Sensex Today Trades Lower | IIFL Finance Tanks 5% | Axis Bank & Cipla Top Losers

Thu, 21 Dec 10:30 am

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Asian shares fell on Thursday after a global stock market rally stalled, even as the bond market edged higher on forecasts of lower interest rates.

The Nikkei is trading 1.6% lower while the Hang Seng index is trading 0.2% lower.

US stocks tumbled on Wednesday as investors cashed in some profits following the market's recent hot streak

Here's a table showing how US stocks performed on Wednesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	139.66	1.56	1.13%	143.08	139.41	143.08	85.57
Apple	194.83	-2.11	-1.07%	197.68	194.83	199.62	124.17
Meta	349.28	-1.08	-0.31%	354.96	347.79	354.96	112.46
Tesla	247.14	-10.08	-3.92%	259.84	247	299.29	101.81
Netflix	489.27	-5.75	-1.16%	500.89	488.39	500.89	273.41
Amazon	152.12	-1.67	-1.09%	155.63	151.56	155.63	81.43
Microsoft	370.62	-2.64	-0.71%	376.03	370.53	384.3	219.35
Dow Jones	37082	-475.92	-1.27%	37641.3	37073.04	37641.3	31429.82
Nasdaq	16554.16	-257.7	-1.53%	16860.68	16552.06	16860.68	10671.19

Data Source: Equitymaster

At present, the BSE Sensex is trading 298 points lower and NSE Nifty is trading 89 points lower.

ONGC and Adani Enterprises are among the top gainers today.

Axis Bank and Cipla on the other hand are among the top losers today.

Broader markets are trading mixed. The BSE Mid Cap and the BSE Small Cap index is trading higher by 0.7%.

Sectoral indices are trading mixed, with stocks in telecom sector and energy sector witnessing most buying. Meanwhile, stocks in realty and finance sector witness selling

The rupee is trading at Rs 83.22 against the US dollar.

In commodity markets, gold prices are trading 0.1% higher at Rs 62,457 per 10 grams today.

Meanwhile, silver prices are trading 0.1% lower at Rs 75,399 per 1 kg.

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

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 below video.

Cochin Shipyard New Order Win

Cochin Shipyard Limited has signed a Rs 4.9 billion (bn) contract with the Ministry of Defence for the repair and maintenance of equipment and systems onboard naval vessels.

The work on the contract has already commenced during Q2FY24 based on the approval of necessity (AON) from the Ministry of Defence and is expected to be completed by Q1FY25.

Cochin Shipyard deals with the repair and maintenance of both commercial and defence ships.

Earlier this month, the company signed a memorandum of understanding (MoU) with the Adani Group for constructing green tugs after delivering the first of the two tugs ordered by Ocean Sparkle Limited, now owned by Adani Harbour Services.

This is the first tug to be built in India under the Approved Standard Tug D

design Specifications (ASTDS) issued by the Ministry of Ports, Shipping, and Waterways (MoPSW) for promoting the shipbuilding industry under the Atmanirbhar Bharat initiative.

The company, in November, launched three Indian Navy vessels in the series of eight anti-submarine warfare shallow watercrafts from its Kochi Yard.

For more details, check out  New All-Time High for 6 Indian Defence Stocks: Should You Invest?

ICICI Bank Receives RBI Nod

Private sector lender ICICI Bank on Wednesday (20 December 2023) said it has received approval from the Reserve Bank of India (RBI) for the re-appointment of Sandeep Batra as executive director.

The RBI's decision, communicated on December 20, 2023, grants approval for Batra's continuation in this key role from 23 December 2023 to 22 December 2025.

This renewed term of two years falls within the five-year tenure previously sanctioned by the bank's shareholders.

Apart from this, ICICI Bank has received a demand order from the Maharashtra Goods and Services Tax (GST) department amounting to more than Rs 74.7 m. This includes GST and interest demands of more than Rs 30 m each, along with a penalty of Rs 1.1 m.

ICICI Bank intends to file an appeal against the order.

Starting in December, the Maharashtra GST department has issued notices to multiple banks concerning the taxability of custodial services provided to foreign portfolio investors (FPIs).

The state GST authorities assert that the custodial services offered by SEBI-registered custodian banks do not qualify as zero-rated supplies for export purposes.

For more, check out ICICI Bank Share Price - An Investment in the 'India Growth Story.

Zee & Sony to discuss Merger Deadline

Sony Group Corp and Zee Entertainment Enterprises have entered into a discussion to extend the deadline for merging their India operations, keeping hopes alive of creating a US$ 10 billion (bn) media behemoth.

The Mumbai-based entertainment firm said on Wednesday it had received communication from Sony and they will enter into negotiations in good faith and discuss the extension of the date required to make the scheme effective by a reasonable period.

The extension gives a lease of life to the two-year-old merger proposal as the two sides sort out their differences and close a transaction that has already seen ample delays.

Negotiations between the two companies ran into a hurdle over the past few weeks as differences cropped up on who'll lead the new merged entity.

Zee Entertainment Enterprises Limited is a media and entertainment company engaged in providing broadcasting services. It is one of India's leading media and entertainment companies.

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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Indian Share Market Update: Top Gainers and Losers