Broader market underperforms; auto shares advance

The domestic equity benchmarks climbed further and hit fresh intraday high in mid-afternoon trade. The Nifty traded above the 19,650 level. Auto shares recorded strong buying demand.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 660.63 points or 1.02% to 65,594.50. The Nifty 50 index added 212.90 points or 1.09% to 19,656.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.84% while the S&P BSE Small-Cap index advanced 1.16%.

The market breadth was strong. On the BSE, 2,280 shares rose and 1,435 shares fell. A total of 140 shares were unchanged.

Buzzing Index:

The Nifty Auto index rose 1.39% to 16,592.65. The index had fallen 0.07% to end at 16,365.30 on Monday.

Eicher Motors (up 5.46%), Sona BLW Precision Forgings (up 4.06%), Balkrishna Industries (up 2.23%), Bharat Forge (up 2.03%) and Tata Motors (up 1.85%) were the top gainers.

Among the other gainers were Bajaj Auto (up 1.85%), Hero MotoCorp (up 1.58%), MRF (up 1.45%), TVS Motor Company (up 1.44%) and Bosch (up 1.13%).

Stocks in Spotlight:

Ethos jumped 5.25%. The company reported 36.8% rise in net profit to Rs 18.6 crore on a 32.4% increase in revenue to Rs 235.2 crore in Q2 FY24 as compared with Q2 FY23.

NMDC fell 3.11%. The state-owned miner`s consolidated net profit (from operating operations) grew 15.73% to Rs 1,025.07 crore on 20.6% increase in revenue from operations to Rs 4,013.98 crore in Q2 FY24 over Q2 FY23.

Siemens advanced 2.71%. The company�s promoter Siemens AG has announced its plans to acquire 18% stake in the company from Siemens Energy for 2.1 billion euros. This would increase Siemens� stake in the publicly listed Siemens Ltd. India from 51% to 69%, while Siemens Energy�s stake would decrease from 24% to 6%.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper declined 0.81% to 7.224 from its previous close of 7.283.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1700, compared with its close of 83.3300 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.54% to Rs 60,387.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.09% to 104.15.

The United States 10-year bond yield fell 0.22% to 4.432.

In the commodities market, Brent crude for January 2024 settlement lost 5 cents or 0.06% to $82.42 a barrel.

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