The Indian stock market kicked off the new month with a lacklustre performance, as benchmark indices traded flat amidst a lack of strong directional cues. After hitting fresh record highs last week, the market took a breather today, with the Nifty 50 struggling to reclaim the 26,200 level and closing slightly in the red.
The Sensex traded flat for most of the session, reflecting a pause in momentum after the recent rally. While the broader market sentiment remains cautiously optimistic, profit-booking in heavyweights kept the indices range-bound. The focus has now shifted to sector-specific action, particularly in metals and new-age tech stocks, which bucked the weak trend.
Top Gainers & Losers
Despite the sluggish index movement, several stocks buzzed in trade today due to specific news developments:
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IEX (Indian Energy Exchange): Surged over 5% today, emerging as a top gainer on the back of high trading volumes.
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Paytm (One 97 Communications): Continued its stellar recovery, hitting a near four-year high. The stock jumped 3.5% after Goldman Sachs upgraded its rating to 'Buy' with a 21% upside target, citing regulatory approvals and improved business prospects.
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Metal Pack: Hindustan Copper (+3%) and Hindustan Zinc (+3%) shined today, driven by a surge in global silver and copper prices. NALCO also extended gains for the second consecutive session.
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Teamlease Services: Rallied 4% following a positive brokerage note highlighting benefits from new labour law implementations.
On the losing side, Bajaj Finance faced selling pressure following news of a strategic stake sale in its housing finance arm.
Big Stock Market News Today
1. Bajaj Finance to Trim Stake in Bajaj Housing Finance
In a significant development, Bajaj Finance has announced plans to sell a 2% stake in its subsidiary, Bajaj Housing Finance, to raise approximately ₹1,740 crore. This move is seen as a capital-raising exercise to further strengthen its core lending business, though it exerted short-term pressure on the stock price today.
2. LIC Rejigs Portfolio
Institutional giant LIC has reshuffled its portfolio, trimming its stake in state-run NBCC to 4.5% while increasing its holding in cement major ACC to nearly 11%. This signals a sectoral rotation by the insurer, betting on the infrastructure and materials theme.
IPO Corner: Recent Listings & Updates
The primary market is catching its breath after a busy November. Here is the status of the most recent entrants:
Recent Listing Performance
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Excelsoft Technologies: After listing on November 26, the stock is settling into secondary market trading. Investors are watching to see if it can hold its listing gains in this volatile environment.
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Tenneco Clean Air India: The stock, which listed on November 19 at a 27% premium, has seen some profit-booking. After a strong debut where it listed at ₹505 (against an issue price of ₹397), it has recently faced resistance, correcting about 3% from its highs. Analysts at Swastika Investmart advise holding for the long term given the company's strong OEM relationships and emission control technology.
Upcoming Watch
With no new mainboard IPOs opening today, investor focus remains on the Grey Market Premium (GMP) of upcoming papers. Check the IPO section on Finology for the latest GMP trends and detailed analysis of upcoming December issues.
What to Watch Tomorrow?
Markets will likely remain volatile as traders await fresh triggers. The key level to watch for Nifty is 26,310, its recent record high. A decisive close above this level could trigger the next leg of the rally. Conversely, continued weakness in banking stocks could drag the index lower.