Market Commentary - Mid-Session
Market at day's high; European mrkt decline As on : 29-Nov-24  13:32

The key benchmark indices traded with substantial gains in the afternoon trade. The Nifty hovered above the 24,100 level. Pharma, media and auto shares advanced while PSU bank and realty stocks declined.

At 13:25 IST, the barometer index, the S&P BSE Sensex, jumped 785.86 points or 0.99% to 79,825.31. The Nifty 50 index gained 235 points or 0.98% to 24,149.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% and the S&P BSE Small-Cap index added 0.19%.

The market breadth was positive. On the BSE, 2,125 shares rose and 1,724 shares fell. A total of 136 shares were unchanged.

Gainers& Losers:

Bharti Airtel (up 5.30%), Sun Pharma Industries (up 3.47%), Cipla (up 2.94%), Mahindra & Mahindra (up 2.24%) and Tata Consumer Products (up 2.23%) were major Nifty gainers.

SBI Life Insurance Company (down 1.85%), Power Grid Corporation of India (down 1.84%), HDFC Life Insurance Company (down 0.83%), Hero Motocorp (down 0.82%), Shriram Finance (0.59%) were major Nifty losers.

Stocks in Spotlight:

Reliance Industries rose 1.78% after the company has announced that its step-down wholly owned subsidiary, Reliance Finance and Investments USA LLC, has entered into a stock purchase agreement to acquire a 21% stake in the U.S.-based Wavetech Helium, Inc. for $12 million.

Sigachi Industries surged 6.31% after the company's subsidiary, Trimax Biosciences received a communication from European Directorate for the quality of medicines & health care (EDQM) for CEP filing of Propafenone Hydrochloride.

NCC added 1.72% after the company received letter of acceptance (LoA) worth Rs 3,389.49 from Ken-Betwa Link Project Authority for the engineering, procurement, and construction (EPC) execution of Daudhan Dam.

Newgen Software Technologies advanced 2.73% after the company announced that it has received a purchase order worth Rs 32.44 crore from the Reserve Bank of India (RBI).

PC Jeweller jumped 4.37% after the company's board has fixed record date as 16 December 2024 for the proposed 1-for-10 stock split.

Nazara Technologies declined 1.14%. The company has informed that the NODWIN Gaming, a material subsidiary of the company has announced the acquisition of Trinity Gaming, a leading gaming agency and platform MCN/ CSP, for a deal valued at Rs 24 crore.

IIFL Finance fell 1.47%. The company's material subsidiary, IIFL Home Finance has planned to raise up to Rs 500 crore through non-convertible debentures (NCDs) at a face value of Rs 1,000 each.

Global Market:

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

European stocks declined as investors looking for the release of euro zone inflation data. The reading comes ahead of the European Central Bank's last meeting of the year on 12 December 2024.

Most of the Asian market declined on Friday, led by losses in South Korean stocks after industrial production declined for a second straight month in October.

South Korea's industrial production growth fell 0.3% in October compared to September, which also saw a 0.3% fall on a month-on-month basis.

Industrial production saw a 2.3% increase year on year in October, marking a reversal from the 1.3% fall in September.

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.

Powered by Capital Market - Live News