The headline equity indices ended with minor gains on Monday, attaining record high levels. The Nifty settled around the 21,000 level. PSU bank, media and metal stocks advanced while pharma and healthcare shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 102.93 points or 0.15% to 69,928.53. The Nifty 50 index added 27.70 points or 0.13% to 20,997.10.

The Nifty and the Sensex hit all-time highs in morning trade at 21,026.10 and 70,057.83, respectively.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.91% and the S&P BSE Small-Cap index rose 0.71%.

The market breadth was strong. On the BSE, 2,391 shares rose and 1,468 shares fell. A total of 176 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.30% to 12.76.

Economy:

India and the EU are in discussions to resolve the issue of import duties on specific information and technology products, following the WTO?s dispute panel ruling. WTO deemed India's duties on items like mobile phones, integrated circuits as violating trading norms.

According to Ajay Seth, the Economic Affairs Secretary in the Finance Ministry, the introduction of a Central Bank Digital Currency (CBDC) or e-rupee could potentially reduce the cost of cross-border remittances by half, bringing it down to 2-3%.

Stocks in Spotlight:

Tata Motors gained 1.24% after the car maker informed that it will increase the price of its commercial vehicles up to 3% effective from 1 January 2024.

JSW Steel added 0.67%. The steel major said that its consolidated crude steel production for the month of November 2023 jumped by 11% to 22.04 lakh tonnes from 19.94 lakh tonnes steel produced in November 2022.

Cipla declined 1.26%. The company's wholly-owned subsidiary, InvaGen Pharmaceuticals Inc., voluntarily recalled one lot of Vigabatrin for Oral Solution, USP 500mg, to the consumer level due to packaging issues in USA.

Tata Power Company rallied 3.11%. The company announced that Tata Power EV charging solutions has signed memorandum of understanding (MoU) Indian Oil Corporation (IOCL) to roll out fast and ultra fast electric vehicle (EV) charging points across India.

Mazagon Dock Shipbuidlers advanced 2.95% afte the company announced that it has received an order worth Rs 1,145 crore from Oil and Natural Gas Corporation (ONGC) for the replacement of the pipeline.

Dr. Reddy's Laboratories tumbled 5.04% after the company informed that the United States Food & Drug Administration (USFDA) issued a Form 483 with three observations after the inspection conducted at R&D centre in Hyderabad.

Subros surged 10.73% after the company received a new order from Indian Railways for supply and commissioning of coach roof mounted air conditioners for Rs 25 crore.

SpiceJet jumped 10.19% after the low-cost air carrier announced its plan to list on the National Stock Exchange of India. The company said, in order to reach wider investor base, the Company shall soon be listing its securities on National Stock Exchange of India.

Global Markets:

European markets traded mixed while most of the Asian stocks ended mostly higher on Monday as investors assessed November inflation numbers from China, which declined at a faster-than-expected pace.

November inflation numbers from China showed a faster-than-expected decline in consumer prices. The consumer price index fell 0.5% year-on-year. The producer price index fell 3% year-on-year, compared with October?s 2.6% drop.

US stocks hit a new high for the year on Friday after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft-landing scenario.

November?s nonfarm payrolls report showed an unexpected drop in unemployment. The jobless rate fell 3.7%. The US economy added 199,000 jobs during November, from 150,000 added in October.

Powered by Capital Market - Live News