Summary of the Day's Market Performance

Market Overview

• Sensex: Fell 1,258.12 points (-1.59%) to close at 77,964.99.

• Nifty: Dropped 388.70 points (-1.62%) to end at 23,616.05.

• BSE Midcap Index: Declined 2.4%.

• BSE Smallcap Index: Fell 3%.

• Sectoral Performance:

  • Biggest Losers: PSU Bank (-4%), Metal, Realty, Energy, PSU, Power, Oil & Gas (down 3% each).

💸 Market Transactions:

• Foreign Institutional Investors (FII): ₹-2,575.06 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹5,749.65 crore (Net Buyers)

DIIs provided some support, but persistent FII outflows dampened the market.

1. Consolidation in Emerging Markets:

   • Ongoing uncertainties surrounding US economic policies, a hawkish Fed, and strong dollar dynamics have weighed on global sentiment.

   • Concerns over human metapneumovirus (HMPV) have added to the pressure.

2. Premium Valuations a Drag:

   • Domestic markets underperformed compared to global indices, reflecting concerns about high valuations amid uncertain corporate earnings recovery.

• What is a Strong Dollar's Impact on Emerging Markets?

  • A strong dollar raises the cost of imports and dollar-denominated debt for emerging markets, reducing profitability and increasing financial stress.

  • It often leads to capital outflows, pressuring local currencies and equity markets.

Key Stock Movements and News

• Top Gainers:

  • Apollo Hospitals, Tata Consumer, Titan Company, HCL Technologies.

• Top Losers:

  • Tata Steel, Trent, Coal India, NTPC, BPCL.

1. SBI Cards:

   • Shares gained after Nomura projected a 9% credit cost for FY25F, while Nuvama upgraded its price target to ₹850 (+14% upside).

2. Gensol Engineering:

   • Shares surged 8% after the company secured a 275 MW Solar PV Project EPC contract from a PSU in Khavda, Rann of Kutch.

3. JSW Energy:

   • Shares dropped 5% after CERC rejected a proposed tariff for the SECI project.

4. Union Bank of India:

   • Shares fell 7% following a weak Q3 update, with deposits growing only 4% YoY and declining 2% QoQ.

5. Easy Trip Planners:

   • Shares jumped 17% as former CEO Nishant Pitti clarified that no promoter selling is underway.

6. Nykaa:

   • Shares rose on better-than-expected Q3 net revenue growth, projected to exceed the mid-20s percentage.

7. Mphasis:

   • The stock gained focus after Jefferies initiated coverage, projecting a +21% upside.

New IPO Alert: Standard Glass Lining Technology

• Company: Standard Glass Lining Technology

• Sector: Engineering equipment for pharma and chemical industries.

• Products: Reaction systems, storage systems, drying systems.

• Issue Details:

  • Size: ₹410.05 crore

  • Price Band: ₹133–₹140 per share

  • Lot Size: 107 shares

  • Minimum Bid: ₹14,231

Key Dates:

• Open Date: January 6, 2025

• Close Date: January 8, 2025

• Basis of Allotment: January 9, 2025

• Listing Date: January 13, 2025

1. SBI Cards: Positive triggers and upgraded targets by brokers.

2. Gensol Engineering: Momentum from a major solar project win.

3. Nykaa: Strong Q3 net revenue growth expectations.

4. Mphasis: Potential upside from Jefferies’ bullish outlook.

5. Standard Glass IPO: A promising new entrant in the engineering equipment sector.

Indian equity markets extended losses as global uncertainties and HMPV concerns rattled sentiment. PSU Bank, metal, and realty sectors saw the steepest declines. Despite challenges, DIIs provided some relief. SBI Cards, Gensol Engineering, and Nykaa shone amidst the broader market gloom, while Standard Glass IPO emerged as a new opportunity for investors. Markets may remain volatile as investors watch global developments and Q3 earnings closely.

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