What happened in the Indian stock market today?

In a nail-biting spectacle on December 11, 2023,. the BSE Sensex grabbed everyone’s attention by confidently crossing the 70,000 mark, spreading joy in the market.

However, the celebration was short-lived as profit booking swiftly took centre stage. At the closing bell, the BSE Sensex eked out a modest gain of 102.93 points, a mere 0.15%, reaching 69,928.53. 

In a session full of ups and downs, the benchmark indices wrapped up positively, with the Nifty around 21,000. As the session concluded, Nifty gained 27.70 points, or 0.13%, reaching 20,997.10.

Amidst this, the Indian rupee remained resilient on Monday, standing firm and settling just 1 paisa lower at 83.39 against the formidable US dollar. Adopting a cautious stance, investors found themselves in a suspenseful pause, anticipating the forthcoming spectacle of the US Federal Reserve’s monetary policy decision later in the week.

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Impact on the stock market

In the sectoral landscape, Nifty Pharma (- 0.76 %) and Nifty Healthcare (- 0.65 %) found themselves at the bottom among the sectoral indices.

On the flip side, Nifty PSU Bank (+ 1.36 %), Media (+ 1.28 %), Metal (+ 1.04 %), and Realty (+ 0.85 %) enjoyed significant gains.

Nifty Bank closed slightly higher, up by 0.11 %.

Top gainers today

Top losers today

Market aftermath: Impact on stocks

IREDA’s meteoric rise 

IREDA’s shares surged over 19.97% to reach ₹85 per share on the NSE, marking a remarkable 166% rise since its IPO at ₹32 per share on November 29. With an impressive total turnover of 210.51 million equity shares and outstanding buy orders for 18.31 million shares on both NSE and BSE, the stock’s recent rally of 32% has caught investors’ attention. 

Analysts suggest a long-term investment approach, anticipating further growth, supported by IREDA’s strategic retail division and government initiatives in the renewable energy sector.

Also Read: The role of the energy sector in powering India’s growth.

Dr Reddy’s Laboratories 

Dr Reddy’s Laboratories witnessed a nearly 7% drop in shares on Monday after the US Food and Drug Administration (USFDA) issued three observations for its Telangana plant. The inspections, conducted from October 19 to October 27, 2023, resulted in the issuance of Form 483, citing issues ranging from unclean equipment to unexplained discrepancies. 

The stock hit a day’s low of ₹5,371.75, marking a 6.7% decline. Dr Reddy’s Bachupally unit, affected by the observations, contributes 30% of the company’s total US revenue and manufactures significant products like Ciprodex, Nexium, Valcyote, and Toprol generic.

Also Read: The pharmaceutical industry in India and its contribution to the world

Crude oil

Crude oil futures saw an uptick on Monday, propelled by the US Energy Department’s move to replenish strategic reserves. As of today, February Brent oil futures stood at $76.30, marking a 0.61% increase. Simultaneously, January crude oil futures on WTI rose by 0.52% to $71.60. 

On the Multi Commodity Exchange (MCX), December crude oil futures traded at ₹5981, a 0.78% increase from the previous close, while January futures were at ₹6018, reflecting a 0.72% rise from the previous day’s close.

In Conclusion

In the riveting drama of the stock market, Monday’s performance unfolded with its share of highs and lows. 

The Fed Meeting anticipation, corporate triumphs and challenges, and sector-specific spotlights painted a canvas of uncertainty and excitement. 

As investors eagerly await the next market act, the plot thickens, leaving us on the edge of our seats, wondering what twists and turns tomorrow’s script will unveil.