NIFTY50 closes below 21,000, Sensex gains 100 points; Pharma stocks under pressure; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 11 December 2023. We’ll be back with our live coverage at 8:00 am on Tuesday.

The NIFTY Financial Services (0.0%) index closed flat today. PFC (+1.3%) and Chola Finance (+0.7%) were the top gainers, whereas Axis Bank (-1.4%) and ICICI Prudential Life (-0.9%) were the top losers.

The NIFTY Smallcap 100 index closed 0.8% higher. The NIFTY Midcap 100 Index also closed in green, up 0.7%.

The BANK NIFTY (+0.1%) index closed flat today. Weakness in Axis Bank (-1.4%), IDFC First Bank (-0.1%) and HDFC Bank (-0.1%) was a drag on the index.

India’s benchmark indices NIFTY50 (+0.10%) and Sensex (+0.1%) pared their initial gains and closed flat. Out of the NIFTY50 universe, 28 stocks advanced. On the sectoral front, Media (+1.3%) and PSU Bank (+1.2%) were the top gainers, while Pharma (-0.8%) and Oil & Gas (-0.1%) were the top losers.

• Long build up: Ultratech, Bharti Airtel, HCL Tech, Tata Steel and Adani Enterprises
• Short build up: Dr Reddy, BPCL, Hindustan Unilever, Maruti Suzuki and Eicher Motors

Shares of India’s second largest airline are up 9% today.

Reasons for the rally:

• The company plans to raise ₹1,000 crore to ₹1,500 crore, according to reports
• The NCLT dismissed a plea to initiating insolvency proceedings against Spicejet
• The company expects to announce its Q2 results soon

Shares of the power company are up 3%. This comes after Tata Power said that it is collaborating with Indian Oil Corporation to deploy 500 electric vehicle (EV) charging stations in major cities including Mumbai, Delhi and Bengaluru.