Indices edge higher; breadth strong

The domestic equity indices traded with minor gains in early trade. The Nifty traded above the 19,800 level. Metal, oil & gas and media shares advanced while FMCG and private bank stocks declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 36.92 points or 0.06% to 66,006.96. The Nifty 50 index gained 30.90 points or 0.16% to 19,825.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index gained 0.20%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit an all time high of 40,069.26 and 33,731.14.

The market breadth was strong. On the BSE, 1,858 shares rose and 1,111 shares fell. A total of 147 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,625.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 134.46 crore in the Indian equity market on 24 November, provisional data showed.

Stocks in Spotlight:

Maruti Suzuki India rose 0.28%. The company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market.

Tata Consultancy Services (TCS) added 0.24%. TCS has launched its AWS generative AI practice, to help customers harness the full potential of AI and AWS generative AI services to transform different parts of their value chain and achieve superior business outcomes.

PB Fintech advanced 1.55% after the company said that it has made further investment of Rs 349.99 crore in its wholly owned subsidiary, Policybazaar Insurance Brokers.

Newgen Software Technologies hit an upper circuit of 5% after the company announced that its board has approved to issue 1 bonus equity shares for each share held. The company has set record date as on Friday, 12 January 2024.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.18% to 7.259 as compared with previous close 7.272.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3750, compared with its close of 83.4000 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.15% to Rs 61,635.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 103.14.

The United States 10-year bond yield advanced 0.45% to 4.407.

In the commodities market, Brent crude for January 2024 settlement rose 22 cents or 0.28% to $80.20 a barrel.

Global Markets:

Asian stocks were trading higher on Tuesday, as investors remained convinced the US Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.

Investors will focus this week on the Fed`s preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed. Fed Chair Jerome Powell is due to speak on Friday. His words will be scrutinized by traders to gauge where rates may head.

European Central Bank President Christine Lagarde said on Monday the central bank`s fight to contain price growth is not yet done, citing a still strong wage growth and an uncertain outlook even as inflation pressures in euro zone ease.

US stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked into high gear.

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