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The domestic equity indices ended with significant losses on Monday, declining for the fourth day in a row. The slump was triggered by a stronger-than-expected US jobs report, which dampened expectations for early interest rate cuts by the Federal Reserve. Additionally, concerns over slowing earnings growth weighed heavily on market sentiment. The Nifty settled below the 23,100 level. All the sectoral indices on the NSE ended in the red, with realty, media, and consumer durables shares declining the most. As per provisional closing, the S&P BSE Sensex, tumbled 1,048.90 points or 1.36% to 76,330.01. The Nifty 50 index slipped 345.55 points or 1.47% to 23,085.95. In four consecutive trading sessions, the Sensex and Nifty dropped by 2.39% and 2.62%, respectively. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slumped 4.17% and the S&P BSE Small-Cap index dropped 4.14%. The market breadth was weak. On the BSE, 528 shares rose and 3,569 shares fell. A total of 129 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 7.25% to 16. Indian Rupee hit a fresh record low against the US dollar on Monday. The currency opened at 86.2250 and touched a fresh all-time low of 86.6450 and is currently trading at 86.6250. Economy: India's foreign exchange reserves fell by $5.7 billion to $634.59 billion for the week ended January 3, data released by the Reserve Bank of India (RBI) on Friday showed. Foreign currency assets decreased by $6.441 billion to $545.48 billion, the data released on Friday showed. Gold reserves increased by $824 million to $67.092 billion during the week. The Special Drawing Rights (SDRs) were down by $58 million to $17.815 billion, the RBI said. India's reserve position with the IMF was down by $18 million at $4.199 billion in the reporting week, the apex bank data showed. India's industrial growth rose to a six-month high of 5.2% in November 2024, up from 3.7% in October, marking the third consecutive month of growth. The mining, manufacturing, and electricity sectors saw growth rates of 1.9%, 5.8%, and 4.4%, respectively. The Industrial Production Index (IIP) for November stood at 148.4, compared to 141.1 in November 2023. Within the manufacturing sector, 18 out of 23 industry groups showed positive growth, with significant contributions from manufacture of basic metals (7.6%), manufacture of electrical equipment (37.2%), and manufacture of other non-metallic mineral products (12.0%). Key contributors included galvanized steel products, electrical transformers, and prefabricated concrete blocks. India's Consumer Price Index-based inflation moderated to 5.22% in December, from 5.48% in November, according to data from the Ministry of Statistics and Programme Implementation on Monday. The Reserve Bank of India targets retail inflation at 4%, with a tolerance level of two percentage points on either side. In October, inflation was the highest in 14 months and in excess of the RBI's upper tolerance band. Food and beverage inflation eased to further to 7.69% in December from 8.2% in November. This was led by vegetable prices cooling to 26.56% from 29.33% in the same duration. New Listing: Shares of Standard Glass Lining Technology closed at Rs 163.35 on the BSE, representing a premium of 16.68% as compared with the issue price of Rs 140. The scrip was listed at Rs 176, exhibiting a premium of 25.71% to the issue price. The stock has hit a high of 181.70 and a low of 161. On the BSE, over 35.78 lakh shares of the company were traded in the counter. IPO Update: The initial public offer of Laxmi Dental received bids for 3,69,83,991 shares as against 89,70,371 shares on offer, according to stock exchange data at 15:15 IST on 13 January 2025. The issue was subscribed 4.12 times. The issue opened for bidding on 13 January 2025, and it will close on 15 January 2025. The price band of the IPO is fixed between Rs 407 and Rs 428 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof. Buzzing Index: The Nifty Realty index tumbled 6.47% to 901. The index tumbled 8.29% in four consecutive trading sessions. Macrotech Developers (down 9.25%), Phoenix Mills (down 7.95%), Brigade Enterprises (down 7.7%), Sobha (down 6.88%), Godrej Properties (down 5.89%), DLF (down 5.77%), Oberoi Realty (down 5.46%), Raymond (down 5.43%), Mahindra Lifespace Developers (down 5.36%) and Prestige Estates Projects (down 3.94%) slipped. Stocks in Spotlight: Avenue Supermarts (Dmart) slipped 5.05%. The company's consolidated net profit increased 4.8% to Rs 723.72 crore in Q3 FY25 as compared with Rs 690.61 crore in Q3 FY24. Net sales jumped 17.7% YoY to Rs 15,972.55 crore during the quarter. Just Dial tanked 13.53%. The company reported 42.71% jump in consolidated net profit to Rs 131.31 crore in Q3 FY25 as compared with Rs 92.01 crore in Q3 FY24. Revenue from operations increased 8.41% YoY to Rs 287.33 crore during the quarter. Grasim Industries shed 3.13% after the company informed about a minor process safety incident that occurred at its Karwar plant in Karnataka on 11th January 2025, caused by a technical malfunction due to power tripping. Biocon rose 1.19% after the company said that the U.S. Food and Drug Administration (FDA) has classified Biocon Biologics' Insulins facilities in Johor Bahru, Malaysia as voluntary action indicated (VAI). NCL Industries tumbled 3.26% after the company's cement production stood at 661,049 MT in Q3 FY25, registering a de-growth of 12% as compared with 749,703 MT produced in Q3 FY24. Puravankara fell 4.31%. The company recorded sales value of Rs 1,265 crore in Q3 FY25, up 2% from Rs 1,241 crore posted in Q3 FY24. NBCC (India) slipped 6.50%. The company informed that it has entered into a memorandum of understanding (MoU) with Sarkari Awas Nirman Avam Vitt Nigam for land development in Lucknow for an approximate value of Rs 3,500 crore. Brigade Enterprises tanked 7.16%. The company informed that it has entered into a memorandum of understanding (MOU) with Technopark to develop a world trade center (WTC) and supporting infrastructure, including a business hotel at Thiruvananthapuram, Kerala. Ola Electric Mobility fell 3.84% after the firm said that the Central Consumer Protection Authority (CCPA) requested additional documents from the company as part of its ongoing investigation on 10 January 2025. Equinox India Developments declined 4.37%. The company reported consolidated net profit of Rs 22.17 crore in Q3 FY25 as against net loss of Rs 38.65 crore posted in Q3 FY24. Revenue from operations soared 177% YoY to Rs 278.50 crore in the quarter ended 31 December 2024. Global Markets: The U.S. stock futures point to a negative open Monday, with the Dow Jones Industrial Average futures down 76 points. European and Asian shares tumbled on Monday, following a strong US jobs report on Friday that fueled concerns about persistent inflation. This led to a rise in US Treasury yields and boosted the dollar. Brent crude oil prices surged to their highest level in over four months, exceeding $81 per barrel, amid renewed US sanctions against Russia. China's exports and imports in December beat expectations by a significant margin. Exports rose 10.7% from a year earlier, beating Reuters' expectations of 7.3% year-on-year growth. The country's imports in December unexpectedly rose 1%, compared with Reuters' estimates of a 1.5% decline. The robust job data reinforced expectations that the Federal Reserve will maintain its current interest rate stance. Investors are now keenly awaiting key US inflation data this week, including the Consumer Price Index (CPI) report on Wednesday, the New York Fed's one-year inflation expectations on Monday, producer prices on Tuesday, and jobless claims on Thursday. The US stock market closed lower on Friday after the strong jobs report reignited inflation fears. The Dow Jones Industrial Average plunged 1.63%, the S&P 500 declined 1.54%, and the Nasdaq Composite fell 1.63%. Nvidia shares dropped 3%, while Advanced Micro Devices stock price fell 4.76% and Apple share price declined 2.41%. Constellation Energy stock jumped 25.16%, while Constellation Brands tanked 17.09%. Walgreens Boots Alliance stock price soared 27.55%. The Labor Department reported that US nonfarm payrolls increased by 256,000 jobs in December, the largest increase since March. The unemployment rate fell to 4.1%. Investors are now turning their attention to the upcoming fourth-quarter earnings season, which begins this week with several major Wall Street banks reporting their results. Powered by Capital Market - Live News
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