Market Commentary - Mid-Session
Benchmarks trade with significant gains; oil & gas shares gain As on : 29-Nov-24  14:33

The benchmark indices continued to trade with major gains in mid-afternoon trade. The Nifty traded above the 24,100 level. Oil & gas shares extended gains for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, jumped 747.59 points or 0.94% to 79,788.46. The Nifty 50 index gained 226.85 points or 0.95% to 24,141.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% and the S&P BSE Small-Cap index added 0.55%.

The market breadth was positive. On the BSE, 2,260 shares rose and 1,600 shares fell. A total of 141 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index added 1.29% to 11,108.25. The index added 1.67% in the three consecutive trading sessions.

Adani Total Gas (up 2.86%), Aegis Logistics (up 2.47%), Gujarat State Petronet (up 1.9%), Oil & Natural Gas Corpn (up 1.88%), Reliance Industries (up 1.69%), Gujarat Gas (up 1.59%), Mahanagar Gas (up 1.31%), Indraprastha Gas (up 1.28%), GAIL (India) (up 1.02%) and Bharat Petroleum Corporation (up 0.64%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.62% to 6.915 as compared with the previous close of 6.920.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.5000, compared with its close of 84.4700 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement rose 0.63% to Rs 76,201.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.22% to 105.90.

The United States 10-year bond yield fell 0.41% to 4.225.

In the commodities market, Brent crude for the November 2024 settlement lost 8 cents or 0.11% to $72.75 a barrel.

Stocks in Spotlight:

Torrent Pharmaceuticals rallied 3.44%. The company informed that it has received a penalty of Rs 2.32 crore by the Income Tax Department under Section 271(1)(c) of the Income Tax Act, 1961, for alleged tax adjustments.

Techknowgreen Solutions gained 4.70% after the company announced that it has received a work order worth Rs 1.17 crore from Web Werks (India).

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