Stock Market Updates: Sensex, Nifty Decline; Eicher Motors, M&M, UltraTech Top Losers

The Indian stock market has extended losses on January 2, 2024. At 12:02 PM, Sensex fell 545 points at the 71726 mark. Nifty declined 136 points and was trading at 21605.

Around 889 stocks advanced and 1472 declined while 107 remained unchanged.

Among the sectors, barring the pharma index all other sectors were trading in the red.

Nifty Pharma jumped almost 2 percent led by Lupin, GSK Pharma, Glenmark Pharma, Gland Pharma, and Divis Labs. The stocks jumped 2-5 percent each.

On the other hand, selling was witnessed in Auto, IT, and the Realty space.

India VIX jumped over 1 percent and was trading at the 14.84 mark.

Top Nifty50 Gainers

Top Nifty50 Losers

Stocks in the News:

Eicher Motors:

On January 2, the share price of Eicher Motors dropped over 3 percent intraday following the company’s reception of demand orders from Chennai, Punjab, and Jaipur, totaling Rs 130 crore. An exchange filing revealed that an officer disallowed certain GST credits and issued a GST demand.

Also read: YES Bank, Tata Motors, Jio Financial – Most Shareholders Are Invested in These Companies

Alembic Pharma:

After the company informed exchanges that it received a range of approvals from the US Food & Drug Administration (USFDA) for tentative or final products during the quarter ended December 31, 2023, Alembic Pharma’s share price surged by 5 percent. According to the regulatory filing, Alembic currently holds a total of 196 ANDA approvals from the USFDA, comprising 170 final approvals and 26 tentative approvals.

Coal India:

Coal India was the top Nifty50 gainer in weak market conditions. The stock was up over 2 percent after the company disclosed that production in December grew 8.2 percent on-year to 71.9 million tonnes. In a regulatory filing, Coal India said that coal production in December 2023 increased by 8.2 percent to 71.9 million tonnes. For the period of April-December 2023, production grew by 11 percent to 531.9 million tonnes compared to the year-ago period ( April-December 2022).

Additionally, the offtake rose 6.1 percent YoY to 66.6 million tonnes in December 2023. The offtake in the nine months ended December 2023 grew 8.7 percent to 552 million tonnes.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.