The Indian stock market plunged for the seventh straight day, with the benchmark breaking key support levels, as uncertainty over economic growth and corporate profits persisted. Investors will keep an eye on the two-day Goods & Services Tax Council meet which begins later in the day. The GST Council will discuss drafts of the model GST, integrated GST and states’ compensation bills.
NSE Nifty was down 82 points and closed at 7,979, while BSE Sensex ended with a loss of 263 points at 25,980.
The Sensex drifted below 26,000 level, while the broader Nifty50 slid below the crucial 8,000 level for the first time since November 25.
Sentiments remained down-beat after Prime Minister Narendra Modi’s top economic adviser Bibek Debroy has said that the negative shock from demonetisation will last until the end of March, though he also said that improved growth next year should fully compensate for the loss.
All the sectors closed in red and heavy selling pressure was seen in metal, banking, financial services, IT, telecom, realty and utilities sectors.
On the global front, Asian markets closed lower on Thursday. Hang Seng slipped 1%, while Shanghai Composite closed marginally up.
European markets were lower as trading desks began to thin out on the last full day of work for London’s financial sector before the long Christmas break. FTSE 100, DAX and CAC40 were trading marginally lower.
Metal stocks fell 1-4% today as global base metal prices slipped. Nifty Bank ended at lowest level since June 30, below 17,900 level dragged by Axis Bank, SBI, IndusInd Bank and Canara Bank, dropped between 2-2.5%.
Mandhana Retail Ventures Ltd hits 5% lower circuit at Rs 184.30 on the BSE. The shares hit a lower circuit of 4.98% to Rs 182.15 and this was the fifth lower circuit in five days for the company.
JBF Industries Ltd tanked 4.3% to Rs 221 on the BSE after Copthall Mauritius Investment sold entire 3.94% stake in the company.
Phoenix Mills Limited rose 2% after the company has informed the exchanges that its wholly owned subsidiary Island Star Mall Developers Private Limited has entered into a non-binding term sheet with Canada Pension Plan Investment Board on the basis of which the proposed investor may, subject to execution of definitive agreements by the parties and fulfillment of conditions as may be applicable from time to time, over a 3 year period acquire up to 49% of the post issue paid up-up equity share capital of ISML (on a fully dilute basis).
Empee Distilleries soared 2.3% to Rs 54.60 on the BSE. The company’s board meeting is scheduled to be held on December 26, to consider and approve sale of 1,95,12,997 equity shares of Rs 10 each held by the company in Empee Hotels (unlisted entity).
SPARC gained 1.5% after the pharma company has received a Complete Response Letter (CRL) from the USFDA for the New Drug Application (NDA) for Xelpros, Latanoprost BAK-free eyedrops.
Gold was trading at Rs 27,097 per 10 gms and silver was trading at Rs 39,500 per kg.
The rupee was trading at 67.87 per dollar.
Out of 1886 stocks traded on the NSE, 886 declined and 697 advanced today.
Top 5 Nifty Gainers: Sun Pharma (1.82%), Bajaj Auto (0.64%), HDFC (0.59%), ONGC (0.49%) and Hero MotoCorp (0.38%).
Top 5 Nifty Losers: M&M (-1.70%), Tata Motors (-1.63%), Adani Ports & Sez (-1.36%), Axis Bank (-1.35%) and NTPC (-1.34%)
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