Market Commentary - Mid-Session
Market drifts lower; breadth negative As on : 02-Dec-24  09:36

The headline equity benchmarks traded with modest losses in early trade. The Nifty traded below the 24,050 mark. Oil & gas, private bank and bank shares declined while consumer durables, auto and media shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex slipped 415.71 points or 0.52% to 79,387.08. The Nifty 50 index lost 89.70 points or 0.37% to 24,041.40.

In the broader market, the S&P BSE Mid-Cap index shed 0.09% and the S&P BSE Small-Cap index declined 0.35%.

The market breadth was negative. On the BSE, 1,514 shares rose and 1,602 shares fell. A total of 164 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,383.55 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 5,723.34 crore in the Indian equity market on 29 November 2024, provisional data showed.

Stocks in Spotlight:

Oil & Natural Gas Corporation (ONGC) slipped 1.30%. The company said that its wholly owned subsidiary, ONGC Videsh has acquired 0.615% stake in offshore Azeri Chirag Gunashli (ACG) field in Azerbaijan from Equinor. The company has also acquired 0.737% stake of Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly owned subsidiary ONGC BTC.

DLF added 0.49%. The company said that its wholly owned subsidiary, DLF Info City Developers (Kolkata) has entered into definitive agreement to sell and transfer its Kolkata Tech Park 1 business to RDB Primarc Techno Park LLP for a total consideration of around Rs 637 crore.

Macrotech Developers rose 0.27%. The company said that it has executed a share purchase agreement for acquisition of 100% stake in Janus Logistics and Industrial Parks (JLIPPL) for total consideration of Rs 47.94 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.18% to 6.831 as compared with previous close 6.751.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.5975, compared with its close of 84.6000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement fell 0.90% to Rs 75,684.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.51% to 106.28.

The United States 10-year bond yield rose 0.41% to 4.211.

In the commodities market, Brent crude for January 2024 settlement gained 40 cents or 0.56% to $72.24 a barrel.

Global Markets:

Most Asian stocks advanced after US shares rose Friday as global markets enter a seasonally strong period.

Meanwhile, Chinese economic data pointed to a mixed picture. The country's factory activity expanded in November as the official manufacturing index picked up. However, the non-manufacturing sector slipped slightly. The value of new home sales fell last month from a year earlier to 363 billion yuan ($50 billion), reversing October gains. The stock market benchmark'CSI 300'closed Friday's session with gains of 1.14%.

US stock indices surged to record highs on Friday, driven by positive economic indicators and expectations of a Federal Reserve rate cut in December.

The S&P 500 rose 0.6% to a record high of 6,032.4 points, while the Dow Jones Industrial Average rose 0.4% to a peak of 44,910.65 points. The NASDAQ Composite rose 0.8% to 19,218.17 points, but remained below recent record highs.

Trump on Sunday threatened to impose '100% tariffs' on the BRICS bloc of countries, which includes China. Trump criticized the bloc's attempts to form its own currency and shift away from the U.S. dollar, threatening to cut the bloc off from U.S. trade over the move. He called for commitments to the dollar from the bloc.

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