The headline equity benchmarks pared some losses but still traded in negative territory with modest losses in the mid-morning trade. The Nifty traded above the 23,600 level. Consumer durables shares declined after advancing in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 198.98 points or 0.25% to 78,047.37. The Nifty 50 index dropped 39.95 points or 0.17% to 23,604.95.

In the broader market, the S&P BSE Mid-Cap index fell 0.49% and the S&P BSE Small-Cap index declined 0.21%.

The market breadth was negative. On the BSE, 1,680 shares rose and 2,065 shares fell. A total of 151 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Indo Farm Equipment received bids for 3,37,00,014 shares as against 84,70,000 shares on offer, according to stock exchange data at 11:10 IST on 31 December 2024. The issue was subscribed to 3.98 times.

The issue opened for bidding on 31 December 2024 and it will close on 02 January 2024. The price band of the IPO is fixed between Rs 204 and Rs 215 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index declined 0.56% to 41,401.40. The index rose 0.02% in the past trading session.

Cera Sanitaryware (down 3.23%), Kalyan Jewellers India (down 2.12%), Dixon Technologies (India) (down 2.11%), Bata India (down 1.36%), Kajaria Ceramics (down 1.29%), Blue Star (down 1.2%), V-Guard Industries (down 1.12%), Voltas (down 0.74%), Titan Company (down 0.42%) and Century Plyboards (India) (down 0.33%) declined.

Stocks in Spotlight:

Shriram Properties rallied 3.69% after the company announced strategic sale of around 3.9 acre land parcel in Chennai to a large healthcare and educational group in South India.

Hindalco Industries shed 0.12%. The company has secured Meenakshi Coal Mine in Odisha through vesting order by the Ministry of Coal. The Meenakshi coal mine, located in Odisha, is a fully explored block with a Peak Rated Capacity (PRC) of 12 million tonnes per annum and approximately 285.23 million tonnes of geological reserves.

Global Markets:

Asian shares traded mixed on the final trading day of the year as China's manufacturing Purchasing Managers' Index (PMI) dipped to 50.1 in December, according to the National Bureau of Statistics, slightly below the 50.3 recorded in November.

South Korea’s consumer inflation accelerated in December, rising 1.9% year on year. CPI came in at 1.5% in November. On a month-on-month basis prices rose 0.4%.

US stocks concluded Monday with losses, signaling a subdued end to a year of robust performance on Wall Street. The S&P 500 declined 1.1%, the Dow Jones Industrial Average shed 1%, and the NASDAQ Composite fell 1.2%.

Boeing shares fell more than 2% after a devastating air accident in South Korea claimed the lives of 179 people on Sunday when a passenger plane crash-landed at Muan International Airport.

Later this week, investors will closely examine the Institute for Supply Management's manufacturing activity survey for December and the weekly report on jobless claims. These data points will precede the crucial