Benchmarks trade with modest gains; European mkt opens lower

The domestic equity indices traded with moderate gains in the afternoon trade. The Nifty traded above the 21,300 level. Realty, auto and metal shares advanced while banking and financial services stocks corrected.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 227.38 points or 0.32% to 71,092.48. The Nifty 50 index added 86.55 points or 0.41% to 21,341.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index gained 0.68%.

The market breadth was strong. On the BSE, 2,307 shares rose and 1,364 shares fell. A total of 139 shares were unchanged.

Gainers & Losers:

Maruti Suzuki (up 2.24%), Tata Motors (up 2.12%), Coal India (up 2.01%), Bharti Airtel (up 1.95%) and Divi�s Laboratories (up 1.94%) were major Nifty gainers.

Grasim Industries (down 1.05%), Bajaj Finance (down 0.91%), Bharat Petroleum Corporation (down 0.77%), HDFC Life Insurance Company (down 0.65%) and HDFC Bank (down 0.58%) were major Nifty losers.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) jumped 4.23%. The Department of Economic Affairs, Ministry of Finance has decided in the public interest, to grant one-time exemption to Life Insurance Corporation of India to achieve 25% Minimum Public Shareholding (MPS) within 10 years from the date of listing i.e., till May 2032.

WPIL was locked in an upper circuit of 5% after the firm received a turnkey project from Public Health Engineering Department, Government of West Bengal worth Rs 425.35 crore.

GMR Airports Infrastructure rose 2.13%. GMR Airports Limited (GAL), a subsidiary of GMR Airports Infrastructure Limited, and NIIF (National Investment and Infrastructure Fund) entered into binding agreements for NIIF to invest up to INR 6.75 billion in GMR Visakhapatnam International Airport Limited (GVIAL), a special purpose vehicle to develop and operate the Bhogapuram International Airport.

Lupin added 0.78% after LupinLife, the consumer healthcare business of the company announced the launch of Softovac Liquifibre, a 100% Ayurvedic liquid laxative. With this, the company enters the Indian liquid laxative market with this innovative product that is a formulation of Isabgol fibre in liquid form and natural actives such as Sonamukhi, Harad, Mulethi, Saunf, Amaltas and Gulab Dal.

Global Markets:

Shares in Euope and Asia slipped on Friday, with the Bank of Japan�s October meeting minutes showing board members debated on how to communicate the shift in their yield control stance. Japan�s headline inflation rate slowed to 2.8%, down from 3.3% in October, the slowest pace of inflation since July 2022.

US stocks rebounded on Thursday as the year-end rally resumed. Chip stocks gained, led by Micron Technology after its better-than-expected quarterly forecast.

The third reading of real gross domestic product came in lower than expected. Real gross domestic product rose at an annual rate of 4.9% in the third quarter, according to the third estimate from the Bureau of Economic Analysis. That�s down from the second estimate�s increase of 5.2%.

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