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Broader market outperforms as key indices lag; European markets mostly advance

Published on Dec 11, 2023 13:29

The key equity benchmarks traded with minor gains in afternoon trade. The Nifty hovered near the 21,000 level. Markets in Europe and Asia traded mostly higher on Monday.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 72.90 points or 0.10% to 69,898.50. The Nifty 50 index added 16.30 points or 0.08% to 20,985.70.

The Nifty and the Sensex hit all-time highs in morning trade at 21,026.10 and 70,057.83, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.60% and the S&P BSE Small-Cap index gained 0.24%.

The market breadth was strong. On the BSE, 2,362 shares rose and 1,415 shares fell. A total of 177 shares were unchanged.


India and the EU are in discussions to resolve the issue of import duties on specific information and technology products, following the WTO�s dispute panel ruling. WTO deemed India`s duties on items like mobile phones, integrated circuits as violating trading norms.

According to Ajay Seth, the Economic Affairs Secretary in the Finance Ministry, the introduction of a Central Bank Digital Currency (CBDC) or e-rupee could potentially reduce the cost of cross-border remittances by half, bringing it down to 2-3%.

Stocks in Spotlight:

Cipla declined 1.77%. The company`s wholly-owned subsidiary, InvaGen Pharmaceuticals Inc., voluntarily recalled one lot of Vigabatrin for Oral Solution, USP 500mg, to the consumer level due to packaging issues in USA.

Sealmatic India advanced 2.46%. The company announced a partnership with Alabama-based EcoTech to cater to the ever-growing demand for high quality mechanical seals in the USA. As of 2022, the USA mechanical seal market was tagged at over $1.25 billion and is the largest market globally for advanced sealing technology.

Dr. Reddy`s Laboratories slumped 5.40%. The company informed that the United States Food & Drug Administration (USFDA) issued a Form 483 with three observations after the inspection conducted at R&D centre in Hyderabad.

Technocraft Industries India (TIIL) added 3.63%. CRISIL Ratings has upgraded its rating on the long-term (LT) bank facilities of the company to `CRISIL AA-/Stable� from `CRISIL A+/Positive�.

Global Markets:

European markets traded mostly in the green while most of their Asian peers edged higher today as investors assessed November inflation numbers from China, which declined at a faster-than-expected pace.

November inflation numbers from China showed a faster-than-expected decline in consumer prices. The consumer price index fell 0.5% year-on-year. The producer price index fell 3% year-on-year, compared with October�s 2.6% drop.

US stocks hit a new high for the year on Friday after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft-landing scenario.

November�s nonfarm payrolls report showed an unexpected drop in unemployment. The jobless rate fell 3.7%. The US economy added 199,000 jobs during November, from 150,000 added in October.

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