BENCHMARKS EXTEND GAINS; NIFTY SCALES ABOVE 23,700

The equity barometers continued to extend gains and hit fresh day`s high in the afternoon trade. The Nifty further marched above the 23,700 level. Barring the Nifty Media index, all the other sectoral indices traded in the green.

At 13:26 IST, the barometer index, the S&P BSE Sensex, rallied 1,200.02 points or 1.56% to 78,355.81. The Nifty 50 index added 364.80 points or 1.56% to 23,714.70.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index advanced 1.07% and the S&P BSE Small-Cap index rallied 0.74%.

The market breadth was strong. On the BSE, 2,354 shares rose and 1,490 shares fell. A total of 140 shares were unchanged.

Economy:

The HSBC Flash India Composite Output Index stood at 59.5 in November as compared with 59.1 recorded in October, indicating a sharp rate of expansion that was the strongest in three months and above its long-run average.

The HSBC flash India services PMI business activity index stood 59.2 in November as against 58.5 in October 2024. The HSBC India Manufacturing PMI data stood at 57.3 in November, down marginally from 57.5 in October. The HSBC Flash India Manufacturing PMI Output Index fell to 60.2 in November as against 60.4 in October 2024

Gainer & Losers:

State Bank of India (up 3.79%), Tata Consumer Products (up 3.16%), Trent (up 3.12%), Ultratech Cement (up 2.66%) and Adani Enterprises (up 2.58%) were major Nifty gainers.

Axis Bank (down 0.18%) and HDFC Bank (down 0.01%) were major Nifty losers.

Stocks in Spotlight:

Tata Power Company rose 1.29% after the company signed a memorandum of understanding (MoU) with Asian Development Bank for $4.25 billion to finance key clean energy power projects.

Raymond rallied 7.04% after the company received a �No observation letter� from the NSE & BSE for the scheme of arrangement between the company and Raymond Realty.

Ceenik Exports (India) locked in an upper circuit of 5% after the company reported standalone net profit of Rs 4.28 crore in Q2 FY25, steeply higher than Rs 0.13 crore posted in Q2 F24. Total income from operations was at Rs 6.48 crore in the second quarter of FY25, zoomed 867.16% year on year.

Innovators Facade Systems jumped 6.41% after the company received the work order for the Prestige Trade Centre project from Prestige Mulund Realty worth Rs 110 crore.

Global Markets:

Shares in Europe advanced on Friday as investors closely monitored further escalations in the Russia-Ukraine war.

Asian stocks traded mixed as traders assessed Japan�s manufacturing sector and consumer price index data.

Japan`s manufacturing sector contracted for the fifth consecutive month in November, as indicated by the preliminary au Jibun Bank flash PMI, which fell to 49.0 from 49.2 in October.

Japan`s October consumer price index (CPI) data revealed a slight uptick in headline inflation and a further rise in core inflation, surpassing the Bank of Japan`s 2% target. This development fuels expectations of additional interest rate hikes.

US equities closed higher on Thursday, though tech stocks continued to face pressure following Alphabet`s decline due to regulatory concerns. Uncertainty surrounding interest rates persisted, fueled by slightly elevated jobless claims and cautious remarks from Federal Reserve officials.

At the close in NYSE, the Dow Jones Industrial Average rose 1.06%, while the S&P 500 index gained 0.53%, and the NASDAQ Composite index gained 0.04%.

On the economic front, weekly jobless claims fell to 213,000 for the week ending 16th November, down from 219,000 the previous week. This data signals ongoing strength in the U.S. labour market.

Alphabet Inc. shares declined 0.4% in after-hours trading following a 4.7% drop during the regular session on Thursday. The Department of Justice (DOJ) has proposed that Google divest its Chrome web browser to mitigate its dominance in online search. Additionally, the DOJ recommended that Google share its data and search results with competitors and potentially sell its Android operating system. These recommendations follow a recent court ruling that declared Google`s online search monopoly illegal.

The broader tech sector was also impacted by Nvidia`s mixed third-quarter results. While the company exceeded earnings expectations on strong AI demand, it forecast a slower revenue growth rate for the current quarter.

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