NIFTY SLIDES BELOW 23,900; PRIVATE BANK SHARES DECLINE FOR 4TH DAY
Published on Dec 20, 2024 10:33
The frontline indices continued to trade with modest losses in morning trade. The Nifty slipped below the 23,900 level after hitting the day`s high of 24,065.80 in morning trade. Private bank shares witnessed selling pressure for the fourth consecutive trading session.
At 10:29 IST, the barometer index, the S&P BSE Sensex, declined 221.80 points or 0.26% to 78,936.31. The Nifty 50 index lost 67.90 points or 0.28% to 23,883.80.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.51% and the S&P BSE Small-Cap index fell 0.38%.
The market breadth was negative. On the BSE, 1,668 shares rose and 1,917 shares fell. A total of 181 shares were unchanged.
New Listing:
Shares of International Gemmological Institute India were currently trading at Rs 474.25 at 10:25 IST on the BSE, representing a premium of 13.73% as compared with the issue price of Rs 417.
The scrip was listed at Rs 504.85, exhibiting a premium of 21.06% to the issue price.
So far, the stock has hit a high of 525 and a low of 472.20. On the BSE, over 25.56 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Private Bank index dropped 1.06% to 24,791.15. The index plunged 4.54% in four consecutive trading sessions.
RBL Bank (down 5.03%), Axis Bank (down 2.11%), IDFC First Bank (down 1.14%), Federal Bank (down 1.12%), IndusInd Bank (down 1.10%), HDFC Bank (down 0.85%), Kotak Mahindra Bank (down 0.54%), City Union Bank (down 0.49%), ICICI Bank (down 0.25%) and Bandhan Bank (down 0.10%) declined.
Stocks in Spotlight:
Mufin Green Finance shed 0.61%. The company has entered into finance agreement with United States International Development Finance Corporation, a U.S. Government`s development finance institution for the financial facility up to the sum of USD 18 million.
BASF India surged 8.79% after the company�s board has given in-principle approval for the demerger of the company�s agricultural solutions business into a separate listed entity. The agricultural solutions business generated sales of Rs 2,006.46 crore, representing 14.57% of the total revenues of the company in FY24.
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