At 11:29 IST, the barometer index, the S&P BSE Sensex, tumbled 915.88 points or 1.14% to 79,266.32. The Nifty 50 index dropped 242.15 points or 1% to 23,956.70.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.40% and the S&P BSE Small-Cap index fell 0.36%.
The market breadth was weak. On the BSE, 1,484 shares rose and 2,302 shares fell. A total of 136 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Sanathan Textiles received bids for 12,23,048 shares as against 1,26,22,950 shares on offer, according to stock exchange data at 11:10 IST on 19 December 2024. The issue was subscribed to 0.10 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 305 and Rs 321 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.
The initial public offer (IPO) of DAM Capital Advisors received bids for 93,57,786 shares as against 2,08,04,632 shares on offer, according to stock exchange data at 11:10 IST on 19 December 2024. The issue was subscribed to 0.45 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 269 and Rs 283 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.
The initial public offer (IPO) of Transrail Lighting received bids for 57,52,426 shares as against 1,39,16,742 shares on offer, according to stock exchange data at 11:10 IST on 19 December 2024. The issue was subscribed to 0.41 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 410 and Rs 432 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.
The initial public offer (IPO) of Concord Enviro Systems received bids for 8,59,656 shares as against 50,15,356 shares on offer, according to stock exchange data at 11:10 IST on 19 December 2024. The issue was subscribed to 0.17 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 665 and Rs 701 per share. An investor can bid for a minimum of 21 equity shares and in multiples thereof.
The initial public offer (IPO) of Mamata Machinery received bids for 1,60,12,805 shares as against 51,78,227 shares on offer, according to stock exchange data at 11:10 IST on 19 December 2024. The issue was subscribed to 3.09 times.
The issue opened for bidding on 19 December 2024 and it will close on 23 December 2024. The price band of the IPO is fixed between Rs 230 and Rs 243 per share. An investor can bid for a minimum of 61 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Financial Services index declined 1.39% to 23,862.25. The index fell 4.09% in four consecutive trading sessions.
Bajaj Finance (down 2.31%), Power Finance Corporation (down 2.21%), Cholamandalam Investment & Finance Company (down 2.17%), Bajaj Finserv (down 1.93%), ICICI Bank (down 1.78%), REC (down 1.68%), Kotak Mahindra Bank (down 1.57%), Axis Bank (down 1.45%), HDFC Asset Management Company (down 1.38%) and LIC Housing Finance (down 1.38%) declined.
Stocks in Spotlight:
Yatharth Hospital & Trauma Care Services added 1.60% after the company’s board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 626.18 per equity share.
Hubtown rose 0.78%. The company’s subsidiary, Rare Townships, announced a development management agreement with Gopani Realty LLP (GRL) for the development of the ‘Rising City’ project in Ghatkopar, Mumbai.
Cummins India slipped 3.43%. The company’s board has approved appointment of Prasad Kulkarni, as interim chief financial officer (CFO) and key managerial personnel of the company with effect from 10 January 2025, until a new CFO is appointed by the board.
Global Markets:
Asian stocks fell on Thursday, with technology shares leading the decline. This followed the Federal Reserve's decision to cut interest rates by 25 basis points on Wednesday, its third consecutive rate reduction. However, the Fed hinted at fewer rate cuts in 2025 due to persistent inflation and a resilient economy.
Investors are now focused on the Bank of Japan's policy decision later today. Market sentiment is divided over whether the bank will opt for a rate hike or maintain its current stance.
The Fed's rate cut brought the target range to 4.25%-4.50%. While Chair Jerome Powell emphasized that future rate reductions would depend on inflation progress, the central bank's updated economic projections suggest a less dovish stance than previously anticipated. Policymakers now foresee two 25-basis-point rate cuts next year, compared to the four cuts projected in September.
The Fed's projections also indicate that inflation remains above the 2% target. It expects inflation to be 2.4% this year and 2.5% next year. Additionally, the central bank forecasts slightly stronger economic growth and lower unemployment in 2025.
The prospect of higher-for-longer interest rates weighed heavily on Wall Street on Wednesday. Technology stocks bore the brunt of the sell-off, with NVIDIA, Tesla, Intel, and Broadcom experiencing significant declines.
The S&P 500 fell 3%, the NASDAQ Composite dropped 3.6%, and the Dow Jones Industrial Average declined 2.6%. The Dow's 10-day losing streak is its longest since 1974.