Indices extend gains; PSU banks in demand

The domestic equity indices extended gains in morning trade. The Nifty marched above the 20,250 mark. PSU bank edged higher after declining in the past trading session.

At 10:30 AM IST, the barometer index, the S&P BSE Sensex, was up 432.82 points or 0.65% to 67,421.26. The Nifty 50 index added 124.70 points or 0.62% to 20,257.85.

The benchmark, Nifty50 index hit a fresh all-time high at 20,268.60.

In the broader market, the S&P BSE Mid-Cap index gained 0.76% while the S&P BSE Small-Cap index advanced 0.57%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 34,520.10 and 40,718.81.

The market breadth was strong. On the BSE, 2,294 shares rose and 1,111 shares fell. A total of 173 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.

New Listing:

Shares of Flair Writing Industries were currently trading at Rs 452.70 at 10:14 IST on the BSE, representing a premium of 48.91% as compared with the issue price of Rs 304.

The scrip was listed at Rs 503, exhibiting a premium of 65.46% to the issue price. So far, the stock has hit a high of 514 and a low of 452.70. On the BSE, over 6.84 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index added 2.72% to 5,178.05. The index declined 1.10% in the past trading session.

Bank of India (up 4.58%), Punjab National Bank (up 4.32%), Canara Bank (up 3.19%), Bank of Baroda (up 3.07%), UCO Bank (up 3.04%), Punjab & Sind Bank (up 2.81%), Bank of Maharashtra (up 2.73%), Central Bank of India (up 2.5%), Indian Overseas Bank (up 2.41%) and Union Bank of India (up 2.32%) advanced.

Stocks in Spotlight:

Infosys fell 0.42%. The firm has collaborated with Shell New Energies UK to accelerate the adoption of immersion cooling services for data centers. This collaboration aims to combine Infosys` capabilities in digital technology with Shell`s expertise in Energy, along with a network of partners, to create a comprehensive offering for green data centers.

Bajaj Auto declined 1.10%. The company said that it has sold 4,03,003 auto units in the month of November 2023, which is higher by 31% as compared with 3,06,719 units sold in the same period last year.

Biocon added 1.20%. Biocon Biologics (BBL), a subsidiary of Biocon, announced that the integration of the Viatris� biosimilars business in 31 European countries has been successfully completed.

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