Market Commentary - Mid-Session
Barometers nudge lower; breadth positive As on : 17-Dec-24  09:37

The headline equity benchmarks traded with modest losses in early trade. The Nifty slipped below the 24,600 level. Oil & gas, private bank and bank shares declined while realty, media and auto shares advanced.

At 09:29 IST, the barometer index, the S&P BSE Sensex, declined 230.34 points or 0.30% to 81,518.33. The Nifty 50 index lost 73.60 points or 0.30% to 24,594.65.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.20% and the S&P BSE Small-Cap index rose 0.21%.

The market breadth was postive. On the BSE, 1,893 shares rose and 1,249 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 278.70 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 234.25 crore in the Indian equity market on 13 December 2024, provisional data showed.

Stocks in Spotlight:

Vedanta shed 0.35% to Rs 511.60. The company's board approved the fourth dividend of Rs 8.5 per share for FY25 amounting to Rs 3,324 crore. The board has fixed 24 December 2024 as record date for the purpose of dividend payment

Hindustan Petroleum added 0.58%. The company's board approved the lube modernization and bottoms upgradation project at Mumbai Refinery. This project would increase the Lube Oil Base Stocks (LOBS) production from current 475 KTPA to 764 KTPA. The estimated cost of this project is Rs. 4679 crore with a Mechanical completion schedule of 36 months and 3 months for commissioning from the date of Board approval.

Shriram Properties lost 0.17%. The company's chairman and managing director, M Murali and promoter of the company has received approval from Securities and Exchange Board (SEBI) for acquisition of 13,38,335 equity shares of Shriram Properties Holdings (SPHPL) from Shriram Group Executive Welfare Trust (SGEWT), another Promoter of the company.

Numbers to Track:

The yield on India's 10-year benchmark federal paper gained 0.15% to 6.861 as compared with previous close 6.851.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.9175, compared with its close of 84.9100 during the previous trading session.

MCX Gold futures for the 5 February 2024 settlement rose 0.06% to Rs 77,108.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 106.81.

The United States 10-year bond yield declined 0.10% to 4.395.

In the commodities market, Brent crude for February 2024 settlement lost 08 cents, or 0.11% to $73.83 a barrel.

Global Markets:

Asian shares were mixed on Tuesday as investors awaited a crucial week for central bank policy decisions. The U.S. Federal Reserve is widely expected to cut rates on Wednesday, while the Bank of Japan is likely to maintain its current stance.

This week sees policy meetings from central banks in the United States, Japan, UK, Sweden, Norway, Indonesia, and Thailand. The Bank of England, Norges Bank, and Bank of Thailand are anticipated to hold rates steady, while the Riksbank might opt for a rate cut. Bank Indonesia is expected to raise rates to support the weakening rupiah currency.

Data released on Monday revealed a steeper-than-expected slowdown in China's consumer spending during November, negatively impacting stocks. Retail sales rose only 3% year-on-year, which is the weakest growth in three months and significantly lower than October's 4.8% increase.

In the US, major US technology stocks continued their upward momentum on Monday, propelling the Nasdaq Composite to record highs. However, the Dow Jones Industrial Average lagged behind, reflecting ongoing investor uncertainty about economic policies under the new administration.

The S&P 500 rose 0.38% to 6,074.10 points, while the NASDAQ Composite surged 1.24% to a record high of 20,204.58 points. The Dow Jones Industrial Average fell 0.25% to 43,717.48 points.

The chip sector experienced a rally, mirroring Broadcom Inc.'s continued gains fueled by strong earnings and guidance related to artificial intelligence. The prospect of lower interest rates in the near future also boosted other prominent tech companies like Apple, Amazon, and Alphabet.

Powered by Capital Market - Live News