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Indices extends losses; Nifty slides below 21,650 mark

Published on Jan 08, 2024 11:31

The key equity barometers extended losses and traded near the day`s low in mid-morning trade. The Nifty slipped below the 21,650 mark. Auto shares extended gains for the third consecutive trading session.

At 11.26 IST, the barometer index, the S&P BSE Sensex, was down 270.57 points or 0.38 % to 71,755.58. The Nifty 50 index lost 88.95 points or 0.41% to 21,621.85.

In the broader market, the S&P BSE Mid-Cap index decreased 0.45% and the S&P BSE Small-Cap index shed 0.14%.

The market breadth was almost even. On the BSE, 1,900 shares rose and 1,888 shares fell. A total of 150 shares were unchanged.

Buzzing Index:

The Nifty Auto index rose 0.15% to 18,433.85. The index added 0.63% in three trading sessions.

TVS Motor Company (up 2.85%), Samvardhana Motherson International (up 1.25%), Hero MotoCorp (up 1.05%), Eicher Motors (up 0.77%) and Tata Motors (up 0.5%), Bajaj Auto (up 0.49%), Bharat Forge (up 0.43%), Tube Investments of India (up 0.4%), Maruti Suzuki India (up 0.18%) and Ashok Leyland (up 0.17%) rallied.


India�s foreign exchange reserves rose for a seventh straight week and stood at a near 22-month high of $623.20 billion as of December 29, according to the latest RBI data. The reserves rose by $2.76 billion for the reported week after increasing by a total of $30.12 billion in the prior six weeks.

Gold reserves were up by $853 million to $48.328 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $38 million to $18.365 billion, the apex bank said.

India�s reserve position with the IMF was down by $2 million to $4.892 billion in the reporting week.

Stocks in Spotlight:

DLF rose 1.09% after the company announced pre-formal launch sales of approximately Rs 7,200 crore for its latest luxury residential development, DLF Privana South in Gurugram.

TVS Motor Company rallied 3.01% after the company signed a memorandum of understanding with Guidance, the Nodal Agency of Government of Tamil Nadu with the proposal to invest Rs 5,000 crore over five years in the state.

ACC slipped 1.30%. The company said that it has acquired 55% stake in Asian Concretes and Cements from its existing promoter at an enterprise value of Rs 775 crore. The company already holds 45% stake in Asian Concretes and with this acquisition, the latter has become a wholly-owned subsidiary of ACC..

Global Markets:

Most of the Asian stocks traded lower as investors look ahead to key economic data and events in the following days.

Australia and Japan will release inflation figures on Tuesday and Thursday, while China will announce its trade balance and inflation numbers for December on Friday.

Bank of Korea will be holding the first central bank meeting of the year among major Asia economies on Thursday. Japan�s markets are closed for a public holiday, and will return to trade on Tuesday.

U.S.indices gained on Friday after a stronger-than-expected jobs report. The U.S. economy added many more jobs than anticipated in December, with nonfarm payrolls growing by 216,000. The unemployment rate held steady at 3.7%.

On Sunday, congressional leaders announced a deal establishing a $1.59 trillion in top-line spending, in order to avoid a potential government shutdown.

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