The frontline indices ended with modest losses on Tuesday. The Nifty closes below the 21,700 level after hitting the day's high of 21,755.60 in early trade. Pharma, healthcare and oil & gas stocks were in demand while auto, private bank and IT shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 379.46 points or 0.53% to 71,892.48. The Nifty 50 index declined 76.10 points or 0.35% to 21,665.80.

In the broader market, the S&P BSE Mid-Cap index fell 0.08% and the S&P BSE Small-Cap index shed 0.03%.

The market breadth was positive. On the BSE, 1,994 shares rose and 1,810 shares fell. A total of 125 shares were unchanged.

Buzzing Index:

The Nifty Auto declined 1.37% to 18,339.35. The index slipped 1.49% in two trading sessions.

Eicher Motors (down 3.61%), Ashok Leyland (down 2.98%), Mahindra & Mahindra (down 2.77%), TVS Motor company (down 2.47%) and Balkrishna Industries (down 2.12%), Maruti Suzuki India (down 0.83%), Samvardhana Motherson International (down 0.8%),Tata Motors (down 0.78%), Hero MotoCorp(down 0.74%) and Sona BLW Precision Forgings (down 0.61%).

Eicher Motors tumbled 3.61% after the auto maker?s total motorcycles (Royal Enfield) sales declined 7% to 63,387 units in December 2023 as against 68,400 units sold in December 2022.

TVS Motor declined 2.44%. The 2-wheeler maker reported monthly sales of 301,898 units in December 2023, registering a growth of 25% as against 242,012 units sold in December 2022.

Ashok Leyland slipped 2.98% after the company sold 16,324 vehicles in December 2023, which is lower by 10% as compared with 18,138 units sold in December 2022.

Stocks in Spotlight:

UltraTech Cement slipped 2.46%. The cement major said that its consolidated cement sales volume increased 6%YoY to 27.32 million tons (MT) in Q3 FY24.

Power Grid Corporation of India added 0.11%. The company said that it has declared as successful bidder for setting up an inter-state transmission system project in Rajasthan.

South Indian Bank rose 0.82%. The bank?s gross advances jumped 10.83% to Rs 77,713 crore as of 31 December 2023 as against Rs 70,117 crore as of 31 December 2022.

Life Insurance Corporation of India (LIC) fell 2.41% after the company received GST demand of Rs 806.29 crore, including, GST, penalty and interest from Deputy Commissioner of State Tax, Mumbai, Maharashtra.

JTL Industries (JTL) rallied 4.02% after the firm reported a quarterly sales volume of 1,00,905 MT in Q3 FY24, marking an impressive growth of 76.05% compared to the volume of 57,317 recorded in Q3 FY23.

NMDC gained 2.88% after the state-owned iron ore miner increased prices of lump ore and fines, effective from 2 January 2024.

Global Markets:

Markets in Europe advanced while Asian stocks traded mixed on the first trading day of the year. Japan was assessing the damage from a powerful earthquake that struck its central region on New Year?s Day. Markets in the region ar closed until January 4.

A private survey showed manufacturing activity in China expanded in December. The Caixin manufacturing purchasing managers? index came in at 50.8 in December, according to a release Tuesday, following a 50.7 reading for November. China?s official PMI fell to 49 in December from 49.4 the previous month, the country?s National Bureau of Statistics said in a Sunday release.

U.S. markets were closed on Monday for New Year?s Day.

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