Key equity barometers end lower as profit booking emerges; broader market outperforms

The domestic equity benchmarks ended with limited losses on Monday. The Nifty settled below the 21,450 mark. The domestic bourses witnessed profit booking after a sharp rally over the last three sessions.

The barometer index, the S&P BSE Sensex declined 168.66 points or 0.24% to 71,315.09. The Nifty 50 index lost 38 points or 0.18% to 21,418.65.

The Sensex 30 index had advanced 2.78% in the last three sessions while the Nifty 50 index had risen 2.63% during the same period.

In the broader market, the S&P BSE Mid-Cap index rose 0.28% and the S&P BSE Small-Cap index gained 0.48%.

The market breadth was positive. On the BSE, 2,120 shares rose and 1,778 shares fell. A total of 130 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 5.88% to 13.90.

Among the sectoral indices, Nifty Media index (up 1.18%), Nifty Pharma index (up 0.94%) and Nifty Consumer Durables index (up 0.51%) outperformed the Nifty50 index.

Meanwhile, the Realty index (down 0.96%), the PSU Bank index (down 0.73%) and the Private Bank index (down 0.64%) underperformed the Nifty 50 index.

Economy:

India`s forex reserves jumped $2.816 billion to $606.859 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday.

Gold reserves were down $199 million to $47.13 billion during the week, the RBI said. The Special Drawing Rights were down $63 million to $18.188 billion, the apex bank said.

India`s reserve position with the International Monetary Fund (IMF) was down $11 million to $4.842 billion in the reporting week, the apex bank data showed.

Numbers to track:

The yield on India`s 10-year benchmark federal paper declined 0.07% to 7.158 as compared with previous close 7.163.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0950, compared with its close of 83.0300 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement declined 0.24% to Rs 62,042.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 102.54.

The United States 10-year bond yield shed 0.58% to 3.905.

In the commodities market, Brent crude for February 2024 settlement added 82 cents or 1.07% to $77.37 a barrel.

Global Markets:

Most of the Europen and Asian stocks declined on Monday ahead of Japan`s monetary policy decision on Tuesday. The BOJ is likely to maintain its benchmark interest rate at -0.1%, as per reports.

US stocks ended mixed on Friday. Comments on Friday by Fed Bank of New York President John Williams that it was too soon to be talking about rate cuts, however, dampened some of the day`s optimism.

Stocks in Spotlight:

Sandur Manganese & Iron Ores hit an upper circuit of 10%. The company said that its board has approved issuing 5 bonus equity shares for each share held (5:1).

Adani Enterprises shed 0.37%. The company announced that its wholly owned subsidiary, AMG Media Networks (AMNL) has acquired 50.50% stake in Indo-Asian News Service (IANS). IANS is a private news agency.

Tata Power Company rose 1.14%. The company said that Tata Power Solar Systems has signed a contract to supply 152 MWp DCR Solar PV Modules for NTPC�s Nokh Solar PV Project in Rajasthan.

Landmark Cars zoomed 8.93%. The company announced that it has received an approval from Mercedes-Benz India for opening a workshop at Hyderabad.

Separately, on Friday (December 15), Landmark Cars informed that it has received a Letter of Intent from MG Motor India for opening dealership in the Ahmedabad, Gujarat. This dealership will be established by Aeromark Cars, a wholly owned subsidiary of Landmark Cars.

Oriental Rail Infrastructure was locked in 5% an upper circuit. The company secured an order worth Rs 12.14 crore from modern coach factory (MCF) in Raebareli, Uttar Pradesh.

Salasar Techno Engineering zoomed 11.27%. The company announced that its board will meet Wednesday (20 December 2023) to consider and recommend a proposal of declaration of bonus shares to its shareholders.

Gandhar Oil Refinery (India) tumbled 6.03%. The company reported 11.25% decline in consolidated net profit to Rs 48.1 crore on 6.48% fall in revenue from operations to Rs 100.10 crore in Q2 FY24 over Q1 FY24.

Ambuja Cements added 0.59%. The company said that it has committed a significant investment of Rs. 6,000 crore in renewable power projects, targeting a capacity of 1,000 MW.

IPO Updates:

The initial public offer (IPO) of Motisons Jewellers received bids for 31,05,38,000 shares as against 2,08,71,000 shares on offer, according to stock exchange data at 17:00 IST on Monday (18 December 2023). The issue was subscribed 14.88 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 52-55 per share. An investor can bid for a minimum of 250 equity shares and in multiples thereof.

The IPO of Suraj Estate Developers received bids for 58,50,946 shares as against 82,35,293 shares on offer, according to stock exchange data at 17:00 IST on Monday (18 December 2023). The issue was subscribed 0.71 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 340-360 per share. An investor can bid for a minimum of 41 equity shares and in multiples thereof.

The IPO of Muthoot Microfin received bids for 2,00,28,108 shares as against 2,43,87,447 shares on offer, according to stock exchange data at 17:00 IST on Monday (18 December 2023). The issue was subscribed 0.82 times.

The issue opened for bidding on Monday (18 December 2023) and it will close on Wednesday (20 December 2023). The price band of the IPO is fixed at Rs 277-291 per share. An investor can bid for a minimum of 51 equity shares and in multiples thereof.

The IPO of INOX India received bids for 94,83,77,298 shares as against 1,54,77,670 shares on offer, according to stock exchange data at 17:00 IST on Monday (18 December 2023). The issue was subscribed 61.27 times.

The issue opened for bidding on Thursday (14 December 2023) and it will close on Monday (18 December 2023). The price band of the IPO is fixed at Rs 627-660 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.

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