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What happened in the Indian stock market today (14-Dec-2023)?

Market Update Today 14-Dec-2023

This Thursday, the Indian markets provided a thrilling experience for investors, witnessing a remarkable surge in BSE Sensex by 929.60 points (1.34%), closing triumphantly at 70,514.20. 

Following suit, Nifty 50 displayed its prowess, gaining 256.35 points (1.23%) to conclude energetically at 21,182.70. 

Both benchmark indices achieved new all-time highs, propelled by a global rally triggered by the US Federal Reserve’s indication of the conclusion of its tightening cycle and the anticipation of a rate cut in March 2024.

Meanwhile, the Indian rupee, though putting up a strong fight, closed at 83.33 against the US dollar, with a modest 0.08% gain from the previous session’s close at 83.40. 

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Impact on the stock market

Nifty IT and Nifty Realty took the lead in sectoral index gains, surging by 3.50% and 3.88%, respectively.

Meanwhile, Nifty Bank, Nifty Auto, and Nifty Oil & Gas experienced moderate rises of 1% to 2%. Conversely, Nifty Media and Nifty Consumer Durable concluded in red.

Sector/IndexPerformance
Information Technology+ 3.49%
Healthcare+ 0.14%
Oil & Gas+ 1.15%
Real Estate+ 2.86%
Banks+ 1.15%

Top gainers today

CompanyPriceChange (%age)
Housing and Urban Development Corporation Ltd.111.35+ 11.74%
Steel Authority of India (SAIL) Ltd.110.95+ 7.45%
Sonata Software Ltd.776.30+ 7.29%
MphasiS Ltd.2601.00+ 7.22%
Info Edge (India) Ltd.5152.65+ 7.04%

Top losers today

CompanyPriceChange (%age)
Force India Ltd.770.65– 10.28%
Nippon Life India Asset Management Ltd.442.35– 3.76%
Max Financial Services Ltd.1018.30– 3.64%
Century Textiles & Industries Ltd.1243.55– 3.55%
Radico Khaitan Ltd.1644.70– 2.93%

Market aftermath: Impact on stocks

S&P Global Ratings downgrades Vedanta resources to ‘CC’ amid $4.5 billion debt worries

S&P Global Ratings has downgraded Vedanta Resources‘ rating from ‘CCC’ to ‘CC’ amid concerns over an estimated $4.5 billion debt maturing by March 2025, emphasising the heightened likelihood of a conventional default. 

The London-based parent company of Indian miner Vedanta faces restricted access to internal cash flow and external financing. This downgrade follows a series of rating downgrades since September, reflecting concerns about Vedanta Resources Limited’s substantial outstanding debt of $6.4 billion. 

Despite securing a $1.25 billion loan, the firm is grappling with repayment deadlines, including $1 billion bonds due in January and additional maturities in 2024 and 2025.

Senco Gold Shines: A Dazzling 145% surge from IPO debut

Senco Gold, a prominent player in India’s jewellery retail sector, has emerged as a star performer in the IPO surge of 2023. Debuting at ₹405.3 per share on July 14, a 28% premium over the ₹317 issue price, the stock has soared, hitting an all-time high of ₹823.25 per share. 

Also Read: 1853 to 2023: A case study on Indian railways, its birth and growth

Crude oil futures surge: 

Crude oil futures rallied on Thursday morning, buoyed by the US Federal Reserve’s hints at interest rate cuts in 2024. Additionally, official data from the US revealed a decline in crude oil inventories.

Today, February Brent oil futures stood at $74.49, reflecting a 0.31% increase. January crude oil futures on WTI were at $69.59, up by 0.17%. On the Multi Commodity Exchange (MCX), December crude oil futures traded at ₹5801, a 0.35% rise from the previous close, while January futures were at ₹5847, up by 0.39% from the previous close of ₹5824.

Conclusion

In a thrilling market spectacle, BSE Sensex and Nifty 50 stole the spotlight with impressive gains, leaving investors on a rollercoaster ride. Nifty IT and Nifty Realty led sectoral surges, while Senco Gold’s dazzling 145% premium post-IPO wowed investors.

Vedanta faced a credit downgrade, and crude oil futures surged on Fed hints. A day packed with financial highs and lows!

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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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