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

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.

Economy:

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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