Market Commentary - Mid-Session
Benchmarks nudge lower; breadth strong As on : 28-Nov-24  09:34

The key equity indices traded with tiny cuts in early trade. The Nifty traded below the 24,250 mark. Realty, media and FMCG shares advanced while IT, auto and pharma shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was down 27.19 points or 0.03% to 80,211.26. The Nifty 50 index lost 3 points or 0.01% to 24,271.90.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.36% and the S&P BSE Small-Cap index added 0.81%.

The market breadth was strong. On the BSE, 2,033 shares rose and 782 shares fell. A total of 120 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 7.78 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,301.97 crore in the Indian equity market on 27 November 2024, provisional data showed.

Stocks in Spotlight:

Housing & Urban Development Corporation (HUDCO) added 4.69% after the company has signed memorandum of Understanding (MoU) with NBCC (India) for the development of 10-acre land parcel owned by Hudco in Noida, NBCC will handle the execution of the project, which is estimated to cost Rs 600 crore.

Natco Pharma rose 0.64%. The company has sold land with clear and marketable titles, covering approximately 14.4 acres in Telangana for Rs 116 crore, which includes certain infrastructure costs.

Ashoka Buildcon gained 2.32% after the company has submitted a bid for a project with Madhya Pradesh Poorv Kshetra Vidyut Vitaran, and the accepted bid price for the project is Rs 193 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.61% to 6.922 as compared with previous close 6.925.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4675, compared with its close of 84.4025 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement shed 0.38% to Rs 75,470.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 106.20.

The United States 10-year bond yield rose 0.42% to 4.262.

In the commodities market, Brent crude for January 2024 settlement lost 12 cents or 0.16% to $72.71 a barrel.

Global Markets:

The Dow Jones index futures were up 77 points, signaling a positive opening for U.S. stocks today.

Asian stocks traded mixed on Thursday as investors adopted a cautious stance ahead of the US Thanksgiving holiday.

In a surprise move, South Korea's central bank lowered interest rates by 25 basis points. The bank cited concerns about slowing economic growth in the coming year.

US stocks ended lower on Wednesday, weighed down by a combination of economic data releases and holiday-related trading. The S&P 500 declined 0.4%, the NASDAQ Composite fell 0.6%, and the Dow Jones Industrial Average closed 0.3% lower.

The October PCE price index, the Fed's preferred inflation gauge, rose 2.8% year-over-year, remaining above the Fed's 2% target.

The US economy expanded at a 2.8% annual pace in the third quarter, driven by strong consumer spending and export growth.

Initial jobless claims dropped 2,000 to a seasonally adjusted 213,000 for the week ended November 23, indicating a tight labor market.

On the corporate front, HP slid 11% after the information technology company issued disappointing guidance for 2025, while Dell Technologies tumbled over 12% after the PC manufacturer offered up a disappointing revenue outlook for the current quarter despite bullish commentary from the company on AI sales growth.

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