canara Bank (down 2.11%), Bank of Maharashtra (down 2.04%), Central Bank of India (down 1.95%), Indian Overseas Bank (down 1.57%), Punjab & Sind Bank (down 1.46%) and UCO Bank (down 1.40%) declined.

Stocks in Spotlight:

Tata Motors shed 0.62%. The company reported that Uttar Pradesh State Road Transport Corporation (UPSRTC) had placed its third order of the year for 1,297 bus chassis, amounting to a cumulative order size of more than 3,500 units.

Hindustan Petroleum Corporation (HPCL) rose 0.07%. The company announced that its board has approved the Lube Modernization and Bottoms Upgradation Project at the Mumbai Refinery at a cost of Rs 4,679 crore.

Reliance Power declined 0.97%. The company announced that its subsidiary, Reliance NU Suntech received the letter of award (LoA) for 930 MW and 465 MW/1860 MWh battery energy storage systems (BESS) project from Solar Energy Corporation of India (SECI).

Genesys International Corporation rallied 6.73% after the firm received a project worth Rs 56 crore from Directorate of Land Records and Surveys (DLRS), West Bengal to improve the state's land records using advanced geospatial technology.

Everest Industries slipped 1.01% after the company informed that Pramod Nair, chief financial officer (CFO) has resigned from his position with effect from the close of working hours on 10 January 2025, to pursue opportunities outside the company.

Tarc hit a lower circuit of 10% after Securities and Exchange Board of India (SEBI) has appointed forensic auditor to investigate the financial statements of the company for FY21 to FY23, citing potential impact on investors interest.

PNB Gilts slipped 4.77% after the company informed that Vikas Goel has tendered his resignation from the position of managing director & CEO of the company on 16 December 2024.

Indoco Remedies added 0.91%. The firm received official action indicated (OAI) status from the USFDA for plant II & plant III facility located at Verna Industrial Estate Area, Goa, India.

Oriana Power hit an upper circuit of 10% after the company signed a Memorandum of Understanding (MoU) with Government of Rajasthan for various renewable energy projects worth Rs 10,000 crore.

RMC Switchgears hit an upper circuit of 5% after the firm received a letter of acceptance (LOA) from a reputed system integrator for the supply, installation and commissioning of 5,000 solar pumps in Maharashtra valued at Rs 90 crore.

Hindustan Construction Company (HCC) dropped 5.24%. The company informed that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 45.27 per equity share.

Texmaco Rail & Engineering rose 1.27% after the company secured an order worth Rs 187.41 crore from Chhattisgarh State Power Transmission for construction of nine No.132 KV transmission lines on turnkey basis.

Mankind Pharma fell 1.02%. The company informed that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,616.55 per equity share.

NITCO jumped 4.80% and Prestige Estate projects added 1.20% after the company has secured Rs 105.40 crore order from Prestige Estates Projects for the supply of tiles, marble, and mosaic.

Global Markets:

The Dow Jones index futures were down 137 points, signaling a negative opening for U.S. stocks today.

Most European stocks advanced while Asian shares ended lower on Tuesday as investors awaited a crucial week for central bank policy decisions. The U.S. Federal Reserve is widely expected to cut rates on Wednesday, while the Bank of Japan is likely to maintain its current stance.

This week sees policy meetings from central banks in the United States, Japan, UK, Sweden, Norway, Indonesia, and Thailand. The Bank of England, Norges Bank, and Bank of Thailand are anticipated to hold rates steady, while the Riksbank might opt for a rate cut. Bank Indonesia is expected to raise rates to support the weakening rupiah currency.

Data released on Monday revealed a steeper-than-expected slowdown in China's consumer spending during November, negatively impacting stocks. Retail sales rose only 3% year-on-year, which is the weakest growth in three months and significantly lower than October's 4.8% increase.

In the US, major US technology stocks continued their upward momentum on Monday, propelling the Nasdaq Composite to record highs. However, the Dow Jones Industrial Average lagged behind, reflecting ongoing investor uncertainty about economic policies under the new administration.

The S&P 500 rose 0.38% to 6,074.10 points, while the NASDAQ Composite surged 1.24% to a record high of 20,204.58 points. The Dow Jones Industrial Average fell 0.25% to 43,717.48 points.

The chip sector experienced a rally, mirroring Broadcom Inc.'s continued gains fueled by strong earnings and guidance related to artificial intelligence. The prospect of lower interest rates in the near future also boosted other prominent tech companies like Apple, Amazon, and Alphabet.

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