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What happened in the Indian stock market today?
On December 19, Indian equity benchmarks reached new highs in a volatile session, recovering from initial losses.

Market Update Today 19-Dec-2023

The Sensex closed at 71,437.19, up 122.10 points (0.17%), while the Nifty ended at 21,453.10, gaining 34.40 points (0.16%).

Although the market initially traded in the red, mid-session buying helped it rebound, setting new high records with the Sensex touching 71,623.71 and the Nifty hitting 21,505.05. The positive momentum was attributed to global trends, Reliance Industries’ buying, and supportive international cues.

The rupee dipped 3 paise against the US dollar to 83.13 in early trade, influenced by firm crude oil prices and foreign fund outflows, but found support amid a weaker dollar and positive equity sentiment.

Impact on the stock market

The Nifty FMCG index showed the highest gain of 1.41%, making it the top performer among sectoral indices. Other sectors that performed well include Nifty Consumer Durables (up 0.82%), Oil & Gas (up 0.80%), and PSU Bank (up 0.79%).

On the other hand, Nifty IT (down 0.95%), Auto (down 0.75%), Media (down 0.74%), and Metal (down 0.67%) were the top losers among sectoral indices. 

Sector/IndexPerformance
Information Technology– 0.95%
Healthcare+ 0.19%
Oil & Gas+ 0.80%
Realty– 0.53%
PSU Banks+ 0.79%

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Top gainers today

CompanyPriceChange (%age)
Coal India366.95+ 5.55%
Nestle25,489.70+ 4.66%
NTPC309.65+ 2.13%
TATA Cons. Prod966.15+ 1.73%
Cipla1,237.10+ 1.67%

Top losers today

CompanyPriceChange (%age)
Adani Ports1,074.00-1.86%
Hero Motocorp3,821.85-1.75%
SBI Life Insurance1,424.55-1.55%
Wipro438.70-1.47%
Adani Enterprises2,941.25-1.32%

Market aftermath: Impact on stocks

Sun Pharma Ventures: Acquires 16.7% stake in Lyndra for $30 million

Sun Pharmaceuticals Ltd. is set to acquire a 16.7% stake in Lyndra Therapeutics Inc. for $30 million, marking a strategic investment in the Massachusetts-based company focused on long-acting oral therapies.

Lyndra, with a 2022 turnover of $10.7 million, has rapidly advanced its drug delivery platform, securing $260 million in total funding. The acquisition provides Sun Pharma access to innovative pharmaceutical delivery technologies, amplifying its growth trajectory. 

Apollo Tyres hits record high with 7% surge in block deal

Apollo Tyres surged 7% to a new all-time high of ₹485 per share after a block deal involving 2.61 crore shares on Tuesday. The buyers and sellers in the deal remain undisclosed. 

Earlier reports suggested a 3% stake sale by foreign portfolio investor Warburg Pincus, with a floor price of ₹440 per share. Apollo Tyres has shown robust performance, yielding a 43.68% return this year and positive returns in six of the last 10 months. Over the past decade, the stock has delivered an outstanding 425% return.

Also read: The economics behind the fun Indian toy industry

Crude oil futures surge 

Crude oil futures rose on Tuesday as concerns over supply disruptions surfaced following Red Sea attacks by Houthi militants. On Tuesday, February Brent oil futures stood at $78.10, marking a 0.19% increase, while February WTI futures were at $72.84, up by 0.03%. 

On the Multi Commodity Exchange (MCX), January crude oil futures traded at ₹6081, down 0.91% from the previous close, and February futures at ₹6119, down 0.71% from the earlier close, reflecting early trading hours on Tuesday.

Conclusion

In today’s market, Indian indices surged to new highs, with the Sensex closing at 71,437.19 and the Nifty at 21,453.10, boosted by global trends and Reliance Industries’ activity. 

The rupee dipped to 83.13 against the dollar. In other news, Sun Pharma’s Lyndra investment and Apollo Tyres’ record high block deal highlighted bullish market moves, while crude oil futures reacted to supply concerns.

Stay tuned for more updates on StockGro to get comprehensive market overviews!

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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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