Benchmarks came off day`s high; European mkt opens mostly higher

The domestic equity indices came off the day�s high and traded with limited gains in afternoon trade. The Nifty traded below the 21,450 after hitting day�s high of 21,477.15 in early afternoon trade. Oil& gas, metal and PSU bank shares advanced while IT, media and realty shares declined.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 224.04 points or 0.32% to 71,331. The Nifty 50 index added 87.05 points or 0.41% to 21,436.45.

In the broader market, the S&P BSE Mid-Cap index gained 0.72% and the S&P BSE Small-Cap index rose 0.30%.

The market breadth remained strong. On the BSE, 2,317 shares rose, and 1,495 shares fell. A total of 157 shares were unchanged.

Gainers & Losers:

Divi�s Lab (up 3.45%), Heromotocorp (up 2.93%), Wipro (up 2.11%), NTPC (up 1.88%) and Adani Enterprises (up 1.74%) were major Nifty gainers.

Bajaj Finance (down 1.76%), Infosys (down 1.13%), Bajaj Finserv (down 0.91%), HDFC Life Insurance (down 0.68%) and Tata Motors (down 0.52%) were major Nifty losers.

Infosys dropped 1.13% after the IT major said that a global client has decided to terminate the Memorandum of Understanding (MoU) signed in September. The 15-year, $1.5 billion deal was contingent on a master agreement, which will no longer be pursued.

Stocks in Spotlight:

Godrej Properties gained 1.18%. The real estate developer said that it has sold over 600 homes valued at Rs 2,600 crore during the launch of its project, Godrej Aristocrat, in Gurugram. This represents the highest sales value achieved during a launch for the Mumbai-based real estate developer.

UPL rose 0.90%. The pesticides maker on Friday announced that its board has approved the proposal for raising up to Rs 4,200 crore through rights issue of equity shares.

Zydus Lifesciences shed 0.35%. The drug maker�s API site situated at Changodar in Ahmedabad was inspected by the US drug regulator from 14 December 2023 to 22 December 2023. The PAI-cum-GMP (pre- approval inspection-cum-good manufacturing practices) inspection was closed with six observations.

Anupam Rasayan India declined 0.44%. The company announced that it has signed letter of intent (LOI) with a Japanese chemical company worth $61 million (Rs 507 crore) for next 9 years to supply new age polymer intermediate.

Global Markets:

European and Asian stocks traded mostly higher on Tuesday amid thin trading volumes. Several markets including Australia, New Zealand and Hong Kong were shut on account of Boxing Day.

US stocks gyrated to a mixed close on Friday as investors headed into the Christmas holiday weekend, having digested cooler-than-expected inflation data which firmed bets for Federal Reserve interest rate cuts in the new year.

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