Market at day's low; European shares open lower

The benchmark indices extended losses and traded near the days low in afternoon trade. The Nifty slipped below the 23,750 mark after hitting the day's high of 23,915.35 in the early afternoon trade. Healthcare, pharma and FMCG shares advanced while media, auto and PSU bank stocks corrected.

At 13:28 IST, the barometer index, the S&P BSE Sensex, declined 248.60 points or 0.32% to 78,450.47. The Nifty 50 index lost 91.10 points or 0.38% to 23,722.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.29% and the S&P BSE Small-Cap index fell 0.50%.

The market breadth was weak. On the BSE, 1,518 shares rose and 2,523 shares fell. A total of 163 shares were unchanged.

Economy

The countrys forex reserves dropped by a further $8.478 billion to $644.391 billion for the week ended December 20, the RBI said on Friday.

In the previous reporting week, the reserves had dropped by $1.988 billion to a six-month low of $652.869 billion.

Foreign currency assets decreased by $6.014 billion to $556.562 billion, the data released on Friday showed.

Gold reserves decreased by $2.33 billion to $65.726 billion during the week. The Special Drawing Rights (SDRs) were down by $112 million to $17.885 billion, the apex bank said.

Indias reserve position with the IMF was also down by $23 million to $4.217 billion in the reporting week, the central bank data showed.

Gainers & Losers

Adani Enterprises (up 4.71%), Adani Ports (up 1.18%), Apollo Hospitals Enterprise (up 0.98%), Sun Pharma (up 0.92%) and Shriram Finance (up 0.87%) were major Nifty gainers.

Trent (down 1.67%), Bajaj Auto (down 1.09%), Wipro (down 1%), Infosys (down 0.88%) and Mahindra & Mahindra (down 0.83%) were major Nifty losers.

Stocks in Spotlight:

Reliance Industries shed 0.52%. The company announced that its wholly-owned subsidiary, Reliance Strategic Business Ventures (RSBVL), has completed the acquisition of Karkinos Healthcare.

JSW Energy gained 2.87% after the company's wholly owned subsidiary, JSW NEO Energy, signed a definitive agreement with O2 power pooling to acquire a 4,696 MW renewable energy (RE) platform.

Tiger Logistics (India) jumped 3.65% after the company announced that it has been empanelled by Hindustan Petroleum Corporation (HPCL) for providing logistic services.

Kothari Products added 2.54% after the company announced that its board has approved the issue of bonus shares in the ratio of 1:1, subject to the approval of the shareholders of the company.

Global Markets:

European stocks slipped on Monday, as markets prepare to wind down for the New Year holiday.

Asian stocks traded mixed as traders await Chinas manufacturing PMI on Tuesday.

South Korea's industrial output contracted 0.7% on a monthly basis in November as compared to Octobers reading of a 6.3% increase.

Japans factory activity contracted at a slower rate in December. The au Jibun Bank Japan Manufacturing Purchasing Managers Index climbed to 49.6 in December, coming in slightly above Novembers reading of 49.0 and marking the softest contraction in three months.

US stocks closed lower on Friday as investors booked profits across sectors, with technology stocks leading the selloff. This decline was attributed to a rise in Treasury yields, which increases borrowing costs for companies, potentially impacting spending on innovation and expansion and squeezing profit margins.

The Dow Jones Industrial Average declined 0.77%, the S&P 500 dropped 1.11%, and the Nasdaq Composite ended 1.49% lower. Apple Inc., which had reached a record high the previous day after an upgrade from Wedbush, fell 1.3%. Tesla Inc. stock declined 5%, while NVIDIA Corporation, a market darling, edged 2.2% lower. Alphabet Inc. also fell over 1%, contributing to a broader tech selloff.

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