Market Commentary - Mid-Session
Market opens on firm note; Nifty above 24,000 As on : 29-Nov-24  09:34

The key equity indices traded with modest gains in early trade. The Nifty traded above the 24,000 level. Media, pharma and consumer durables shares advanced while realty and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 309.90 points or 0.39% to 79,350.32. The Nifty 50 index added 105.80 points or 0.44% to 24,019.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.20% and the S&P BSE Small-Cap index added 0.19%.

The market breadth was positive. On the BSE, 1,878 shares rose and 1,033 shares fell. A total of 137 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 11,756.25 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 8,718.30 crore in the Indian equity market on 28 November 2024, provisional data showed.

Stocks in Spotlight:

Reliance Industries rose 0.55%. The company subsidiary, Reliance Finance and Investments USA LLC (RFIUL) entered into stock purchase agreement with Wavetech Helium, Inc. (WHI) and subscribed to 21% stake of WHI for an aggregate consideration of $12 million.

Fine Organic Industries added 2.72% after the company resume its Badlapur plant operations from 28 November 2024 and is actively working on fully restoring all other plant activities to normalcy.

Nuvoco Vistas Corp rose 0.87%. The company incorporated its wholly owned subsidiary in the name of Vanya Corp. to carry on the business of manufacturing cementitious products.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.70% to 6.921 as compared with previous close 6.920.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.4850, compared with its close of 84.4925 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.55% to Rs 76,189.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 105.90.

The United States 10-year bond yield rose 0.14% to 4.248.

In the commodities market, Brent crude for January 2024 settlement added 26 cents or 0.36% to $73.09 a barrel.

Global Markets:

The Dow Jones index futures were up 125 points, signaling a strong opening for U.S. stocks today.

Asian market declined on Friday as the yen strengthened due to expectations of a Bank of Japan rate hike following strong inflation data. Geopolitical tensions worsened with Russia's warning to strike Kyiv with new ballistic missiles, following its attack on the power system in Ukraine.

Tokyo's Core CPI inflation, which excludes volatile fresh food items, rose 2.2% year-on-year in November, government data showed on Friday. Headline CPI inflation surged 2.6% from 1.8% in the prior month. The BOJ is expected to raise interest rates in December after two historic hikes earlier this year.

Overnight, trading in U.S. equities and Treasuries was closed due to the Thanksgiving holiday.

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