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Indices turn rangebound; European shares drift lower

Published on Dec 07, 2023 13:34

Domestic equity barometers traded in a narrow range with minor losses in afternoon trade. The Nifty traded below the 20,950 mark. Consumer durables, pharma and healthcare stocks advanced while FMCG, metal and media shares corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 89.29 points or 0.13% to 69,564.44. The Nifty 50 index lost 21.20 points or 0.10% to 20,916.50.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index added 0.45%.

The market breadth was positive. On the BSE, 2,191 shares rose, and 1,508 shares fell. A total of 131 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.

Gainers & Losers:

Adani Ports and Special Economic Zone (up 3.11%), Power Grid Corporation of India (up 2.01%), Ultratech Cement (up 1.27%), Cipla (up 1.19%) and Dr. Reddy�s Laboratories (up 1.17%) were major Nifty gainers.

Bharti Airtel (down 2.08%), Oil & Natural Gas Corporation (ONGC) (down 2.03%), Hindustan Unilever (down 1.87%), Apollo Hospitals Enterprise (down 1.80%) and Hindalco Industries (down 1.34%) were major Nifty losers.

Adani Ports and Special Economic Zone advanced 3.11%. The meeting of the board of directors of the company will be held on 12 December 2023 to consider the proposal for issuance of Non-Convertible Debentures and issuance/ renewal of Non-cumulative redeemable preference shares, on private placement basis/ preferential basis, in one or more tranches.

Dr. Reddy�s Laboratories advanced 1.17%. The company`s wholly-owned subsidiary Dr. Reddy`s Laboratories SA and Coya Therapeutics, Inc., announced that they have entered into a development and license agreement for the development and commercialization of COYA 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis (ALS).

Stocks in Spotlight:

IRCON International slipped 5.78%. The Government of India will sell 8% stake, or 7.52 crore equity shares, in the company through an offer-for-sale (OFS) on December 7-8, with a floor price of Rs 154 per share.

Bharat Electronics (BEL) rose 1.95%. BEL received an order of Rs 580 crore from Indian Army for AMC of Radars. The company has also received additional orders worth Rs 3,335 crore for AMC for AEW&C system (Airborne Early Warning & control), Uncooled TI sights, Software Defined Radios, SWIR pay load, AMC for IACCS, Passive Night Vision Binoculars etc.

One97 Communications (OCL) dropped 17.62%. The company announced that it will further expand its business to offer higher ticket personal and merchant loans, which would be targeted at lower risk and high credit worthy customers, in partnership with large banks and NBFCs.

Global Markets:

Markets in Europe and Asian declined 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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