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  5. SENSEX nosedives 1,000 pts, slips below 80K; NIFTY50 falls below 24,000 on Fed's 'cautious' approach; IT, metals crack

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SENSEX nosedives 1,000 pts, slips below 80K; NIFTY50 falls below 24,000 on Fed's 'cautious' approach; IT, metals crack

Upstox
By Upstox News Desk

3 min read | Updated on December 19, 2024, 09:43 IST

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SUMMARY

At 9:21 AM, the S&P BSE SENSEX was trading at 79,231.99, down 950 points, or 1.19%, while the broader NIFTY50 index of the NSE was trading at 23,921.35, down 277.5 points, or 1.15%.

Stock list

HINDUNILVR
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HINDALCO
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ASIANPAINT
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ITC
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The top losers of the index were Hindalco, Asian Paints, Wipro, Infosys, and Adani Enterprises.

The top losers of the index were Hindalco, Asian Paints, Wipro, Infosys, and Adani Enterprises.

Stock market crash: As anticipated, the domestic equity market opened with significant cuts on Thursday, December 19, mirroring the slide in US stocks as well as Asian peers after the Federal Reserve cut interest rates by 25 basis points (bps) but disappointed investors with projections that signaled a more cautious path of easing next year.
The Fed cut rates by 25 basis points to the 4.25%-4.50% range. Still, Federal Reserve Chair Jerome Powell said more reductions in borrowing costs now depend on further progress in lowering stubbornly high inflation, remarks that showed policymakers are starting to reckon with the prospects for sweeping economic changes under a Trump administration. Click here to read more

At 9:21 AM, the S&P BSE SENSEX was trading at 79,231.99, down 950 points, or 1.19%, while the broader NIFTY50 index of the NSE was trading at 23,921.35, down 277.5 points, or 1.15%.

45 out of 50 stocks on the NIFTY50 index were trading in the red and the remaining in the green.

The top losers of the index were Hindalco, Asian Paints, Wipro, Infosys, and Adani Enterprises.

The top gainers were Dr Reddy's, HUL, ITC, and Sun Pharma.

Stocks in news

Asian Paints: Shares were trading over 1.8% lower at ₹2,303.30 apiece on the BSE in the opening deals after the company on Wednesday announced the resignation of two senior management members. Shyam Swamy, Vice President of Home Improvement, Décor, Services & Retailing, and Vishu Goel, Associate Vice President of Retail Sales, Commercial & Marketing, resigned on December 17, 2024.
DOMS Industries: The stock was trading over 3.7% lower at ₹2,940.05 on the BSE after Italian stationery maker FILA said it had initiated the sale of up to 4.57% of shares in its Indian unit DOMS.

The stake sale is being conducted through an accelerated book building (ABB) process starting on Wednesday, offering up to 2,773,407 ordinary shares in the Indian firm, FILA said.

"The placement is aimed at increasing the free float of the company, improving the liquidity of its shares, and attracting new investors to the share capital," FILA said in a statement.

Broader Market

Selling was intense in the broader market as well. The BSE SmallCap index was trading at 55,873.36, down 623 points, or 1.10%, while the BSE MidCap index was trading at 47,019.36, down 505 points, or 1.06%.

Sector Watch

All the sectoral indices were trading deep in the red. The BSE METAL index was trading at 29,912.06, down 527.54 points, or 1.73%.

The BSE IT index was trading at 44,665.44, down 577.54 points, or 1.28%.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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