Indices off day`s low, broader mkt outperforms

Domestic equity barometers came off the day`s low in afternoon trade. The Nifty traded below the 21,600 mark. PSU bank, media and oil & gas stocks were in demand while IT, metal and auto shares witnessed a bit of a selling pressure.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 342.1 points or 0.48% to 71,550.38. The Nifty 50 index lost 98.60 points or 0.46% to 21,567.20.

The broader market outperforms the benchmark indices. The S&P BSE Mid-Cap index added 0.28% and the S&P BSE Small-Cap index rose 0.32%.

The market breadth was positive. On the BSE, 2,138 shares rose and 1,631 shares fell. A total of 117 shares were unchanged.

Economy:

The HSBC India Manufacturing Purchasing Managers� Index survey, conducted by S&P Global, fell to 18-month low of 54.9 in December as against 56 in November. Despite the fall, the HSBC India Manufacturing PMI was indicative of a marked improvement in the health of the sector.

The HSBC India Manufacturing PMI survey, conducted by S&P Global, showed the sector still expanding strongly in December despite a loss of growth momentum. There were softer, albeit sharp, increases in factory orders and output, while business confidence towards the year-ahead outlook strengthened.

Gainers & Losers:

Adani Enterprises (up 2.19%), ITC (up 1.97%), Adani Ports and Special Economic Zone (up 1.48%), Bharat Petroleum Corporation (up 1.47%) and Bharti Airtel (up 1.31%) were major Nifty gainers.

JSW Steel (down 3.33%), Hindalco industries (down 3.02%), LTIMindtree (down 2.71%), Hero MotoCorp (down 2.65%) and Wipro (down 2.41%) were major Nifty losers.

Stocks in Spotlight:

Hero MotoCorp declined 2.43%. The company dispatched 393,952 units of motorcycles and scooters in December 2023. The company sold 394,179 units in December 2022.

Avenue Supermarts slipped 3.76%. The company`s standalone revenue from operations for the quarter ended (QE) 31 December 2023 stood at Rs 13,247.33 crore. Revenue from operations for the quarter ended (QE) 31 December 2023 stood at Rs 11,304.58 crore.

Bank of Maharashtra rallied 4.16 % after the bank�s gross advances stood at Rs 1,88,796 crore as of 31 December 2023, recording a growth of 20.28% as against Rs 1,56,962 crore as of 31 December 2022. The bank reported a 17.90% growth in total deposit to Rs 2,45,738 crore as of 31 December 2023 as against Rs 2,08,436 crore as of 31 December 2022

Yes Bank rose 0.34%. The bank reported a healthy 13.2% year-over-year (YoY) increase in deposits to Rs 241,831 crore as of 31 December 2023, compared to Rs 213,608 crore a year ago. This marks a 3.2% climb from Rs 234,360 crore reported at the end of September 2023.

Sun Pharmaceutical Industries shed 0.12% after the company has acquired 100% of shares of Libra Merger., a company incorporated in Israel to facilitate consolidation of business in Israel.

Punjab National Bank (PNB) rose 0.71%. The bank said that its domestic deposits increased 9.14% to Rs 12,89,318 crore in Q3 FY24 as compared with Rs 11,81,361 crore in Q3 FY23. The bank`s domestic advances stood at Rs 9,35,163 crore in Q3 FY24, up 13.9% year on year.

Global Markets:

Most of the European markets edged lower while Asian stocks declined on Wednesday, Apple shares dropped on Tuesday, after Barclays cut the iPhone maker�s rating to underweight and trimmed its price target to $160 from $161. Japan�s markets are closed until Thursday.

US stocks retreated Tuesday, setting Wall Street up for a downbeat start to 2024 after a winning year that left the S&P 500 just short of a new record high. Tech stocks lost ground after Barclays analysts downgraded their rating on Apple`s stock, citing concerns about demand for new iPhones.

The U.S. manufacturing sector shrank more than expected in December, according to a new purchasing manager�s index from S&P Global. The Manufacturing PMI came in at 47.9 in December, down from 49.4 in November.

Market focus is now on the Fed minutes for the December policy meeting due later in the day. The ISM survey on U.S. manufacturing is also due later on Wednesday, as well as job openings data, before a private payrolls report and jobless claims results on Thursday. The closely watched U.S. nonfarm payrolls report is due on Friday.

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