BSE Sensex stood at 85,102.69, falling by 609.68 points or 0.71%, while NSE Nifty50 closed at 25,960.55, down by 225.90 points or 0.86%.
The broader market followed the same trend, with Nifty Midcap 100 falling 1.83% and Nifty SmallCap 100 losing 2.6%.
You may also like: LTI Mindtree Ltd. stock analysis & expert insights in detail
Impact on the stock market
Sector-wise performance
The losses were spread across the market, with sectoral indices all ending in the red. The Nifty Realty index led the decline, dropping by 3.5%. Other sectors like Nifty PSU Bank and Nifty Media also lost ground, both falling over 2%. The Nifty IT index witnessed the least fall, down just 0.29%.
| Sector/Index | Performance |
| IT & BPM sector | -0.40% |
| Healthcare sector | -1.42% |
| Oil & Gas sector | -0.83% |
| Real estate sector | -3.53% |
| PSU Bank in India | -2.81% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Tech Mahindra | 1,591.80 | 1.34% |
| Wipro | 261.38 | 0.57% |
| HCL Tech | 1,688.60 | 0.33% |
| Reliance | 1,543.00 | 0.16% |
| Tech Mahindra | 1,591.80 | 1.34% |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Interglobe Avi | 4,923.50 | -8.32% |
| Bharat Elec | 386.40 | -5.04% |
| JSW Steel | 1,119.10 | -3.71% |
| Nestle | 1,214.80 | -2.57% |
| Eternal | 285.25 | -2.45% |
Market aftermath: Impact on stocks
SpiceJet’s surge amid IndiGo’s crisis
SpiceJet shares soared by 14% today, marking a 17% rise over the last two days. This sharp rally came as IndiGo faced widespread disruptions, with more than 2,000 flight cancellations. This led to chaos at major airports, further damaging the reputation of the airline. SpiceJet, on the other hand, is capitalizing on this crisis, planning to double its fleet by the end of 2025. The airline plans to bring up to eight grounded Boeing aircraft back into service by April 2026, and this expansion is expected to boost operational capacity.
Despite the strong gains in the short term, SpiceJet’s stock has still fallen by over 23% in the past six months and over 41% this year, showing how volatile the airline sector remains.
Copper hits record highs
Copper prices surged to a record high of $11,771 per ton, marking a 1.3% increase. This rally was driven by two main factors: China’s proactive fiscal policy and US stockpiling in anticipation of supply shortages. With China focusing on domestic growth and key sectors like power grids and computing, copper is benefiting from increased demand. Additionally, there have been concerns about supply shortages, with several mine outages exacerbating the global shortage of copper.
Experts predict that the global supply of refined copper could see a shortfall of 450,000 tons by 2026, with copper prices expected to remain elevated. The surge in copper prices is closely tied to its essential role in electrification and energy transition projects.
Lenskart faces drop after lock-in period ends
Shares of Lenskart fell by 3% on December 8 after the expiration of its one-month lock-in period for shareholders. The stock, which had been relatively stable since its listing, dropped to ₹403.20. This price dip comes after 4.07 crore shares, or around 2% of the company’s stake, became available for trading. However, it’s important to note that the end of the lock-in period does not necessarily mean all shares will be offloaded immediately.
Since the IPO, Lenskart’s stock has made marginal gains, but the recent drop highlights the typical pressure faced by newly-listed stocks after the lock-in period ends.
Crude oil prices edge up
Crude oil futures were higher on Monday morning, with Brent crude at $63.86 and WTI at $60.23, both up by around 0.2%. The rally was largely driven by expectations that the US Federal Reserve may cut interest rates by 25 basis points during its upcoming meeting. A potential rate cut could spur economic activity in the US, leading to a higher demand for oil.
On the geopolitical front, tensions between Russia and Ukraine continued to influence oil prices. Ukraine’s attacks on Russian oil infrastructure have supported oil prices as fears of disrupted supply persist. The outcome of US-Russia talks could further impact global oil supply dynamics.
In India, Brent crude futures on the MCX rose slightly to ₹5,435 for December, marking a 0.15% increase.
Conclusion
Today’s performance on the Indian stock market was marked by steep losses for Sensex and Nifty, driven by a lack of domestic triggers and broader market concerns. Despite the general downtrend, stocks like SpiceJet soared as they capitalized on IndiGo’s operational issues. On the commodities front, copper reached record highs amid bullish market sentiment, while crude oil prices saw a modest rise, fueled by expectations of a rate cut in the US and ongoing geopolitical concerns.
In the midst of all this, Lenskart faced pressure after its lock-in period ended, highlighting the typical volatility in newly-listed stocks.
The market remains volatile, and investors should stay alert for any major developments in both the aviation sector and the commodities market. It will be interesting to see if SpiceJet’s gains are sustained, or if IndiGo’s crisis worsens. As always, keep an eye on market signals and consider diversifying your investments to navigate these unpredictable times.
For more stock market insights, check out the StockGro blog.
