Market Commentary - Mid-Session
Sensex, Nifty extends losses; European mrkt opens lower As on : 26-Nov-24  13:37

The key equity benchmarks traded in negative terrain with modest losses in the afternoon trade. The Nifty traded below the 24,200 mark after hitting the day's high of 24,343.30 in early trade. FMCG, IT and media shares witnessed buying demand while auto, pharma and oil & gas shares were under pressure.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 201.92 points or 0.26% to 79,900.44. The Nifty 50 index lost 52.75 points or 0.22% to 24,169.15.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.35% and the S&P BSE Small-Cap index added 0.50%.

The market breadth was positive. On the BSE, 2,213 shares rose and 1,595 shares fell. A total of 152 shares were unchanged.

Gainers & Losers:

Britannia Industries (up 2.14%), Shriram Finance (up 1.93%), Asian Paints (up 1.90%), Infosys (up 1.86%), Bharat Electronics Limited (BEL) (up 1.83%) were major Nifty gainers.

Adani Enterprises (down 4.41%), Adani Ports (down 3.59%), Ultratech Cement (down 2.86%), Bajaj Auto (down 2.68%), Mahindra & Mahindra (down 2.45%) were were top Nifty losers.

Stocks in Spotlight:

Power Grid Corporation of India fell 0.90%. The company said it has been selected as the successful bidder for the transmission project to evacuate 3.5 GW of power from Rajasthan Renewable Energy Zones (REZ).

Hindustan Unilever rose 0.41%. The company's board approved the demerger of its ice-cream business into an independent listed entity and incorporation of a wholly owned subsidiary for the proposal. The firm proposed that the shareholders of HUL will receive shares in the new entity in proportion to their shareholding in HUL, subject to necessary approvals and procedures.

Zomato added 1.43% after the company's board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 265.91 per share.

Further, the food delivery company informed that it has received communication regarding liquidation of Zomato Internet LLC (ZIL), a step down subsidiary of Zomato effective from 20 November 2024.

Vodafone Idea spurts 11.17% after the Union Cabinet reportedly approved the waiver of bank guarantees (BGs) for spectrum purchased before 2022.

Acme Solar Holdings declined 2.13% after the company's consolidated net profit declined 60.4% to Rs 15.30 crore on 19.7% fall in revenue from operations to Rs 259.59 crore in Q2 FY25 over Q2 FY24.

Akums Drugs and Pharmaceuticals declined 1.84%. The company said that its wholly owned subsidiary Maxcure Nutravedics has entered into a collaboration agreement with Jagdale Industries for marketing of ready-to-drink nutritional beverages.

L&T Finance (LTF) shed 0.82%. The company announced a multi-year strategic partnership with Amazon Finance India to develop innovative credit solutions aimed at enhancing affordability for Amazon's eligible customers and merchants

The New India Assurance Company jumped 4.46% after the firm informed that it will receive refund of Rs 1,945.08 crore including interest from the Income Tax Department for assessment years 2013'14 to 2019-20.

LT Foods rose 1.84% after the FMCG company announced an expansion into Saudi Arabia with new office in Riyadh, aiming to tap $2 billion rice and rice-based food markets in Kingdom of Saudi Arabia (KSA).

Bharat Global Developers (BGDL) was locked in upper circuit of 5% after the company announced that it has secured a significant order worth Rs 156 crore from UPL Agro, a leading player in the agricultural sector.

Kwality Pharmaceuticals advanced 1.53% after the company announced that it has successfully received domestic and export product approvals for the manufacturing and sale of its biological product, PEGylated-Asparaginase.

Global market:

European market and Asian stocks declined on Tuesday following U.S. President-elect Donald Trump's announcement of proposed tariffs on China, Mexico, and Canada.

Trump stated on his Truth Social platform that he plans to implement a 10% tariff on goods from China and a 25% tariff on imports from Mexico and Canada. He cited the need to address issues of illegal migration and drug trafficking across U.S. borders.

Key U.S. economic data is due this week, with the Federal Reserve releasing the minutes from its latest FOMC meeting on Tuesday and U.S. GDP data expected on Wednesday.

On Monday, U.S. stock benchmarks hit record highs. The Dow Jones Industrial Average rose 1%, the S&P 500 gained 0.3% to close at 5,987.40, and the NASDAQ Composite advanced 0.27% to 19,054.84. Markets were buoyed by the nomination of Scott Bessent as Treasury Secretary, continued flows into cyclical sectors, and reports of a potential ceasefire between Israel and Lebanon, which drove oil prices lower.

Investors are also awaiting the PCE Price Index, the Federal Reserve's preferred inflation measure, later this week. Trading volumes are expected to remain light due to the Thanksgiving holiday.

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