The Indian stock market opened on a positive note but slipped into losses as trading progressed. Except for the IT sector, all other indices registered declines. Midcap and smallcap indices, which had shown strong gains in the morning, also ended in the red.
Vodafone Idea saw an initial surge of 10% but later fell into negative territory. This movement was linked to Vodafone Plc settling dues owed to Indus Towers, with indications that the remaining amount would be invested in Vodafone Idea. A preferential issue for this purpose is expected to be decided on the 9th of December. Meanwhile, Indus Towers shares gained 5% in early trade.
Indraprastha Gas Limited rose 5% following reports of a bonus issue announcement expected on December 10.
China’s export restrictions on graphite electrodes, a key product for the US market, are likely to benefit HEG Ltd, which manufactures and exports these products. HEG shares climbed 7%, with 6% of the company’s shares changing hands in a bulk deal.
Reliance Power, part of the Anil Ambani Group, continued its upward trend with a 5% gain today, following a similar increase yesterday.
Federal Bank hit a record high of ₹217 in early trade but later pared gains.
Adani Group stocks remained under pressure today. In Australia, shares of GQG Partners, which emerged as a key investor in the group last year, also ended lower.
The Indian rupee opened with a modest gain, strengthening by 2 paise against the dollar to ₹84.72 before settling at ₹84.70.
Gold prices dipped in the global market to $2,647 per ounce, but jewellery gold in Kerala rose by ₹80 per sovereign, reaching ₹57,120.
Crude oil edged lower, with Brent crude trading at $72.26 per barrel.
