Indian Stock Market Closes Flat Amid Rupee Pressure
The Indian stock market closed with minor losses on Monday, December 15, as stocks recovered from a weak start but failed to gain due to limited support from banking heavyweights. The Nifty 50 ended at 26,034, a 0.05% drop from the previous close, while the S&P BSE Sensex closed 0.08% lower at 85,202.
Broader Markets and Sectoral Performance
The broader markets closed mixed, with the Nifty Midcap 100 index slipping 0.18% and the Nifty Smallcap 100 index rallying 0.20%. Sectoral performance was also mixed, with auto, pharma, and banking stocks taking a hit, while media, FMCG, consumer durables, public sector banks, and tech stocks saw buying interest.
Rupee Falls to Record Low
The Indian rupee fell to a record low of 90.74 against the US dollar, making it Asia's worst performer this year. According to Vinod Nair, Head of Research, Geojit Investments Limited, persistent foreign fund outflows and a weak rupee have kept markets in a narrow range, with currency volatility likely to continue until clarity emerges on the India–US trade deal.
Top Gainers and Losers
Praj Industries emerged as the top gainer among Nifty 500 stocks, rising 10% to ₹334 apiece. Other top gainers included Transformers and Rectifiers, Ather Energy, PVR Inox, and Shakti Pumps. On the other hand, PTC Industries led the losers' list, falling 4% to ₹17,527 apiece, followed by Vodafone Idea and auto stocks such as Mahindra & Mahindra and Hyundai Motor India.
Key Takeaways
- The Indian stock market closed with minor losses due to limited support from banking heavyweights.
- The rupee fell to a record low of 90.74 against the US dollar, affecting market momentum.
- Sectoral performance was mixed, with some sectors seeing buying interest while others took a hit.
- Praj Industries emerged as the top gainer among Nifty 500 stocks, while PTC Industries led the losers' list.
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