On December 20th, the Indian stock market witnessed a weak start, with the Sensex struggling to hold the 79,000 mark, touching an intraday low of 79,003.97. The Nifty 50 also faced pressure, hovering around the 23,900 mark, with an intraday low of 23,887.90. The Bank Nifty saw a significant plunge, losing 270 points in early trade.
Sharp selling was observed across several sectors, particularly in banking, financials, FMCG, and media stocks. Stocks like Axis Bank, ITC, L&T, JSW Steel, and Cipla were among the top losers, while TCS, NTPC, Adani Enterprises, Hero MotoCorp, and Infosys emerged as the top gainers.
In the IPO space, three new issues opened on December 20th – Ventive Hospitality, Senores Pharmaceuticals, and Carraro India. Additionally, the second day of bidding continued for IPOs like DAM Capital Advisors, Sanathan Textiles, Concord Enviro Systems, Mamata Machinery, and Transrail Lighting.
Global markets were also under pressure as Asian stocks fluctuated, following a tense situation in Wall Street due to hawkish remarks from the Federal Reserve regarding 2025. The dollar held steady at the 108 level, and US treasury yields surged. Meanwhile, the Gift Nifty tumbled by 90 points, reflecting global market volatility.
