Sensex slumps 931 pts on profit selling, Nifty ends at 21,150; NSE VIX jumps to 14.45

Domestic equity benchmarks tanked on Wednesday as the bulls retreated, allowing the bears to take control. The Nifty 50 closed at the 21,150 level after hitting the day`s high of 21,593 in the morning trade. Market concerns about valuations led to widespread profit-booking at the peak. All sectoral indices on the NSE closed in negative territory, with media, PSU banks, and metal shares experiencing significant declines.

The barometer index, the S&P BSE Sensex slipped 930.88 points or 1.30% to 70,506.31. The Nifty 50 index lost 302.95 points or 1.41% to 21,150.15.

Adani Ports & SEZ (down 5.84%), Adani Enterprises (down 5.29%) and Reliance Industries (down 1.22%) were major drags.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,593 and 71,913.07 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index dropped 3.12% and the S&P BSE Small-Cap index tumbled 3.42%.

The market breadth was negative. On the BSE, 612 shares rose and 3234 shares fell. A total of 75 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, jumped 4.20% to 14.45.

Numbers to Tracks:

The yield on India`s 10-year benchmark federal paper added 0.04% to 7.174 as compared with previous close 7.171.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1500, compared with its close of 83.1825 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.08% to Rs 62,523.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.10% to 102.27.

The United States 10-year bond yield declined 1.53% to 3.898.

In the commodities market, Brent crude for February 2024 settlement rose 74 cents or 0.93% to $79.97 a barrel.

Global Market:

Most of the European stocks advanced. The UK Inflation fell sharply to 3.9% in November from 4.6% in October, lowest level in more than two years, the official data showed.

Most Asian stocks ended higher on Wednesday, with Japan stocks extending gains to another session after the country`s central bank left its ultra-loose monetary policy unchanged at its final meeting this year.

The People�s Bank of China held its one-year loan prime rate at 3.45%. The five-year benchmark loan rate was unchanged at 4.2%.

US stocks ended higher on Tuesday as the Federal Reserve�s recent dovish shift on rates lifted stocks.

Stocks in Spotlight:

HCL Technologies slumped 3.24%. The IT major informed that it faced a ransomware attack in an isolated cloud environment for one of its projects. However, the firm stated there has been no impact observed due to this incident on the overall HCL Tech network.

UPL slipped 4.38%. The firm stated that its board will meet on Friday (December 22) to consider a proposal of fund raising by issue of equity shares through appropriate permissible modes.

Bharat Petroleum Corporation (BPCL) declined 2.16%. The state-owned oil marketing firm said that its board has approved a proposal for setting up a polypropylene unit for the production of polypropylene at Kochi refinery, at a gross project cost of Rs 5,044 crore.

IndusInd Bank skid 0.65% and Nippon Life India Asset Management advanced 2.99%. IndusInd Bank is reportedly likely to sell up to 1.79 crore shares, or 2.86% equity, in Nippon Life India Asset Management via block deals. The floor price has been set at Rs 426.60 per share, as per reports.

Varun Beverages surged 7.04% after the company announced that it is set to acquire 100% stake in South Africa-based, The Beverage Company (BevCo) along with its wholly-owned subsidiaries for Rs 1,320 crore.

BGR Energy Systems drops 8% on receiving a default notice from Canara Bank, requiring immediately repayment of an aggregate amount of Rs 562.27 crore.

Deepak Nitrite (DNL) shed 3.24% while Petronet LNG fell 3.15%. DNL said that its wholly owned material subsidiary Deepak Phenotics (DPL) has approved the execution of binding term sheet with Petronet LNG (PLL) for offtake of propylene and hydrogen. The binding term sheet includes the offtake of 250 kilo tonnes per annum (KTPA) of propylene and 11 KTPA of hydrogen from Petronet Petrochemical project at Dahej, Gujarat for a period of 15 years from the date of the first supply of propylene and hydrogen from Petronet LNG to DPL.

Rail Vikas Nigam (RVNL) slipped 6.20%. The company`s joint venture, KRDCL-RVNL emerged as the lowest bidder (L-1) for the railway project worth Rs 123.36 crore.

IPO Updates:

The initial public offer (IPO) of Azad Engineering received bids for 3,33,80,844 shares as against 1,01,22,705 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (20 December 2023). The issue was subscribed 3.30 times.

The issue opened for bidding on Wednesday (20 December 2023) and it will close on Friday (22 December 2023). The price band of the IPO is fixed at Rs 499-524 per share. An investor can bid for a minimum of 28 equity shares and in multiples thereof.

The IPO of Happy Forgings received bids for 6,23,78,219 shares as against 2,99,77,052 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (20 December 2023). The issue was subscribed 7.46 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 808-850 per share. An investor can bid for a minimum of 17 equity shares and in multiples thereof.

The IPO of Credo Brands Marketing (MUFTI) received bids for 9,53,22,779 shares as against 1,37,44,472 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (20 December 2023). The issue was subscribed 6.94 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 266-280 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The IPO of RBZ Jewellers received bids for 5,63,65,650 shares as against 79,00,000 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (20 December 2023). The issue was subscribed 7.13 times.

The issue opened for bidding on Tuesday (19 December 2023) and it will close on Thursday (21 December 2023). The price band of the IPO is fixed at Rs 95-100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Motisons Jewellers` IPO received bids for 3,32,64,92,250 shares as against 2,08,71,000 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (20 December 2023). The issue was subscribed 159.38 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 52-55 per share. An investor can bid for a minimum of 250 equity shares and in multiples thereof.

The IPO of Suraj Estate Developers received bids for 12,86,32,088 shares as against 82,35,293 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (20 December 2023). The issue was subscribed 15.62 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 340-360 per share. An investor can bid for a minimum of 41 equity shares and in multiples thereof.

The IPO of Muthoot Microfin received bids for 28,06,50,450 shares as against 2,43,87,447 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (20 December 2023). The issue was subscribed 11.51 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 277-291 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

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