FIRST TRADE: Indices open subdued; Sensex up over 10 pts, Nifty above 21,400

Stock market today: The Indian share market on Tuesday, December 19, opened on a muted note as the global rally fueled by hopes of U.S. interest rate cuts showed signs of slowing down, with more Federal Reserve officials pushing back against expectations. At the time of filing this report, both indices were up 0.06 per cent; the S&P BSE Sensex traded 34.98 points higher at 71,350.07, and the NSE Nifty was up 12.75 points at 21,431.4.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 opened in positive territory. High-beta Nifty Bank was down 0.10 per cent at 47,821.1.

"The market is likely to move into a consolidation phase as the Christmas holidays and the New Year approaches. A period of consolidation after the sharp run up of the last two weeks is also desirable since it will make the market healthy," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

BUZZING STOCKS

Devyani International shares were up over 6 per cent on BSE after the company's Dubai subsidiary, Devyani International DMCC, entered the Thailand market

Apollo Tyres shares were up over 3 per cent on BSE after reports White Iris Investment in a block deal can dilute a three per cent stake in the tyre stock.

Kaynes Technologies shares were over 4 per cent on BSE after the industrial products company launched its QIP on Monday.

Shankara Building Products shares edged over 5 per cent higher after its board approved the demerger of its trading business.

Dixon Technologies shares were up over 2 per cent after CLSA raised its target.

Krsnaa Diagnostics and Dr. Lal Path Labs shares traded higher after a new variant of COVID has been identified, and an advisory has been issued to States for increasing the testing as well as surveillance measures. 

Conversely, Prataap Snacks shares were down 1 per cent after the company clarified through a regulatory filing that its promoters were not in talks with potential buyers for the sale of controlling stake.

KPI Green Energy shares traded over 3 per cent lower after it launched its  QIP.

JK Tyre shares were down nearly 2 per cent despite the company receiving shareholders' nod for fundraising.

GLOBAL MARKETS 

Asian shares and the yen steadied early on Tuesday as traders' focus turned on Japan's central bank and whether it might edge further away from its ultra-easy monetary policy, while global equities continued to cheer the prospect of U.S. rate cuts.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat and just below a four-month high.

(With agency inputs.) 

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