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What happened in the Indian stock market today?
On December 7, 2023, India's financial landscape saw dynamic shifts. Read on to know!

market update today 07-Dec-2023

The Nifty 50 opened at 20,932.40 and closed at 20,901.15 (down 37 points, 0.17%). Simultaneously, the Sensex opened at 69,694.15 and closed at 69,521.69 (down 132 points, 0.19%).

The rupee depreciated by 4 paise, closing at 83.36 against the US dollar. This was influenced by a strong dollar and muted domestic equities. It opened at 83.36 and touched a low of 83.37.

The day’s market trends reflected a complex interplay of factors, with energy stocks and IT shares contributing to the market dynamics.

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Impact on the stock market

Sectorial performance

Sector/IndexPerformance
Information Technology+ 0.60%
Healthcare+ 0.62%
Oil & Gas– 0.13%
Real Estate+ 0.56%
Banks+ 0.32%

Top gainers today

CompanyPriceChange (%age)
Tata Power Company Ltd.325.80+ 10.75%
ITI Ltd.300.10+ 10.55%
KIOCL Ltd.342.15+ 9.99%
Adani Total Gas Ltd.1158.60+ 9.99%
MMTC Ltd.55.75+ 9.96%

Top losers today

CompanyPriceChange (%age)
TV18 Broadcast Ltd.52.30– 6.93%
Ircon International Ltd.160.75– 6.51%
EID Parry (India) Ltd.531.20– 5.99%
Future Consumer Ltd.0.80– 5.88%
Balrampur Chini Mills Ltd.408.60– 5.37%

Market aftermath: Impact on stocks

Tata Power: 

Tata Power Company Ltd surged by 10% to reach Rs 322.25, elevating its market capitalisation to Rs 1,01,787.54 crore, making it the sixth Tata group firm to cross the Rs 1 lakh crore mark. The stock witnessed a turnover of Rs 2,217 crore on NSE.

 The company aims for 2.8GW pumped storage plants by FY28, with an estimated capex of Rs 130 billion, contributing to a projected doubling of revenue, EBITDA, and PAT by FY27.

Ircon International:

Ircon International witnessed an over 8% decline in its share price on the first day of the two-day Offer for Sale (OFS). The government plans to divest up to 8% of its stake, with a floor price set at ₹154 per share. The company, which the government owns 73.18%, stands to raise approximately ₹1,159 crore by selling its 8% stake.

Ircon’s share price opened at ₹157.95 on the BSE, surging by 179% this year. The OFS, scheduled for December 7 and 8, is exclusive to non-retail investors on the first day, with an option for bid carry-forward.

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Paytm:

Paytm shares plunged 20%, triggering a lower circuit, reaching Rs 684.50, following its decision to curtail small-ticket loans and restructure the “Buy now, pay later” model to prioritise higher-ticket loans. This move garnered criticism as it is expected to impact over 50% of total disbursements. 

Nomura India reported a 40-50% reduction in monthly disbursements for Paytm’s small-ticket ‘postpaid’ loan product, comprising 55% of quarterly disbursements.

Network18 and TV18 broadcast announce merger, creating a unified platform for TV and digital news businesses

Network18 Media & Investments Ltd and TV18 Broadcast Ltd are set to merge under a scheme of arrangement, consolidating TV and digital news businesses into one platform-agnostic entity. 

The merged company will include TV18’s 20 news channels in 16 languages, CNBCTV18.com, Network18’s digital assets across 13 languages, Firstpost, and Moneycontrol. Viacom18, with JioCinema and 40 TV channels, will be a subsidiary. 

Conclusion

In the dynamic landscape of finance, your secret weapon lies in staying informed. In this ever-changing realm, market indices fluctuate, and stocks command attention. 

Today’s market journey witnessed triumphs and setbacks, from Tata Power’s remarkable success to Paytm’s strategic pivot, causing ripples. Adding the government’s IRCON stake sale and the Network18-TV18 merger to the narrative transforms it into a compelling financial story.

Stay updated, and confidently embrace the twists and turns of the financial rollercoaster!

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Hunny Meghani

A curious mind, a love for writing, and a passion for all things finance - that's me in a nutshell. Whether I'm exploring the latest stock market trends or diving into the nitty-gritty of personal finance, marketing, and AI. I'm always on the hunt for the next big story.

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