Market Commentary - Mid-Session
Sensex gains 329 pts; metal shares shine As on : 27-Nov-24  14:32

The benchmarks indices traded with moderate gains in mid-afternoon trade. The Nifty traded above the 24,300 level. Metal shares extended gains for the fourth consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 328.93 points or 0.42% to 80,341.46. The Nifty 50 index rose 107.75 points or 0.45% to 24,302.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index added 0.98%.

The market breadth was strong. On the BSE, 2,489 shares rose and 1,369 shares fell. A total of 136 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 0.79% to 8,987.50. The index added 3.09% in four consecutive trading sessions.

Adani Enterprises (up 10.73%), Hindustan Zinc (up 0.8%), JSW Steel (up 0.49%), Steel Authority of India (up 0.46%), Welspun Corp (up 0.34%), APL Apollo Tubes (up 0.32%), NMDC (up 0.26%), Jindal Stainless (up 0.21%) added.

On the other hand, National Aluminium Company (down 1.56%), Ratnamani Metals & Tubes (down 0.93%) and Hindustan Copper (down 0.84%) moved lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.58% to 6.935 as compared with the previous close of 6.941.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4025, compared with its close of 84.2950 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement added 0.91% to Rs 75,898.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.56% to 106.42.

The United States 10-year bond yield declined 0.84% to 4.269.

In the commodities market, Brent crude for November 2024 settlement added 21 cents or 0.29% to $73.02 a barrel.

Stocks in Spotlight:

Ola Electric Mobility zoomed 19.52% after the company launched its most affordable electric scooters, S1 Z and Gig range, priced from Rs 39,000.

Bajaj Steel Industries rose 0.36%. The company said that it has successfully commenced commercial operation at its new plant at Nagpur for pre-engineered/pre-fabricated steel buildings (infrastructure division).

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