At 13:27 IST, the barometer index, the S&P BSE Sensex, tumbled 433.29 points or 0.55% to 77,776.40. The Nifty 50 index declined 124.45 points or 0.52% to 23,583.45.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.66% and the S&P BSE Small-Cap index fell 1.50%.
The market breadth was weak. On the BSE, 1,090 shares rose and 2,808 shares fell. A total of 109 shares were unchanged.
Economy:
The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the First Advance Estimates of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25 along with its expenditure components both at constant (2011-12) and current prices.
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Real GDP has been estimated to grow by 6.4% in FY 2024-25 as compared to the growth rate of 8.2% in the Provisional Estimate (PE) of GDP for FY 2023-24. Nominal GDP has witnessed a growth rate of 9.7% in FY 2024-25 over the growth rate of 9.6% in FY 2023-24. Real GVA has grown by 6.4% in FY 2024-25 over the growth rate of 7.2% in FY 2023-24.
Gainers & Losers :
ONGC (up 2.22%), Reliance Industries (up 2.06%), Dr Redddys Laboratories (up 1.67%), Bharat Petroleum Corporation (BPCL) (up 0.78%) and ITC (up 0.76%) were the major Nifty gainers.
Trent (down 3.76%), Shriram Finance (down 3.59%), Apollo Hospitals Enterprise (down 2.81%), Adani Ports and Special Economic Zone (APSEZ) (down 2.56%) and Bharat Electronics(BEL)(down 2.30%) were the major Nifty losers.
Stocks in Spotlight:
Ashiana Housing jumped 5.70% after the company reported 2.6 times increase in the sale value of the area booked to Rs 454.31 crore in Q3 FY25 from Rs 173.88 crore in Q3 FY24.
Signatureglobal (India) shed 0.04%. The company said that its pre sales zoomed 120% to Rs 2,770 crore in Q3 FY25 from Rs 1,260 crore recorded in Q3 FY24.
Tata Steel fell 0.79%. The company informed that its India crude steel production stood at 5.68 million tons (MT) in Q3 FY25, up 6% as compared with 5.35 MT in Q3 FY24.
Jindal Worldwide shed 0.12%. The companys board has approved the proposal to issue bonus shares in a 4:1 ratio during a meeting held on 7 January 2025.
Birlasoft declined 2.71% after the company announced that its chief executive officer (CEO), Roopinder Singh, who was also responsible for the Americas geography, has resigned, with effect from 7th February 2025.
Exicom Tele-Systems hit an upper circuit limit of 5% after the company signed an EV charging partnership with Mufin Green Infra.
WPIL rallied 2.62% after the company announced that its European subsidiary, Gruppo Aturia, has successfully acquired 100% shareholding of MISA ITALY, located in Arzignano, Italy.
Ola Electric Mobility declined 2.27% after the company received warning letter from Securities Exchange Board of India (SEBI) for violating SEBI disclosure norms.
Larsen & Toubro (L&T) shed 0.92%. The company announced that its heavy engineering arm had secured multiple orders in Q3 of FY25, both in overseas and domestic markets.
Tata Technologies added 0.92%. The company signed a strategic memorandum of understanding (MoU) with Telechips to innovate vehicle software solutions for next-gen software-defined vehicles (SDVs).
Global Markets:
The Dow Jones index futures were up 56 points, signaling a positive opening for U.S. stocks today.
Most of the European market declined as investors will be keeping an eye on European consumer confidence and economic sentiment data. On the earnings front, Shell is set to release its fourth-quarter update.
Asian stocks traded mixed on Wednesday, with the yen weakening against a strong dollar. Traders anticipate the Federal Reserve will maintain a cautious approach to interest rate cuts, given recent data indicating a resilient U.S. economy and labor market.
Tuesday's data showed a rise in U.S. job openings alongside a slight slowdown in hiring, suggesting the labor market remains strong. This, coupled with stronger-than-expected purchasing managers' index data, has fueled concerns about persistent inflation.
Job openings, a measure of labor demand, rose 259,000 to 8.098 million by the last day of November, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday. Meanwhile, U.S. services sector PMI increases to 54.1 in December from 52.1 in November.
These factors are expected to limit the Fed's ability to aggressively cut interest rates, aligning with the bank's recent cautious stance. The upcoming release of December's nonfarm payroll data on Friday will provide further insights into the interest rate outlook.
US stock indices declined on Tuesday, driven by rising Treasury yields and concerns about inflation. The S&P 500 fell 1.1%, the Nasdaq Composite dropped 1.9%, and the Dow Jones Industrial Average slipped 0.4%.
Nvidia, a leading technology stock, experienced a significant decline on Tuesday despite announcing new products at the Consumer Electronics Show. While these innovations bode well for Nvidia's long-term growth, analysts noted a limited impact on the company's near-term prospects.
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