Sensex, Nifty tumble ahead of Christmas; BPCL, Eicher Motors among worst performers

India’s stock market tumbled up to 181 points today, on the back of a festive day — Christmas eve. The street estimates already showed that the market will remain moderate due to festive sentiment. The NSE Nifty 50 index ended down 0.4 per cent at 12,214, while the S&P BSE Sensex lost 0.4 per cent to 41,461. Indian share market also followed the global market trend, which fell on Tuesday due to the same reason. BPCL, Eicher Motors, HCL Tech, Reliance Industries, and UPL were among the worst performers in the trade today. 

However, even amid the bearish market, YES Bank, IndusInd Bank, JSW Steel, ONGC and Cipla were among the top gainers in trade today. Metal, pharma and realty sectors ended in green whereas, all the other sectors closed in the red.

“Year-end holidays and lack of fresh triggers may keep markets lackluster in the near term. However, the positive momentum could continue on the back of strong liquidity flows and hopes of Budget stimulus to spur economic growth,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Private Ltd.  Investors would continue to track global news flows along with pre-budget developments as it is hopeful of more positive announcements in order to revive consumption and investment, he added.

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Today, Yes Bank ended 3.12 per cent higher and was the top gainer on the Nifty 50 index, while Bharat Petroleum Corporation was the top loser, falling by 3.1 per cent. The surge in Yes Bank share price was primarily after the bank came out of Futures & Options ban today. On the other hand, IRCTC’s announcement about tariff revision of standard meals on static units in the railway stations pushed the firm to a rise of 4.09 per cent. 

“IMF’s statement that India is in the middle of a significant economic slowdown pushed the market into the negative terrain on Tuesday. Persisting weakness in rupee and a gradual surge in crude prices also turned the market sentiment gloomy,” said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.

Surprisingly, the shares of Jet Airways also climbed 4.86 per cent after the lenders’ body of the bankrupt airline said it will seek fresh bids for the company. The incident took place after the airline company filed a regulatory statement. Meanwhile, the stock markets opened on a bullish note and traded 0.10 per cent higher on Tuesday but later the sentiment started to weaken.