Market Commentary - Mid-Session
Nifty hovers above 24,600; metal shares shine for 4th day As on : 10-Dec-24  11:33

The frontline indices continued to trade with small gains in the mid-morning trade. The Nifty hovered above the 24,600 level. Metal shares extended gains for the fourth consecutive trading session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, advanced 99.19 points or 0.11% to 81,607.65. The Nifty 50 index added 23.10 points or 0.09% to 24,642.10.

In the broader market, the S&P BSE Mid-Cap index added 0.19% and the S&P BSE Small-Cap index rose 0.17%.

The market breadth was positive. On the BSE, 2,048 shares rose and 1,726 shares fell. A total of 159 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 0.80% to 9,530.55. The index rallied 3.26% in four consecutive trading sessions.

Jindal Steel & Power (up 4.13%), NMDC (up 2.68%), Steel Authority of India (up 1.52%), Tata Steel (up 1.48%), Vedanta (up 0.98%), National Aluminium Company (up 0.75%), APL Apollo Tubes (up 0.74%), JSW Steel (up 0.59%), Hindalco Industries (up 0.2%) and Hindustan Copper (up 0.17%) advanced.

On the other hand, Welspun Corp (down 1.68%), Adani Enterprises (down 0.43%) and Jindal Stainless (down 0.24%) edged lower.

Stocks in Spotlight:

ISGEC Heavy Engineering rallied 5.38% after Isgec Investments Pte, Singapore, entered into a sale and purchase agreement (SPA) with Triumph Excel to sell its entire stake in its arm, Bioeq Energy Holdings One, Cayman Islands.

NHPC shed 0.88%. The company informed that its board is scheduled to meet on Thursday, 12 December 2024, to consider the proposal of fund raising through the issue of non-cumulative bonds up to Rs 2,600 crore in one or more tranches through private placement.

IRB Infrastructure Developers rose 0.25%. The company's toll collection jumped 23% to Rs 536 crore in November 2024 as against Rs 437 crore posted in November 2023.

Global Markets:

Asian stocks advanced on Tuesday, led by a surge in Chinese equities. This uptick was triggered by the Chinese government's announcement of significant policy changes for 2025.

China's Politburo, the country's top decision-making body, signaled a shift towards a more accommodative monetary policy. This departure from the previous prudent stance is expected to stimulate the economy and support stock and property markets. The Politburo also pledged to boost domestic consumption and demand, indicating a potential increase in targeted stimulus measures.

Investors are now awaiting the Central Economic Work Conference, scheduled to begin on Wednesday, for further details on China's economic plans. Analysts anticipate the conference to outline specific policy priorities and the annual growth target.

Beyond China, market participants are closely monitoring the Reserve Bank of Australia's monetary policy decision, due later today.

Meanwhile, China's November exports rose 6.7% YoY, down from 12.7% in October, signaling global demand concerns for Chinese goods and imports dropped 3.9% YoY in November, a sharper fall from October's 2.3% decline, underscoring economic pressures.

US stocks closed lower on Monday, with the Dow Jones Industrial Average hitting a 1.5-week low. Profit-taking and long liquidation pressured the market ahead of the release of crucial US inflation data on Wednesday. Rising Treasury yields and heightened geopolitical tensions in the Middle East, following the fall of the Assad regime in Syria, also weighed on investor sentiment.

The Dow Jones Industrial Average fell 0.54%, while the S&P 500 index fell 0.61%, and the NASDAQ Composite index fell 0.60%.

Nvidia shares declined 2.6% during regular trading hours and further dipped 0.6% in after-hours trading, amid reports of an antitrust investigation by Chinese authorities.

Oracle Corporation's stock plummeted nearly 8% in after-hours trading after the company reported weaker-than-expected quarterly earnings, highlighting increased competition in the cloud computing sector from major players like Microsoft and Amazon.

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