Barometers turn rangebound, European mkt opens lower

The benchmark indices traded in a narrow range with minor gains in early afternoon trade. The Nifty traded above the 21,650 mark. IT, realty and auto stocks were in demand while healthcare, PSU bank and pharma stocks decline.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 63 points or 0.9% to 71,910.57. The Nifty 50 index added 27.90 points or 0.13% to 21,686.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.28% and the S&P BSE Small-Cap index gained 0.61%.

The market breadth was strong. On the BSE, 2,288 shares rose and 1,485 shares fell. A total of 110 shares were unchanged.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity rose to 59 in December from 56.9 in November, highlighting a sharp increase in output that was the most pronounced since September.

Favourable economic conditions and positive demand trends were the key determinants of output growth, anecdotal evidence showed. Not only did new business intakes rise further in December, but also to the greatest extent in three month, the PMI release stated.

The HSBC India Composite PMI Output increased to 58.5 in December 2023 as against 57.4 in November 2023, signalling a sharp rate of expansion that was the strongest since September.

Gainers & Losers:

Adani Ports and Special Economic Zone (up 2.83%), Hero MotoCorp (up 1.48%), Tata Consultancy Services (up 1.44%), LTIMindtree (up 1.43%) and Wipro (up 1.32%) were major Nifty gainers.

Britannia Industries (down 1.74%), Nestle India (down 1.39%), HDFC Bank (down 1.30%), Sun Pharmaceutical Industries (down 1.32%) and Cipla (down 0.59%) were major Nifty losers.

Stocks in Spotlight:

HDFC Bank shed 1.16%. The private lender`s gross advances aggregated to approximately Rs 24,69,500 crore as of 31 December 2023, recording a growth of around 62.4% as against Rs 15,20,500 crore as of 31 December 2022.

Grasim Industries shed 0.17%. The board of directors of the company approved rights issue of equity shares for an amount aggregating to Rs 3,999.80 crore. The rights issue price is Rs 1,812 per share and record date is 10 January 2024.

Macrotech Developers gained 0.32% after the company said that it has recorded pre-sales of Rs 3,410 crore in Q3 FY24, which is higher by 12% when compared with the pre-sales of Rs 3,040 crore recorded in Q3 FY23. The company�s collections for Q3 FY24 added up to Rs 2,590 crore, down 3% YoY and down 6% sequentially.

Dabur India rose 0.69%. The FMCG major on Thursday announced that its consolidated revenue is expected to register mid to high single digit growth in Q3 FY24.

Kalyan Jewellers India declined 1.32%.The jewellery retailer said that its revenue grew approximately 40% from India operations during Q3 FY24 as compared to Q3 FY23. The rise in revenue was mainly driven by robust operating momentum on the ground with healthy same-store-sales growth (similar to levels seen in Q2 FY24) across all the key markets in the country.

Global Markets:

European shares declined while Asian stocks traded mixed on Friday as investors were cautious ahead of the release of key European inflation data and the widely-watched monthly U.S. jobs report.

A survey showed on Friday that the contraction in Japan�s private sector activity was over. The au Jibun Bank Japan composite PMI for December came in at 50, rising from 49.6 in the prior month to signal stabilization in Japan�s private sector output.

Wall Street shares settled mixed on Thursday. The S&P SPX and Nasdaq Composite closed lower on Thursday, extending their losing streak that kicked off 2024, although the Dow Jones Industrial eked out a win on the back of financial stocks and strong jobs data. Markets were now focused on key U.S. nonfarm payrolls data for December, due later in the day.

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