Market Commentary - Mid-Session
Market opens higher; breadth strong As on : 19-Nov-24  09:32

The frontline indices traded with substantial gains in early trade. The Nifty traded above the 23,600 level. All the sectoral indices on NSE traded in the green with media, realty and oil & gas shares gaining the most.

At 09:26 IST, the barometer index, the S&P BSE Sensex rose 552.83 points or 0.71% to 77,891.84. The Nifty 50 index gained 168.55 points or 0.72% to 23,622.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.74% and the S&P BSE Small-Cap index jumped 1.31%.

The market breadth was strong. On the BSE, 2,311 shares rose and 488 shares fell. A total of 92 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,403.40 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,330.56 crore in the Indian equity market on 18 November 2024, provisional data showed.

Stocks in Spotlight:

Waaree Energies slipped 3.96%. The company's consolidated net profit jumped 14.8% to Rs 361.65 crore on 1% increase in revenue from operations to Rs 3,574.38 crore in Q2 FY25 over Q2 FY24.

Zee Entertainment Enterprises jumped 6.93% after the company's board has accepted resignation of Punit Goenka as managing director of the company and appointed him as chief executive officer (CEO). Further board approved to designate Mukund Galgali, chief financial officer (CFO) as deputy chief executive officer of the company.

ITI shed 0.15%. The company has received a contract worth Rs 95 crore from the Directorate of Geology and Mining, Government of Uttarakhand, for the mining digital transformation and surveillance system in Uttarakhand.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.11% to 6.927 as compared with previous close 6.935.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.4025, compared with its close of 84.4200 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.52% to Rs 75,434.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 106.17.

The United States 10-year bond yield shed 0.16% to 4.407.

In the commodities market, Brent crude for January 2024 settlement gained 18 cents or 0.25% to $73.48 a barrel.

Global Markets:

Asian stocks climbed on Tuesday as investors awaited key cabinet appointments from the incoming Trump administration. Meanwhile, market participants monitored shifts in US Federal Reserve policy expectations.

The probability of a rate cut at the December Fed meeting has decreased in recent days, as resilient economic data and potential inflationary pressures from the new administration's policies could limit the scope for easing.

US stocks closed mixed on Monday. While the Dow Jones Industrial Average slipped 0.13%, the S&P 500 gained 0.39%, and the Nasdaq Composite Index rose by 0.60%.

Tesla shares surged over 5% following reports of the incoming administration's focus on autonomous vehicle development. NVIDIA stock closed 1% lower amidst reports of overheating issues with its upcoming AI chips, ahead of its third-quarter earnings report on Wednesday.

The upcoming week's US economic calendar is relatively light, with the key focus being the manufacturing and service sector PMI data due out on Friday. The National Association of Homebuilder's reported its housing market index for November rose to a reading of 46 versus 43 last month.

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