Indices trade with moderate gains; consumer durables rally for 2nd day

The domestic equity benchmarks continued to trade in a narrow range in mid-afternoon trade. The Nifty traded above the 19,250 mark. Consumer durable shares extended gains for the second consecutive trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 396.35 points or 0.62% to 64,477.25. The Nifty 50 index added 128.50 points or 0.67% to 19,261.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 1.05%.

The market breadth was strong. On the BSE, 2,361 shares rose and 1,272 shares fell. A total of 139 shares were unchanged.

Economy:

The S&P Global India services Purchasing Managers` Index (PMI) declined to 58.4 in October as compared to 61 in September, signaling the slowest rate of expansion since March. Still, the headline figure remained well above the 50-mark separating growth from contraction for the 27th straight month.

Anecdotal evidence indicated that growth was underpinned by the securing of new work, favourable demand trends and positive market conditions. Competitive pressures and inflationary forces restricted the increase, according to surveyed firms.

Meanwhile, the S&P Global India Composite PMI Output Index fell from 61 in September to 58.4 in October, indicating the weakest rate of expansion since March.

Buzzing Index:

The Nifty Consumer Durables index gained 0.98% to 28,576.55. The index added 1.95% in two trading sessions.

Amber Enterprises India (up 6.45%), Orient Electric (up 4.03%), Blue Star (up 3.61%), Titan Company (up 1.71%) and TTK Prestige (up 0.63%), Havells India (up 0.45%), Voltas (up 0.42%), Bata India (up 0.18%), V-Guard Industries (up 0.02%) advanced.

On the other hand, Dixon Technologies (India) (down 0.84%), Kajaria Ceramics (down 0.78%) and Relaxo Footwears (down 0.41%) declined.

Numbers to track:

The yield on India`s 10-year benchmark federal paper shed 0.03% to 7.320 from its previous close of 7.322.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2750, compared with its close of 83.2200 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.08% to Rs 60,957.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.03% to 106.15.

The United States 10-year bond yield advanced 0.04% to 4.672.

In the commodities market, Brent crude for January 2024 settlement gained 43 cents or 0.50% to $87.28 a barrel.

Stocks in Spotlight:

Marksans Pharma rallied 3.56% after the company announced that its wholly owned subsidiary Time-Cap Laboratories, Inc. has received establishment inspection report (EIR) from the US FDA.

Kalpataru Projects International fell 2.17% after the company reported 8% fall in consolidated net profit to Rs 90 crore despite a 19% rise in revenue to Rs 4,518 crore in Q2 FY24 over Q2 FY23.

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