Barometers nudge lower; breadth negative

The key equity benchmarks traded with limited losses in early trade. The Nifty slipped below the 23,800 level. Media, auto and IT shares declined while pharma and realty shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex declined 102.33 points or 0.13% to 78,596.74. The Nifty 50 index dropped 53.20 points or 0.21% to 23,760.10.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.27% and the S&P BSE Small-Cap index declined 0.39%.

The market breadth was negative. On the BSE, 1,391 shares rose and 1,819 shares fell. A total of 173 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 1,323.29 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,544.64 crore in the Indian equity market on 27 December 2024, provisional data showed.

Stocks in Spotlight:

Reliance Industries has announced that its wholly-owned subsidiary, Reliance Strategic Business Ventures (RSBVL), has completed the acquisition of Karkinos Healthcare.

JSW Energys wholly owned subsidiary, JSW NEO Energy, has signed a definitive agreement with O2 power pooling to acquire a 4,696 MW renewable energy (RE) platform.

Deep Industries said that its board has approved a proposal for raising funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 350 crore through qualified institution placement (QIP) in one or more tranches.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.65% to 6.899 as compared with the previous close of 6.787.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.5150, compared with its close of 85.4875 during the previous trading session.

MCX Gold futures for the 5 February 2024 settlement rose 0.29% to Rs 76,765.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 108.01.

The United States 10-year bond yield rose 0.19% to 4.628.

In the commodities market, Brent crude for February 2025 settlement added 13 cents, or 0.18% to $73.39 a barrel.

Global Markets:

Asian stocks traded mixed on Monday as traders await Chinas manufacturing PMI on Tuesday, while markets will be closed on Wednesday for New Years Day holiday.

South Korea's industrial output contracted 0.7% on a monthly basis in November as compared to Octobers reading of a 6.3% increase.

Japans factory activity contracted at a slower rate in December. The au Jibun Bank Japan Manufacturing Purchasing Managers Index climbed to 49.6 in December, coming in slightly above Novembers reading of 49.0 and marking the softest contraction in three months.

US stocks closed lower on Friday as investors booked profits across sectors, with technology stocks leading the selloff. This decline was attributed to a rise in Treasury yields, which increases borrowing costs for companies, potentially impacting spending on innovation and expansion and squeezing profit margins.

The Dow Jones Industrial Average declined 0.77%, the S&P 500 dropped 1.11%, and the Nasdaq Composite ended 1.49% lower. Apple Inc., which had reached a record high the previous day after an upgrade from Wedbush, fell 1.3%. Tesla Inc. stock declined 5%, while NVIDIA Corporation, a market darling, edged 2.2% lower. Alphabet Inc. also fell over 1%, contributing to a broader tech sell-off.

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