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SpiceJet Settlement, Mobikwik Rally, Dr. Reddy’s Upgrade, and IPO Oversubscriptions
SpiceJet Settlement, Mobikwik Rally, Dr. Reddy’s Upgrade, and IPO Oversubscriptions
Written by - Fisdom Research
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December 19, 2024
2 minutes
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Market Snapshot
India’s benchmark indices, Sensex and Nifty, fell over 1% on December 19, marking a fourth straight session of decline.
The slide was driven by global market weakness following the US Federal Reserve’s cautious stance on rate cuts, revising its 2025 projection to just two cuts instead of four. This shift dampened investor sentiment, triggering a broad-based sell-off.
BSE MidCap and SmallCap indices saw modest declines of 0.3% each.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY PHARMA
1.7
NIFTY OIL & GAS
-0.4
NIFTY HEALTHCARE INDEX
1.3
NIFTY FMCG
-0.6
NIFTY MIDSMALL HEALTHCARE
0.6
NIFTY PSU BANK
-0.6
NIFTY MIDSMALL IT & TELECOM
0.3
NIFTY FINANCIAL SERVICES EX-BANK
-0.7
Top News
SpiceJet shares surged nearly 9% after settling a $16 million dispute with Genesis, an airline lessor. The agreement includes a $6 million payment by SpiceJet and Genesis acquiring $4 million in equity at Rs 100 per share.
One Mobikwik Systems shares continued their rally on day two after a strong debut on December 18, listing at Rs 442.25, a 58.5% premium to the offer price of Rs 279.
Dr. Reddy’s shares rose over 4% as Nomura upgraded its rating to ‘buy’ from ‘neutral,’ citing strong market growth in India and low-competition injectable launches in the US as key drivers.
DAM Capital’s Rs 840 cr IPO fully subscribed in less than 3 hours
Transrail Lighting IPO oversubscribed by retail investors.
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
23,800
24,300
Bank Nifty
51,000
52,500
Top Gainers and Losers
Top Gainers
% Change
Top Losers
% Change
DRREDDY
4.0
BAJAJFINSV
-2.3
CIPLA
2.2
JSWSTEEL
-2.3
BPCL
2.1
BAJFINANCE
-2.3
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