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Key equity benchmarks trade with limited losses; Europe opens lower after German GDP contracts in Q3

Published on Nov 24, 2023 13:27

The domestic equity barometers tumbled and traded with some losses in afternoon trade as selling in index pivotals intensified. The Nifty slipped below the 19,800 level after hitting the day�s high of 19,832.85 in early trade. Markets in Europe and Asia mostly traded lower on Friday.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was down 86.66 points or 0.13% to 65,931.15. The Nifty 50 index lost 22.50 points or 0.11% to 19,779.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.21% while the S&P BSE Small-Cap index gained 0.23%.

The market breadth was strong. On the BSE, 1,842 shares rose and 1,755 shares fell. A total of 148 shares were unchanged.

Stocks in Spotlight:

Siemens rose 0.11%. The company said that it has received order from Commissioner, CGST & Central Excise, Belapur Commissionerate imposing service tax liability and penalty aggregating of Rs 23.7 crore.

The order alleges that the firm has short paid the liability of service tax to the extent of service tax payable on difference in values disclosed in financial statements and service tax returns during FY 2008-09, FY 2010-11 and FY 2011-12. The said order also mentions about the levy of appropriate interest and penalty amounting to Rs 23.68 crore under section 78 of Finance Act,1994.

Axita Cotton added 2.59%. The company�s board recommended the issuance of bonus equity shares in the ratio of 1:3, subject to the approval of shareholders.

Hazoor Multi Projects hit an upper limit of 10%. The company said it secured a contract for rehabilitating and upgrading a segment of NH-66 in Maharashtra.

The work has been awarded to Hazoor Infra Projects, which is a wholly owned subsidiary of Hazoor Multi Projects and the new concessionaire for the project. The project, valued at approximately Rs 1,129.81 crore, is set to be executed on a Hybrid Annuity Mode in Ratnagiri district under NHDP-IV. It

Suprajit Engineering added 0.66%. The auto components maker said that it has made an outright purchase of industrial property with land measuring 1,75,000 sq.ft along with buildings measuring 70,000 sq.ft located at Jigani Industrial Area.

Suprajit Technology Center (STC) is in an advanced stage of negotiating with customers on certain `Beyond Cables� projects which are expected to be housed in this facility, once all infrastructure updates are done and these new contracts are won, the company added.

Global Markets:

European markets opened lower as investors in the region digested the GDP figures released by Germany earlier in the day.

Final German gross domestic product figures for the third quarter on Friday confirmed an earlier reading of 0.1% month-on-month contraction. GDP was down 0.8% on the previous year.

Investors will also be monitoring a speech by European Central Bank President Christine Lagarde due mid-morning.

Meanwhile, Asian stocks were trading mixed as investors assess key economic data out from Japan on Friday.

The world�s third largest economy saw its core inflation rate rise to 2.9% in October, higher than the 2.8% seen in September. The headline inflation rate for October came in at 3.3%, accelerating from the 3% seen in from the month before.

US stocks were closed for Thanksgiving on Thursday and will come back for a half day of trading on Friday.

The influential oil group reuniting the Organization of the Petroleum Exporting Countries and its allies will hold a virtual meeting to decide crude production strategy on November 30, the OPEC Secretariat said. The group, collectively known as OPEC+, was supposed to convene in person in Vienna over November 25-26 but has since postponed its meeting amid inter-member disgruntlement.

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