As per provisional closing data, the barometer index, the S&P BSE Sensex was down 56.74 points or 0.07% to 81,709.12. The Nifty 50 index lost 30.60 points or 0.12% to 24,677.80.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.36% and the S&P BSE Small-Cap index rallied 0.60%.
The market breadth was strong. On the BSE, 2,393 shares rose and 1,591 shares fell. A total of 104 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.66% to 14.14.
RBI Monetary Policy Meeting Outcome:
The Reserve Bank of India (RBI) monetary policy committee (MPC) has voted to keep the benchmark repo rate unchanged at 6.5% for the eleventh straight meeting.
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After assessing the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 6, 2024) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%.
Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the bank rate at 6.75%.
To ease the potential liquidity stress, RBI has decided to reduce the cash reserve ratio (CRR) of all banks to 4.0% of net demand and time liabilities (NDTL) in two equal tranches of 25 bps each, with effect from the fortnight beginning December 14, 2024 and December 28, 2024. This reduction in the CRR would release primary liquidity of about Rs 1.16 lakh crore to the banking system.
The projected real GDP growth for 202425 is slashed to 6.6% from 7.2% earlier. The RBI has revised India's Consumer Price Inflation (CPI) forecast for financial year 2025 to 4.8% from 4.5% earlier.
New Listing:
Shares of Suraksha Diagnostic were at Rs 417.05 on the BSE, representing a discount of 5.43% as compared with the issue price of Rs 441.
The scrip was listed at Rs 437, exhibiting a discount of 0.90% to the issue price.
The stock has hit a high of 449 and a low of 414.80. On the BSE, over 5.69 lakh shares of the company were traded in the counter.
Buzzing Index:
The Nifty Media index slipped 0.33% to 2,077.05. The index shed 0.32% in two consecutive trading sessions.
Tips Music (down 3.32%), Dish TV India (down 1.92%), PVR Inox (down 1.89%), Den Networks (down 0.97%) and Saregama India (down 0.38%) declined.
On the other hand, Nazara Technologies (up 2.19%), Hathway Cable & Datacom (up 1.17%) and Network 18 Media & Investments (up 0.67%) edged higher.
Stocks in Spotlight:
Garden Reach Shipbuilders & Engineers added 0.99%. The firm signed contract for construction and delivery of second ship from series of four additional 7500 DWT Multi-Purpose Vessels (MPV) on 4 December 2024 at Hamburg, Germany.
Mishtann Foods slumped 19.97% after the Sebi imposed a trading ban on the company and its promoter, Hiteshkumar Gaurishankar Patel.
The Securities and Exchange Board of India (Sebi)'s investigation revealed that Mishtann Foods engaged in a series of dubious practices, including circular trading with fictitious entities controlled by the company's directors and their associates. These fraudulent transactions inflated the company's financial performance, misleading investors and regulators.
The company's board has decided to pursue legal remedies against the show cause notice. Mishtann Foods has appealed to the public to exercise restraint and respect the due process of law.
Canara Bank rose 1.02% after the Reserve Bank of India (RBI) accorded approval to the bank for divesting its shareholding in two entities by 13% and 14.5% respectively through initial public offer (IPO).
GPT Healthcare rose 0.24%. The company informed that it has entered into memorandum of understanding (MOU) for construction and finishing of a state-of-art high class hospital building at Jamshedpur, Jharkhand.
Angel One added 1.88% after compay said that its client base jumped 56% to 28.78 million in November 2024 as compared with 18.45 million in November 2023.
Advait Infratech was locked in upper circuit of 5% after the company received an order for supply and installation of 24 F OPGW (optical ground wire) from NRSS XXXI (B) Transmission on 5 December 2024.
Zaggle Prepaid Ocean Services (Zaggle) was locked in upper circuit of 5% after the company announced that it has entered into an agreement with Hitachi India and Blink Commerce.
FSN E-Commerce Ventures (Nykaa) shed 0.48%. The companys chief executive officer (CEO) and senior management personnel, Nihir Parikh, tendered his resignation due to personal commitments.
ITCONS E-Solutions slipped 0.97%. The company entered into a master service agreement (MSA) with Wal-Mart India to provide one-time placement services across India.
Ramco Systems advanced 1.88% after the company has entered into a partnership with Hanjin Information Systems & Telecommunication (HIST) to digitally transform their M&E and MRO operations.
Kernex Microsystems (India) was locked in an upper circuit of 5% after the company announced that it has received an order worth Rs 2,041.40 crore from Chittaranjan Locomotive Works.
Global Markets:
Most European stocks advanced on Thursday as investors in the region digested the latest political developments in France.
Most Asian stocks ended mixed. All eyes are on the U.S. nonfarm payroll report due in the day that may help shape the direction of the Federal Reserve's policy path later this month.
US stock markets pulled back from record highs on Thursday as investors took a cautious approach ahead of the payrolls report. The S&P 500 declined 0.2%, the NASDAQ Composite fell 0.2%, and the Dow Jones Industrial Average dropped 0.6%. Technology stocks, a major driver of recent market gains, retreated, while economically sensitive sectors like energy, financials, and industrials also lost ground.
US initial jobless claims rose to 224,000 for the week ended November 30th, up from the previous week's revised figure of 215,000.
The upcoming US nonfarm payrolls report will be closely watched by investors and policymakers alike. A strong reading could reinforce expectations of economic recovery and support further normalization of monetary policy.
Meanwhile, Bitcoin tumbled from record highs above the coveted $100,000 level, as it was slapped with heavy profit-taking.
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