The Indian benchmark indices took a breather on December 7 after seven straight sessions of rally.
At 12:48 PM, Sensex was down 95 points at 69558 level while Nifty shed 20 points and was trading at 20916 mark. However, the market breadth still favoured gainers as about 1,353 stocks advanced and 962 declined, and 98 traded unchanged.
Investors and traders remained cautious ahead of the Reserve Bank of India’s monetary policy decision scheduled on December 8.
One97 Communications (Paytm) share price crashed as much as 20 percent intraday on December 7. This comes after the company announced plans to slow down its small-ticket postpaid loans. It is looking to expand its high-ticket personal loans and merchant loans.
The digital payments firm said it will issue fewer sub-Rs 50,000 personal loans. This comes after the central bank tightened rules on consumer lending, according to a Reuters report.
Ircon International also slumped 8 percent after the government announced plans to offload an 8 percent stake, or 7.52 crore equity shares, in the infrastructure company through an offer-for-sale (OFS) on December 7-8.
Share price of SpiceJet zoomed 20 percent to hit upper circuit and 52-week high of Rs 52.29 per share on December 7. The company said that its board will meet on December 11 to weigh options for raising fresh capital.
A series of block deals also took place in Bharti Airtel and IDFC First Bank as global private equity firm Warburg Pincus likely offloaded a 0.3 percent and 2 percent stake in the two companies. Bharti Airtel was trading lower by over 2 percent, IDFC First Bank shed 2 percent in the afternoon session.
Sectors traded mixed:
Among the sectors, buying was seen in auto, pharma and oil & gas. The top gainers being Adani Ports, Power Grid, Cipla, Dr Reddy’s Labs and UltraTech Cement which added 1-3 percent each.
The top losers, including Bharti Airtel, ONGC, Hindustan Unilever, Apollo Hospitals, and Tata Steel, experienced a 1-2 percent decrease, indicating selling activity in the FMCG and metal sectors.
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.
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