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Nifty hovers below 24,100; European mkt opens lower

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The benchmark indices continued to trade with limited losses in the afternoon trade. The Nifty hovered below the 24,100 level. Oil & gas, media and PSU bank stocks were in demand. On the other hand, pharma, healthcare and IT shares corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex, declined 390.94 points or 0.49% to 79,552.77. The Nifty 50 index shed 97.85 points or 0.40% to 24,090.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index gained 0.38%.

The market breadth was positive. On the BSE, 2,249 shares rose and 1,649 shares fell. A total of 131 shares were unchanged.

 

Gainers & Losers

ONGC (up 6.16%), Tata Motors (up 4.17%), Reliance Industries (up 1.55%), NTPC (up 1.54%) and titan Company (up 1.51%) were major Nifty gainers.

Wipro (down 2.52%), Hero MotoCorp (down 2.29%), HDFC Bank (down 1.97%), Tech Mahindra (down 1.86%) and Dr. Reddys Laboratories (down 1.67%) were major Nifty losers.

Hero Motocorp declined 2.29% after the companys total sales declined 17.5% to 3.24 lakh units and the domestic sales fell 22% at 2.94 lakh units.

Stocks in Spotlight:

Avenue Supermarts (DMart) spurted 11.81% after the company reported a good Q3 business update. The company's standalone revenue from operations for the quarter ended (QE) 31 December 2024 stood at Rs 15,565.23 crore, up 17.50% year-on-year.

Hindustan Zinc advanced 3.63% after its mined metal production stood at 265,000 tonnes in Q3 FY25, up 3% QoQ driven by higher mined metal grades and increase in production at Agucha and Zawar mines.

Adani Ports and Special Economic Zone shed 1.26%. The company stated that during December 2024, the company had handled 38.4 MMT of total cargo, which is higher by 8% on a year-on-year (YoY) basis.

Wockhardt rallied 5.35% after the Central Drugs Standard Control Organization (CDSCO) approved Miqnaf (nafithromycin) as a new treatment for community-acquired bacterial pneumonia (CABP) in adults.

Global Markets:

The Dow Jones index futures were up 78 points, signaling a positive opening for U.S. stocks today.

Most European and Asian stocks traded lower on Friday, defying the gloomy sentiment on Wall Street, where US stocks extended their losing streak to a fifth consecutive day. Equity trading in Japan was closed for a holiday. Chinese stocks are under scrutiny after their worst start to the year since 2016.

US stocks declined on Thursday, erasing early gains following a series of security incidents across the United States in recent days. The Dow Jones Industrial Average shed 156 points, or 0.4%, while the S&P 500 index lost 10 points, or 0.2%, and the NASDAQ Composite dipped by 30 points, or 0.2%.

Investors are closely monitoring the US House Speaker vote on Friday to determine if Mike Johnson will retain his position. Internal disagreements within the Republican party regarding his reelection could potentially hinder the agenda of the President-elect.

Tesla shares plummeted over 6% after the EV manufacturer reported a record number of vehicle deliveries in the fourth quarter, as announced on Thursday. However, these deliveries fell short of consensus expectations.

Apple is offering discounts on its latest iPhone models in China, an unusual move that signifies escalating competition from domestic rivals in the world's largest smartphone market. As a result, the company's shares declined by nearly 3% on Thursday.

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First Published: Jan 03 2025 | 1:37 PM IST

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