Equity benchmarks open lower; Asian markets trade mixed

The domestic equity barometers traded with limited losses in early trade. The Nifty traded below the 21,700 mark. Oil & gas, banks and financial stocks declined while auto and FMCG shares managed to trade with some gains.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 184.14 points or 0.25% to 72,226.24. The Nifty 50 index lost 52.05 points or 0.24% to 21,726.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.02% and the S&P BSE Small-Cap index advanced 0.09%.

The market breadth was positive. On the BSE, 1678 shares rose and 1153 shares fell. A total of 117 shares were unchanged.

Stocks in Spotlight:

Punjab National Bank rose 0.79%. The bank approved raising up to Rs 7,500 crore in one or more tranches during the next financial year.

Thermax added 0.53%. The company has completed the transfer of lease hold rights to a vacant plot situated at MIDC Industrial Area Chinchwad, Pune, measuring 57,482 sq. metres, for a consideration of Rs 135.66 crore.

Tata Coffee gained 3.63% while Tata Consumer Products advanced 2.85%. The scheme of arrangement between Tata Coffee, Tata Consumer Products and its wholly owned subsidiary, TCPL Beverages and Foods, will be effective from Jan. 1, 2024. The scheme involves the demerger of Tata Coffee`s plantation business into TCPL Beverages & Foods and the merger of the remaining business with Tata Consumer Products.

Aditya Birla Fashion and Retail was up 0.36%. The company raised its stake in unit Finesse International Design to 63.5% from 58.7% for Rs 20 crore.

Global Markets:

Asian stocks traded mixed on the last trading day of 2023, with investors assessing prospects of electric-vehicle companies after China�s Xiaomi unveiled its first EV. Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China�s oversaturated electric-vehicle market.

US stocks finished marginally higher Thursday, closing in on a new all-time high in the penultimate trading day of what�s been a strong year for stocks.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.17% to 7.195 as compared with previous close 7.207.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1300, compared with its close of 83.2000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement lost 0.22% to Rs 63,250.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.15% to 101.18.

The United States 10-year bond yield fell 0.24% to 3.842.

In the commodities market, Brent crude for February 2024 settlement added 16 cent or 0.21% to $77.31 a barrel.

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