NIFTY50: 20,901 ▼ 36 (-0.1%)
SENSEX: 69,521 ▼ 132 (-0.1%)
- Benchmark indices snapped 7-day winning streak, but NIFTY50 holds 20,900 levels
- In all, 23 of the NIFTY50 stocks closed in the red
- China’s exports grew by 0.5% YoY to $291.9 billion in November 2023, compared to a 6.4% fall in the previous month.
Among the NIFTY sectoral indices, Media (+0.9%) and Pharma (+0.7%) are the top gainers, while FMCG (-0.9%) and Metal (-0.7%) are the top losers.
What's Up
| Top gainers | Today's change |
| Adani Ports | 1,044 ▲ 26 (+2.5%) |
| Power Grid | 5,644 ▲ 156 (+2.8%) |
| UltraTech Cement | 463 ▲ 11 (+2.5%) |
What's Down
| Top losers | Today's change |
| Bharti Airtel | 1,000 ▼ 24 (-2.3%) |
| HUL | 2,522 ▼ 45 (-1.7%) |
| Apollo Hospital | 5,457 ▼ 86 (-1.5%) |
Market Sentiment
| USD-INR | 83.37 ▲ 0.01 (+0.02%) |
| NIFTY MIDCAP 100 | 44,495 ▲ 262 (+0.5%) |
| NIFTY SMALLCAP 100 | 14,562 ▲ 54 (+0.3%) |
| India VIX | 12.67 ▼ 1.07 (-7.7%) |
Stock Buzz
⭐ Dr Reddy’s gains on collaboration for ALS drug
Dr Reddy's shares closed 0.8% higher today, after the company's subsidiary entered into a collaboration with Coya Therapeutics to develop and commercialise COYA 302. This drug is used in the treatment of Amyotrophic Lateral Sclerosis (ALS). According to the agreement, Dr. Reddy will make an upfront payment of $7.5 million to Coya Therapeutics, and further payments will be based on clinical trials and USFDA approvals. The collaboration grants Dr. Reddy rights to sell COYA 302 drug in the UK, US, Canada, the European Union.
⭐ Paytm nosedive on plans to curtail small loans business
Shares of the fintech player declined over 18% today after the company announced plans to scale down its small loans business and focus more on giving high-ticket loans to consumers and businesses. Experts say this could affect Paytm's near-term loan disbursement rate, given the tough competition in the high-ticket loan space. This segment is led by major banks and NBFCs. Also, recently the RBI directed banks and NBFCs to increase risk weight assigned to personal and credit card loans by 25%. This is expected to adversely impact Paytm's personal and postpaid (BNPL) loans business.
⭐ Sugar stocks tank on Govt's ethanol halt
Shares of sugar and ethanol manufacturers, including Balrampur Chini Mills (-6.7%), Dalmia Bharat Sugar (-0.04%), and Praj Industries (-5.9%) witnessed a fall today. This after tThe Department of Food and Public Distribution stated that oil marketing companies will no longer purchase ethanol made from sugarcane juice and B-heavy molasses. This move is aimed to curb shortage of sugar in the domestic market amid erratic monsoon, which impacted sugarcane production in India. Note here that several sugar companies rely on ethanol production to boost earnings.
⭐ IRCON shares fall 6% as OFS begins
IRCON International tumbled 6.2% today. This comes as the government is selling up to 8% stake in the engineering and construction company through an offer for sale (OFS) to raise ₹1,200 crore. The floor price has been set at ₹154 per share, at a discount of 10% to Wednesday's closing price. The OFS will remain open on 7th and 8th December.
⭐ ONGC dips as oil prices decline
Shares of the oil and gas production and exploration company closed 1.4% lower today. This comes at a time when oil prices were trading at a five-month low. Lower oil prices could dent oil companies’ profitability, according to experts. In the past five sessions, Brent crude oil prices have dropped over 11% amid concerns of oversupply and weak demand.
IPO Corner
⭐ The IPO of Doms Industries, the stationery and art products manufacturer, will be open for subscription between 13 and 15 December. The price band for the public issue is ₹750-790 per share. The company plans to raise ₹1,200 crore through this IPO.
Learn with Upstox
What is risk management?
Risk management is crucial in trading to identify, evaluate, and control potential threats to your capital. A trading plan, outlining goals, strategies, and risk tolerance, acts as a roadmap and helps in preventing impulsive decisions. It enhances consistency, reduces emotional bias, and ensures you don't risk more than what you can afford to lose. Key plan components include clear goals, defined risk tolerance, chosen strategies, calculated position sizing, entry and exit rules, and contingency plans for unexpected events. In a volatile market, these tools protect investments, limit losses, and improve long-term profitability.
Join the Upstox masterclass and trade like a pro!
All about Algorithmic Trading
Starts: 10 December to 14 December 2023
Time: 7:00 PM - 8:30 PM
Venue: Online
Cost: ₹1999 + GST
Seats are filling fast!