Market Commentary - Mid-Session
Barometers trade with robust gains; banking share rises; VIX slides 3.32% As on : 25-Nov-24  14:32

The key equity indices traded with substantial gains in mid-afternoon trade. The Nifty traded above the 24,200 level. Bank shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, rallied 894.45 points or 1.13% to 80,011.56. The Nifty 50 index gained 301 points or 1.26% to 24,208.25.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index advanced 1.78% and the S&P BSE Small-Cap index jumped 1.76%.

The market breadth was strong. On the BSE, 2,884 shares rose and 1,218 shares fell. A total of 175 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.32% to 15.56.

Economy:

India's foreign exchange reserves declined $17.761 billion, reaching $657.892 billion for the week ended November 15, as reported by the RBI on Friday. In the prior week ending November 8, the forex declined $6.477 billion to $675.653 billion.

The central bank also reported that gold reserves reduced by $2.068 billion to $65.746 billion during this period. It also indicated that Special Drawing Rights (SDRs) decreased by $94 million to $18.064 billion.

Additionally, India's reserve position with the IMF also declined by $51 million, reaching $4.247 billion in the reporting week.

Buzzing Index:

The Nifty Bank index rose 1.78% to 52,047.60. The index added 1.78% in two consecutive trading sessions.

Bank of Baroda (up 4.77%), Punjab National Bank (up 4.56%), Canara Bank (up 3.86%), State Bank of India (up 3.65%) and ICICI Bank (up 2%), Federal Bank (up 1.5%), HDFC Bank (up 1.42%), IDFC First Bank (up 1.33%), Kotak Mahindra Bank (up 0.76%) and Axis Bank (up 0.61%) added.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.31% to 6.940 as compared with the previous close of 6.850.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.2825, compared with its close of 84.4100 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement declined 1.35% to Rs 76,568.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.34% to 107.19.

The United States 10-year bond yield fell 1.61% to 4.339.

In the commodities market, Brent crude for November 2024 settlement lost 45 cents or 0.60% to $74.72 a barrel.

Stocks in Spotlight:

Dev Information Technology surged 10.13% after its board approved sub-division/ split of the existing equity shares having face value of Rs 5 each, into such number of equity shares having face value of Rs 2 each.

Sarda Energy & Minerals rallied 5.87% after the company informed that it has been declared the preferred bidder for the Gare Palma IV/5 coal mine, located in Raigarh district, Chhattisgarh.

Uniparts India rose 0.44%. The company said that the board of directors has approved the appointment of Tanushree Shyam Bagrodia as the whole-time director and group chief operating officer (COO) of the company with effect from 25 November 2024.

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