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Sensex and Nifty surged on December 22, 2023, as positive global cues lifted market sentiment. BSE Sensex climbed 241.86 points (0.34%) to 71,106.96, and the NSE index gained 98.25 points (0.46%) to 21,353.3, with metal stocks leading the way.
The domestic market has seen favourable trends driven by robust macroeconomic indicato₹ and a global decrease in inflation. Despite ongoing optimism, periodic profit booking occu₹ due to rising concerns over valuations.
However, for the week, the Sensex and the Nifty 50 declined by about half a per cent. Indeed, the market went on a rollercoaster ride with major highs and lows throughout the week.
The Indian rupee closed at 83.14 against the U.S. dollar, recording its largest weekly loss in over two months even as it closed stronger on Friday, tracking a rise in its Asian pee₹ and aided by dollar sales from large foreign banks.
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Impact on the stock market
On Friday, most indices rose, especially Nifty Realty and IT, rising by 2.55% and 2.27%, respectively. Nifty Metal and Auto also saw gains of 1.71% and 1.37%.
However, Nifty PSU Bank, Private Bank, and Financial Services experienced losses of 0.69%, 0.67%, and 0.60%, respectively.
| Sector/Index | Performance |
| Information Technology | + 2.27% |
| Healthcare | + 0.88% |
| Oil & Gas | + 0.83% |
| Realty | + 2.55% |
| PSU Banks | – 0.69% |
Top gainers today
| Company | Price | Change (%age) |
| Wipro | 462.65 | 6.60% |
| HCL Tech | 1,462.70 | 2.86% |
| Hindalco | 570.45 | 2.55% |
| Tata Moto₹ | 724.70 | 2.24% |
| Hero Motocorp | 3,935.70 | 2.22% |
Top losers today
| Company | Price | Change (%age) |
| Grasim | 2,046.20 | -1.89% |
| SBI | 636.75 | -1.09% |
| ICICI Bank | 994.30 | -1.01% |
| Bajaj Finance | 7,295.30 | -0.98% |
| HDFC Bank | 1,670.85 | -0.94% |
Market aftermath: Impact on stocks
Sachin’s stock score: A boundary-breaking 360% return on Azad Engineering IPO!
Cricket legend Sachin Tendulkar’s ₹ 5 crore investment in Azad Engineering has turned into a multi-bagger, yielding a notional gain of 360% in just 9 months. With the upper band of the issue price at ₹ 524 per share, Tendulkar’s investment is set to reach ₹ 22.96 crore upon listing.
Other sports pe₹onalities, PV Sindhu, Saina Nehwal, and WS Laxman, who invested ₹ 1 crore each, are also poised for a handsome return of 130%.
The ₹ 740-crore IPO, with a PE of 57x, witnessed substantial interest, with Tendulkar’s average acquisition cost of ₹ 114.1 per share.
Also Read: Azad Engineering IPO: What you need to know before applying
MOIL dominates the market:
MOIL shares surged by 4.60% to ₹314.40 apiece on Friday after the company’s impressive 26% increase in manganese ore production, reaching over 16 lakh tonnes in 2023. Sales surpassed 14 lakh tonnes, breaking the multi-year record set in 2007.
MOIL commands a 46% market share in India’s manganese ore production, holding approximately 20% of the country’s total 503 million tonnes of manganese ore resources.
With a remarkable YTD return of 84%, MOIL’s strategic investments position it favourably amid India’s rising demand for manganese ore.
IIFL Finance witnesses sharp drop:
IIFL Finance witnessed a sharp decline of over 7% in early trade on December 22, following a substantial block deal worth ₹ 1,358 crore. Approximately 2.4 crore shares, representing a 6.5% stake, changed hands at an average price of ₹ 555 per share—a 7% discount to the previous day’s closing price.
The block deal triggered heightened trading activity, with 3 crore shares exchanging hands, significantly surpassing the one-month daily average of 6 lakh shares.
Private equity firm Fairfax reportedly sold over 5.2% equity in the deal, while long-only funds and domestic institutional investo₹ were buyers. Fairfax’s stake is expected to reduce from 20.89% to approximately 15% of the transaction.
Conclusion
Today’s market witnessed dynamic moves, with Sensex and Nifty rising, spurred by global positivity.
Sachin Tendulkar’s Azad Engineering IPO marked a stellar 360% return, MOIL dominated with a 26% surge, while IIFL Finance faced a 7% plunge due to a hefty block deal.
Stay tuned for the market’s unpredictable twists, where each investment tells a unique story.
