Benchmarks trade with minor cuts, broader mkt outperforms

The key equity indices traded with limited losses in early afternoon trade. The Nifty traded below the 20,950 mark. Consumer durables shares advanced after declining in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 143.30 points or 0.21% to 69,510.43. The Nifty 50 index lost 27.25 points or 0.13% to 20,910.45.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.49% while the S&P BSE Small-Cap index added 0.36%.

The market breadth was positive. On the BSE, 2,155 shares rose, and 1,501 shares fell. A total of 143 shares were unchanged.

The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) commenced its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting on Friday, 8 December 2023.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, dropped 6.44% to 12.86. The Nifty 28 December 2023 futures were trading at 21,019, at a premium of 108.55 points as compared with the spot at 20,910.45.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 32.3 lakh contracts at the 21,000 strike price. Maximum Put OI of 40.5 lakh contracts were seen at 20,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index added 0.61% to 30,187.45. The index shed 0.13% in the past trading session.

Rajesh Exports (up 2.78%), Havells India (up 1.02%), Titan Company (up 0.55%), Blue Star (up 0.29%), Orient Electric (up 0.25%), Bata India (up 0.22%), Dixon Technologies (India) (up 0.2%), Amber Enterprises India (up 0.13%), Relaxo Footwears (up 0.1%) and Crompton Greaves Consumer Electricals (up 0.02%) edged higher.

On the other hand, TTK Prestige (down 0.65%), Whirlpool of India (down 0.61%) and V-Guard Industries (down 0.53%) declined.

Stocks in Spotlight:

Alok Industries jumped 3.61% after the company said that its has entered into facility agreements with State Bank of India to avail a Rs 1,750-crore loan to repay existing debt and a Rs 90-crore loan to meet working-capital requirements.

Rites advanced 2.39% after the firm entered into a memorandum of understanding (MoU) with Meghalaya Industrial Development Corporation (MIDC) to develop multi-modal logistics projects in Meghalaya.

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