Sensex, Nifty trade higher; European mrkt opens lower

The key equity indices traded in positive terrain with moderate gains in afternoon trade. The Nifty traded above the 24,600 level after hitting the day's low of 24,180.80 in mid-morning trade. Realty, metal and PSU bank shares tumbled while FMCG, IT and consumer durable shares advanced.

At 13:25 IST, the barometer index, the S&P BSE Sensex, advanced 370.21 points or 0.45% to 81,665.40. The Nifty 50 index gained 65.50 points or 0.27% to 24,614.20.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.49% and the S&P BSE Small-Cap index lost 0.65%.

Sellers outnumbered buyers. On the BSE, 1,498 shares rose and 2,421 shares fell. A total of 124 shares were unchanged.

Gainers & Losers:

Bharti Airtel (up 3.76%), Ultratech Cement (up 1.67%), HCL Technologies (up 1.67%), ITC (up 1.51%) and Grasim Industries (up 1.07%) were major Nifty gainers.

Shriram Finance (down 2.92%), Tata Steel (down 1.91%), JSW Steel (down 1.35%), IndusInd Bank (down 1.27%) and Axis Bank (down 0.97%) were the major Nifty losers.

Stocks in Spotlight:

Ashok Leyland rose 0.17%. The company has announced that it has received an order worth Rs 345.58 crore from the Tamil Nadu State Transport Corporation (TNSTC) for the supply of 1,475 BSVI Diesel Fuel Type Passenger Bus Chassis.

CRISIL advanced 3.59% after the company's board approved the acquisition of 4.08% stake in Online PSB Loans (OPL) for Rs 33.25 crore on a fully diluted basis.

Tata Motors fell 0.15%. The company announced a price increase of up to 2% across its trucks and buses portfolio, effective January 1, 2025, to offset the rise in input costs.

Hindustan Aeronautics (HAL) rose 0.51%. The company informed that it has signed a contract with the Ministry of Defence worth Rs 13,500 crore for the procurement of 12 Su-30 MKI aircraft along with associated equipment.

Ambuja Cements shed 0.31%. The company informed that it has successfully commissioned and started power transmission from its 200 MW solar power project in Khavda, Rajasthan.

Bajel Projects rallied 14.18% after the company has been awarded a supply of goods and services contract from Solapur Transmission for establishment of substation in Solapur, Maharashtra. The contract includes EPC work of design, engineering, manufacturing, supply, erection, civil work, testing & commissioning work for establishment of 400/220 KV Solapur pooling station (New) & establishment of 400 KV Line Bays‐ 2 nos.(Power Grid Solapur).

Global Market:

Most of the European market declined as investors digested the European Central Bank's latest rate cut decision.

The Swiss National Bank (SNB) also slashed rates by a larger than anticipated 50 basis points from 1.0% to 0.5%, while Denmark's central bank announced a 25 basis point reduction and Central bank watchers are now turning their attention to next week and rate decisions from the U.S. Federal Reserve and the Bank of England

Britain's economy contracted unexpectedly in October, according to data from the U.K.'s Office for National Statistics. UK's GDP fell by 0.1%, the latest print showed, marking the second consecutive monthly downturn.

Asian equities traded mixed on Friday, with investors taking a cautious stance ahead of the Federal Reserve's upcoming policy meeting next week.

China's top leaders have announced plans for further stimulus measures to bolster the country's economy. This decision, made during the annual meeting of the Chinese Communist Party and the cabinet, involves increasing the budget deficit, borrowing more, and lowering interest rates. This aggressive approach is a departure from previous years of weaker growth and declining consumer demand. The government aims to maintain economic growth and stability in employment and prices for the upcoming year.

US stocks closed lower on Thursday as Treasury yields climbed following a hotter-than-expected inflation report. The Dow Jones Industrial Average fell 0.53%, the S&P 500 index lost 0.54%, and the NASDAQ Composite index declined 0.65%.

While US consumer price index data released on Wednesday was largely in line with expectations, producer prices rose more than anticipated in November, increasing 0.4% last month, ahead of the expected 0.2% gain. In the 12 months through November, the PPI shot up 3.0% after increasing 2.6% in October. This suggests underlying inflationary pressures may persist.

Adobe Systems Incorporated stock plummeted over 14% after the software giant issued a disappointing annual sales outlook. The company's recent efforts to incorporate artificial intelligence into its offerings appear to be taking longer than expected to generate significant returns.

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