Indices nudge lower; breadth strong

The headline equity benchmarks traded with tiny losses in early trade. The Nifty traded below the 23,650 mark. Realty, bank and metal shares declined while media, IT and FMCG shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex shed 28.11 points or 0.03% to 78,110.90. The Nifty 50 index lost 9.10 points or 0.04% to 23,635.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.11% and the S&P BSE Small-Cap index gained 0.30%.

The market breadth was strong. On the BSE, 1,917 shares rose and 829 shares fell. A total of 105 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 4,645.22 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,546.73 crore in the Indian equity market on 31 December 2024, provisional data showed.

Economy:

Indias fiscal deficit reached Rs 8.5 lakh crore in the first eight months of the fiscal year (April-November), representing 52.5% of the budgeted target, according to government data released on December 31st. This exceeds the deficit recorded during the same period in the previous fiscal year, which stood at 50.7%.

Capital expenditure, though improving, lagged behind last year's pace. At Rs 5.13 lakh crore, it amounted to 46.2% of the budgeted target of Rs 11.1 lakh crore, compared with 58.5% achieved in the corresponding period of the previous fiscal year. Overall government spending reached 60.1% of the budgeted target, slightly higher than the 59% recorded in the previous year.

Revenue receipts fell short of last year's levels. Net tax revenue collection stood at 55.9%, lower than the corresponding figure in the previous year.

Stocks in Spotlight:

India Cements rose 0.89%. The companys board has approved the appointment of Suresh Vasant Patil, as chief executive officer (CEO) and Krishnagopal Ladsaria, as chief financial officer (CFO) with effect from 1 January 2025.

Suzlon Energy advanced 2.02% after the companys wholly owned subsidiary, SE Forges CEO, S.Venkata Subramaniam has resigned with effect from close of business hours on 31st December 2024.

Jupiter Wagons added 1.15% after the company increased stake in its arm Jupiter Electric Mobility to 75% from 60%.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.29% to 6.890 as compared with the previous close of 6.870.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.700, compared with its close of 85.6450 during the previous trading session.

MCX Gold futures for the 5 February 2024 settlement shed 0.03% to Rs 76,725.

Global Markets:

Asian markets were shut for a New Year holiday, while the US stock market ended lower overnight in a low-volume session.

At the close in NYSE, the Dow Jones Industrial Average fell 0.07%, while the S&P 500 index lost 0.43%, and the NASDAQ Composite index declined 0.9%.

Tesla stock gave up gains to close 3.2% lower. Chinese state news agency Xinhua reported that the company's energy storage gigafactory in Shanghai has entered trial production, just seven months after construction began, with full-scale production expected to commence early next year.

The US market is closed on Wednesday for New Year's Day.

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