Domestic equity barometers ended with modest losses on Tuesday. The Nifty settled around 20,900 level. Media, metal and PSU bank stocks advanced while realty, oil & gas and consumer durables shares slipped.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 377.50 points or 0.54% to 69,551.03. The Nifty 50 index lost 90.70 points or 0.43% to 20,906.40. The Nifty hit an all-time high of 21,037.90 in early trade today.

In the broader market, the S&P BSE Mid-Cap index fell 0.40% while the S&P BSE Small-Cap index shed 0.27%.

The market breadth was negative. On the BSE, 1,753 shares rose and 2,035 shares fell. A total of 117 shares were unchanged.

The India?s stock market value has reportedly overtaken Hong Kong?s to become the seventh largest in the world as optimism about the country?s economic prospects grows. As of the end of November, the total market capitalization of the National Stock Exchange of India was $3.989 trillion versus Hong Kong?s $3.984 trillion, according to data from the World Federation of Exchanges.

Higher growth rate in domestic GDP, cooling inflation, decline in global crude oil prices and rising manufacturing PMI coulpled with FPIs turning buyers aided following a correction in US 10-year bond yields are the major factors that have taken the Indian market to record high levels.

Buzzing Index:

The Nifty Realty index fell 1.75% to 731.95. The index added 1.74% in the past three trading sessions.

Prestige Estates Projects (down 7.67%), Sobha (down 5.2%), Macrotech Developers (down 3.72%), Brigade Enterprises (down 2.44%), Oberoi Realty (down 1.31%), Godrej Properties (down 1.09%), Swan Energy (down 0.85%), DLF (down 0.72%) declined.

On the other hand, Phoenix Mills (up 1.44%) and Mahindra Lifespace Developers (up 0.23%) edged higher.

Stocks in Spotlight:

Infosys declined 0.81%. The company's board has appointed Jayesh Sanghrajka as the chief financial officer and key managerial personnel with effect from 1 April 2024. Nilanjan Roy, chief financial officer and key managerial personnel has resigned from the services of the company.

Hindalco Industries rose 1.10% after the company announced that it will set up a new battery foil manufacturing facility with an investment of Rs 800 crore in Odisha.

Mahindra & Mahindra fell 1.22%. The company's total production increased 13.4% to 69,875 units in the month of November 2023 as against 61,618 units as compared with November 2022.

L&T Technology Services (LTTS) shed 0.12%. The company has secured a multi-year engineering services partnership with bp, a leading global energy company. The partnership will span areas such as engineering for projects, turnarounds, maintenance improvements, technical writing, engineering data management, and services for sustainability initiatives.

Rail Vikas Nigam (RVNL) lost 0.14% after the company said that its joint venture (JV) with URC has emerged as the lowest bidder (L1) for contract awarded by Madhya Pradesh Metro Rail Corporation worth Rs 543 crore.

DLF declined 0.99%. The realtor informed that its board has approved the resignation of Vivek Anand from his position as Group chief financial officer (CFO) effective from 29 February 2024.

Torrent Pharmaceuticals fell 1.65%. The pharma company said that the US FDA has issued a Form 483 with 5 procedural observations after conducting pre-approval inspection (PAI) at the company?s manufacturing facility based in Gujarat.

Jammu & Kashmir Bank jumped 7.51% after the lender launched a qualified institutional placement (QIP) to raise Rs 750 crore. The lender has set the floor price for the issue at Rs 112.66 per share, reflecting a discount of 10.02% from the bank's previous closing price of Rs 125.20 on the NSE.

Sterling and Wilson Renewable Energy rose 1.21% after the company said that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 365.02 per share.

Global Markets:

European markets and their Asian peers traded in the green on Tuesday. Japanese stocks lead the gains for a second straight session ahead of the final U.S. Federal Reserve meeting of the year.

As per media reports, economists anticipate that US headline consumer price index will hold steady in November compared to the previous month. The prediction is that it will grow by 3.1% on a 12-month basis, the reports added.

US stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve's policy announcement.

The Fed?s two-day meeting kicks off Tuesday, and the U.S. central bank is expected to maintain the Federal Funds rate steady in the 5.25%-5.5% range. Market players will also assess the U.S. November inflation figures out late Tuesday. Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

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