Indices turn rangebound; European shares drift higher

The key equity benchmarks traded in a narrow range with moderate gains in the afternoon trade. The Nifty traded a tad above the 19,800 level. Barring the Nifty PSU Bank index, all the other sectoral indices on the NSE traded in the green.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 453.70 points or 0.69% to 66,129.63. The Nifty 50 index added 125.05 points or 0.64% to 19,800.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 0.66%.

The market breadth was positive. On the BSE, 2,125 shares rose and 1,549 shares fell. A total of 147 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, surged 5.77% to 11.78.

Gainers & Losers:

Tata Consultancy Services (TCS) (up 3.04%), Tech Mahindra (up 2.63%), Infosys (up 2.50%), Hero MotoCorp (up 2.29%) and Bajaj Finserv (up 2.09%) were major Nifty gainers.

Coal India (down 1.51%), Axis Bank (down 0.81%), Hindalco Industries (down 0.71%), JSW Steel (down 0.64%) and UPL (down 0.61%) were major Nifty losers.

Tata Consultancy Services (TCS) jumped 3.04% after the IT major fixed 25 November 2023 as the record date for proposed share buyback. The board also noted the intention of the promoter companies of TCS, Tata Sons and Tata Investment Corporation of participating in the proposed buyback. Tata Sons and Tata Investment Corporation intends to tender 2,96,03,690 shares and 11,358 shares, respectively in the buyback.

Stocks in Spotlight:

Bajaj Finance rose 1%. The Reserve Bank of India (RBI) directed the NBFC to stop sanction and disbursal of loans under its two lending products �eCOM� and �Insta EMI Card�, with immediate effect.

Satin Creditcare Network advanced 3.05% after the company announced that its board will meet on Monday, 20 November 2023 to consider raising of funds by issuing non-convertible debentures (NCDs) on private placement basis.

Suzlon Energy added 3.68% after the company�s S144 � 3 mega watt (MW) series of wind turbines which are extendable to 3.15 MW gets Revised List of Models & Manufacturers (RLMM) listing from Ministry of New and Renewable Energy (MNRE).

Global Markets:

Markets in Europe advanced while Asian stocks traded mixed on Thursday as investors digested high-level discussions between U.S. President Joe Biden and Chinese President Xi Jinping.

Biden and Xi met Wednesday outside of San Francisco in their first face-to-face meeting in a year. The talks were on the sidelines of the Asia-Pacific Economic Cooperation conference and were a part of efforts between the U.S. and China to boost high-level communication amid continued tensions.

US stocks ended higher on Wednesday, building on the strong rally from Tuesday, on the back of more encouraging inflation data. Another reading on U.S. inflation showed October�s producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020.

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