The domestic equity benchmarks traded with limited losses in afternoon trade. The Nifty traded below the 24,600 level. Realty, IT and consumer durable shares advanced while media, oil & gas and pharma shares declined.

At 13:25 IST, the barometer index, the S&P BSE Sensex was down 214.19 points or 0.26% to 81,294.27. The Nifty 50 index lost 69.60 points or 0.28% to 24,549.40.

In the broader market, the S&P BSE Mid-Cap index fell 0.04% and the S&P BSE Small-Cap index shed 0.07%.

The market breadth was negative. On the BSE, 1,855 shares rose and 2,029 shares fell. A total of 151 shares were unchanged.

Gainers & Losers:

Shriram Finance (up 2.22%), Wipro (up 2.02%), Bajaj Finserv (up 1.43%), Infosys (up 1.11%) and HCL Technologies (up 1.05%) were major Nifty gainers.

Trent (down 1.84%), Bharti Airtel (down 1.69%), Dr Reddy Laboratories (down 1.52%), Adani Ports (down 1.48%) and Grasim Industries (down 1.32%) were major Nifty losers.

Bajaj Finserv added 1.43% after its subsidiary, Bajaj Allianz General Insurance Company recorded gross direct premium underwritten for November 2024 of Rs 1,364.67 crore, an increase of 11.95% year on year (YoY).

Stock in Spotlight:

NBCC (India) shed 0.92%. The company informed that it has received an order worth Rs 432 crore from Central University of Odisha. The order entails comprehensive project management consultancy (PMC) services for the construction of a net zero sustainable campus at Central University at Odisha Sunabeda.

NHPC shed 0.97%. The company informed that its board is scheduled to meet on Thursday, 12 December 2024 to consider the proposal of fund raising through issue of non-cumulative bonds up to Rs 2,600 crore in one or more tranche through private placement.

ISGEC Heavy Engineering rose 1.86% after the Isgec Investments Pte, Singapore has entered into sale and purchase agreement (SPA) with Triumph Excel to sell its entire stake in its arm, Bioeq Energy Holdings One, Cayman Islands.

IRB Infrastructure Developers fell 0.69%. The company’s toll collection jumped 23% to Rs 536 crore in November 2024 as against Rs 437 crore posted in November 2023.

Pennar Industries rose 0.89% after the company’s board will meet on 12 December 2024 to consider entering into a joint venture to expand the business.

Global Market:

European market declined as investors are looking forward to U.S. inflation data due Wednesday. The consumer price index data will likely influence how the Federal Reserve proceeds on interest rates at its meeting on 17th – 18th December 2024.

Asian stocks advanced on Tuesday, led by a surge in Chinese equities. This uptick was triggered by the Chinese government's announcement of significant policy changes for 2025.

China's Politburo, the country's top decision-making body, signaled a shift towards a more accommodative monetary policy. This departure from the previous 'prudent' stance is expected to stimulate the economy and support stock and property markets. The Politburo also pledged to boost domestic consumption and demand, indicating a potential increase in targeted stimulus measures.

Investors are now awaiting the Central Economic Work Conference, scheduled to begin on Wednesday, for further details on China's economic plans. Analysts anticipate the conference to outline specific policy priorities and the annual growth target.

Beyond China, market participants are closely monitoring the Reserve Bank of Australia's monetary policy decision, due later today.

Meanwhile, China's November exports rose 6.7% YoY, down from 12.7% in October, signaling global demand concerns for Chinese goods and imports dropped 3.9% YoY in November, a sharper fall from October’s 2.3% decline, underscoring economic pressures.

US stocks closed lower on Monday, with the Dow Jones Industrial Average hitting a 1.5-week low. Profit-taking and long liquidation pressured the market ahead of the release of crucial US inflation data on Wednesday. Rising Treasury yields and heightened geopolitical tensions in the Middle East, following the fall of the Assad regime in Syria, also weighed on investor sentiment.

The Dow Jones Industrial Average fell 0.54%, while the S&P 500 index fell 0.61%, and the NASDAQ Composite index fell 0.60%.

Nvidia shares declined 2.6% during regular trading hours and further dipped 0.6% in after-hours trading, amid reports of an antitrust investigation by Chinese authorities.

Oracle Corporation's stock plummeted nearly 8% in after-hours trading after the company reported weaker-than-expected quarterly earnings, highlighting increased competition in the cloud computing sector from major players like Microsoft and Amazon.