Market Commentary - Mid-Session
Sensex, Nifty rallies over 1%; IT shares advance As on : 19-Nov-24  11:12

The domestic equity benchmarks traded with significant gains in mid-morning trade. The Nifty traded above the 23,750 mark. IT shares advanced after declining in the past trading session.

At 11:26 IST, the barometer index, the S&P BSE Sensex surged 1,042.21 points or 1.35% to 78,381.22. The Nifty 50 index jumped 308.60 points or 1.32% to 23,762.40.

In the broader market, the S&P BSE Mid-Cap index rallied 1.72% and the S&P BSE Small-Cap index jumped 1.91%.

The market breadth was strong. On the BSE, 2,893 shares rose and 876 shares fell. A total of 127 shares were unchanged.

IPO Update:

The initial public offer (IPO) of NTPC Green Energy received bids for 6,73,23,714 shares as against 59,31,67,575 shares on offer, according to stock exchange data at 11:15 IST on 19 November 2024. The issue was subscribed 0.11 times.

The issue opened for bidding on 19 November 2024 and it will close on 22 November 2024. The price band of the IPO is fixed between Rs 102 to Rs 108 per share. An investor can bid for a minimum of 138 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index jumped 2.05% to 42,253.95. The index dropped 2.23% in the past trading session.

Tech Mahindra (up 2.69%), Coforge (up 2.66%), Mphasis (up 2.57%), L&T Technology Services (up 2.44%), Tata Consultancy Services (up 2.22%), Wipro (up 2.01%), Persistent Systems (up 1.62%), Infosys (up 1.6%), LTIMindtree (up 1.52%) and HCL Technologies (up 1.04%) advanced.

Stocks in Spotlight:

Manba Finance rallied 3.72% after the company announced the signing of a memorandum of understanding (MoU) with Piaggio Vehicles to offer customized financing solutions for three-wheelers.

Godavari Biorefineries dropped 4.36% after the company's consolidated net loss increased to Rs 74.99 crore in Q2 FY25 from net loss of Rs 65.14 crore posted in Q2 FY24. Revenue from operations declined 33.73% YoY to Rs 320.05 crore in the quarter ended 30 September 2024.

GMR Airports Infrastructure jumped 5.15% after the company reported a 9% year on year (YoY) increase in passenger traffic across all GMR airports, reaching over 10.7 million passengers in October 2024.

Global Markets:

Most Asian stocks traded higher 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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