SENSEX, NIFTY little changed at open; metals continue to shine, Gillette India falls over 2%

Sectorally, metal stocks continued to shine after China unveiled a slew of measures to support its economy. The NIFTY Metal index was trading 1.21% higher at 9,853.65 levels. 

Buzzing Stocks

Gillette India shares were down over 2% at ₹8,589 apiece on the BSE as the company has received a letter from its distributor, Procter & Gamble Bangladesh, notifying termination of the distribution agreement with the company, which will be effective December 31, 2024. As a consequence of this termination, the company will have an impact of a proportionate drop in net sales under this agreement, it said. 

Easy Trip Planners was down over 7% at ₹37.99 on the BSE amid reports the travel tech platform's promoter Nishant Pitti is likely to sell up to 8.5% of his stake in the company through block deals, with an estimated block size of ₹622 crore.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,784.14 crore on Tuesday, according to exchange data.

Broader market

The BSE MidCap index was trading 0.17% lower at 49,535.87 levels while the BSE SmallCap index was trading at 57,550.14 , up 0.13%.

Global Markets

Chinese stocks surged on Wednesday, lifting regional markets and helping extend a stimulus-fueled global rally that also underpinned risk-sensitive currencies, while Brent crude hovered near a three-week high.

The dollar sagged after weak US macroeconomic data overnight boosted the case for a second super-sized interest rate cut at the Federal Reserve's next meeting. Gold rose to a fresh all-time peak.

In the overnight trade, the S&P 500 and Dow ended at record highs on Tuesday, shrugging off weak consumer confidence data, as mining stocks surged following China's announcement of a sweeping stimulus package.

The Dow Jones Industrial Average rose 83.57 points, or 0.20%, to 42,208.22, the S&P 500 gained 14.36 points, or 0.25%, to 5,732.93, and the Nasdaq Composite gained 100.25 points, or 0.56%, to 18,074.52.