Barometers drop in early trade; breadth negative

The domestic equity benchmarks traded with moderate losses in early trade. The Nifty traded below the 23,550 mark. IT, realty and consumer durables shares declined while pharma, PSU bank and oil & gas stocks advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex declined 413.95 points or 0.53% to 77,834.18. The Nifty 50 index dropped 99.25 points or 0.42% to 23,545.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.52% and the S&P BSE Small-Cap index declined 0.35%.

The market breadth was negative. On the BSE, 1,218 shares rose and 1,656 shares fell. A total of 134 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 1,893.16 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,173.86 crore in the Indian equity market on 30 December 2024, provisional data showed.

Stocks in Spotlight:

CESC shed 0.49%. The companys subsidiary, Noida Power company, issued a letter of acceptance (LoA) to another subsidiary of the company, Purvah Green Power Private for supply of 300 MW wind-solar hybrid power on long- term basis.

Jubilant Ingrevia rose 0.98%. The companys subsidiary, Jubilant Infrastructure (JIL) plans to acquire 6.67% stake in Forum I Aviation Private (FAPL) from Hero Fincorp & Sunil Kant Munjal. Post acquisition, JIL will hold 15.79% equity shares in FAPL.

Shriram Properties advanced 1.97% after the company announced strategic sale of around 3.9 acre land parcel in Chennai to a large healthcare and educational group in South India.

Numbers to Track:

The yield on India's 10-year benchmark federal paper slipped 0.14% to 6.876 as compared with the previous close of 6.886.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.6000, compared with its close of 85.5250 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement shed 0.04% to Rs 76,228.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.15% to 107.97.

The United States 10-year bond yield declined 0.57% to 4.519.

In the commodities market, Brent crude for February 2025 settlement added 39 cents, or 0.53% to $74.38 a barrel.

Global Markets:

Asian shares traded mixed on the final trading day of the year as China's manufacturing Purchasing Managers' Index (PMI) dipped to 50.1 in December, according to the National Bureau of Statistics, slightly below the 50.3 recorded in November.

South Koreas consumer inflation accelerated in December, rising 1.9% year on year. CPI came in at 1.5% in November. On a month-on-month basis prices rose 0.4%.

US stocks concluded Monday with losses, signaling a subdued end to a year of robust performance on Wall Street. The S&P 500 declined 1.1%, the Dow Jones Industrial Average shed 1%, and the NASDAQ Composite fell 1.2%.

Boeing shares fell more than 2% after a devastating air accident in South Korea claimed the lives of 179 people on Sunday when a passenger plane crash-landed at Muan International Airport.

Later this week, investors will closely examine the Institute for Supply Management's manufacturing activity survey for December and the weekly report on jobless claims. These data points will precede the crucial

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