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Sensex, Nifty trade lower in volatile session
Dec-20-2024

Indian equity benchmarks made slightly positive start on Friday but soon markets turned volatile tracking mixed cues from global markets amid concerns that U.S. President-elect Donald Trump's fiscal, trade and tariff policies could prompt the Federal Reserve to end its rate-cutting cycle. Sensex and Nifty are trading lower with notable losses in early deals as a weakening rupee fueled worries that foreign portfolio investors could sell holdings like they did in October. For the year so far, FIIs have net sold Rs 2.94 lakh crore worth of shares.

On the global front, in China, the People's Bank of India maintained its benchmark lending rates, defying market predictions for a cut. The one-year loan prime rate remained at 3.1 percent, while the five-year LPR held at 3.6 percent. Back home, on the sectoral front, IT stocks are in focus today after Accenture beat the quarterly revenue estimates on strong genAI service demand. In stock specific development, Exide gained on signing binding deal with Hyundai India for battery packs.

The BSE Sensex is currently trading at 78905.97, down by 312.08 points or 0.39% after trading in a range of 78853.26 and 79587.15. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.15%, while Small cap index was up by 0.01%.

The top gaining sectoral indices on the BSE were Telecom up by 0.40%, Oil & Gas up by 0.29%, Power up by 0.20%, Consumer Durables up by 0.18% and Utilities up by 0.15%, while Bankex down by 0.67%, Metal down by 0.52%, IT down by 0.50%, TECK down by 0.27% and FMCG down by 0.23% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.23%, Titan Company up by 1.10%, Bharti Airtel up by 0.88%, Bajaj Finance up by 0.69% and Maruti Suzuki up by 0.52%. On the flip side, Axis Bank down by 1.48%, Tech Mahindra down by 1.42%, JSW Steel down by 0.83%, Indusind Bank down by 0.76% and Larsen & Toubro down by 0.59% were the top losers.

Meanwhile, The Central government has released Rs 47,225 crore to the states and union territories under the Smart Cities Mission till November 15 and out of which Rs 44,626 crore has been utilised. Union Minister of State for Housing and Urban Affairs Tokhan Sahu said the work orders have been issued till November 15 in 8,066 crore amounting to Rs 1,64,669 crore, of which 7,352 projects (i.e. 91 per cent of total projects) amounting to Rs 1,47,366 crore have been completed under the mission.

Sahu said the Ministry of Housing and Urban Affairs (HUA) has a multi-level review structure to expedite the progress of projects under the Smart Cities Mission, and added that mission implementation at the state level is monitored by the state level high powered steering committee chaired by the chief secretary. At the national level, the implementation is monitored by an apex committee headed by the HUA secretary. The period of Smart Cities Mission, launched in June 2015 by Prime Minister Narendra Modi, has been extended up to March 31 next year. 

Under the Smart Cities Mission (SCM), the Central government has a total outlay of Rs 48,000 crore for the 100 cities. As on 15.11.2024, the Central government has released Rs 47,225 crore to States/Union Territories under SCM, out of which Rs 44,626 crore (i.e. 94 per cent of the total Central share released) has been utilised since its inception. On November 28, the ministry said that 13 out of 100 smart cities have completed all their projects, while 48 cities have achieved over 90 per cent completion.

The CNX Nifty is currently trading at 23862.65, down by 89.05 points or 0.37% after trading in a range of 23854.50 and 24065.80. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were Dr. Reddy's Lab up by 1.99%, NTPC up by 1.04%, Adani Enterprises up by 0.91%, Titan Company up by 0.71% and Trent up by 0.68%. On the flip side, Axis Bank down by 1.85%, Tech Mahindra down by 1.67%, Cipla down by 1.11%, Larsen & Toubro down by 1.11% and JSW Steel down by 1.06% were the top losers.

Asian markets are trading mixed; Taiwan Weighted lost 260.13 points or 1.13% to 22,672.12, KOSPI dropped 37.99 points or 1.56% to 2,397.94 and Straits Times fell 31.22 points or 0.83% to 3,731.66. On the other hand, Nikkei 225 surged 38.36 points or 0.1% to 38,851.94, Hang Seng advanced 36.07 points or 0.18% to 19,788.58, Shanghai Composite strengthened 18.19 points or 0.54% to 3,388.22 and Jakarta Composite was up by 3.54 points or 0.05% to 6,980.78.
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