Market Commentary - Mid-Session
Sensex tumbles 692 pts; financial services slide As on : 12-Nov-24  14:32

The domestic equity indices continued to trade with major losses in mid-afternoon trade. The Nifty tanked below the 23,950 mark. Financial services shares declined after advancing in the previous trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 691.88 points or 0.84% to 78,835.33. The Nifty 50 index slipped 219.90 points or 0.91% to 23,929.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.56% and the S&P BSE Small-Cap index fell 0.65%.

The market breadth was weak. On the BSE, 1,349 shares rose and 2,567 shares fell. A total of 107 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index fell 1.39% to 23,627.35. The index added 0.42% in the past trading session.

Multi Commodity Exchange of India (down 4.01%), HDFC Bank (down 2.51%), Power Finance Corporation (down 2.24%), Bajaj Finance (down 2.12%), State Bank of India (down 2.08%), REC (down 1.89%), Shriram Finance (down 1.78%), Cholamandalam Investment & Finance Company (down 1.61%), SBI Cards & Payment Services (down 1.52%) and Kotak Mahindra Bank (down 1.19%) slipped.

On the other hand, SBI Life Insurance Company (up 0.26%), ICICI Bank (up 0.06%) added.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.92% to 6.915 as compared with previous close 6.897.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4125, compared with its close of 84.3850 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement shed 0.59% to Rs 74,924.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.30% to 105.86.

The United States 10-year bond yield added 0.30% to 4.362.

In the commodities market, Brent crude for November 2024 settlement added 12 cents or 0.17% to $71.95 a barrel.

Stocks in spotlight:

Marksans Pharma rallied 7.40% after the company reported 15.8% increase in consolidated net profit to Rs 96.72 crore on 20.83% rise in revenue from operations to Rs 641.92 crore in Q2 FY25 over Q2 FY24.

Panama Petrochem slumped 7.11% after the company's consolidated net profit declined 6.03% to Rs 44.09 crore in Q2 FY25 as against Rs 46.92 crore posted in Q2 FY24. Revenue from operations was at Rs 698.91 crore in the second quarter of FY25, marking a growth of 21.67% as against Rs 574.41 crore posted in corresponding quarter previous fiscal.

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