Sensex Today Ends 169 Points Lower | ITC & Tech Mahindra Top Losers | IRCTC Rallies 12%

Mon, 18 Dec Closing

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After opening the day on a negative note, the markets recovered slightly but was dragged due to selling pressure and ended the day in red.

Benchmark indices settled near the day's low level as investors booked profit after seven straight weekly gains.

At the closing bell, the BSE Sensex dipped by 169 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 38 points (down 0.2%).

Sun Pharma, Reliance, Bajaj Finance were among the top gainers today.

ITC, ICICI Bank and JSW Steel, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,463, up by 9 points, at the time of writing.

Border indices outperformed the benchmarks with the BSE MidCap index ended up by 0.3% while the BSE SmallCap index soared by 0.5%.

Sectoral indices ended on a mixed note with stocks in the telecom sector, pharma sector witnessing the most buying.

Whereas, realty sector, banking sector and IT sector witnessed the most selling.

Shares of HCL Tech, Wipro and TCS hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today. This should help you keep updated with the latest developments...

Asian share markets ended on a negative note. The Shanghai Composite ended 0.4% lower while the Nikkei ended 0.6% lower. The Hang Seng ended 1% lower.

The rupee is trading at 83.07 against the US$.

Gold prices for the latest contract on MCX are trading in red by 0.2% at Rs 62,053 per 10 grams.

Whereas, silver is trading in green by 2% at Rs 74,694 per 1 kg.

Speaking of the stock market, the entire bunch of PSU stocks has been the surprise package of 2023. The PSU index has outperformed the Sensex by almost 3x with lot of individual stocks doing even better.

But what next? Are their valuations running ahead of fundamentals or will the party continue in 2024?

Rahul Shah co-head of research at Equitymaster, answers all these question in below video.

Mazagon Dock Bags Another Project

In news from the defence sector, on Monday, 18 December 2023, the share of Mazagon Dock Shipbuilders saw a 2.4% gain in early trade. This rally came after the company announced a US$ 42 million contract with a European client.

Let's look at the details. In the regulatory filing, the company revealed the signing of a US$ 42 million (m) deal with a European client for the construction of three units of 7,500 Deadweight tonnage (DWT) multi-purpose hybrid powered vessels.

The shipbuilder had previously secured a Rs 11.5 billion (bn) order from ONGC for the Part Replacement of Pipeline Project (PRPP) on 10 December 2023.

The project involves installing approximately 44.4 km of subsea pipelines in 19 segments.

Due to such back to back orders, the stock is in a positive limelight and hence investors are optimistic about its future which is reflecting in the share price.

As of September 2023, the company's order book stood at Rs 375 bn.

The Chairman and Managing Director of Mazagon Dock Shipbuilders, Mr. Sanjeev Singhal is optimistic about the company's future and expects a 12-15% increase in topline over the financial year 2022-2023, as mentioned in a Q2FY24 analyst call.

The share price of Mazagon Dock has rallied about 7.5% in a month and 170% in 2023 so far.

Sugar Stocks Get Sweeter. Here's Why...

Moving on to news from sugar stocks, they have just added a bit of sweetness to investors' portfolios.

On Monday, 18 December 2023, sugar stocks surged up to 8% in early trade after the news came out that the food ministry is reversing the ban on the use of sugarcane juice for making ethanol.

The ministry has also allowed the use of both sugarcane juice and B-heavy molasses for ethanol production in the current supply year.

Due to this positive news, the share price of Balrampur Chini Mills, and Shree Renuka Sugars gained around 7.5%, while Dalmia Bharat Sugar soared by 6.5%.

Triveni Engineering and E I D Parry (India) rose around 5% each.

The initial downturn in sugar stocks was seen after Tuesday, 5 December 2023, stating that oil marketing companies would issue a revised allocation of sugarcane juice and B-heavy molasses-based ethanol for the 2023-2024 supply year to each distillery.

However, the recent reversal of the ban has led to a positive market response. The government's decision aims to address concerns related to erratic monsoons affecting sugarcane crops and extend export restrictions.

The Indian Sugar Mills Association (ISMA) had previously projected an 8% decline in sugar production for the 2023-2024 marketing year due to lower rainfall in key producing states and most sugar stocks plunged thereafter. A significant fall was seen in the share price of Balrampur Chini. Here's how the share performed.

Siemens Board Plans Spin-Off Energy Business

Moving on with news from the engineering sector.

On Monday, 18 December 2023, the share price of Siemens soared nearly 9% to a new all-time high. This rally came after the company announced plans to consider demerging its energy business into a separate entity.

The demerger, proposed by key promoters including Siemens Aktiengesellschaft and Siemens Energy Aktiengesellschaft, aims to explore and evaluate the separation of the energy business.

The board has authorised the incorporation of a wholly-owned subsidiary in Mumbai for the potential demerger.

The share price of Siemens has gaining over 15% in a month and over 46% in 2023 so far.

And 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!

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