Sensex Tanks 889 Points, Nifty Dives Below 17,000; IT Stocks Outshine

Fri, 17 Dec Closing

   Previous Close   

   SGX Nifty   

   10:30 am   

Indian share markets extended losses today, after a day's gap, following a market-wide sell-off and ended lower.

Benchmark indices fell over a percent each with investors keeping a wary eye on the impact of omicron.

The backdrop has investors questioning whether global stocks are due for a rougher patch after almost doubling from pandemic low.

At the closing bell, the BSE Sensex stood lower by 889 points (down 1.5%).

Meanwhile, the NSE Nifty closed lower by 263 points (down 1.5%).

Wipro and Infosys were among the top gainers today.

IndusInd Bank and Tata Motors, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,017, down by 300 points, at the time of writing.

The BSE Mid Cap index ended down by 2.4% while the BSE Small Cap index ended lower by 2.1%.

Barring the software sector, all sectoral indices ended on a negative note with stocks from the real estate sector and banking sector witnessing most of the selling pressure.

Shares of Persistent Systems and Tech Mahindra hit their respective 52-week highs today.

Asian stock markets ended on a positive note today.

The Hang Seng and the Shanghai Composite both ended down by 1.2%. The Nikkei ended down by 1.8% in today's session.

US stock futures are trading on a negative note today with the Dow Futures trading down by 19 points.

The rupee is trading at 76.08 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 48,707 per 10 grams.

In news from the software sector, Wipro was among the top buzzing stocks today.

Global information technology company Wipro announced that it signed an agreement to acquire US-based LeanSwift Solutions.

The acquisition is in line with Wipro's strategy to invest and expand its cloud transformation business through Wipro FullStride Cloud Services.

The acquisition is subject to customary closing conditions and is expected to close before the end of the quarter ending 31 March 2022.

With its capabilities in both consulting and implementation space, LeanSwift will establish Wipro's position in cloud services.

The combined entity will enable Wipro in key transformation deals, especially in the manufacturing and distribution industry.

LeanSwift has development offices across the US, Sweden and India with clients spanning across manufacturing, distribution, chemicals, fashion, and food & beverages.

Headquartered in Florida, LeanSwift offers services in ERP, e-commerce, digital transformation, supply chain, warehouse management systems, business intelligence and integrations.

Wipro share price ended the day up by 3.8% on the BSE.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani, talks about how you can gain from the rally in the US dollar, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the power sector...

Government Rolls Back Proposals In Draft Electricity Bill, 2020

The Central government has decided to roll back several proposals introduced in the draft Electricity Bill, 2020. The Bill will no longer have a provision on abolition of electricity subsidies.

This would impact the Centre's commitment to introduce Direct Benefit Transfer (DBT) in the electricity sector.

In the latest round of changes in the Bill, the proposal of DBT has been dropped too.

The Centre, which is pushing reforms in the power distribution segment, had proposed to remove the term 'subsidy' in the first draft of the over-arching Electricity Bill last year.

It had instead proposed DBT in electricity, like in LPG.

Many states have been critical of the move to end subsidised power rates. Even farmer bodies, during their recent agitation, had come down heavily on the proposal.

While a large number of states provide subsidy on electricity bills to agriculture consumers, some offer it to a select set of users or like in the case of Delhi, up to a certain amount of electricity consumption.

First made public in April 2020, the Bill is yet to get the Union Cabinet's approval.

In February, the Centre had amended the Bill abolishing the concept of power "distribution licence", thereby opening doors for any company to supply electricity to an area, after necessary regulatory approval.

It also seeks to allow two or more discoms to register and distribute electricity in the same areas.

We will keep you posted on more updates from this space. Stay tuned.

Speaking of the power sector, it's interesting to note the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below.

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, India's power sector is currently in transition. It's driven by increasing reliance on short-term contracts and electricity spot markets.

This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers