Indices off days high; metal shares rally for 8th day

The domestic equity indices came off the day�s high and traded with modest gains in mid-morning trade. The Nifty traded near 20,800 level. Metal shares witnessed buying demand for the eight consecutive trading sessions.

At 11:29 AM IST, the barometer index, the S&P BSE Sensex, was up 303.64 points or 0.44% to 69,186.76. The Nifty 50 index added 108 points or 0.52% to 20,794.80.

The Sensex clocked an all-time high of 69,381.31 while the Nifty hit record high of 20,849.60 in early trade. Further, the Nifty Bank index also registered its fresh record high of 47,230.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.07% while the S&P BSE Small-Cap index advanced 0.03%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,216.47 and 41,317.67.

The market breadth was strong. On the BSE, 1,878 shares rose, and 1,702 shares fell. A total of 157 shares were unchanged.

Buzzing Index:

The Nifty Metal index jumped 2.07% to 7,351.70. The index jumped 8.23% in eight trading sessions.

Adani Enterprises (up 9.08%), Welspun Corp (up 4.72%), Steel Authority of India (up 2.23%), Hindustan Zinc (up 1.98%) and Ratnamani Metals & Tubes (up 1.9%), Hindalco Industries (up 1.41%), Hindustan Copper (up 0.98%), Tata Steel (up 0.88%), National Aluminium Company (up 0.67%) and JSW Steel (up 0.54%) advanced.

On the other hand, Jindal Steel & Power (down 0.59%), Vedanta (down 0.39%) declined.

Economy:

The seasonally adjusted S&P Global India Services Business Activity Index fell to 56.9 in November, one year low from 58.4 in October. Despite falling from October index pointed to a sharp increase in output across the sector.

The increase in Indian services activity extended into November, with cooling price pressures and demand resilience inducing sales growth, latest PMI survey data from S&P Global showed.

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said, �India�s service sector has lost further growth momentum midway through the third fiscal quarter, but we continue to see robust demand for services fuelling new business intakes and output. The current rates of expansion look very healthy when considering their respective long-run averages and the outlook for business activity remains bright in spite of optimism fading due to rising inflation expectations.�

Meanwhile, the S&P Global India Composite PMI Output Index fell to 57.4 in November as compared with 58.4 in October, indicating substantial pace of expansion.

Stocks in Spotlight:

Mahindra & Mahindra Financial Services declined 2.11% after the company recorded an overall disbursement of approximately Rs 5,300 crore in November 2023, delivering 16% year on year (YoY) growth.

MOIL rose 1.26% after the company`s production increased 35% YoY to 1.62 lakh tonne in November 2023. During November 2023, the production grew 45.95% from 1.11 lakh tonne recorded in October 2023.

Global Markets:

Asian stocks declined on Tuesday as investors assessed a slew of economic data from across the region. The Caixin China services purchasing managers� index for November climbed to its highest in three months. This private survey reading came in at 51.5 in November, rising from 50.4 in October and 50.2 in September.

US stocks ended lower on Monday as investors turned cautious ahead of employment data due this week that could alter expectations that the Federal Reserve will cut interest rates early next year.

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