December 24, 2024

Markets slide: SENSEX drops 500 points, NIFTY50 below 24,650; Dixon Tech soars to record high

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The equity market traded lower on Monday, December 16, due to cautious global cues. By 11:19 AM, the S&P BSE SENSEX was down 441 points (0.54%) at 81,691.65, while the NIFTY50 index dropped 133.5 points (0.54%) to 24,634.75.

Market Highlights:
Out of 50 NIFTY constituents, 47 traded in the red, with IndusInd Bank, Bajaj Finance, and Dr. Reddy’s as the top gainers. BPCL, Titan, JSW Steel, UltraTech Cement, and Adani Ports led the losses. On the SENSEX, HDFC Bank, Bharti Airtel, and TCS were the biggest contributors to the fall.

Buzzing Stocks:

  • Dixon Technologies: The stock surged 4.35%, hitting a record high of ₹18,739.95. Its joint venture with Vivo India, holding 51% stake, boosted investor sentiment.
  • Vedanta: Shares slipped 1.85% to ₹510.05 ahead of a board meeting to consider the fourth interim dividend for FY24-25.

Sector Performance:
Realty stocks outperformed, with the BSE REALTY index rising 2.10% to 8,626.21. The broader market showed resilience, as the BSE MidCap and SmallCap indices gained 0.58% and 0.51%, respectively.

Global Markets:
Asian stocks traded cautiously, with bond yields pressuring equity valuations. Japan’s Nikkei edged up 0.1%, while South Korea steadied after government support pledges. China’s retail sales growth of 3.0% in November fell short of the forecasted 4.6%, adding pressure for further stimulus. Industrial production met expectations, while house prices continued to decline at a slower rate.

Outlook:
Market sentiment remains subdued due to mixed global data and upcoming central bank meetings. Investors will closely watch economic developments for further direction.