Stock market overview: SENSEX and NIFTY50 face early losses amid weak global signals
On Friday, December 13, the Indian stock market opened with significant losses, influenced by weak global cues and the performance of GIFT NIFTY futures. By 9:36 AM, the S&P BSE SENSEX stood at 80,775.91, down by 514 points or 0.63%. Similarly, the broader NIFTY50 index dropped 147 points, or 0.6%, to reach 24,401.85.
Out of the 50 stocks in the NIFTY50 index, 40 saw declines, while only 10 advanced. Tata Steel, JSW Steel, Shriram Finance, Hindalco, and IndusInd Bank were the top five losers. On the other hand, BPCL, Bharti Airtel, Adani Enterprises, Adani Ports, and HUL were the top gainers.
Global Market Influences
The global market painted a grim picture, with Asian shares falling. A strong US dollar and rising long-term Treasury yields, which are set to record their biggest weekly rise this year, contributed to a fragile risk sentiment.
The US Labor Department’s report showed producer prices exceeded expectations in November, adding to concerns about inflation. Additionally, initial claims for unemployment benefits rose unexpectedly, signaling possible labor-market challenges.
In China, a high-level meeting in Beijing pledged to boost debt and consumption but failed to provide any stimulus to the country’s equity markets. As a result, the MSCI Asia-Pacific index (excluding Japan) dropped by 0.5%. Japan’s Nikkei fell by 1%, while China’s blue-chip stocks dropped by 0.7%, and Hong Kong’s Hang Seng lost 1.2%.
Market Trends and Sectoral Performance
The BSE MidCap index also saw a decline, falling 418 points (0.87%), while the BSE SmallCap index dropped by 583 points (1%). Sectoral indices were all in the red, with the metal sector taking the hardest hit. The BSE METAL index fell by over 2%.
Stocks in Focus
- CRISIL: Shares rose by nearly 2%, as the company announced a ₹33.25 crore investment to acquire a 4.08% stake in Online PSB Loans.
- Tata Motors: Shares dropped by 0.5% after the company revealed a price hike for its trucks and buses, set to take effect on January 1, 2025, due to rising input costs.
