Indices open higher in early trade; breadth strong
Published on Nov 29, 2023 09:38
The domestic equity benchmarks traded with moderate gains in early trade. The Nifty traded above the 19,950 level. All the sectoral indices on the NSE were witnessing buying demand.
At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 328.17 points or 0.50% to 66,502.37. The Nifty 50 index gained 96.90 points or 0.49% to 19,986.60.
In the broader market, the S&P BSE Mid-Cap index rose 0.69% while the S&P BSE Small-Cap index gained 0.45%.
The market breadth was strong. On the BSE, 1,970 shares rose and 873 shares fell. A total of 111 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 783.82 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,324.98 crore in the Indian equity market on 28 November, provisional data showed.
Stocks in Spotlight:
Tata Power Company rose 1.55% after Tata Power Renewable Energy (TPREL), a subsidiary of the company, received a Letter of Award (LOA) for developing a 200 MW Firm and Dispatchable Renewable Energy (FDRE) project with SJVN Limited (SJVN).
Bharat Heavy Electricals (BHEL) advanced 1.89% after BHEL and Electricit� de France S.A., France (EDF), a French state-owned company and largest nuclear operator worldwide, have signed a Memorandum of Cooperation (MoC) to explore the opportunity to maximize the local content of the Jaitapur Nuclear Power Plant Project (6x1650 MWe) to be established by NPCIL in India.
Asian stocks were trading lower as investors assess comments from the U.S. Federal Reserve board members and digest Australia�s October inflation figures.
Australia�s weighted inflation rate for October slowed more than expected, coming in at 4.9%. This was also lower than the 5.6% seen in September. The overall inflation rate stood at 4.8%, its lowest level since January 2022.
On Tuesday, Federal Reserve Governor Christopher Waller said he was growing more confident that policy was in a place now to bring inflation back under control. However, he maintained that inflation was still too high. Waller also said the Fed might start lowering rates if inflation continues to ease over the next three to five months. In contrast, Governor Michelle Bowman said more rate hikes will likely be needed as evolving dynamics keep inflation elevated.
US stocks rose Tuesday, resuming their November rally, as comments from a Federal Reserve official raised hope that the central bank may not need to raise interest rates further.
Investors will focus this week on the Fed`s preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed. Fed Chair Jerome Powell is due to speak on Friday. His words will be scrutinized by traders to gauge where rates may head.
Powered by Capital Market - Live News