Market turns rangebound; Nifty hovers above 23,700

The benchmark indices continued to trade with decent gains in the afternoon trade. The Nifty hovered above the 23,700 level after hitting the days low of 23,562.80 in morning trade. Media, private bank and FMCG shares advanced while realty, metal and PSU bank stocks corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex rose 371.39 points or 0.48% to 78,510.40. The Nifty 50 index added 103.65 points or 0.44% to 23,748.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% and the S&P BSE Small-Cap index rallied 0.78%.

The market breadth was strong. On the BSE, 2,600 shares rose and 1,266 shares fell. A total of 134 shares were unchanged.

 

Gainers & Losers

Larsen & Toubro (up 2.12%), Mahindra & Mahindra (up 1.93%), Apollo Hospitals Enterprise (up 1.40%), Asian Paints (up 1.38%) and Adani Enterprises (up 1.20%) were major Nifty gainers.

Dr. Reddys Laboratories (down 1.88%), Bajaj Auto (down 1.64%), Hindalco Industries (down 1.52%), Adani Ports (down 1.09%) and ONGC (down 0.91%) were major Nifty losers.

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:

Suzlon Energy advanced 3.49% 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 0.48% after the company increased stake in its arm Jupiter Electric Mobility to 75% from 60%.

Dynacons Systems & Solutions jumped 6.96% after the company secured turnkey data centre IT infrastructure augmentation project of Canara Bank worth Rs 280 crore.

SJVN surged 6.13% after the company has signed Memorandum of Understanding (MoU) with Govt of Bihar for development of 1,000 MW Hathidah Durgawati pumped storage project and other PSPs in Bihar.

NCC rose 0.29% after the company announced that it has received an order worth Rs 349.70 crore from a private company for its Building Division.

Global Markets:

European and 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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