Indices decline in early trade; breadth strong

The key equity indices edged lower in early trade. The Nifty traded below the 19,750 level. Private bank, Auto and bank stocks declined while Realty, PSU bank and IT stocks advanced .

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 124.37 points or 0.19% to 65,670.36. The Nifty 50 index lost 20.80 points or 0.11% to 19,711.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.22% while the S&P BSE Small-Cap index rose 0.54%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit record high of 33,526.65 and 39,855.46 in intraday today.

The market breadth was strong. On the BSE, 2017 shares rose and 1005 shares fell. A total of 145 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 477.76 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 565.48 crore in the Indian equity market on 17 November, provisional data showed.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose 0.19% to 7.226 as compared with previous close 7.212.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2350, compared with its close of 83.2650 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.04% to Rs 60,735.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was fell 0.26% to 103.64.

The United States 10-year bond yield advanced 0.07% to 4.446.

In the commodities market, Brent crude for January 2024 settlement gained 54 cents or 0.67% to $81.15 a barrel.

Stocks in Spotlight:

Larsen & Toubro (L&T) shed 0.63%. The company said that it has received a total penalty of Rs 238.95 crore from General Tax Authority of Qatar for variation in the income as declared by the company. The company said that the penalty levied is arbitrary and unjustified. Hence it has filed an appeal.

Vedanta rose 0.38%. CRISIL Ratings has downgraded its ratings on the long-term bank facilities and debt instruments of the company to �CRISIL AA-� from �CRISIL AA� and placed these ratings on �Rating Watch with Developing Implications� from �Rating Watch with Negative Implications� while reaffirming the ratings on the short-term debt instruments of the Company at �CRISIL A1+� and placing these ratings also on �Rating Watch with Developing Implications�.

Oberoi Realty rallied 3.26% Oberoi Realty has sealed a deal with Ireo Residences Company and other stakeholders to procure around 14.816 acres (59,956.20 square meters) of land in Sector 58, Gurugram, Haryana. The acquisition, valued at approximately Rs 597 crore, encompasses both financial considerations and area allocation for existing homeowners and other stakeholders.

Global Markets:

Asian stocks are trading higher on Monday while investors watched for changes to China�s benchmark lending rates. The People�s Bank of China�s one-year loan prime rate is currently at 3.45%. The five-year benchmark loan rate stands at 4.2%.

US stocks ended higher on Friday and clinched a third straight winning week amid a red-hot November rally. Those gains were sparked by tame U.S. inflation data that gave hope to investors that the Federal Reserve�s tough stance on rate policy may be in the rearview mirror.

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