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The frontline indices pared most of the losses in mid-morning trade. The Nifty climbed above the 24,650 level. Media shares extended losses for the second consecutive trading session. At 11:26 IST, the barometer index, the S&P BSE Sensex, declined 12.85 points or 0.02% to 81,697.27. The Nifty 50 index lost 16.90 points or 0.07% to 24,660.90. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.40% and the S&P BSE Small-Cap index rallied 0.57%. The market breadth was strong. On the BSE, 2,469 shares rose and 1,432 shares fell. A total of 175 shares were unchanged. Buzzing Index: The Nifty Media index declined 1.11% to 2,054. The index slipped 1.44% in two consecutive trading sessions. PVR Inox (down 2.78%), Nazara Technologies (down 1.54%), Zee Entertainment Enterprises (down 1.42%), Tips Music (down 1.15%), Saregama India (down 0.86%) and Sun TV Network (down 0.4%) slipped. On the other hand, Dish TV India (up 2.57%),Hathway Cable & Datacom (up 1.44%) and Network 18 Media & Investments (up 0.82%) edged higher. Stocks in Spotlight: CEAT soared 9.68% after RPG group company has entered into a definitive agreement with associate companies of the Michelin Group (Michelin) to acquire the Camso brand's Off-Highway construction equipment tyre and tracks business. PC Jeweller gained 2.47% after the firm said that its board will meet on Wednesday, 11 December 2024, to approve the issuance of 5,17,11,462 equity shares by way of preferential allotment on a private placement basis. Biocon declined 2.76%. The company announced that it has received the establishment inspection report (EIR) from the U.S. Food and Drug Administration (USFDA) for its active pharmaceutical ingredient (API) facility located at Jigani Link Road, Bengaluru, Karnataka. Global Markets: Most Asian stocks slipped on Monday as investors grappled with South Korea's political turmoil and awaited fresh stimulus measures from China. Oil prices remained steady following the dramatic fall of the Syrian government. Investors are gearing up for a pivotal week, marked by a flurry of central bank decisions across four continents, a crucial meeting of Chinese officials, and the release of key US inflation data. This flurry of economic events will shape investment strategies for the remainder of 2024 and set the stage for 2025. Last Friday, US indices hit record highs on Friday, where technology stocks continued to push higher as stronger-than-expected nonfarm payrolls data did little to deter bets on a December rate cut. Markets were also seeking more cues on what President-elect Donald Trump's policies will entail for the U.S. in the coming years. The S&P 500 rose 0.3% to 6,090.27 points on Friday, while the NASDAQ Composite rose 0.8% to 19,859.77 points, with both indexes eking out record highs. The Dow Jones Industrial Average lagged, falling 0.3% to 44,642.52 points. Nonfarm payrolls increased by 227,000 jobs last month, above the expected 202,000, after rising an upwardly revised 36,000 in October as the labor market reeled from Hurricanes Helene and Milton as well as a big strike at Boeing factories in the West Coast. Investors were waiting to see what a major regime change in Syria will entail for geopolitics in the Middle East, after rebel forces ousted President Bashar al-Assad and took control of Damascus, ending 13 years of civil war. Media reports said al-Assad had landed in Moscow, while Israeli forces had entered Syria. US investors are eagerly awaiting the release of consumer price index inflation data on Wednesday. This key economic indicator will provide further insights into the health of the US economy and the future trajectory of interest rates. Powered by Capital Market - Live News
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