Market Commentary - Mid-Session
Nifty slips below 24,000 level; European mrkt opens higher As on : 28-Nov-24  13:39

The key equity benchmarks traded with substantial losses in afternoon trade. The Nifty traded tad below the 24,000 level after hitting day's high of 24,345.75 in morning trade. IT, auto and consumer durables shares dragged the market while PSU Bank, media and oil & gas stocks jumped.

Market witnessed selling pressure due to concerns over U.S. president Donald Trump's policies and renewed uncertainty in rate cut trajectory.

At 13:27 IST, the barometer index, the S&P BSE Sensex tumbled 936.83 points or 1.17% to 79,304.07. The Nifty 50 index dropped 275.05 points or 1.13% to 23,999.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.16% and the S&P BSE Small-Cap index rose 0.29%.

The market breadth was positive. On the BSE, 2,122 shares rose and 1,734 shares fell. A total of 136 shares were unchanged.

Gainers & Losers:

Adani Enterprises (3.15%), State Bank of India (SBI) (0.30%), Tata Motors (0.27%) and Coal India (0.22%) were the major Nifty gainers

SBI Life insurance Company (3.68%), HDFC Life Insurance Company (3.35%), Infosys (3.30%), Mahindra & Mahindra (M&M) (2.96%) and Tech Mahindra (2.44%) were the major Nifty losers.

Stocks in spotlight:

Dr Reddy's Laboratories shed 0.75%. The pharmaceutical company has announced the launch of Toripalimab in India, a new biological entity (NBE) that is used for the treatment of adults with recurrent or metastatic nasopharyngeal carcinoma (RM-NPC).

NBCC (India) rallied 3.45% while Housing & Urban Development Corporation (HUDCO) jumped 3.04% after the companies has signed memorandum of understanding (MoU) for the development of a 10-acre institutional plot in Noida Sector 62, New Delhi.

Gail (India) rose 0.90%. The company announced that its wholly owned subsidiary, GAIL Mangalore Petrochemicals (GMPL), re-engaged with process licensor INEOS to support the plant's revitalization, formalizing renewed collaboration through an amendment agreement.

Godrej Properties declined 1.34%. The company's board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,727.44 per share.

Ashoka Buildcon added 1.51% after the company said that it has received notification of award for a project floated by Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company, Jabalpur, worth Rs 192.69 crore.

Hathway Cable & Datacom added 2.65% after the company acquired the balance 61.15% equity stake in Hathway Cable MCN Nanded (Hathway Nanded), a subsidiary of the company.

Ujjivan Small Finance Bank jumped 6.97% after the bank informed that it has successfully completed the sale of non-performing assets (NPAs) and written-off loans worth over Rs 270 crore to an asset reconstruction company.

Waaree Renewable Technologies hit an upper circuit of 5% after the company informed that it has received an order worth Rs 1,233.47 crore to set up a ground-mount solar photovoltaic (PV) project of 2,012.47 MWp DC capacity.

Global market :

European market advanced as investors looking for economic data from the region including Spanish and German inflation data and European economic sentiment figures. Italian and Spanish business confidence data is also due.

Asian stocks traded mixed on Thursday as investors adopted a cautious stance ahead of the US Thanksgiving holiday.

In a surprise move, South Korea's central bank lowered interest rates by 25 basis points. The bank cited concerns about slowing economic growth in the coming year.

US stocks ended lower on Wednesday, weighed down by a combination of economic data releases and holiday-related trading. The S&P 500 declined 0.4%, the NASDAQ Composite fell 0.6%, and the Dow Jones Industrial Average closed 0.3% lower.

The October PCE price index, the Fed's preferred inflation gauge, rose 2.8% year-over-year, remaining above the Fed's 2% target.

The US economy expanded at a 2.8% annual pace in the third quarter, driven by strong consumer spending and export growth.

Initial jobless claims dropped 2,000 to a seasonally adjusted 213,000 for the week ended November 23, indicating a tight labor market.

On the corporate front, HP slid 11% after the information technology company issued disappointing guidance for 2025, while Dell Technologies tumbled over 12% after the PC manufacturer offered up a disappointing revenue outlook for the current quarter despite bullish commentary from the company on AI sales growth.

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