Market drifts higher in early trade, Nifty above 19,850 mark

The key equity barometers were trading with decent gains in early trade. The Nifty traded above the 19,850 mark. Realty, media, and auto shares edged higher while pharma and healthcare stocks declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 161.47 points or 0.24% to 66,184.71. The Nifty 50 index added 46.80 points or 0.24% to 19,858.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index gained 0.67%.

The market breadth was strong. On the BSE, 2,059 shares rose and 632 shares fell. A total of 103 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 306.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 721.24 crore in the Indian equity market on 22 November, provisional data showed.

Stocks in Spotlight:

TVS Motor Company rose 1.39% after the company announced its entry into Vietnam in collaboration with Minh Long Motors � its distribution partner. TVS Motor Company will offer a range of scooters and underbone motorcycles, across multiple price points, in keeping with its commitment to responsible and sustainable mobility.

InterGlobe Aviation added 0.30%. The company has received orders from the Commissioner of Income Tax Appeals for the Assessment year 2016-17 and 2017-18. A demand of Rs 739.6 crore (AY 2016-17) and Rs 927 crore (AY 2017-18) was raised by the Assessing officer, against which the company had preferred appeal before Commissioner of Income Tax -Appeals.

C.E. Info Systems rallied 4.29%. A meeting of the board of directors of the company is scheduled on 27 November 2023 to consider and approve the proposal of raising the funds by way of issuance of equity shares through permissible modes including but not limited to a private placement, a qualified institutions placement, preferential issue or any other method or combination of methods.

Honasa Consumer jumped 6.75%. The company announced Q2FY24 results. The company delivered Rs 496 crore revenue from operations with 21% YoY growth. EBITDA was at Rs 40 crore (+53% YoY growth) and PAT was at Rs 29 crore (+94% YoY growth).

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose 0.17% to 7.259 as compared with previous close 7.247.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3025, compared with its close of 83.3225 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.25% to Rs 61,179.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.19% to 103.72.

The United States 10-year bond yield lost 0.31% to 4.402.

In the commodities market, Brent crude for January 2024 settlement slipped $1.20 or 1.46% to $80.76 a barrel.

Global Markets:

Asian stocks were trading mixed after Wall Street went into the Thanksgiving holiday with a broad based rally. Japan�s markets are closed due to a public holiday.

US stocks closed higher on Wednesday after yields briefly fell to their lowest level in two months. Trading was muted ahead of the Thanksgiving holiday on Thursday. U.S. markets will be open for half a day on Friday.

US crude prices fell about 5% Wednesday after the Organization of Petroleum Exporting Countries delayed a pivotal meeting on production cuts that was scheduled for the weekend. OPEC said in a statement that the meeting of energy ministers is delayed until next Thursday.

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