Benchmarks trade with strong gains; media shares advance

Domestic equity barometers traded near the day�s high with strong gains in mid-morning trade. The Nifty traded above the 20,250 mark. Media stocks gained for the second consecutive trading session.

At 11:30 AM IST, the barometer index, the S&P BSE Sensex, was up 514.79 points or 0.77% to 67,503.23. The Nifty 50 index added 142.05 points or 0.71% to 20,275.20.

The benchmark, Nifty50 index hit a fresh all-time high at 20,281.

In the broader market, the S&P BSE Mid-Cap index gained 0.83% while the S&P BSE Small-Cap index advanced 0.72%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 34,576.46 and 40,718.81.

The market breadth was strong. On the BSE, 2,377 shares rose and 1,163 shares fell. A total of 172 shares were unchanged.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers� Index (PMI) in November improved to 56 from October`s eight-month low of 55.5, indicating a stronger improvement in operating conditions. The reading was below the average for the second fiscal quarter (57.9), but outpaced the series trend.

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said: �India�s manufacturing industry maintained its robust performance in November, with output regaining growth momentum. Firms� ability to secure new business, both domestically and from abroad, remained central to the success of the sector.�

India�s gross domestic product (GDP) grew 7.6 per cent y-o-y during the July-September 2023 quarter (Q2 FY24) as compared with the 6.2 per cent growth recorded a year ago, according to the latest official data released on Thursday. India�s economy had grown 7.8 per cent in the April-June 2023 quarter.

The central government`s fiscal deficit widened to Rs 8.04 lakh crore in April-October from Rs 7.02 lakh crore in April-September, data released by the Controller General of Accounts on November 30 showed. At Rs 8.04 lakh crore, the fiscal deficit for the first seven months of the current financial year accounts for 45.0 percent of the full-year target of Rs 17.87 lakh crore.

The combined Index of Eight Core Industries (ICI) increased by 12.1 per cent (provisional) in October 2023 as compared to the Index of October 2022. The production of all eight core industries recorded positive growth in October 2023 over the corresponding month of last year.

Buzzing Index:

The Nifty Media index added 2.71% to 2,358.70. The index rose 3.19% in two trading sessions.

TV18 Broadcast (up 11.14%), Network 18 Media & Investments (up 8.26%), Zee Entertainment Enterprises (up 3.52%), PVR Inox (up 1.75%) and Dish TV India (up 1.07%), Saregama India (up 1.05%), Nazara Technologies (up 0.07%) and Sun TV Network (up 0.06%) advanced.

Stocks in Spotlight:

Escorts Kubota added 0.76% after the company�s Agri Machinery Business Division sales increased by 3.7% to 8,258 units in November 2023 as against 7,960 units sold in November 2022. While domestic sales rose 6.7% to 7,855 units, tractor exports declined by 32.9% to 403 units in November 2023 over November 2022.

Mahindra & Mahindra rose 0.01%. The auto major announced that its overall auto sales for the month of November 2023 stood at 70,576 vehicles, registering a growth of 21.05% as against 58,303 vehicles sold in November 2022. On a sequential basis, M&M`s total auto sales declined 12.52% in November 2023 as against 80,679units sold in October 2023.

ITD Cementation India jumped 5.38%. The company has secured a contract for Civil & HydroMechanical Works of 500 MW Hydel Power, Pumped Storage Project worth approximately Rs 1,001 crore excluding GST in Andhra Pradesh.

Global Markets:

Most of the Asian stocks were trading lower on Friday, breaking ranks with Wall Street which mostly advanced on Thursday, amid mixed economic data from across the region.

China�s manufacturing sector unexpectedly expanded in November, according to a survey by Caixin. The Caixin purchasing managers� index climbed to 50.7 last month from 49.5 in October, as a rise in new orders helped lift factory production.

US stocks were mixed on Thursday as investors continued to bet on interest rate cuts after a key reading on consumer inflation. Data released early Thursday showed that the personal consumption expenditures price index rose 3.5% on a year-over-year basis, a slowing from a 3.7% annual gain in prior month.

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