Market Commentary - Mid-Session
Indices nudge lower; Nifty below 24,200 level As on : 27-Nov-24  09:34

The key equity indices traded with tiny losses in early trade. The Nifty traded below the 24,200 level. IT and auto shares advanced while oil & gas, media and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was down 71.27 points or 0.09% to 79,926.47. The Nifty 50 index lost 29.20 points or 0.12% to 24,165.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.36% and the S&P BSE Small-Cap index rose 0.19%.

The market breadth was strong. On the BSE, 1,660 shares rose and 881 shares fell. A total of 127 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,157.70 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,910.86 crore in the Indian equity market on 26 November 2024, provisional data showed.

Stocks in Spotlight:

Siemens shed 0.28%. The company's consolidated net profit jumped 45.4% to Rs 830.70 crore on 11.4% increase in revenue from operations to Rs 6,373.60 crore in Q4 FY25 over Q4 FY24.

Adani Enterprises added 1.29% after the company's subsidiary, Adani Airport Holdings' (AAHL) joint venture April Moon Retail (AMPRL) has completed the contemplated acquisition of 74% stake of Cocount Ventures (CVPL) and thereby CVPL becomes joint venture of AAHL and the Company.

Lumax Auto Technologies gained 3.75% after the company has acquired 60% stake in Greenfuel Energy Solutions for Rs 153 crore via Lumax Resources to foray into green and alternate fuels segment.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.63% to 6.938 as compared with previous close 6.941.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4300, compared with its close of 84.2950 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.64% to Rs 75,690.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 106.86.

The United States 10-year bond yield shed 0.05% to 4.303.

In the commodities market, Brent crude for January 2024 settlement lost 6 cent or 0.08% to $72.75 a barrel.

Global Markets:

The Dow Jones index futures were up 47 points, signaling a positive opening for U.S. stocks today.

Asian stocks traded mixed on Wednesday, amid lingering concerns over Donald Trump's tariff plans, which had rattled emerging markets in the previous session. Speculation about the role tariffs would play in the president-elect's economic agenda intensified as reports surfaced that Jamieson Greer, a prot'g' of Robert Lighthizer, was being considered for US Trade Representative. This selection underscores the administration's focus on protectionist trade policies.

In Australia, the consumer price index (CPI) inflation grew by 2.1% year-on-year in October, falling short of expectations due to government subsidies that helped reduce energy costs. However, core inflation, represented by the annual trimmed mean inflation, rose to 3.5% in October from 3.2% the previous month, pushing further above the Reserve Bank's target range.

US stocks advanced on Tuesday, as strength in technology shares counterbalanced worries about potential tariff escalations under Donald Trump's administration. The S&P 500 climbed 0.57%, the Dow Jones Industrial Average rose 0.28%, and the NASDAQ Composite gained 0.63%.

Among the Magnificent Seven tech stocks, five closed higher, led by Amazon.com Inc., which surged over 3%. The rally followed reports from Bloomberg that Amazon plans to reduce its reliance on NVIDIA Corporation by developing its own custom artificial intelligence chips.

Investors also weighed mixed signals on U.S. interest rates. Minutes from the Federal Reserve's November meeting revealed a split among policymakers regarding the path of future rate cuts. They highlighted uncertainty about the neutral rate, a level that neither stimulates nor restricts economic growth, as a key factor for their cautious stance.

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