SENSEX, NIFTY TRADE LOWER; FINANCIAL SERVICES SHARES UNDER PRESSURE

The domestic equity benchmarks traded with moderate cuts in mid-morning trade. The Nifty hovered below the 24,300 level after hitting the day�s high of 24,394.45 in morning trade. Financial services shares extended losses for the third consecutive trading session.

At 11:29 IST, the barometer index, the S&P BSE Sensex, declined 347.52 points or 0.43% to 80,334.67 . The Nifty 50 index lost 83.65 points or 0.34% to 24,252.35.

In the broader market, the S&P BSE Mid-Cap index declined 0.22% and the S&P BSE Small-Cap index fell 0.33%.

The market breadth was negative. On the BSE, 1,585 shares rose and 2,209 shares fell. A total of 136 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index declined 1.04% to 24,243.30. The index fell 2.56% in three consecutive trading sessions.

REC (down 2.61%), Power Finance Corporation (down 1.50%), ICICI Bank (down 1.40%), Axis Bank (down 1.25%), Multi Commodity Exchange of India (down 1.22%), HDFC Bank (down 1.12%), ICICI Lombard General Insurance Company (down 0.95%), State Bank of India (down 0.91%), Bajaj Finserv (down 0.80%) and HDFC Asset Management Company (down 0.73%) declined.

On the other hand, Muthoot Finance (up 0.64%) and SBI Cards & Payment Services (up 0.08%) edged higher.

Stocks in Spotlight:

Kirloskar Ferrous Industries rose 1.61% after the company said that it has commenced the dispatch of iron ore from the Kirloskar Bharath Mines commenced from 17 December 2024.

Piramal Enterprises slipped 3.20% after the company informed that its board is scheduled to meet on Friday, 20 December 2024, to consider and approve the public issuance of non-convertible debentures (NCDs).

VA Tech Wabag dropped 7.88% after the company`s said that its Rs 2,700 crore order for a 300 MLD mega seawater desalination plant from Saudi Arabia has been canceled.

Global Markets:

Most Asian shares advanced on Wednesday, shrugging off modest declines on Wall Street as investors awaited the Federal Reserve`s final interest rate decision of the year. While a 25-basis-point rate cut is widely anticipated, the market is keenly focused on the Fed`s outlook for next year, given the potential impact of proposed policies that could reignite inflationary pressures.

Japan`s trade balance unexpectedly improved in November, supported by stronger-than-expected exports driven by increased demand from the U.S. and China and a weaker yen. The trade deficit narrowed to 117.6 billion yen ($770 million).

US indices retreated on Tuesday as investors exercised caution ahead of the rate decision, with the tech sector experiencing a slight pullback from recent gains. The S&P 500 fell 0.4% to 6050.61 points, the NASDAQ Composite lost 0.3% to 20,108.30 points, and the Dow Jones Industrial Average closed 0.6% lower at 43,449.90 points. NVIDIA Corporation dropped 1.2%, while Alphabet fell 0.5%. Pfizer rose 4.6% after confirming that its 2025 profit expectations remain largely unchanged.

Meanwhile, data showed US retail sales rose by 0.7% in November, exceeding forecasts. This robust figure suggests the economy remains strong and consumer spending remains healthy, despite challenges like inflation and high interest rates. This strength is underpinned by a solid job market and stable household finances.

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