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The key equity indices continued to extend losses in the morning trade. The Nifty slipped below the 24,450 mark. Financial services shares extended losses for the second consecutive trading session.
At 10:29 IST, the barometer index, the S&P BSE Sensex, dropped 763.27 points or 0.93% to 80,971.27. The Nifty 50 index slipped 229.75 points or 0.93% to 24,438.50.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.08% and the S&P BSE Small-Cap index fell 0.12%.
The market breadth was negative. On the BSE, 1,690 shares rose and 1,980 shares fell. A total of 153 shares were unchanged.
Economy
India’s total exports (Merchandise and Services combined) for November 2024 are estimated at USD 67.79 Billion, registering a positive growth of 9.59 percent vis-à-vis November 2023. Total imports (Merchandise and Services combined) for November 2024 are estimated at USD 87.63 Billion, registering a positive growth of 27.47 percent vis-à-vis November 2023.
Buzzing Index:
The Nifty Financial Services index slipped 0.72% to 24,679. The index shed 0.80% in two consecutive trading sessions.
Shriram Finance (down 3.13%), Cholamandalam Investment & Finance Company (down 2.31%), Bajaj Finserv (down 1.88%), LIC Housing Finance (down 1.48%), HDFC Asset Management Company (down 1.45%), ICICI Lombard General Insurance Company (down 1.14%), SBI Cards & Payment Services (down 0.97%), Kotak Mahindra Bank (down 0.97%), HDFC Bank (down 0.92%) and Muthoot Finance (down 0.89%) declined.
On the other hand, REC (up 0.72%), Power Finance Corporation (up 0.64%) and Multi Commodity Exchange of India (up 0.11%) edged higher.
Stocks in Spotlight:
Rail Vikas Nigam (RNVL) added 0.52%. The company announced that it has received letter of acceptance (LoA) worth Rs 270.78 crore from Maharashtra Metro Rail Corporation for the construction of ten elevated metro stations.
Texmaco Rail and Engineering rose 1.68% after the company has received an order from Chhattisgarh State Power Transmission, Government of Chhattisgarh for construction of transmission lines on turnkey basis valuing Rs 187.41 crore approximately.
Mankind Pharma gained 0.49%. The company informed that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,616.55 per equity share.
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