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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News December 21, 2023
Gift Nifty Down 73 Points | Nazara Technologies Partners 4 Gaming Studios | Blackstone Exits Embassy REIT | Top Buzzing Stocks Today Thu, 21 Dec Pre-Open
On Wednesday, after a gap up opening, the markets experienced heavy sell off from all time high levels and ended the day in deep red.
Indian benchmark indices ended lower after traders chose to book profits amid concerns over valuation and overbought signals.
In percentage terms, Wednesday's decline in Nifty was the biggest single-day loss since 26 October 2023. In the last one month alone, the index is up over 1,400 points or about 7.2% with November turning out to be the best month for Nifty in 2023.
At the closing bell, the BSE Sensex dipped by 930 points (down 1.3%).
Meanwhile, the NSE Nifty closed lower by 302 points (down 1.4%).
From Sensex only ONGC and Britannia were the top gainers on Wednesday.
Zee Entertainment, Adani Ports and GAIL, on the other hand, were among the top losers on Wednesday.
Border indices ended on a negative note with the BSE MidCap index down by 3.1% while the BSE SmallCap index slipped by 3.4%.
All sectoral indices ended in red with stocks in the Power sector, Telecom sector, Energy sector and Pharma sector witnessing most of the selling.
Shares of Nestle, Ultratech Cement and Grasim hit their respective 52-week highs on Wednesday.
The rupee was trading at 83.18 against the US$.
Gold prices for the latest contract on MCX are trading in green by 0.1% at Rs 62,550 per 10 grams at the time of Indian markets closing on Wednesday.
At 8:00 AM today, the Gift Nifty was trading down by 73 points or 0.4% lower at 21,143 levels.
Indian share markets are headed for negative opening today following the trend on Gift Nifty.
Speaking of the stock market, in as many as 92 years, only 4% of all listed equities in the US accounted for all the wealth created there.
Now since we are referring to the American stock markets, we cannot blame the underperformance of 96% stocks on the lack of maturity of the markets.
Nor can we attribute any economic or geopolitical risk as the cause. This is because the performance has been gauged over nearly a century.
Does this apply to Indian stock markets too?
Tanushree Banerjee, co-head of research at Equitymaster, answers this question in the video below.
Top buzzing stocks today
Glenmark Pharma will be in focus today.
On December 20, 2023, Glenmark Pharma's stock faced selling pressure and declined over 2%. The drop followed the Competition Commission of India's (CCI) approval of Nirma's acquisition of a majority shareholding in Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals.
As of June 30, Glenmark Pharmaceuticals held an 82.84% stake in Glenmark Life Sciences. According to SEBI regulations, promoters are required to reduce their shareholding to 75% within a specified time frame.
Glenmark Pharmaceuticals has until August 2024, a three-year period, to achieve the necessary reduction in public shareholding.
BPCL will also be in the buzz.
On Wednesday, 20 December 2023, the stock of BPCL witnessed nearly 1% increase in early trade but then due to bearish market sentiment the share tanked about 1.5%.
The rally in early trade was followed by the company's announcement of plans to establish a polypropylene unit at its Kochi refinery.
The company's board approved the proposal for setting up the polypropylene unit at a gross project cost of Rs 50.4 bn.
The proposed capacity addition is 400 kilo-tonnes per annum (KTPA) of polypropylene, and the project is expected to take approximately 46 months from the date of investment approval.
India Shelter Finance Makes a Strong Debut
On Wednesday, 20 December 2023, India Shelter Finance Corporation, a key player in the affordable housing sector, experienced a robust stock market debut with shares listing at Rs 620. This is a 26% premium over the issue price of Rs 493 on the NSE.
The stock was also listed at Rs 612.70 on the BSE, reflecting a 24% increase over its issue price. However, the stock tanked later in the day due to bearish market sentiment.
The IPO of India Shelter received strong subscription numbers about 38.6 times.
The IPO consisted of a fresh issue of Rs 8 billion (bn) and an offer-for-sale (OFS) portion of Rs 4 bn.
The net proceeds from the fresh issue will be utilised for future capital requirements related to onward lending and general corporate purposes.
India Shelter Finance Corporation specialises in providing loans for house construction, extension, renovation, purchase of new homes or plots, and also offers loans against property (LAP).
Blackstone Exits Embassy REIT
On 20 December 2023, the global investment firm Blackstone has reportedly sold its entire 23.5% stake in Embassy Office Parks REIT for around Rs 71 bn through a block deal on stock exchanges. The units were sold at around Rs 316 per share.
The block deal saw participation from some existing unitholders, with SBI Mutual Fund being cited as a new investor.
Embassy Office Parks REIT is India's first Real Estate Investment Trust (REIT), sponsored by Blackstone and Embassy Group.
Blackstone had also launched Mindspace REIT in India and has already exited it.
Nazara Technology to Introduce New Games
Nazara Technologies has announced its first set of game publishing partnerships, selecting five games from four Indian game studios for its publishing unit, Nazara Publishing.
The games span various genres and include Gravity Shooter from Smash Head Studios, World Cricket League from Wandermind Labs, Hacked: Password Puzzle from Pixcell Play, Laser Tanks and Paperly from ATG Studios.
Nazara Technologies aims to capitalise on India's potential as a global gaming hub through its publishing unit, publishing games made by Indian developers worldwide and partnering with global developers to localise and bring games to India.
The company plans to launch up to 20 games across mobile, web3, virtual reality, and personal computer over the next 12-18 months.
On Wednesday, 20 December 2023, the share price of Nazara tanked 3.5%.
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
Indian Share Market Update: Top Gainers and Losers
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