After a muted opening, Indian share markets traded in a narrow range throughout the session and ended marginally lower.Equity benchmark indices were dragged by weak global cues and falling crude oil prices. Today’s fall comes after seven consecutive days of gains where the Sensex and Nifty scaled fresh all-time high on multiple occasions.At the closing bell, the BSE Sensex ended down by 132 points (down 0.2%).Meanwhile, the NSE Nifty fell 35 points (down 0.2%).Power Grid, Adani Ports, and IOC were among the top gainers today.Bharti Airtel, Godrej Consumer, and HUL, on the other hand, were among the top losers today.The GIFT Nifty was trading at 21,048, down by 11 points, at the time of writing.Broader markets ended on a positive note with the BSE MidCap index up by 0.7% and the BSE SmallCap index gaining 0.3%.Sectoral indices ended mixed with stocks in the power sector, oil & gas sector, and consumer durable sector witnessing most of the buying.Metal and FMCG stocks, on the other hand, witnessed selling.Shares of Nestle and Maruti Suzuki hit their respective 52-week highs today.Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments…Asian share markets ended on a negative note. The Shanghai Composite ended flat while the Nikkei ended 1.8% lower.The rupee is trading at 83.36 against the US$.Gold prices for the latest contract on MCX are trading at Rs 62,555 per 10 grams, 0.2% higher.Meanwhile, silver prices were trading 0.1% higher at Rs 74,903 per 1 kg.
SpiceJet Share Price Hits 52-Week High. Here’s Why…Let’s start with the news from the aviation space…On 7 December 2023, after a long consolidation, shares of SpiceJet finally took off 20% to hit a new 52-week high and got locked in the upper circuit.This surge came after the company announced that its board would meet on 11 December 2023 to consider options for raising fresh capital.According to the exchange filing, SpiceJet’s board will discuss and consider raising funds through the issuance of equity shares or convertible securities on a preferential basis, subject to shareholder approval.This development follows the National Company Law Tribunal’s dismissal of a plea to initiate insolvency proceedings against SpiceJet by aircraft lessor Willis Lease Finance over unpaid dues.Earlier in 2023, three aircraft lessors filed four insolvency pleas against SpiceJet for non-payment of dues.The airline, burdened with debt, has faced operational disruptions, leading to delayed flight services in several airports.In the September 2023 quarter, promoters reduced their holdings in SpiceJet from 59% in the June quarter to 57%.Foreign institutional investors (FIIs) also decreased their stake to 0.3% in September 2023 from 0.35% in the previous quarter.In the past month, SpiceJet’s share price has risen by 38% and 34% in 2023 so far.For more, you can refer to the list of top airline companies in India.
Why ONGC Share Price is FallingMoving on to news from the oil and gas sector, ONGC slipped 2% on 7 December 2023.This fall can be attributed to the fall of Brent crude prices to five-month lows.Brent crude prices fell by 11% in the last five trading sessions, dropping below US$ 75 a barrel.This decline was influenced by a surge in US gasoline inventories and ongoing concerns about weakened demand.Companies involved in upstream oil activities, such as ONGC, are negatively impacted by falling crude prices as it reduces their refining margins. So, the impact was not just seen on ONGC, but also on other oil refiners like Oil India and Hindustan Oil Exploration Company.ONGC has offered a return of over 27% in the last six months and 32% in 2023 so far.In the recent quarterly results, oil marketing companies like HPCL, BPCL, and IOC reported a vastly improved performance. This was because of high marketing margins from the retail sale of petrol and diesel along with inventory gains related to global oil prices.
Why Paytm Share Price is Falling
From the fintech sector, Paytm’s share price crashed 20% on 7 December 2023.This sharp fall came after the company announced plans to slow down its small-ticket post-paid loans. Instead, Paytm intends to focus on expanding its high-ticket personal loans and merchant loans.During its analyst meeting, Paytm stated that its post-paid loans could decrease by half, but it assured that this would not have any impact on margins or revenue. The company explained that post-paid had the lowest take rate, and the revenue impact would be minimal.However, this decision did not receive a positive response from investors and the shares crashed thereafter.Surprisingly, not long ago, on 25 November 2023, the legendary investor, Warren Buffett sold off his entire stake in Paytm of 15.6 million shares or 2.5% of equity worth nearly Rs 13.7 billion (bn) at a share price of Rs 877.3 in Paytm through a block deal.More By This Author:Sensex Today Trades Lower; Paytm Cracks 20%Sensex Today Ends at Record High, Gains 358 PointsSensex Today Hits Record High; Nifty Above 20,900
