Market at all-time high; Sensex rallies 1000 pts; breadth strong

The key equity indices traded with major gains in early trade. The Nifty traded above the 20,550 level. Barring the Nifty Media index, all the other sectoral indices on the NSE traded in the green.

At 09:29 AM IST, the barometer index, the S&P BSE Sensex, was up 1000.71 points or 1.48% to 68,481.90. The Nifty 50 index added 294.85 points or 1.45% to 20,564.75.

The benchmark, Nifty50 and Sensex index hit a fresh all-time high of 20,602.50 and 68,587.82 in early trade respectively.

In the broader market, the S&P BSE Mid-Cap index and S&P BSE Small-Cap index gained 0.91%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,124.23 and 41,221.91.

The market breadth was strong. On the BSE, 2,416 shares rose, and 583 shares fell. A total of 135 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,589.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,448.08 crore in the Indian equity market on 1 December, provisional data showed.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.36% to 7.264 as compared with previous close 7.290.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2975, compared with its close of 83.3350 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.69% to Rs 63,550.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 103.22.

The United States 10-year bond yield advanced 0.67% to 4.252.

In the commodities market, Brent crude for January 2024 settlement declined 44 cents or 0.56% to $78.44 a barrel.

Politics:

The BJP is set to form the government in Chhattisgarh, Rajasthan and Madhya Pradesh. The counting of votes in Rajasthan concluded with the BJP securing a landslide victory with 115 seats. Meanwhile, the ruling Congress won 69 seats out of the 199 which had gone to the polls on November 25. In Chhattisgarh, the BJP won 54 seats, the ruling Congress won 35 and the Gondvana Gantantra Party managed to win one seat.

In Telangana, Congress won 64 seats, the ruling Bharat Rashtra Samithi won 39, the BJP got eight seats, and AIMIM won seven. The Communist Party of India won one seat. The BJP has won 163 of the total 230 seats in the Madhya Pradesh Assembly. On the other hand, the Congress has won 66 seats.

Stocks in Spotlight:

Hero MotoCorp rose 1.29% after the two-wheeler major`s total sales jumped 25.61% to 491,050 units in November 2023 as compared with 390,932 units sold in November 2022.

Tata Power rallied 2.03% after the company has secured the bid to acquire Bikaner-III Neemrana-II Transmission, a project special purpose vehicle (SPV) established by PFC Consulting. The project`s estimated cost is Rs 1,544 crore and will be developed on Build-Own-Operate-Transfer (BOOT) basis.

Multi Commodity Exchange of India (MCX) rose 0.04% after the company said that Mithun Nayak has joined as deputy chief technology officer (CTO) with effect from 1 December 2023.

Alkem Laboratories shed 0.40% after the company said that US Food and Drug Administration (USFDA) had conducted an inspection at its API manufacturing facility located at Mandva, Gujarat.

Global markets:

Asian stocks are trading mixed on Monday, with investors awaiting a slew of key economic data Tuesday and inflation readings later this week.

US stocks ended higher on Friday with the S&P registering its highest close of the year after remarks from US Federal Reserve Chair Jerome Powell boosted the view that key policy rates have peaked.

US Federal Reserve Chair Jerome Powell on Friday reaffirmed the central bank�s intent to remain cautious on interest rates but also said that the hoped-for �soft landing" of the US economy seemed to be falling into place.

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