NIFTY FAILS TO HOLD 24,000 LEVEL; EUROPEAN MRKT OPENS LOWER

The domestic equity benchmarks traded with deep cuts in afternoon trade. The Nifty slipped below the 24,000 level. Auto, banking and financial services stocks declined while realty and IT shares advanced.

At 13:25 IST, the barometer index, the S&P BSE Sensex, declined 564.61 points or 0.70% to 78,936.04. The Nifty 50 index fell 171.80 points or 0.71% to 23,969.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.46% and the S&P BSE Small-Cap index fell 0.40%.

The market breadth was weak. On the BSE, 1,466 shares rose and 2,405 shares fell. A total of 113 shares were unchanged.

Gainers & Losers:

Trent (up 2.61%), Sun Pharma Industries (up 0.94%), Bharti Airtel (up 0.73%), Infosys (up 0.67%) and HCL Technologies (up 0.65%) were major Nifty gainers.

Britannia Industries (down 6.05%), HDFC Bank (down 2.81%), Tata Motors (down 2.42%), Asian Paints (down 2.26%) and Bajaj Finance (down 2.18%) were major Nifty losers.

Britannia Industries declined 6.05% after the company�s consolidated net profit fell 9.37% to Rs 531.55 crore in Q2 FY25 as compared with Rs 586.50 crore in Q2 FY24. Revenue from operations increased 4.48% YoY to Rs 4,566.23 crore during the quarter.

Stocks in Spotlight:

Oil and Natural Gas Corporation (ONGC) rose 0.16%. The company reported 17.05% increase in standalone net profit to Rs 11,984.02 crore in Q2 FY25 as compared with Rs 10,238.10 crore in Q2 FY24. However, revenue from operations declined 3.6% YoY to Rs 33,880.88 crore in the quarter ended 30 September 2024.

NMDC declined 2.60%. The company reported 18.1% jump in consolidated net profit to Rs 1,211.57 crore on 22.5% increase in net sales to Rs 4,918.91 crore in Q2 FY25 over Q2 FY24.

Jubilant FoodWorks surged 6.78% after the company`s net profit rose 17.6% to Rs 71.5 crore on 1.1% increase in revenue to Rs 1954.7 crore in Q2 September 2024 over Q1 June 2024.

Shree Cement declined 1.25% after the cement maker�s standalone net profit tumbled 81.05% to Rs 93.13 crore on 18.27% decrease in revenue from operations to Rs 3,727 crore in Q2 FY25 over Q2 FY24.

HLE Glascoat surged 12.85% after the company�s consolidated net profit jumped 33.27% to Rs 14.42 crore on 5.06% increase in revenue from operations to Rs 235.77 core in Q2 FY25 over Q2 FY24.

Hindalco rose 0.08%. The Aditya Birla Group company�s consolidated net profit surged 78.01% to Rs 3,909 crore in on 7.45% increase in revenue from operations to Rs 58,203 crore in Q2 FY25 over Q2 FY24.

Global Market:

European market declined as investors assess what U.S. President-elect Donald Trump�s return to the White House could mean for the region�s economy amid worries about possible tariffs.

Further, investors are looking for a fresh batch of economic data this week, including an inflation reading from Germany, US Inflation numbers and UK�s Gross Domestic Product (GDP)

Asian stocks declined on Tuesday, with investors exercising caution even as the Dow Jones Industrial Average�s post-election rally continued to gain momentum to close at a record high.

Traders in Asia-Pacific are also parsing a swathe of economic data in the region, including a survey from the National Australia Bank on business conditions and Indonesia�s retail sales in September.

Concerns about potential trade tensions between the U.S. and China, particularly regarding tariffs on Chinese goods, contributed to the market`s downturn.

The US stock market closed on a high note on Monday, with all major indexes hitting record highs. The Dow Jones Industrial Average surpassed the 44,000 mark for the first time, gaining 0.69% to 44,293.13. The S&P 500 and Nasdaq also rose, up 0.10% to 6,001.35 and 0.06% to 19,298.76, respectively.

Tesla`s stock surged 9%, boosting its market value to over $1.1 trillion. Microsoft, Amazon, and Meta Platforms saw slight declines of around 1% each. Nvidia`s stock fell 1.6%. Bitcoin miners MARA Holdings and Riot Platforms stocks rallied 30% and 17%, respectively.

While the market has been on a strong upward trend, investors are becoming cautious ahead of the release of key consumer price index (CPI) inflation data on Wednesday.

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