Headline equity benchmarks ended a volatile session near the flat line on Tuesday. The Nifty ended below the 24,650 mark after hitting the day's high of 24,677.80 in morning trade. Realty, IT and PSU bank stocks advanced while media, oil & gas and pharma shares declined.
As per provisional closing data, the S&P BSE Sensex rose 1.59 points to 81,510.05. The Nifty 50 index lost 8.95 points or 0.04% to 24,610.05.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 0.30% and the S&P BSE Small-Cap index added 0.33%.
The market breadth was positive. On the BSE, 2,024 shares rose and 1,941 shares fell. A total of 128 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.33% to 13.78.
Buzzing Index:
The Nifty Realty index rose 1.43% to 1,092.35. The index rallied 1.72% in two consecutive trading sessions.
Raymond (up 11.08%), Phoenix Mills (up 3.6%), Godrej Properties (up 1.98%), Macrotech Developers (up 1.85%), Mahindra Lifespace Developers (up 1.02%), DLF (up 0.54%), Prestige Estates Projects (up 0.3%), Brigade Enterprises (up 0.07%) advanced.
On the other hand, Sobha (down 1.85%) and Oberoi Realty (down 0.43%) edged lower.
Stocks in Spotlight:
NACL Industries soared 19.99% after the company said that its board will meet on Thursday, 12 December 2024, to consider and evaluate proposals for fundraising.
ISGEC Heavy Engineering rallied 3.30% after Isgec Investments Pte, Singapore has entered into sale and purchase agreement (SPA) with Triumph Excel to sell its entire stake in its arm, Bioeq Energy Holdings One, Cayman Islands.
Bajaj Finserv advanced 1.65% after its subsidiary, Bajaj Allianz General Insurance Company recorded gross direct premium underwritten for November 2024 of Rs 1,364.67 crore, an increase of 11.95% year on year (YoY).
SKM Egg Products Export (India) shed 0.54%. The company secured a significant tender to supply eggs to beneficiaries of the Integrated Child Development Services (ICDS) and Nutritious Meal Programme (NMP) in Tamil Nadu.
Indraprastha Gas (IGL) rose 0.34%. The company informed that its board approved the issuance of 1 bonus equity share for every 1 existing equity share held (1:1) to the eligible shareholders.
Pennar Industries added 0.91%. The company's board will meet on 12 December 2024 to consider entering into a joint venture to expand the business.
Solex Energy gained 1.81% after the company announced that it has received a work order worth Rs 29 crore from Zodiac Energy for supply of solar PV modules.
NBCC (India) shed 0.62%. The company informed that it has received an order worth Rs 432 crore from the Central University of Odisha.
NHPC fell 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.
Global Markets:
European market declined on Tuesday as investors are looking forward to U.S. inflation data due Wednesday. The consumer price index data will likely influence how the Federal Reserve proceeds on interest rates at its meeting on 17th ' 18th December 2024.
Asian stocks ended mixed on Tuesday as investors awaited 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.
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.
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.
The Reserve Bank of Australia keeps policy rate unchanged at 4.35% with a dovish tilt.
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 afterhours 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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