BAROMETERS TRADE WITH MINOR CUTS; EUROPEAN MRKT ADVANCE, TITAN DROPS 3.82%

The benchmark indices traded with minor losses in mid-morning trade. The Nifty traded below the 24,300 level after hitting the day`s high of 24,338.85 in early trade. Consumer durables, PSU bank and metal shares declined while FMCG and oil & gas shares advanced.

At 13:30 IST, the barometer index, the S&P BSE Sensex was down 92.70 points or 0.12% to 79,903.90. The Nifty 50 index lost 39.25 points or 0.16% to 24,284.60.

In the broader, the S&P BSE Mid-Cap index fell 0.25% and the S&P BSE Small-Cap index shed 0.16%.

The market breadth was negative. On the BSE, 1,703 shares rose and 2,285 shares fell. A total of 127 shares were unchanged.

Gainers & Losers:

Oil & Natural Gas Corporation (up 2.22%), ITC (up 1.59%), Hindustan Unilever (up 1.55%), Wipro (up 1.13%) and Nestle India (up 1%) were major Nifty gainers.

Titan Company (down 3.82%), Divi`s Laboratories (down 3.67%), Bharat Petroleum Corporation (down 2.05%) Shriram Finance (down 1.97%), and Adani Enterprises (down 1.92%) were major Nifty losers

Titan Company slipped 3.82%. The Tata Group company on Friday announced that it has a revenue growth of 9% year on year (YoY) for the quarter ended 30 June 2024.

Stocks in Spotlight:

Larsen & Toubro added 0.10%. The company said that its Renewable arm has finalised mega orders with a leading developer in the Middle East to build two gigawatt-scale solar PV plants with a cumulative capacity of 3.5 gigawatt (GW).

Dabur India rallied 3.45% after the company`s consolidated revenue is expected to register mid to high single digit growth during Q1 FY25.

Adani Wilmar advanced 1.98% after the firm said that it has achieved robust volume growth of 13% YoY in Q1 FY25, propelled by market-specific strategies in each category, aimed at gaining market share, especially in under-indexed markets,

Marico jumped 4.01% after the FMCG major said that its domestic business saw a modest uptick in underlying volume growth on a sequential basis.

FSN E-Commerce Ventures (Nykaa) rose 0.76%. The company said that it has expected a consolidated revenue growth to be around 22-23% YoY in Q1 FY25.

Bank of Baroda declined 3.51%. The public sector bank reported 8.51% rise in domestic advances to Rs 8,81,817 crore as on 31 June 2024 from Rs 8,12,626 crore as on 31 June 2023.

Global Markets:

European stocks advanced on Monday, as markets reacted to a surprise win for a left-wing coalition of parties in French elections.

On the other hand, Asian stocks declined, with China leading the decline. Investor concerns swirled around a potential trade war with the West, fueled by the EU`s tariffs on Chinese electric vehicles mirroring similar US actions. This escalation heightened fears of a wider conflict and retaliation from China. Additionally, disappointing economic data from Japan and Australia dampened overall sentiment.

In stark contrast, US stocks soared on Friday, reaching record highs. Investors interpreted a weaker-than-expected jobs report as a sign of potential future interest rate cuts from the Federal Reserve. The S&P 500 and Nasdaq both closed at all-time highs, while the Dow Jones also gained slightly.

The US economy added 206,000 new nonfarm jobs in June, exceeding economist expectations. However, the unemployment rate rose slightly to 4.1%, which was unexpected. All eyes are now on Fed Chair Jerome Powell`s comments and key inflation data this week for further clues on the direction of US monetary policy.

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