Stock Market Live Updates: Nifty may start below 16,900; Shriram Properties shares to list today

Closing Bell: Sensex down 1,190 points at 55,822, Nifty50 at 16,614

The 30-scrip index ended 1,189.7 points or 2.1 percent lower at 55,822 and the broader Nifty50 benchmark settled at 16,613.7, down 371.6 points or 2.2 percent from its previous close.

MedPlus Health IPO share allotment: MedPlus Health, whose IPO received 52.59 times subscription, is expected to finalise the basis of share allotment on Monday, 20 December 2021.

Royal Enfield recalls 26,300 units of Classic 350 on potentially faulty brakes

Eicher Motors, which owns the iconic Royal Enfield brand, has recalled 26,399 units of its most popular motorcycle Classic 350, according to the Economic Times.

In a statement sent to the Society of Indian Automobile Manufacturer’s Association, the company cited a potential brake issue, and said the recall was a precautionary measure.

The issue pertains to a J1A motorcycle produced between September 1 and December 5.

Eicher Motors was quoting at Rs 2,397.80, down Rs 64.55, or 2.62 percent.

Supriya Lifescience IPO subscribed 7.93 times on final day

The public issue of active pharmaceutical ingredients supplier Supriya Lifescience witnessed strong demand from investors as the offer was subscribed 7.93 times.

It received bids for 11.52 crore equity shares against the IPO size of 1.45 crore equity shares on December 20, the final day of bidding.

Retail investors continued to provide strong support to its public issue as their reserved portion was subscribed 33.56 times. Non-institutional investors' portion was booked 5.49 times, while a part set aside for qualified institutional investors saw 61 percent subscription.

Market at 11 AM

Benchmark indices were trading at day's low with Sensex falling 1300 points and Nifty below 16600.

The Sensex was down 1,329.70 points or 2.33% at 55682.04, and the Nifty was down 402.70 points or 2.37% at 16582.50. About 545 shares have advanced, 2540 shares declined, and 96 shares are unchanged.

Rupee Opens:

Indian rupee opened 6 paise lower at 76.14 per dollar on Monday against Friday's close of 76.08.

The US dollar increased by 0.56% on Friday amid risk aversion in global markets. Market sentiments were hurt on worries over rising interest rates and surge in Covid-19 cases slowing global economic recovery. Further, the dollar strengthened as the US Federal Reserve said they would accelerate the pace of monetary tightening and signalled three rate hikes next year, said ICICI Direct.

Rupee future maturing on December 29 appreciated by 0.11% on weakness in the dollar and softening of crude oil prices, it added.

Reliance, HDFC Bank, ICICI Bank all in red

HDFC Bank was down 2.8%; Reliance Industries fell 2.3%; ICICI Bank 2.1% in red on Monday morning as index heavyweights struggled.

Shriram Properties lists at 20% discount to issue price at Rs 94

South-based real estate developer Shriram Properties made a weak debut on the bourses on December 20 as the stock listed with a discount of 20 percent compared to the issue price of Rs 118 per share.

The stock opened at Rs 94 on the BSE.

Market Live Update: Sensex tumbles over 1,000 points, Nifty near 16,650

Both benchmark indices plunged as much as 1.9 percent. The 30-scrip index tanked as much as 1,071 points to 55,940.8 and the Nifty50 descended to as low as 16,658.2, down 327 points from its previous close.

Government bans futures trading in seven commodities

The Finance Ministry has suspended trading in futures contracts of some agricultural commodities for one year to reign in inflation.

Trading in seven commodities - paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong - has been suspended with immediate effect, according to a Finance Ministry notification.