The Sensex fell by 528.28 points or 0.68%, closing at 77,620.21. The index oscillated between a high of 78,206.21 and a low of 77,542.92 throughout the day.
Nifty50 dropped 162.45 points or 0.69% to end at 23,526.50 after hitting a high of 23,689.50 and a low of 23,503.05.
The Nifty Smallcap100 declined by 0.93%, while the Nifty Midcap100 shed 1.35%.
Impact on the stock market
Most sectoral indices closed in the negative, amplifying the bearish sentiment:
- The Nifty Realty index took the hardest hit, declining by 2.73%, as the real estate sector faced selling pressure.
- Indices like IT, PSU Banks, financial services, and consumer durables also fell by over 1% each.
- The only bright spot was the Nifty FMCG index, which bucked the trend to close in the green, supported by gains in consumer-focused stocks.
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| Sector/Index | Performance |
| IT & BPM sector | -1.16% |
| Healthcare sector | -0.41% |
| Oil & Gas sector | -1.94% |
| Real estate sector | -2.73% |
| PSU Bank in India | -1.26% |
Top gainers today
| Company | Price | Change % |
| Bajaj Auto Share Price | 8,835.85 | +2.24 |
| Nestle Share Price | 2,256.05 | +1.63 |
| HUL Share Price | 2,435.40 | +1.43 |
| Britannia Share Price | 4,926.30 | +1.37 |
| M&M Share Price | 3,126.50 | +1.31 |
Top losers today
| Company | Price | Change % |
| Shriram Finance Share Price | 2,809.85 | -3.07 |
| ONGC Share Price | 263.18 | -3.00 |
| BPCL Share Price | 280.00 | -2.37 |
| Coal India Share Price | 372.20 | -2.14 |
| Tata Steel Share Price | 129.93 | -2.04 |
Market aftermath: Impact on stocks
GTPL Hathway stock soars ahead of Q3 results
GTPL Hathway emerged as a standout performer, with its shares surging 17% in anticipation of the company’s Q3 earnings announcement.
- Despite a 61.8% YoY decline in net profit to ₹13.7 crore in Q2, the company managed to report 9.8% YoY revenue growth to ₹856 crore, driven by subscriber base expansion.
- GTPL Hathway’s growing active subscriber base of 9.5 million and focus on hybrid cable-OTT services bolstered investor confidence.
Richa Info Systems gains 5% on strategic agreement
Shares of Richa Info Systems Ltd gained 5%, closing at ₹80.85, following the company’s announcement of a ₹100 crore Supply and Services Agreement with Roopyaa Tradebizz Limited.
- The agreement involves providing television technologies and associated services, marking a significant milestone in Richa Info Systems’ growth strategy.
- The deal is expected to be implemented within six months and significantly contribute to the company’s revenue trajectory.
Bajaj Auto rebounds after CLSA upgrade
Bajaj Auto climbed 2%, driven by an ‘outperform’ rating from CLSA following a recent correction in the stock.
- CLSA upgraded its stance from ‘underperform’ and set a price target of ₹9,493, reflecting a potential upside of 10%.
- The brokerage highlighted Bajaj Auto’s growth prospects in the electric two-wheeler segment as a key driver.
- Trading at ₹8,786.25, the stock was among the top three gainers on the Nifty50 index, indicating renewed investor interest.
Crude oil trends: Inventory rise weighs on prices
Crude oil prices faced downward pressure as the US Energy Information Administration (EIA) reported an increase in petroleum product inventories for the eighth consecutive week.
- On the MCX, January crude oil futures were trading at ₹6,298, down 0.14% from the previous close.
- Similarly, Brent crude oil futures for March traded at $76.05, and WTI crude oil futures for February stood at $73.20, both recording marginal declines.
The increase in gasoline and distillate fuel inventories by 6.3 million barrels and 6.1 million barrels, respectively, signaled softer demand in the US, one of the world’s largest oil consumers.
Meanwhile, US commercial crude oil inventories declined by 1 million barrels for the week, but this was insufficient to offset the bearish sentiment driven by product builds.
Conclusion
The 16th December 2024 trading session in the Indian stock market showcased a mixed bag of performances. While indices like the Sensex and Nifty struggled amid sectoral sell-offs, individual stocks such as GTPL Hathway, Richa Info Systems, and Bajaj Auto offered pockets of optimism.
Crude oil trends added a global macroeconomic perspective, reflecting demand concerns in major markets like the US. Investors should keep an eye on sectoral trends and global cues for cues on market direction in the coming days.
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