Market Commentary - Mid-Session
Indices trade with major gains; media shares rally for 5th day As on : 29-Nov-24  11:33

The domestic equity benchmarks traded with significant gains in the mid-morning trade. The Nifty traded above the 24,100 level. Media shares extended gains for the fifth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, soared 792.82 points or 1% to 79,458.90. The Nifty 50 index added 222.40 points or 0.93% to 24,136.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.21% and the S&P BSE Small-Cap index added 0.20%.

The market breadth was positive. On the BSE, 2,098 shares rose and 1,626 shares fell. A total of 166 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Suraksha Diagnostic received bids for 6,52,052 shares as against 1,34,32,533 shares on offer, according to stock exchange data at 11:15 IST on 29 November 2024. The issue was subscribed 0.05 times.

The issue opened for bidding on 29 November 2024 and it will close on 3 December 2024. The price band of the IPO is fixed between Rs 420 to Rs 441 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index rose 0.97% to 1,987.50. The index rallied 5.01% for the five consecutive trading sessions.

Zee Entertainment Enterprises (up 4.16%), PVR Inox (up 1.11%), Network 18 Media & Investments (up 0.95%), Sun TV Network (up 0.8%), Den Networks (up 0.34%), Dish TV India (up 0.09%) added.

On the other hand, Nazara Technologies (down 2.12%), Tips Music (down 1.83%) and Saregama India (down 1.17%) edged lower.

Stocks in Spotlight:

PC Jeweller jumped 3.57% after the company's board fixed the record date as 16 December 2024 for the proposed 1-for-10 stock split.

Newgen Software Technologies advanced 2.90% after the company announced that it has received a purchase order worth Rs 32.44 crore from the Reserve Bank of India (RBI).

Global Markets:

The Dow Jones index futures were up 125 points, signaling a strong opening for U.S. stocks today.

The Asian market declined on Friday, led by losses in South Korean stocks after industrial production declined for a second straight month in October.

South Korea's industrial production growth fell 0.3% in October compared to September, which also saw a 0.3% fall on a month-on-month basis.

Industrial production saw a 2.3% increase year on year in October, marking a reversal from the 1.3% fall in September.

Tokyo's Core CPI inflation, which excludes volatile fresh food items, rose 2.2% year-on-year in November, government data showed on Friday. Headline CPI inflation surged 2.6% from 1.8% in the prior month. The BOJ is expected to raise interest rates in December after two historic hikes earlier this year.

Overnight, trading in U.S. equities and Treasuries was closed due to the Thanksgiving holiday.

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