At 11:29 IST, the barometer index, the S&P BSE Sensex, slipped 440.42 points or 0.57% to 77,758.37. The Nifty 50 index fell 122.50 points or 0.52% to 23,585.40.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.19% and the S&P BSE Small-Cap index fell 0.94%.
The market breadth was weak. On the BSE, 1,236 shares rose and 2,505 shares fell. A total of 147 shares were unchanged.
Economy:
The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the First Advance Estimates of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25 along with its expenditure components both at constant (2011-12) and current prices.
Real GDP has been estimated to grow by 6.4% in FY 2024-25 as compared to the growth rate of 8.2% in the Provisional Estimate (PE) of GDP for FY 2023-24. Nominal GDP has witnessed a growth rate of 9.7% in FY 2024-25 over the growth rate of 9.6% in FY 2023-24. Real GVA has grown by 6.4% in FY 2024-25 over the growth rate of 7.2% in FY 2023-24.
IPO Update:
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The initial public offer (IPO) of Standard Glass Lining Technology received bids for 1,03,04,90,571 shares as against 2,08,29,567 shares on offer, according to stock exchange data at 11:09 IST on 08 January 2025. The issue was subscribed to 49.47 times.
The issue opened for bidding on 6 January 2025, and it will close on 8 January 2025. The price band of the IPO is fixed between Rs 133 and Rs 140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.
The initial public offer (IPO) of Quadrant Future Tek received bids for 14,48,44,300 shares as against 57,99,999 shares on offer, according to stock exchange data at 11:09 IST on 08 January 2025. The issue was subscribed to 24.97 times.
The issue opened for bidding on 07 January 2025 and it will close on 09 January 2025. The price band of the IPO is fixed between Rs 275 and Rs 290 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
The initial public offer (IPO) of Capital Infra Trust received bids for 1,37,32,650 shares as against 8,83,83,750 shares on offer, according to stock exchange data at 11:09 IST on 08 January 2025. The issue was subscribed to 0.16 times.
The issue opened for bidding on 07 January 2025 and it will close on 09 January 2025. The price band of the IPO is fixed between Rs 99 and Rs 100 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty index fell 1.31% to 1,006.70. The index rose 0.59% in the previous trading session.
Godrej Properties (down 3.39%), Sobha (down 3.26%), Raymond (down 2.26%), Mahindra Lifespace Developers (down 1.66%) and DLF (down 1.46%), Prestige Estates Projects (down 1.35%), Oberoi Realty (down 1.2%), Brigade Enterprises (down 0.86%), Phoenix Mills (down 0.34%) and Macrotech Developers (down 0.12%) declined.
Stocks in Spotlight:
WPIL rallied 4.71% after the company announced that its European subsidiary, Gruppo Aturia, has successfully acquired 100% shareholding of MISA ITALY, located in Arzignano, Italy.
Exicom Tele-Systems hit an upper circuit limit of 5% after the company signed an EV charging partnership with Mufin Green Infra.
Tata Technologies added 1.52% after the company signed a strategic memorandum of understanding (MoU) with Telechips to innovate vehicle software solutions for next-gen software-defined vehicles (SDVs).
Global Markets:
The Dow Jones index futures were up 92 points, signaling a positive opening for U.S. stocks today.
Asian stocks traded mixed on Wednesday, with the yen weakening against a strong dollar. Traders anticipate the Federal Reserve will maintain a cautious approach to interest rate cuts, given recent data indicating a resilient U.S. economy and labor market.
Tuesday's data showed a rise in U.S. job openings alongside a slight slowdown in hiring, suggesting the labor market remains strong. This, coupled with stronger-than-expected purchasing managers' index data, has fueled concerns about persistent inflation.
Job openings, a measure of labor demand, rose 259,000 to 8.098 million by the last day of November, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday. Meanwhile, U.S. services sector PMI increases to 54.1 in December from 52.1 in November.
These factors are expected to limit the Fed's ability to aggressively cut interest rates, aligning with the bank's recent cautious stance. The upcoming release of December's nonfarm payroll data on Friday will provide further insights into the interest rate outlook.
US stock indices declined on Tuesday, driven by rising Treasury yields and concerns about inflation. The S&P 500 fell 1.1%, the Nasdaq Composite dropped 1.9%, and the Dow Jones Industrial Average slipped 0.4%.
Nvidia, a leading technology stock, experienced a significant decline on Tuesday despite announcing new products at the Consumer Electronics Show. While these innovations bode well for Nvidia's long-term growth, analysts noted a limited impact on the company's near-term prospects.
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