Market at day`s low; Nifty below 19,400

The benchmark indices extended losses and traded near the day�s low in mid-afternoon trade. The Nifty slipped below the 19,400 level. Oil & gas stocks saw profit booking after gaining in the past six trading sessions. Trading was volatile due to the expiry of weekly index options on the NSE today.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 156.07 points or 0.24% to 64,819.54. The Nifty 50 index lost 47.75 points or 0.25% to 19,395.75.

In the broader market, the S&P BSE Mid-Cap index gained 0.33% while the S&P BSE Small-Cap index rose 0.15%.

The market breadth was negative. On the BSE, 1,656 shares rose and 2,003 shares fell. A total of 129 shares were unchanged.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.12% to 7.257 from its previous close of 7.266.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2875, compared with its close of 83.3000 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.21% to Rs 59,880.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.02% to 105.54.

The United States 10-year bond yield advanced 0.46% to 4.548.

In the commodities market, Brent crude for January 2024 settlement gained 63 cents or 0.79% to $80.17 a barrel.

Buzzing Index:

The Nifty Oil & Gas index declined 0.77% to 7,925.80. The index advanced 4.96% in past six trading sessions.

Oil India (down 2.56%), Mahanagar Gas (down 1.5%), Adani Total Gas (down 1.3%), Gujarat State Petronet (down 1.18%), Reliance Industries (down 0.95%), Oil & Natural Gas Corpn (down 0.92%), Gujarat Gas (down 0.67%), Indian Oil Corporation (down 0.58%), GAIL (India) (down 0.48%) and Indraprastha Gas (down 0.29%) declined.

Stocks in Spotlight:

Multi Commodity Exchange of India slipped 4.31% after the company reported consolidated net loss of Rs 19.07 crore in Q2 FY24 as compared with net profit of Rs 63.28 crore posted in Q2 FY23. Revenue from operations stood at Rs 165.11 crore in the September 2023 quarter, registering a growth of 29.6% YoY.

Welspun Corp jumped 7.31% after the company reported consolidated net profit of Rs 384.7 crore in Q2 FY24 as against a net loss of Rs 56.6 crore posted in Q2 FY23.

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