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Broader market outperforms; auto stocks in demand

Published on Dec 07, 2023 11:32

The benchmark indices managed to pare most losses in mid-morning trade. The Nifty scaled above the 20,900 level. Auto shares edge higher as they resumed their uptrend after a day`s pause.

At 11:29 AM IST, the barometer index, the S&P BSE Sensex, was down 129.46 points or 0.19% to 69,524.27. The Nifty 50 index lost 29.90 points or 0.14% to 20,907.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index added 0.40%.

The market breadth was almost even. On the BSE, 2138 shares rose, and 1423 shares fell. A total of 160 shares were unchanged.

The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) commenced its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting on Friday, 8 December 2023.

Buzzing Index:

The Nifty Auto index added 0.75% to 17,922.10. The index had declined 0.02% to end at 17,788.40 yesterday.

Balkrishna Industries (up 2.97%), MRF (up 2.6%), Sona BLW Precision Forgings (up 1.86%), Tube Investments of India (up 1.79%) and TVS Motor Company (up 1.37%) were the top gainers.

Among the other gainers were Maruti Suzuki India (up 1.12%), Hero MotoCorp (up 1.09%), Eicher Motors (up 1.01%), Bajaj Auto (up 0.74%) and Bosch (up 0.69%).

On the other hand, Samvardhana Motherson International (down 0.59%), Mahindra & Mahindra (down 0.33%) and Tata Motors (down 0.25%) turned lower.

Stocks in Spotlight:

Network18 Media & Investments tumbled 7.98%. The company said that its board has approved the amalgamation of e-Eighteen.com and TV18 Broadcast (down 7.61%) with itself. Shareholders of TV18 Broadcast will get 100 shares of Network18 for every 172 shares held by TV18 and shareholders of E18 will get 19 shares of Network 18 for every 1 share held by E18.

SpiceJet shares were locked in 20% upper circuit. The board of the Indian airline on 11 December 2023 will consider options to raise fresh capital through issue of equity shares and/or convertible securities on preferential basis.

Sandur Manganese & Iron Ores jumped 10.72%. The company�s board will meet on 18 December 2023 to consider bonus share issue.

Global Markets:

Asian stocks are trading lower on Thursday, mirroring moves on Wall Street as investors assessed trade data from China and Australia.

US stocks ended lower on Wednesday as investors assessed data indicating falling inflation while awaiting jobs report.

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