Market Commentary - Mid-Session
Barometers trade with modest cuts; metal shares lose sheen As on : 16-Dec-24  10:32

The key equity indices traded with substantial losses in morning trade. The Nifty slipped below the 24,700 level. Metal shares extended losses for the second consecutive trading sessions.

At 10:29 IST, the barometer index, the S&P BSE Sensex, declined 352.40 points or 0.43% to 81,780.72. The Nifty 50 index lost 98.25 points or 0.40% to 24,670.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.31% and the S&P BSE Small-Cap index rose 0.38%.

The market breadth was strong. On the BSE, 2,313 shares rose and 1,483 shares fell. A total of 155 shares were unchanged.

Economy:

India's foreign exchange reserves dropped by $3.235 billion to $654.857 billion, a five-month low, for the week ended December 6, data released by the Reserve Bank of India (RBI) revealed on Friday.

Foreign currency assets, a major component of the reserves, decreased by $3.228 billion to $565.623 billion for the week ended December 6, 2024, as per the data.

Meanwhile, gold reserves dropped by $43 million to $66.936 billion in the week under consideration. The Special Drawing Rights (SDRs) increased by $25 million to $18.031 billion, RBI data showed.

India's reserve position with the IMF rose by $12 million to $4.266 billion in the reporting week.

Buzzing Index:

The Nifty Metal index slipped 0.98% to 9,347.10. The index fell 1.68% in past two consecutive trading sessions.

Jindal Steel & Power (down 1.79%), Vedanta (down 1.37%), JSW Steel (down 1.19%), Hindustan Copper (down 1.08%), Ratnamani Metals & Tubes (down 1.08%), National Aluminium Company (down 1.04%), NMDC (down 0.88%), Steel Authority of India (down 0.85%), Tata Steel (down 0.60%) and Hindalco Industries (down 0.50%).

Stocks in Spotlight:

JSW Energy advanced 2.09% after the company announced that it has secured multiple renewable energy (RE) projects in the commercial and industrial (C&I) power market.

GE Power India rallied 3.93% after the company announced that it has received an order worth Rs 18.27 crore from MP Power Generating Company (MPPGCL).

Glenmark Pharmaceuticals rose 1.88% after the company announced that its US-based subsidiary, Glenmark Pharmaceuticals Inc., USA, has launched Lacosamide oral solution, in the U.S. market.

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