KEY EQUITY BAROMETERS EDGE LOWER; BROADER MARKET TRADES IN THE GREEN

The key equity indices edged lower in early trade as some bit of selling took place in key index pivotals. The Nifty managed to trade above the 19,600 mark. While oil & gas shares advanced, metal stocks witnessed some bit of profit booking.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 123.25 points or 0.19% to 65,552.68. The Nifty 50 index lost 37.50 points or 0.19% to 19,637.95.

In the broader market, the S&P BSE Mid-Cap index gained 0.18% while the S&P BSE Small-Cap index rose 0.46%.

The market breadth was strong. On the BSE, 1788 shares rose and 794 shares fell. A total of 101 shares were unchanged.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper was currently trading flat 7.225.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1875, compared with its close of 83.0900 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.06% to Rs 60,147.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.13% to 104.53.

The United States 10-year bond yield declined 0.73% to 4.504.

In the commodities market, Brent crude for January 2024 settlement lost 63 cents or 0.78% to $80.55 a barrel.

Stocks in Spotlight:

Bajaj Finance fell 1.90%. The Reserve Bank of India (RBI) has directed the company to stop sanction and disbursal of loans under its two lending products namely, �eCOM� and �Insta EMI Card�, with immediate effect, particularly with respect to non-issuance of key fact statements to the borrowers under these two lending products and the deficiencies in the key fact statements issued in respect of other digital loans sanctioned by the company.

One97 Communications (OCL) shed 0.33%. OCL that owns the brand Paytm and the pioneer of QR and mobile payments announced a partnership with global travel technology company Amadeus. Under this collaboration, for the next three years, the company will integrate Amadeus`s expansive travel platform, enhancing the travellers� experience from search to booking, and payments.

Suzlon Energy rose 3.70%. Suzlon Group announced the RLMM listing of its S144 - MW series of wind turbines which are extendable to 3.15 MW making them a formidable force in the market. This listing marks an important milestone for successful commercialization of the product.

Satin Creditcare Network added 3.20%. The meeting of the board of directors of the company is scheduled on 20 November 2023 to consider and approve the fund raising proposal by way of issuance of listed/unlisted, secured/unsecured, non-convertible debentures on private placement basis.

Global Markets:

Asian stocks are trading lower Thursday as investors digested high-level discussions between U.S. President Joe Biden and Chinese President Xi Jinping.

Biden and Xi met Wednesday outside of San Francisco in their first face-to-face meeting in a year. The talks were on the sidelines of the Asia-Pacific Economic Cooperation conference and were a part of efforts between the U.S. and China to boost high-level communication amid continued tensions.

US stocks ended higher on Wednesday, building on the strong rally from Tuesday, on the back of more encouraging inflation data. Another reading on U.S. inflation showed October�s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020.

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