Market drifts higher in early trade, Nifty above 19,750 mark

The headline equity indices were trading with modest gains in early trade. The Nifty traded above the 19,750 mark. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the green.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 286.27 points or 0.44% to 65,941.42. The Nifty 50 index added 87.30 points or 0.44% to 19,781.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.60%.

The market breadth was strong. On the BSE, 2,143 shares rose and 632 shares fell. A total of 109 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 645.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 77.77 crore in the Indian equity market on 20 November, provisional data showed.

Stocks in Spotlight:

Oberoi Realty advanced 2.22% after the company announced the launch of �Forestville by Oberoi Realty�, the first luxury residential project in Kolshet, Thane. Spread across 18 acres; Forestville will consist of 5 residential towers. The company has launched the first phase of this development consisting of 3 towers.

Karnataka Bank added 0.77% while HDFC Life Insurance Company rose 0.64%. Karnataka Bank has entered into a strategic corporate tie-up with HDFC Life Insurance Company to offer life insurance products to its customers.

Tata Power Company gained 1.13%. Tata Power Renewable Energy (TPREL), a subsidiary of The Tata Power Company, has crossed the 1.4 GW capacity of group captive projects in last seven months. This achievement is the result of signing of Power Delivery Agreements (PDA) with various industries across segments.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper declined 0.18% to 7.239 as compared with previous close 7.252.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3650, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement advanced 0.66% to Rs 61,060.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.23% to 103.20.

The United States 10-year bond yield advanced 0.58% to 4.399.

In the commodities market, Brent crude for January 2024 settlement slipped 38 cents or 0.46% to $81.94 a barrel.

Global Markets:

Most of Asian stocks were trading higher on Tuesday, with Hong Kong and Taiwan stocks in the lead and mirroring similar moves on Wall Street after a tech-fueled rally. Investors in Asia will assess South Korean producer prices for October, as well as New Zealand�s October trade figures.

US stocks jumped Monday to start a holiday shortened week, boosted by strong tech gains led by Microsoft and Nvidia. Microsoft Corp. hit a new all-time high after CEO Satya Nadella said former OpenAI chief Sam Altman will be joining the tech giant to lead a new AI research team.

Investors will keep an eye out for the minutes from the Federal Reserve�s October 31 to November 1 policy meeting. US markets will be closed Thursday due to the Thanksgiving holiday. Friday will also be a shortened trading day.

Oil prices rose more than 2% on Monday amid anticipation that the Organization of Petroleum Exporting Countries could implement another production cut this weekend.

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