Market Commentary - Mid-Session
Indices trade with minor cuts; auto shares slide As on : 09-Dec-24  14:30

The key equity barometer traded with limited losses in the mid-afternoon trade. The Nifty traded below the 24,650 mark. Auto shares declined after rising in the past two consecutive trading sessions.

At 14:27 IST, the barometer index, the S&P BSE Sensex, declined 234.67 points or 0.29% to 81,474.45. The Nifty 50 index lost 75.75 points or 0.31% to 24,607.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.16% and the S&P BSE Small-Cap index rallied 0.32%.

The market breadth was positive. On the BSE, 2,209 shares rose and 1,823 shares fell. A total of 168 shares were unchanged.

Buzzing Index:

The Nifty Auto index fell 0.61% to 23,814.30. The index rose 0.25% in the past two consecutive trading sessions.

Samvardhana Motherson International (down 2.34%), Tata Motors (down 1.77%), Bosch (down 1.24%), Ashok Leyland (down 1.11%), Eicher Motors (down 1.07%), TVS Motor Company (down 0.91%), Bharat Forge (down 0.72%), Mahindra & Mahindra (down 0.46%), Hero MotoCorp (down 0.3%) and Maruti Suzuki India (down 0.25%) declined.

On the other hand, Balkrishna Industries (up 1.79%), Apollo Tyres (up 1.25%) and MRF (up 0.98%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.48% to 6.840 as compared with the previous close of 6.740.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.7175, compared with its close of 84.6600 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement added 0.39% to Rs 76,919.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 106.05.

The United States 10-year bond yield rose 0.34% to 4.163.

In the commodities market, Brent crude for the November 2024 settlement lost 88 cents or 1.24% to $72 a barrel.

Stocks in Spotlight:

Hyundai Motor India (HMIL) declined 1.74%. The company informed that it aims to install nearly 600 public EV fast charging stations across the country in the next 7 years.

Star Health and Allied Insurance Company dropped 4.23% after the company received show cause notice from the Insurance Regulatory and Development Authority of India (IRDAI) for alleged violations of various IRDAI regulations and guidelines. The notice follows an inspection IRDAI conducted for the period from January 31, 2022 to February 11, 2022 and the observations it made pertaining to the company's business and operational aspects.

Welspun Corp added 1.79% after the company received two large orders each for the supply of HSAW and HFIW-coated pipes for natural gas pipeline projects in the US.

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