Indices extend losses; SENSEX down 500 pts, NIFTY50 slips below 24,650; Dixon Tech hits fresh record high

At 11:19 AM, the S&P BSE SENSEX was trading at 81,691.65, down 441 points, or 0.54%, while the broader NIFTY50 index was trading at 24,634.75, down 133.5 points, or 0.54%. 

Out of 50 constituents, 47 traded in the red, and the remaining 3 in the green. 

The top gainers on the NIFTY50 index were IndusInd Bank, Bajaj Finance, and Dr Reddy's.

The top five losers were BPCL, Titan Company, JSW Steel, UltraTech Cement, and Adani Ports.

Buzzing Stocks

The stock rallied as the electronics contract manufacturer and Chinese mobile phone company Vivo will set up a joint venture for the manufacturing of electronic devices, including smartphones, a regulatory filing said on Sunday.

Dixon will hold a majority stake of 51% in the joint venture, and the rest will be held by Vivo India.

Vedanta shares slipped as much as 1.85% to ₹510.05 apiece on the BSE, ahead of its board meeting.

The company's board will meet today to consider the payment of the fourth interim dividend on equity shares, if any, for the financial year 2024-25.

Broader Market

The BSE MidCap index was trading at 48,053.57, up 277 points, or 0.58%, while the BSE SmallCap index was ruling at 57,245.23, up 288 points, or 0.51%.

Sector Watch

Realty stocks rallied the most in trade. Last seen, the BSE REALTY index was trading at 8,626.21, up 2.10%.

Global Markets

Asian stock markets were cautious on Monday as surging bond yields challenged equity valuations, particularly for the richly priced tech sector, in a week packed with central bank meetings and major economic data.

Figures from China out on Monday showed retail sales rose just 3.0% in November, compared to a year earlier, well below market forecasts of 4.6% and evidence of the need for much more aggressive stimulus. 

Industrial production was much as expected, while house prices were still falling, though at a slower pace. 

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, having been flat last week.

Japan's Nikkei edged up 0.1%, while South Korea steadied on pledges of government support.