Market Commentary - Mid-Session
Nifty scales above 24,750; private bank share rally As on : 05-Dec-24  14:22

The frontline indices traded with strong gains in mid-afternoon trade. The Nifty traded above the 24,750 mark after hitting the day's low of 24,295.55 in mid-morning trade. Private bank shares witnessed buying demand for the fourth consecutive trading session. Trading was volatile due to the weekly F&O series expiry today.

At 14:30 IST, the barometer index, the S&P BSE Sensex, surged 1,033.18 points or 1.26% to 81,983.27. The Nifty 50 index jumped 286.30 points or 1.17% to 24,753.75.

The broader market underperformed the benchmark indices, the S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index added 0.26%.

The market breadth was positive. On the BSE, 2,153 shares rose and 1,763 shares fell. A total of 126 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index gained 0.99% to 26,034.20. The index rallied 3.16% in five consecutive trading sessions.

Kotak Mahindra Bank (up 1.29%), RBL Bank (up 0.93%), Axis Bank (up 0.91%), ICICI Bank (up 0.83%), City Union Bank (up 0.55%) HDFC Bank (up 0.37%) and IDFC First Bank (up 0.15%) advanced.

On the other hand, Federal Bank (down 0.19%), Bandhan Bank (down 0.15%) and IndusInd Bank (down 0.04%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.04% to 6.797 as compared with the previous close of 6.794.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.7225, compared with its close of 84.7500 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement gained 0.16% to Rs 76,168.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 106.07.

The United States 10-year bond yield added 0.50% to 4.203.

In the commodities market, Brent crude for the February 2024 settlement gained 23 cents or 0.32% to $72.54 a barrel.

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