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On December 21, 2023, Sensex rebounded by 0.51% after early losses, rising 358.79 points to 70,865.10, and Nifty gained 0.5%, adding 104.90 points to settle at 21,255.05. The recovery was fueled by a bounce-back in the energy and financial sectors, following profit bookings from record highs and a slowdown in the global market rally.
Meanwhile, the rupee depreciated by 9 paise, settling at 83.27 against the US dollar. The decline was attributed to foreign fund withdrawals amid concerns over global trade disruptions through the Red Sea route.
Despite positive sentiment in domestic equities and a weak US dollar, the rupee faced pressure due to volatile crude oil prices, according to forex analysts.
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Impact on the stock market
In a positive market session, all sectoral indices posted robust gains, led by Nifty Media (2.49%), Oil & Gas (1.73%), and PSU Bank (1.64%).
Other notable performers included Nifty Realty (0.92%), Consumer Durables (0.88%), and Healthcare (0.80%).
| Sector/Index | Performance |
| Information Technology | + 0.30% |
| Healthcare | + 0.80% |
| Oil & Gas | + 1.73% |
| Realty | + 0.92% |
| PSU Banks | + 1.64% |
Top gainers today
| Company | Price | Change (%age) |
| BPCL | 449.55 | + 2.30% |
| Power Grid Corp | 232.35 | + 2.29% |
| Britannia | 5,059.60 | + 2.11% |
| HDFC Bank | 1,686.70 | + 1.79% |
| Hindalco | 556.25 | + 1.47% |
Top losers today
| Company | Price | Change (%age) |
| Bajaj Auto | 6,246.35 | -1.86% |
| Bajaj Finance | 7,367.15 | -1.69% |
| Axis Bank | 1,095.40 | -1.34% |
| HCL Tech | 1,422.05 | -1.24% |
| Cipla | 1,221.85 | -1.16% |
Market aftermath: Impact on stocks
INOX India’s spectacular IPO debut:
INOX India, specialising in cryogenic tank manufacturing, marked a stellar debut on the BSE, listing 41% above its issue price. The shares opened at ₹933, surpassing the issue price of ₹660, and peaked at ₹978.
The IPO, worth ₹1,459.32 crore, witnessed a robust subscription of 61.28 times on the final day. INOX India had raised ₹438 crore from anchor investors, with 66.33 lakh equity shares allocated to 41 funds at ₹660 each.
Notable investors included Abu Dhabi Investment Authority, Nomura, Goldman Sachs, and leading mutual funds. ICICI Securities and Axis Capital managed the IPO.
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IRCTC rockets 8% on expansion plans:
IRCTC shares surged 8% on December 21, reaching Rs 855.25 on NSE, propelled by plans for a major expansion in non-railway catering.
The stock’s rally, up 11% in a week, follows the company’s announcement of diversification beyond railways. With a year-to-date gain of 33%, IRCTC outshines Nifty 50’s 15% rise.
IRCTC’s catering services span various ministries, with 15 more catering units set to be commissioned nationwide, reinforcing its growth trajectory.
Crude oil futures decline
Crude oil futures faced a downturn on Thursday morning, influenced by a surge in US crude oil inventories and increased domestic production for the week ending December 15.
As of today, February Brent oil futures dipped to $79.38, marking a 0.40% decrease, while February crude oil futures on WTI were at $73.90, down by 0.43%.
On the Multi Commodity Exchange (MCX), January crude oil futures traded at ₹6163, reflecting a 0.18% decline, and February futures at ₹6195, down by 0.11% from the previous close.
Conclusion
Sensex and Nifty showed resilience in the stock market by returning from early dips. IRCTC and INOX India added their beats, with IRCTC expanding its catering empire and INOX India orchestrating a spectacular 41% debut.
Meanwhile, crude oil futures faced a temporary blues. The market, a true performer, keeps us on our toes with twists and turns.
