Sensex rose 134 pts, European mkt opens lower

Domestic equity benchmarks continued to trade with limited losses in afternoon trade. The Nifty traded a tad below 21,500 level after hitting the day`s high of 21,573.90 in morning trade. Media, consumer durables and metal shares were in demand while oil & gas, realty and FMCG stocks decline.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 134.06 points or 0.19% to 71,252.15. The Nifty 50 index lost 47.95 points or 0.22% to 21,496.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.49% and the S&P BSE Small-Cap index shed 0.13%.

The market breadth was negative. On the BSE, 1,806 shares rose and 1,958 shares fell. A total of 121 shares were unchanged.

Gainers & Losers:

Adani Enterprises (up 2.18%), Cipla (up 1.99%), HCL Technologies (up 1.89%), Adani Ports And Special Economic Zone (up 1.18%) and ICICI Bank (up 0.94%) were major Nifty gainers.

NTPC (down 3.38%), Oil and Natural Gas Corporation (down 2.77%), Bharat Petroleum Corporation (down 2.55%), Coal India (down 2.13%) and Divi`s Laboratories (down 2.03%) were major Nifty losers.

Stocks in Spotlight:

Delta Corp gained 1%. The gaming and casino firm`s consolidated net profit dropped to Rs 34.48 crore in Q3 December 2023 as compared to net profit of Rs 84.82 crore in Q3 December 2022. Total income rose to Rs 244.47 crore in Q3 December 2023 from Rs 285.02 crore in Q3 December 2022.

Power Finance Corporation (PFC) shed 2.01%. The PFC received No Objection letter from Reserve Bank of India (RBI) for setting up of a finance company (as a wholly owned subsidiary) in International Financial Services Centre (IFSC) situated in GIFT City, Gujarat.

Lupin rose 0.50%. The drug maker announced the launch of Bromfenac Ophthalmic Solution, 0.07%, after having received an approval from the United States Food and Drug Administration (U.S. FDA). Lupin is the exclusive first-to-file for this product and is eligible for 180-day exclusivity

One 97 Communications (Paytm) added 0.16%. The company announced that it will invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem in Gandhinagar, Gujarat.

Global Markets:

Markets in Europe declined while Asian stocks traded mixed on Wednesday, tracking overnight weakness on Wall Street.

The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank. Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the bank said in its latest �Global Economic Prospects� report. The bank warned that without a �major course correction,� the 2020s will go down as �a decade of wasted opportunity.�

US stock markets were muted on Tuesday as investors await key inflation data later in the week. Investors will now focus on a key inflation report from the US on Thursday for cues on the timing of the Fed�s rate cut.

The US trade deficit narrowed in November as imports of consumer goods fell to a one-year low. The trade deficit contracted 2% to $63.2 billion, the Commerce Department`s Census Bureau said. Imports declined 1.9%, or $6.1 billion, to $316.9 billion. Exports decreased 1.9%, or $4.8 billion, to $253.7 billion.

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