Market Commentary - Mid-Session
Sensex slips over 450 pts; European stocks advance As on : 18-Dec-24  13:37

The key equity indices continued to trade with limited losses in the afternoon trade. The Nifty traded below the 24,250 mark after hitting the day's high of 24,394.45 in the morning trade. Pharma, healthcare and IT shares advanced while media, metal and banking shares corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex, declined 452.23 points or 0.56% to 80,232.22. The Nifty 50 index lost 124.20 points or 0.51% to 24,211.80.

In the broader market, the S&P BSE Mid-Cap index declined 0.60% and the S&P BSE Small-Cap index fell 0.67%.

The market breadth was negative. On the BSE, 1,428 shares rose and 2,495 shares fell. A total of 115 shares were unchanged.

Gainers & Losers:

Trent (up 1.90%), Dr. Reddy's Laboratories (up 1.37%), Cipla (up 0.55%), Wipro (up 0.44%) and Sun Pharmaceutical Industries (up 0.36%) were major Nifty gainers.

Tata Motors (down 4.36%), Power Grid Corporation of India (down 3.06%), Bharat Electronics (down 2.28%), NTPC (down 2.12%) and JSW Steel (down 2.06%) were the major Nifty losers.

Stocks in Spotlight:

Ambuja Cements shed 0.60%. The company has announced scheme of arrangement of its subsidiaries Sanghi Industries (SIL) and Penna Cement Industries (PCI). For every 100 equity shares of SIL with a face value of Rs 10 each, Ambuja Cements will issue 12 equity shares with a face value of Rs 2 each, to eligible shareholders of SIL.

Kirloskar Ferrous Industries rose 1.61% after the company said that it has commenced the dispatch of iron ore from the Kirloskar Bharath Mines commenced from 17 December 2024.

VA Tech Wabag dropped 12.39% after the company's said that its Rs 2,700 crore order for a 300 MLD mega seawater desalination plant from Saudi Arabia has been canceled.

Suyog Telematics surged 3.47% after its board is scheduled to meet on Saturday, 21 December 2024 to consider the proposal for raising funds by issue of equity or any other equity‐linked or convertible securities.

Global Market:

The Dow Jones index futures were up 75 points, signaling a positive opening for U.S. stocks today.

European shares advanced while Asian shares traded mixed on Wednesday, as investors awaited the Federal Reserve's final interest rate decision of the year. While a 25-basis-point rate cut is widely anticipated, the market is keenly focused on the Fed's outlook for next year, given the potential impact of proposed policies that could reignite inflationary pressures.

Japan's trade balance unexpectedly improved in November, supported by stronger-than-expected exports driven by increased demand from the U.S. and China and a weaker yen. The trade deficit narrowed to 117.6 billion yen ($770 million).

US indices retreated on Tuesday as investors exercised caution ahead of the rate decision, with the tech sector experiencing a slight pullback from recent gains. The S&P 500 fell 0.4% to 6050.61 points, the NASDAQ Composite lost 0.3% to 20,108.30 points, and the Dow Jones Industrial Average closed 0.6% lower at 43,449.90 points. NVIDIA Corporation dropped 1.2%, while Alphabet fell 0.5%. Pfizer rose 4.6% after confirming that its 2025 profit expectations remain largely unchanged.

Meanwhile, data showed US retail sales rose by 0.7% in November, exceeding forecasts. This robust figure suggests the economy remains strong and consumer spending remains healthy, despite challenges like inflation and high interest rates. This strength is underpinned by a solid job market and stable household finances.

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