Last Updated:
Benchmark Indian equity indices, the BSE Sensex and Nifty 50, were subdued at the open on Monday
Stock Market Updates
Benchmark Indian equity indices, the BSE Sensex and Nifty 50, were trading lower on Monday.
At 2 PM, the BSE Sensex was 166.32 points, or 0.20 per cent lower, at 81,542, while the Nifty 50 was at 24,623, down by 54 points or 0.22 per cent.
After the market opened, more than half of the stocks on the BSE Sensex were in the red. The top gainers included Larsen & Toubro (up 1.25%), followed by NTPC, JSW Steel, Bajaj Finance, and HDFC Bank. On the downside, losses were led by Hindustan Unilever (down 3.23%), followed by UltraTech Cement, Mahindra & Mahindra, Infosys, and Nestle India.
On the Nifty 50, 26 out of 50 stocks were trading in the positive. Larsen & Toubro led the gainers (up 1.52%), followed by SBI Life, Bajaj Finance, Tech Mahindra, and BEL. On the flip side, losses were dominated by Hindustan Unilever (down 3.52%), followed by Tata Consumer Products, Britannia, Nestle India, and UltraTech Cement.
Sector-wise, the FMCG index was the biggest drag, falling 1.62%, with Godrej Consumer Products down by 10%. The Media, Healthcare, Pharma, Metal, PSU Bank, and Auto indices also saw declines. Meanwhile, the Consumer Durables, Financials, and IT indices were trading in the green.
In the broader markets, the Nifty Midcap 100 was up by 0.36%, and the Nifty Smallcap 100 had gained 0.11%.
Anand James, Chief Market Strategist at Geojit Financial Services, commented, “The consecutive closes above 24,500, which also marks the neckline of an inverted H&S pattern, lead us to raise our medium-term target to 25,600-700, up from the 25,262 target set in late November. For today, we are cautious about chasing higher prices, as was the case on Friday. However, upswings to 24,860 could be considered if the index holds above 24,600. A failure to stay above 24,530 would raise concerns about the upside potential, although brief declines to 24,380 may be disregarded. A close below 24,150 would compel us to abandon the downside view entirely.”
Global Markets
South Korean stocks dropped more than 1% on Monday amid political uncertainty, following President Yoon Suk Yeol’s narrow escape from impeachment after briefly imposing martial law last week.
This decline came despite a generally positive day for Asian markets, bolstered by another record on Wall Street. Traders were also awaiting a high-level economic meeting in China and monitoring developments in Syria following President Bashar al-Assad’s removal.
Japan’s Nikkei 225 gained 0.15%, while the Topix index rose 0.2%. Japan’s third-quarter GDP growth was revised up to 0.3% quarter-on-quarter, exceeding the earlier estimate of 0.2% and surpassing expectations from a Reuters poll, which had forecast no change.
The Hong Kong Hang Seng index fell 0.28%, while mainland China’s CSI 300 index rose by 0.2%. China’s consumer price growth in November was lower than expected, rising by just 0.2% year-on-year, down from a 0.3% increase in October. Economists had forecast a growth of 0.5%.
In the U.S., the Nasdaq and S&P 500 reached record closing highs on Friday. The Dow Jones Industrial Average fell 123.19 points, or 0.28%, to 44,642.52. Meanwhile, the S&P 500 rose by 15.16 points, or 0.25%, to 6,090.27, and the Nasdaq Composite gained 159.05 points, or 0.81%, to 19,859.77. The US dollar index was little changed at 105.78.
Treasuries saw a rally following the release of data on Friday. The two-year note yield decreased by 5.5 basis points to 4.092%, while 10-year benchmark yields fell 4 basis points to 4.141%.
European stocks were up by 0.3%, while the UK’s FTSE 100 ended flat.
