Market Commentary - Mid-Session
Market opens higher; breadth strong As on : 22-Nov-24  09:32

The frontline indices traded with substantial gains in early trade. The Nifty traded around the 23,500 level. Barring the Media index, all the other sectoral indices on the NSE were traded in green.

At 09:28 IST, the barometer index, the S&P BSE Sensex gained 478.81 points or 0.62% to 77,650.57. The Nifty 50 index added 148.30 points or 0.64% to 23,498.20.

In the broader market, the S&P BSE Mid-Cap index rallied 0.62% and the S&P BSE Small-Cap index rose 0.54%.

The market breadth was strong. On the BSE, 2,133 shares rose and 649 shares fell. A total of 119 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,320.68 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,200.16 crore in the Indian equity market on 19 November 2024, provisional data showed.

Stocks in Spotlight:

Tata Power Company advanced 1.65% after the company has signed memorandum of understanding (MoU) with Asian Development Bank for $4.25 billion to finance key clean energy power projects.

Afcons Infrastructure rose 1.26% after the company received letter of acceptance (LoA) from Uttarakhand Project Development and Construction Corporation for civil works worth Rs 1,274 crore.

Hyundai Motor India shed 0.12%. The company to set up two renewable energy plants in Tamil Nadu and has signed a Power Purchase and Shareholder Agreement with Fourth Partner Energy. It currently fulfils 63% of its energy requirements using renewable sources (as on June 2024), and aims to reach the 100% mark ahead of most automakers in the country.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.14% to 6.961 as compared with previous close 6.951.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.4950, compared with its close of 84.5075 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.45% to Rs 77,035.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 107.03.

The United States 10-year bond yield fell 0.54% to 4.410.

In the commodities market, Brent crude for January 2024 settlement gained 16 cents or 0.22% to $74.39 a barrel.

Global Markets:

Most Asian stocks advanced on Friday, buoyed by Wall Street's gains and a tempered reaction to Nvidia Corp.'s revenue outlook. Bitcoin continued its upward move, nearing the $100,000 mark, while the US dollar strengthened.

Japan's manufacturing sector contracted for the fifth consecutive month in November, as indicated by the preliminary au Jibun Bank flash PMI, which fell to 49.0 from 49.2 in October.

Japan's October consumer price index (CPI) data revealed a slight uptick in headline inflation and a further rise in core inflation, surpassing the Bank of Japan's 2% target. This development fuels expectations of additional interest rate hikes.

US equities closed higher on Thursday, though tech stocks continued to face pressure following Alphabet's decline due to regulatory concerns. Uncertainty surrounding interest rates persisted, fueled by slightly elevated jobless claims and cautious remarks from Federal Reserve officials.

At the close in NYSE, the Dow Jones Industrial Average rose 1.06%, while the S&P 500 index gained 0.53%, and the NASDAQ Composite index gained 0.04%.

On the economic front, weekly jobless claims fell to 213,000 for the week ending 16th November, down from 219,000 the previous week. This data signals ongoing strength in the U.S. labour market.

Alphabet Inc. shares declined 0.4% in after-hours trading following a 4.7% drop during the regular session on Thursday. The Department of Justice (DOJ) has proposed that Google divest its Chrome web browser to mitigate its dominance in online search. Additionally, the DOJ recommended that Google share its data and search results with competitors and potentially sell its Android operating system. These recommendations follow a recent court ruling that declared Google's online search monopoly illegal.

The broader tech sector was also impacted by Nvidia's mixed third-quarter results. While the company exceeded earnings expectations on strong AI demand, it forecast a slower revenue growth rate for the current quarter.

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