Indices trade with minor gains; consumer durables in demand

The key equity barometers pared losses and traded with minor gains in mid-morning trade. The Nifty traded above the 22,100 level after hitting the day`s low of 22,029.20 in morning trade. Consumer durables extended gains for the sixth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 39.75 points or 0.05% to 73,367.69. The Nifty 50 index added 4.65 points or 0.02% to 22,102.10.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.30% and the S&P BSE Small-Cap index gained 0.28%.

The market breadth was positive. On the BSE, 1,855 shares rose and 1,798 shares fell. A total of 136 shares were unchanged.

Economy:

India�s overall exports (Merchandise and Services combined) in December 2023 is estimated to be $66.33 billion, exhibiting a negative growth of (-) 4.25% over December 2022. Meanwhile, overall imports in December 2023 is estimated to be $71.50 billion, exhibiting a negative growth of (-) 7.18% over December 2022.

India�s overall exports (Merchandise and Services combined) in April-December 2023 is estimated to be $565.04 billion, exhibiting a negative growth of (-) 1.87% over April-December 2022. Overall imports in April-December 2023 are estimated to be $634.39 billion, exhibiting a negative growth of (-) 7.24% over April-December 2022.

Services exports is projected to grow positively at 3.52% during April-December 2023 over April-December 2022.

India�s trade deficit has shown considerable improvement in April-December 2023. Overall trade deficit for April-December 2023 is estimated at $69.34 billion as compared to the deficit of $108.13 billion during April-December 2022, registering a decline of (-) 35.87%. The merchandise trade deficit during April-December 2023 is $188.02 billion compared to $212.34 billion during April-December 2022, registering a decline of (-) 11.45%.

IPO Update:

The initial public offer (IPO) of Medi Assist Healthcare Services received bids for 1,49,69,465 shares as against 1,96,19,719 shares on offer, according to stock exchange data at 11:42 IST on Tuesday (16 January 2024). The issue was subscribed 0.76 times.

The issue opened for bidding on Monday (15 January 2024) and it will close on Wednesday (17 Thursday 2024). The price band of the IPO is fixed at Rs 397-418 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index added 1.12% to 32,580.80. The index rallied 4.2% in six trading sessions.

Blue Star (up 3.3%), Titan Company (up 1.91%), Amber Enterprises India (up 1.35%), Kajaria Ceramics (up 1.33%), V-Guard Industries (up 0.76%), Dixon Technologies (India) (up 0.71%), Relaxo Footwears (up 0.41%), Whirlpool of India (up 0.38%), Bata India (up 0.35%) and Rajesh Exports (up 0.26%) jumped.

On the other hand, Orient Electric (down 1.89%), TTK Prestige (down 0.79%) and Crompton Greaves Consumer Electricals (down 0.11%) edge lower.

Global Markets:

Most of the Asian stocks declined on Tuesday, with Japanese stocks also halting their record-breaking rally since the start of the year.

U.S. markets were closed Monday due to the Martin Luther King holiday. Investors are looking ahead to U.S. December retail sales data out Wednesday.

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