Markets plunges from lifetime high, DOMS Industries makes stellar debut & more

NIFTY50: 21,150 ▼ 302 (-1.4%)
SENSEX: 70,506 ▼ 930 (-1.3%)

• Benchmark indices gave up early gains to close lower
• In all, 46 of the NIFTY50 stocks closed in the red
• UK’s inflation rate slowed to 3.9% in November from 4.6% in the previous month and is at its lowest since September 2021.

All sectoral indices ended in the red with Media (-5.1%) and PSU Bank (-4.0%) leading the losses.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ Market nosedive in the last hour, Here is the reason

Benchmark indices, SENSEX and Nifty50 saw substantial fall today in the last few hours of trade. As per experts, this fall came amid profit booking at higher levels and the country’s sudden surge in Covid-19 cases. In the past 24 hours, 614 fresh infections have been recorded in India, which is the highest since May 2023. This made investors and traders nervous today, leading to market fall. The decline extended to the broader market as well, with the Nifty MIDCAP 100 index dropping 3.2% and the Nifty SMALLCAP 100 index falling 3.6%

⭐ Varun Beverages rises on new acquisition

The beverage maker hit a new 52-week high today after announcing the acquisition of South Africa-based The Beverage Company (Bevco) and its wholly-owned subsidiaries for ₹1,320 crore. Bevco is engaged in the manufacturing and distribution of non-alcoholic beverages. The acquisition will enable Varun Beverages to expand its global footprint in Africa.

⭐ Salasar Techno announces bonus issue

In a meeting on 20 December 2023, Salasar Techno Engineering's board approved the bonus shares issue in a 4:1 ratio. The company’s shareholders will get an additional four shares for every one share held. The bonus issue is subject to approval from shareholders and statutory authorities. Meanwhile, the shares of the company closed 2.4% lower.

⭐ Oil India scales new high amid cut in windfall tax

Shares of the oil and gas explorer closed 6.3% higher after hitting a 52-week high of ₹406 per share. This coincided with a rise in international crude prices, with Brent crude oil trading above $80 per barrel after rocket attacks on oil ships passing through the Red Sea. The rise in oil prices is positive for upstream oil producers like Oil India. Besides this, the government cutting down on windfall tax for domestically produced crude oil also drew investors' interest in the stock. 

⭐ Nazara Tech inks partnership with four gaming studio

India’s leading gaming and sports platform has partnered with four Indian game studios to promote the "Make in India" vision in the gaming sector. According to the agreement, Nazara Tech will invest in and publish multiple games these studios offer. This new initiative is part of Nazara's new publishing division, which aims to publish 20 games within the next 12 to 18 months. The company will invest between ₹1 to ₹3 crore per game. 

⭐ DOMS Industries & India Shelter Finance makes strong debut

DOMS Industries made a strong debut on the exchange, listing at a premium of over 77%. The stock opened at ₹1400 per share compared to the issue price of ₹790 per share. The IPO of a stationery and art products manufacturer was subscribed over 93 times. Meanwhile, India Shelter Finance Corporation listed at a premium of over 25% at ₹620 per share compared to the issue price of ₹493 per share.

IPO Corner

⭐The IPO of Happy Forgings was subscribed 7.4 times on Day 2. To know more and apply for the IPO, click here.

⭐The RBZ Jewellers was subscribed 7.1 times on the second day of the IPO subscription . To know more and apply for the IPO, click here.

⭐The IPO of Credo Brands Marketing was subscribed 6.9 times on Day 2 . To know more and apply for the IPO, click here.

⭐ The Muthoot Microfin IPO subscribed 11.5 times on the last day of subscription. The tentative listing date of the company is 26 December 2023.

⭐The IPO of Motisons Jewellers was subscribed 159.6 times on the last day of subscription. The tentative listing date of the company is 26 December 2023.

⭐ Meanwhile, the IPO of Suraj Estate received a subscription of 15.6 times on the last day of subscription. The tentative listing date of the company is 26 December 2023.

Learn with Upstox

What is a bonus issue?

In the stock market context, the bonus issue is when a company gives additional shares to its existing shareholders for free. For example, let's say you own 10 shares of a company, and the company announces a 1:1 bonus issue. This means you'll get one additional free share for every share you own. So, after the bonus issue, you'll have 20 shares instead of 10. However, the total value of your investment remains the same as the stock price drops proportionally after additional shares are issued

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