Sensex down 39 pts; European shares slide

The domestic equity indices hovered near the flat line in afternoon trade. The Nifty traded above the 19,750 mark. Metal, consumer durables and PSU bank stocks advanced while pharma, realty and healthcare shares corrected.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 39.19 points or 0.06% to 66,243.55. The Nifty 50 index added 4.90 points or 0.03% to 19,755.95.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.31% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was positive. On the BSE, 2,095 shares rose and 1,594 shares fell. A total of 185 shares were unchanged.

Gainers & Losers:

JSW Steel (up 2.01%), Hero MotoCorp (up 1.58%), Tata Steel (up 1.52%), Coal India (up 1.43%), LTIMindtree (up 1.37%) were major Nifty gainers.

Nestle Industries (down 2.02%), Divi's Laboratories (down 1.84%), IndusInd Bank (down 1.15%), Asian Paints (down 1.14%) and TCS (down 1.03%) were major Nifty losers.

Stocks in Spotlight:

Reliance Industries (RIL) shed 0.14%. RIL's subsidiary - Reliance Retail Ventures received the subscription amount of Rs 4,966.80 crore from Platinum Owl C 2018 RSC Limited (acting in its capacity as the trustee of 'Platinum Jasmine A 2018 Trust') (ADIA) and allotted 4,11,81,006 equity shares to ADIA.

Tata Motors rose 0.30%. The auto major entered into share purchase agreements with certain investors for sale of 9.9% stake in Tata Technologies (TTL), a subsidiary of the company for an aggregate consideration of Rs 1,613.7 crore.

Mahindra & Mahindra (M&M) added 0.36%. The auto maker's total production increased 21.88% to 79,410 units in the month of September 2023 as against 65,154 units as compared with September 2022. The auto major's total sales was 23,997 units in September 2023, up by 18.14% from 21,666 units sold in the same period a year ago.

Avenue Supermarts (DMart) slipped 2.37%. The company reported 9.07% decline in consolidated net profit to Rs 623.56 crore in Q2 FY24 as against Rs 685.77 crore posted in Q2 FY23. Revenue from operations jumped 18.67% year on year to Rs 12,624.37 crore in the quarter ended 30 September 2023.

Global Markets:

Shares in Europe and Asia stocks traded lower as investors look ahead to key economic data from China and Japan this week. Most notably, China will release its third-quarter gross domestic product numbers on Wednesday. Japan's September inflation data is expected on Friday. South Korea's central bank will also announce its rate decision on Thursday.

US stocks ended the day mixed on Friday, pressured by a spike in oil prices and rising inflation expectations. Deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks.

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