Barometers turn rangebound, consumer durables advance

The domestic equity barometers traded in a narrow range with moderate gains in mid-morning trade. The Nifty hovered above the 19,750 mark. Consumer durables stocks edged higher after sliding in the past two trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 272.98 points or 0.42% to 65,928.13. The Nifty 50 index rose 85.60 points or 0.43% to 19,779.60.

In the broader market, the S&P BSE Mid-Cap index added 0.07% while the S&P BSE Small-Cap index gained 0.26%.

The market breadth was strong. On the BSE, 2,088 shares rose and 1,429 shares fell. A total of 150 shares were unchanged.

Buzzing Index:

The Nifty Consumer Durables index rose 1.22% to 29,182.35. The index shed 0.08% in the past two trading sessions.

Rajesh Exports (up 2.73%), Voltas (up 1.64%), Havells India (up 1.62%), Titan Company (up 1.4%), Dixon Technologies (India) (up 1.4%), Crompton Greaves Consumer Electricals (up 1.36%), Blue Star (up 1.07%), Kajaria Ceramics (up 0.6%), Bata India (up 0.54%) and Orient Electric (up 0.25%) advanced.

On the other hand, Amber Enterprises India (down 3.02%), V-Guard Industries (down 0.55%) and TTK Prestige (down 0.32%) edged lower.

Stocks in Spotlight:

RateGain Travel Technologies rose 0.90%. The company announced the completion of a capital raise of Rs 600 crore through a qualified institutional placement (QIP) of equity shares. The issue opened on 15 November 2023 and concluded on 20 November 2023, with a total of 93,31,259 equity shares being allotted. The shares were priced at Rs 643 per share, resulting in an issue size of approximately Rs 600 crore.

Shreeji Translogistics climbed 5.32% after the company said its board will consider a bonus share issue on 21 December 2023.

Global Markets:

Asian stocks advanced on Tuesday, with Hong Kong and Taiwan stocks in the lead and mirroring similar moves on Wall Street after a tech-fueled rally. Investors in Asia will assess South Korean producer prices for October, as well as New Zealand�s October trade figures.

US stocks jumped Monday to start a holiday shortened week, boosted by strong tech gains led by Microsoft and Nvidia. Microsoft Corp. hit a new all-time high after CEO Satya Nadella said former OpenAI chief Sam Altman will be joining the tech giant to lead a new AI research team.

Investors will keep an eye out for the minutes from the Federal Reserve�s October 31 to November 1 policy meeting. US markets will be closed Thursday due to the Thanksgiving holiday. Friday will also be a shortened trading day.

Oil prices rose more than 2% on Monday amid anticipation that the Organization of Petroleum Exporting Countries could implement another production cut this weekend.

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