Stock market today – Top Gainers and Losers, Key Factors affecting market, Global economy impact and much more
Top Gainers and Losers on December 17, 2024!
Indian equity markets faced a steep selloff today, as both the BSE Sensex and NSE Nifty50 tumbled over 1%. The 30-share Sensex dropped 1,064.12 points (1.30%) to close at 80,684.45, after moving between 81,613.64 and 80,612.20. Similarly, the Nifty50 slipped by 332.25 points (1.35%), settling at 24,336, with an intraday high of 24,624.10 and a low of 24,303.45.
Top Gainers
Jyoti CNC Automation Limited
Jyoti CNC emerged as the top gainer, jumping 12.32% to close at ₹1,455. The rally came at a time when the broader market was in red.
Quess Corp Limited
Quess Corp soared 7.01%, ending at ₹717. The stock surged after Antique initiated coverage with a ‘Buy’ rating and a target price of ₹1,000.
Mazagon Dock Shipbuilders Limited
Shares of Mazagon Dock climbed 5.02% to end the session at ₹5,283.
Top Losers
Shriram Finance Limited
Shriram Finance led the top losers, tumbling 5.27% to ₹2,972.
Jyothy Labs Limited
Shares of Jyothy Labs dropped 5.25% to close at ₹388.
Blue Star Limited
Blue Star slipped 4.39%, closing at ₹2,062. The correction followed broader weakness in the market.
The Indian stock market witnessed a significant decline on Monday, December 17th, 2024, as investors grappled with global economic uncertainties and the anticipation of a potential US rate cut. Both the benchmark indices, Sensex and Nifty, experienced substantial losses, reflecting a bearish sentiment among market participants.
Key Factors Driving the Market Down:
The recent decline in the US market, primarily driven by concerns about a potential global recession and rising interest rates, has had a negative impact on the Indian stock market. This has led to a sell-off in Indian stocks, particularly in sectors like IT and banking, which are sensitive to global economic conditions. The US market, particularly the performance of the S&P 500 and Nasdaq, significantly influences the Indian stock market.
US Manufacturing PMI (Purchasing Managers’ Index) gone down to 48.3 (noted as lowest no. since May 2020). Concerns over higher tariffs may drive up material costs next year
In conclusion, the US market serves as a significant global market barometer. Its performance can have a substantial impact on the Indian stock market, influencing investor sentiment, currency exchange rates, and commodity prices. Therefore, it’s crucial for Indian investors to keep an eye on the US market trends and their potential implications for the domestic market.
Below are the major factors responsible for sell offs in Indian markets
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Global Economic Concerns:
- Persistent worries about a potential global recession continue to weigh on investor sentiment.
- Rising interest rates in major economies, including the US, have added to the global economic headwinds.
- Geopolitical tensions, particularly between the US and China, have further exacerbated market volatility.
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US Rate Cut Expectations:
- The US Federal Reserve’s anticipated rate cut has sparked mixed reactions in the market.
- While a rate cut could potentially stimulate economic growth, it may also indicate concerns about economic slowdown.
- Investors are closely monitoring the Fed’s policy decisions and their potential impact on global financial markets.
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Domestic Factors:
- Domestic factors, such as inflation, interest rates, and government policies, also influence market performance.
- While the Reserve Bank of India (RBI) has taken steps to control inflation, concerns remain about its impact on economic growth.
4. Rising Crude Oil Prices: The recent increase in global crude oil prices has added to the inflationary pressures and dampened investor sentiment.
5. Rising US Bond Yields: The upward trend in US bond yields has strengthened the dollar and potentially reduced foreign inflows into India.
Both these factors, combined with global economic uncertainties and domestic challenges, have contributed to the significant decline in Indian stock markets today.
Market Performance:
- Sensex: The 30-share Sensex index plunged significantly, driven by losses in major stocks like Reliance Industries, HDFC Bank, and Infosys.
- Nifty: The broader Nifty 50 index also declined sharply, reflecting a broad-based sell-off across sectors.
Sectoral Performance:
- Banking and Finance: The banking and finance sector was among the worst performers, with shares of leading banks witnessing significant declines.
- IT: The IT sector, which is heavily reliant on exports to the US, was also under pressure due to concerns about a potential slowdown in the US economy.
- Auto: The auto sector was mixed, with some companies benefiting from strong domestic demand, while others faced challenges due to global supply chain disruptions.
Investor Sentiment:
Investor sentiment remains cautious, with many adopting a wait-and-watch approach. The market’s near-term outlook hinges on several factors, including global economic developments, domestic policy decisions, and corporate earnings.
Conclusion:
The Indian stock market’s decline on December 17th, 2024, underscores the impact of global economic uncertainties and the anticipation of a US rate cut. Therefore, it’s crucial for Indian investors to keep an eye on the US market trends and their potential implications for the domestic market. Investors are advised to exercise caution and consider consulting with financial advisors before making any investment decisions.
