The headline equity indices traded with limited losses in early trade. The Nifty slipped below the 23,950 mark. PSU bank, private bank and metal shares declined while media, oil & gas and consumer durables shares advanced.

At 09:29 IST, the barometer index, the S&P BSE Sensex, declined 155.55 points or 0.20% to 79,077.31. The Nifty 50 index lost 38.85 points or 0.16% to 23,912.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.01% and the S&P BSE Small-Cap index rose 0.12%.

The market breadth was strong. On the BSE, 1,867 shares rose and 1,134 shares fell. A total of 126 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,224.92 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,943.24 crore in the Indian equity market on 19 December 2024, provisional data showed.

Stocks in Spotlight:

Dhanlaxmi Bank rallied 4.46% after the company’s board has approved a right issue of equity shares worth Rs 297.54 crore and fixed the price at Rs 21 per share. The issue will open on 8 January 2024 and close on 28 January 2024.

GE Vernova T&D advanced 2.84% after the company has received order worth Rs 400 crore from Sterlite Grid 32 for the supply and supervision of HV equipment for TBCB project.

KPI Green energy gained 3.31% after the company has signed memorandum of understanding (MoU) with government of Rajasthan of rthe development of hybrid solar and wind power projects in Jaisalmer Rajasthan.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.08% to 6.905 as compared with previous close 6.899.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.0950, compared with its close of 84.1300 during the previous trading session.

MCX Gold futures for the 5 February 2024 settlement added 0.09% to Rs 75,716.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 108.44.

The United States 10-year bond yield declined 0.22% to 4.560.

In the commodities market, Brent crude for February 2024 settlement lost 52 cents, or 0.71% to $72.36 a barrel.

Global Markets:

The Dow Jones index futures were down 194 points, signaling a weak opening for U.S. stocks today.

Most of the Asian stocks advanced on Friday as The People’s Bank of China held its loan prime rates steady on Friday, leaving the one-year rate unchanged at 3.1% and the five-year rate at 3.6%.

Investors awaited the release of the U.S. Personal Consumption Expenditure (PCE) price index, a key inflation gauge, for further insights into the Federal Reserve's monetary policy stance.

Meanwhile, Japan's consumer price index (CPI) rose slightly more than expected in November. Core CPI, which excludes volatile fresh food items, increased to 2.7% year-on-year, exceeding the previous month's 2.3%.

The Bank of Japan (BOJ) held interest rates steady on Thursday, its final meeting of the year, and provided limited clues on future rate hikes. However, the central bank projected a gradual increase in inflation over the next year.

In Europe, the Bank of England also kept its policy rate unchanged at 4.75% on Thursday.

U.S. stock indices closed mixed on Thursday after a sharp decline the previous day. Investors remained cautious about the Fed's hawkish stance and the potential impact on the economy. The S&P 500 and the Nasdaq Composite fell 0.1%, and the Dow Jones Industrial Average closed 0.04% higher.

The U.S. House of Representatives rejected a Republican-backed funding bill on Thursday, increasing the risk of a government shutdown as the current funding deadline approaches midnight on Friday.