Indices nudge higher, Nifty around 19,800 level

The domestic equity barometers were trading with minor gains in early trade. The Nifty traded around the 19,800 mark. Media, pharma and oil & gas stocks edged higher while realty, metal and PSU bank shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 36.93 points or 0.06% to 65,967.70. The Nifty 50 index added 11.40 points or 0.06% to 19,794.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index shed 0.16%.

The market breadth was strong. On the BSE, 1,723 shares rose and 1,042 shares fell. A total of 105 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 455.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 721.52 crore in the Indian equity market on 21 November, provisional data showed.

Stocks in Spotlight:

Tata Consultancy Services (TCS) shed 0.45%. The United States Supreme Court on 20 November 2023 rejected the company�s petition to file an appeal against the orders passed by the US Court of Appeals, 7th Circuit, which confirmed the punitive damages award of $140 million passed by the District Court of Wisconsin. The company intends to make the balance provision of approximately $125 million in its financial statements as an exceptional item, for the third quarter and nine months ending 31 December 2023.

Wipro rose 0.21%. The IT major announced a collaboration with NVIDIA to help healthcare companies accelerate adoption of generative artificial intelligence (gen AI) through AI-driven strategies, products, and services.

Maruti Suzuki India added 0.03%. A meeting of the board of directors of the company is scheduled to be held on 24th November 2023, to consider and approve allotment of 1,23,22,514 equity shares of the company to Suzuki Motor Corporation (SMC) on a preferential basis.

Titan Company gained 0.81%. The Competition Commission of India (CCI) has approved acquisition of additional shareholding in CaratLane Trading Private (CaratLane) by Titan Company. The proposed combination relates to the acquisition by Titan of 27.18% share capital of CaratLane held by the Founder of CaratLane Trading Private Limited and his family members.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.04% to 7.265 as compared with previous close 7.269.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3175, compared with its close of 83.2800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.19% to Rs 61,111.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.03% to 103.53.

The United States 10-year bond yield lost 0.09% to 4.414.

In the commodities market, Brent crude for January 2024 settlement fell 10 cents or 0.12% to $82.35 a barrel.

Global Markets:

Most of the Asian stocks were trading lower on Wednesday after minutes from the U.S. Federal Reserve�s recent meeting revealed that policy officials maintained that monetary policy had to be restrictive and had little appetite for rate cuts.

US stocks dipped on Tuesday while minutes from the Federal Reserve�s most recent meeting showed the central bank is "in a position to proceed carefully". The Fed�s minutes from its October 31-November 1 meeting showed the policy makers wrestling with conflicting signals and agreeing to continue with caution after voting to leave the Fed funds target rate at 5.25-5.50%.

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