Market Commentary - Mid-Session
Indices nudge higher; breadth strong As on : 05-Dec-24  09:32

The domestic equity benchmarks traded with limited gains in early trade. The Nifty traded near the 24,500 mark. IT, FMCG and oil & gas shares advanced while media, pharma and realty shares declined. Trading could be volatile due to weekly F&O series expiry today.

At 09:29 IST, the barometer index, the S&P BSE Sensex rose 117.09 points or 0.15% to 81,068.60. The Nifty 50 index added 32.05 points or 0.13% to 24,499.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.35% and the S&P BSE Small-Cap index rallied 0.37%.

The market breadth was strong. On the BSE, 1,984 shares rose and 960 shares fell. A total of 129 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,797.60 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 900.62 crore in the Indian equity market on 4 December 2024, provisional data showed.

Stocks in Spotlight:

Vodafone Idea shed 0.83%. The company's board will meet on 9 December 2024 to consider raising funds upto Rs 2,000 crore.

Torrent Pharmaceuticals added 0.97%. The company has entered into an agreement to acquire brands Cospiaq (empagliflozin), Cospiaq Met (empagliflozin + metformin) and Xilingio (empagliflozin + linagliptin) from Boehringer Ingelheim International GmbH (BI). The acquisition will be completed by March 2025.

Bharat Forge lost 0.05%. The company has launched qualified institutional placement (QIP) to raise funds upto Rs 1,650 crore. The floor price is fixed at Rs 1,323.54 per share.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.44% to 6.797 as compared with previous close 6.794.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.7300, compared with its close of 84.7500 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement was shed 0.09% to Rs 77,019.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 106.28.

The United States 10-year bond yield rose 0.43% to 4.200.

In the commodities market, Brent crude for January 2024 settlement gained 01 cent or 0.01% to $72.32 a barrel.

Global Markets:

Asian stocks traded mixed on Thursday as investors grappled with ongoing political crises in France and South Korea.

The price of bitcoin soared past the long-awaited $100,000 benchmark for the first time ever late Wednesday evening.

Japanese and Australian equities advanced, while South Korean shares declined after the opposition party initiated impeachment proceedings against President Yoon Suk Yeol following his controversial declaration of martial law.

In France, Prime Minister Michel Barnier's government was ousted by lawmakers just three months after its formation, plunging the country into further political uncertainty. This follows President Macron's failed attempt to secure a parliamentary majority in recent elections, leaving him without a clear path forward.

Meanwhile, US stock markets closed at record highs on Wednesday, driven by strong earnings reports, particularly from Salesforce, and continued optimism surrounding tech giants like NVIDIA.

The S&P 500 rose 0.6% to a record high of 6,086.49 points, while the NASDAQ Composite rose 1.3% to a peak of 19,732.87 points. The Dow Jones Industrial Average ended up 0.7% at a record high of 45,014.04 points.

Federal Reserve Chair Jerome Powell's comments on the US economy also boosted investor sentiment. Powell expressed confidence in the economy's strength and indicated that the Fed may adopt a more cautious approach to future rate cuts.

Market participants are now eagerly awaiting the release of the US nonfarm payrolls report on Friday, which is expected to provide insights into the labor market's health and its potential impact on interest rate policy.

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