At 13:30 IST, the barometer index, the S&P BSE Sensex, dropped 1,068.43 points or 1.31% to 80,680.14. The Nifty 50 index slipped 333.85 points or 1.35% to 24,334.40.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.41% and the S&P BSE Small-Cap index shed 0.26%.
The market breadth was negative. On the BSE, 1,656 shares rose and 2,278 shares fell. A total of 112 shares were unchanged.
Economy:
Indias total exports (merchandise and services combined) for November 2024 are estimated at $67.79 billion, registering a positive growth of 9.59 percent vis-vis November 2023. Total imports (merchandise and services combined) for November 2024 are estimated at $87.63 billion, registering a positive growth of 27.47 percent vis-vis November 2023.
Gainers & Losers:
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ITC (up 0.79%), Cipla (up 0.27%) and Adani Ports and Special Economic Zone (up 0.14%) were major Nifty gainers.
Shriram Finance (down 4.36%), Bharti Airtel (down 3.06%), Grasim Industries (down 2.28%), Tata Consultancy Services (TCS) (down 2.12%) and Hindalco Industries (down 2.06%) were the major Nifty losers.
Stocks in Spotlight:
Vedanta shed 1.15%. The companys board approved the fourth dividend of Rs 8.5 per share for FY25 amounting to Rs 3,324 crore. The board has fixed 24 December 2024 as record date for the purpose of dividend payment
NITCO advanced 2.45% after the company said that it has secured Rs 105.40 crore order from Prestige Estates Projects for the supply of tiles, marble, and mosaic.
RMC Switchgears hit an upper circuit of 5% after the firm received a letter of acceptance (LOA) from a reputed system integrator for the supply, installation and commissioning of 5,000 solar pumps in Maharashtra valued at Rs 90 crore.
Indoco Remedies declined 0.91% after the firm received official action indicated (OAI) status from the USFDA for plant II & plant III facilities located at Verna Industrial Estate Area, Goa, India.
Global Market:
The Dow Jones index futures were up 133 points, signaling a negative opening for U.S. stocks today.
European and Asian stocks traded mostly lower on Tuesday as investors awaited a crucial week for central bank policy decisions. The U.S. Federal Reserve is widely expected to cut rates on Wednesday, while the Bank of Japan is likely to maintain its current stance.
This week sees policy meetings from central banks in the United States, Japan, UK, Sweden, Norway, Indonesia, and Thailand. The Bank of England, Norges Bank, and Bank of Thailand are anticipated to hold rates steady, while the Riksbank might opt for a rate cut. Bank Indonesia is expected to raise rates to support the weakening rupiah currency.
Data released on Monday revealed a steeper-than-expected slowdown in China's consumer spending during November, negatively impacting stocks. Retail sales rose only 3% year-on-year, which is the weakest growth in three months and significantly lower than October's 4.8% increase.
In the US, major US technology stocks continued their upward momentum on Monday, propelling the Nasdaq Composite to record highs. However, the Dow Jones Industrial Average lagged behind, reflecting ongoing investor uncertainty about economic policies under the new administration.
The S&P 500 rose 0.38% to 6,074.10 points, while the NASDAQ Composite surged 1.24% to a record high of 20,204.58 points. The Dow Jones Industrial Average fell 0.25% to 43,717.48 points.
The chip sector experienced a rally, mirroring Broadcom Inc.'s continued gains fueled by strong earnings and guidance related to artificial intelligence. The prospect of lower interest rates in the near future also boosted other prominent tech companies like Apple, Amazon, and Alphabet.
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