Nifty50: 17,324 ▼−143 (0.8%)
Sensex: 58,283 ▼▼−503 (0.8%)
- Despite opening on a firm note, markets erased initial gains and closed in the red.
- 35 stocks from the Nifty50 pack declined.
- Among the Nifty sectoral indices, only Nifty IT (+0.3%) closed in green.
- Whereas, Media (-1.8%) and Oil & Gas (-1.3%) were the top losers.
| Top gainers | Today's change |
| Axis Bank | ▲ 2.3% |
| Tech Mahindra | ▲ 2.2% |
| SBI Life | ▲ 1.5% |
| Top losers | Today's change |
| Bajaj Finance | ▼ 2.9% |
| Bajaj Finserv | ▼ 2.1% |
| Reliance | ▼ 1.9% |
For more updates on F&O, click here.
Here are the top stories of the day.
Minda Industries rises on EV joint venture
Gurugram based auto component maker has entered into a joint venture with Germany’s FRIWO AG to manufacture and supply electric vehicle components in the Indian subcontinent. Minda Industries will hold a majority stake of 50.1 %, and the JV has planned a capex of ₹390 crore for the next six years.
In a separate filing, the company said it will expand the capacity of its two-wheeler and four-wheeler alloy wheels plants with a capex of ₹264 crore. The new capacities will come onstream in the first half of 2023. Against this backdrop, shares of Minda Industries rose 12.5% intraday.
Sterlite Tech soars on 5G offering
Shares of the digital networks integrator surged 7.4% intraday as it unveiled its 5G portfolio at the Indian Mobile Congress 2021.
The company’s portfolio has over 630 patents and is building 5G architecture that provides wired and wireless connectivity. Amidst broader market weakness, shares of Sterlite Technologies pared its initial gains.This is the third time this year the stock has reversed from around 318 levels.
MapmyIndia receives bumper response
On day 3, the digital maps provider’s IPO was oversubscribed more than 150 times. Meanwhile, on day 2, the public issue of footwear retailer Metro Brands was subscribed more than 50%. Compared to this, India’s second largest pharmacy retailer MedPlus’ IPO saw higher interest and was subscribed around 67% on day 1.
The IPO party is expected to continue on D-Street this week. Three more IPOs - Data Patterns, HP Adhesive and Supriya Lifescience - are set to open for subscription this week. To apply and pre-apply for IPOs on Upstox, click here.
Closing bell
India’s retail inflation for November stood at 4.9%, much higher than 4.5% in October. However, the number remains within RBI’s comfort zone of 2%-6% and also below street expectations of 5.1%. Ahead of the inflation data release, the market took a U-turn and ended negative. The markets will now watch out for the US Fed's interest rate decision (later this week) and its view toward tapering of liquidity. Traders could expect a rise in volatility.
Good to know
What is a taper tantrum?
In May 2013, the US Federal Reserve announced that it would reduce its bond-buying programme and stop pumping money into the economy at some future date. This triggered a spike in bond yields. The US 10 year bond yields nearly doubled in 5 months, from a low of 1.6%. This episode earned the name of the taper tantrum.
Click here to join us on Telegram for trading and investment-related videos, daily market updates, details on upcoming IPOs and more.
We'd love your thoughts on this market recap.
Haven't tried out Upstox yet? Click here to open your account now!