Barometers trade with minor cuts; European mrkt advance, Titan drops 3.82%

The benchmark indices traded with minor losses in mid-morning trade. The Nifty traded below the 24,300 level after hitting the day's high of 24,338.85 in early trade. Consumer durables, PSU bank and metal shares declined while FMCG and oil & gas shares advanced.

At 13:30 IST, the barometer index, the S&P BSE Sensex was down 92.70 points or 0.12% to 79,903.90. The Nifty 50 index lost 39.25 points or 0.16% to 24,284.60.

In the broader, the S&P BSE Mid-Cap index fell 0.25% and the S&P BSE Small-Cap index shed 0.16%.

The market breadth was negative. On the BSE, 1,703 shares rose and 2,285 shares fell. A total of 127 shares were unchanged.

 

Gainers & Losers:

Oil & Natural Gas Corporation (up 2.22%), ITC (up 1.59%), Hindustan Unilever (up 1.55%), Wipro (up 1.13%) and Nestle India (up 1%) were major Nifty gainers.

Titan Company (down 3.82%), Divi's Laboratories (down 3.67%), Bharat Petroleum Corporation (down 2.05%) Shriram Finance (down 1.97%), and Adani Enterprises (down 1.92%) were major Nifty losers

Titan Company slipped 3.82%. The Tata Group company on Friday announced that it has a revenue growth of 9% year on year (YoY) for the quarter ended 30 June 2024.

Stocks in Spotlight:

Larsen & Toubro added 0.10%. The company said that its Renewable arm has finalised mega orders with a leading developer in the Middle East to build two gigawatt-scale solar PV plants with a cumulative capacity of 3.5 gigawatt (GW).

Dabur India rallied 3.45% after the company's consolidated revenue is expected to register mid to high single digit growth during Q1 FY25.

Adani Wilmar advanced 1.98% after the firm said that it has achieved robust volume growth of 13% YoY in Q1 FY25, propelled by market-specific strategies in each category, aimed at gaining market share, especially in under-indexed markets,

Marico jumped 4.01% after the FMCG major said that its domestic business saw a modest uptick in underlying volume growth on a sequential basis.

FSN E-Commerce Ventures (Nykaa) rose 0.76%. The company said that it has expected a consolidated revenue growth to be around 22-23% YoY in Q1 FY25.

Bank of Baroda declined 3.51%. The public sector bank reported 8.51% rise in domestic advances to Rs 8,81,817 crore as on 31 June 2024 from Rs 8,12,626 crore as on 31 June 2023.

Global Markets:

European stocks advanced on Monday, as markets reacted to a surprise win for a left-wing coalition of parties in French elections.

On the other hand, Asian stocks declined, with China leading the decline. Investor concerns swirled around a potential trade war with the West, fueled by the EU's tariffs on Chinese electric vehicles mirroring similar US actions. This escalation heightened fears of a wider conflict and retaliation from China. Additionally, disappointing economic data from Japan and Australia dampened overall sentiment.

In stark contrast, US stocks soared on Friday, reaching record highs. Investors interpreted a weaker-than-expected jobs report as a sign of potential future interest rate cuts from the Federal Reserve. The S&P 500 and Nasdaq both closed at all-time highs, while the Dow Jones also gained slightly.

The US economy added 206,000 new nonfarm jobs in June, exceeding economist expectations. However, the unemployment rate rose slightly to 4.1%, which was unexpected. All eyes are now on Fed Chair Jerome Powell's comments and key inflation data this week for further clues on the direction of US monetary policy.

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