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What happened in the Indian stock market today?

On December 8, 2023, India's financial landscape saw dynamic shifts. Read on to know!

market update today

The stock markets witnessed a surge to new peaks as the Reserve Bank of India (RBI) upgraded its growth forecast for the fiscal year and maintained policy rates. Following the policy announcement, the Nifty 50 breached the 21,000 mark for the first time and hit its all-time high of 21,006.10 during the session, which was the biggest weekly gain since July 2022. 

The BSE Sensex also hit a record high of 69,825.60, rising by 303.91 points, while the Nifty closed at 20,969.40.

The rupee faced a marginal setback, slipping 2 paise to close at 83.38 against the US dollar. This decline was attributed to a stronger dollar in international markets and a rebound in crude oil prices, impacting investor sentiment.

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Impact on the stock market

Sectorial performance

Information Technology+ 1.61%
Healthcare– 1.02%
Oil & Gas– 0.72%
Real Estate+ 0.48%
Banks+ 0.08%

Top gainers today

CompanyPriceChange (%age)
GMR Airports Infrastructure Ltd.68.9011.66%
KIOCL Ltd.376.359.99%
Indiabulls Real Estate Ltd.89.909.56%
Infibeam Avenues Ltd.22.059.15%
Sobha Ltd.1031.906.69%

Top losers today

CompanyPriceChange (%age)
TV18 Broadcast Ltd.49.25-5.83%
Adani Energy Solutions Ltd.1131.50-5.60%
Adani Power Ltd.533.80-5.08%
Adani Green Energy Ltd.1550.30-4.54%
Metro Brands Ltd.1294.60-3.94%

Market aftermath: Impact on stocks

GeeCee Ventures: merger meltdown

The stock market took a dramatic turn when GeeCee Ventures Limited announced the decline of its proposed Fast Track Merger with GeeCee Fincap Limited. The merger dreams were shattered, and the market responded with a 0.82% dip in GeeCee Ventures’ stock, now priced at Rs 211.30.

RBI’s comfortable tone

In a plot twist that surprised no one, the RBI decided to maintain the repo rate at 6.5%. Lead Economist, Ms Madhavi Arora, from Emkay Global Financial Services, characterised the MPC meeting as a comfortable narrative, with global factors, system liquidity, and easing core inflation playing crucial roles.

The RBI’s foresight painted a picture of comfort, but the script hinted at possible liquidity tightening by March.

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Crude oil rollercoaster:

Crude oil prices, currently standing at $70.30, staged a recovery driven by technical-related buying. However, they remain on course for a weekly loss exceeding 5%. This downturn is attributed to signs of growing global supplies and weakening demand. 

The bearish sentiment is accentuated by a substantial rise in U.S. gasoline inventories and data revealing near-record crude exports. In the economic arena, upcoming key releases include German Final CPI m/m within the EuroZone, along with Average Hourly Earnings m/m, Non-Farm Employment Change, and Unemployment Rate data from the U.S. Zone.


The markets, like seasoned actors, seemed poised for a range-bound performance in the coming days. With a comfortable liquidity backdrop and a neutral policy outcome, the stage is set for a year-end finale. 

However, the MPC’s insistence on an actively disinflationary policy while supporting growth keeps the plot thickening.

In this financial theatre, where every move is strategic and every word carries weight, the stock market drama continues.

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