Market Highlights: Sensex ends 380 pts lower; Nifty at 20,906; banks, realty

Benchmark share indices snapped a two-day winning streak to end lower on Tuesday. Sensex closed at 69,551.03, down 377.50 points and Nifty settled 0.46% lower at 20,901. Markets had opened higher tracking global cues earlier in the day but they lost momentum later in the day. Ultratech, Axis bank were the major gainers, while Sun Pharma, Maruti, and Coal India were the major laggards. Smalcaps and midcaps also came under pressure, in line with the benchmark indices. Most sectors, barring metal and media, ended with losses. All eyes are now on India’s retail inflation and factory production data to be released today. CPI-based inflation has likely risen from 4.9% in October to 5.8% in November, according to a Mint poll of 23 economists. The Indian rupee ended flat at 83.39 per US dollar today. 

Adani Ports and Special Economic Zone said it plans to raise funds totaling ₹50 billion (approximately $599.8 million) through the issuance of non-convertible debentures. Additionally, the company intends to raise another ₹2.5 billion by issuing non-cumulative redeemable preference shares. (Reuters)

SpiceJet board has approved fundraising of ₹2,250 crore through issuance of shares, and warrants.

On Tuesday, global stock markets rose with commodities including oil and gold also seeing an uptick, thanks in part to a softening dollar. This movement comes as investors eagerly anticipate U.S. inflation data, which is expected to significantly influence market trends during a week bustling with central bank meetings.

The MSCI All-World index, currently hovering at levels not seen in four months, saw a modest increase of 0.2%. In Europe, the STOXX 600 maintained its upward momentum, while futures for U.S. indices also showed gains in the range of 0.1-0.2%. 

The pharma major has increased its bid to purchase the outstanding shares of its US subsidiary, Taro Pharma. The revised offer stands at $43 per share in cash, an increase from the previous offer of $38 per share. The shares have gained 56% in last six months 

Thermax said one of its subsidiaries has secured a contract valued at over ₹500 crore from a prominent energy conglomerate to establish five bio-CNG plants in India. The plants are planned for locations across Rajasthan, Madhya Pradesh, Maharashtra, and Uttar Pradesh.

Gold prices saw an uptick on Tuesday, recovering from a three-week low reached in the prior session, as the dollar softened. Spot gold rose 0.2% to $1,985.49 per ounce. US gold futures saw a 0.4% increase to $2,000.70. Investors await important U.S. inflation data and forthcoming policy meetings from major central banks, which could provide insights into future interest rate trends.

Brokerage house Axis Securities has chosen Persistent Systems as its top pick of the week. This is on the back of accelerating demand for ER&D services, robust demand for…