Market gains despite volatility, Nifty ends above 19,750

Domestic stock market displayed resilience today, achieving its second consecutive day of gains despite significant volatility. Continuous buying in IT and healthcare stocks effectively offset end-of-day profit booking. The positive momentum was primarily driven by global market trends, such as softer US inflation data and the reduction of bond yields. Trading exhibited volatility due to the expiry of weekly index options on the NSE. The Nifty50 concluded trading above the 19,750 mark after a decline to 19,627 in early trade and a peak of 19,875.25 during mid-afternoon trade.

The barometer index, the S&P BSE Sensex jumped 306.55 points or 0.47% to 65,982.48. The Nifty 50 index added 89.75 points or 0.46% to 19,765.20.

TCS (up 2.90%), Infosys (up 2.32%) and Bajaj Finance (up 1.96%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index advanced 0.52%. The S&P BSE Mid-Cap index hit record high at 33,370.16 in intraday today.

The market breadth was positive. On the BSE, 1,959 shares rose and 1,790 shares fell. A total of 125 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, climbed 4.60% to 11.65.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper added 0.06% to 7.229 from its previous close of 7.225.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2300, compared with its close of 83.0900 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.19% to Rs 60,227.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.05% to 104.45.

The United States 10-year bond yield fell 0.79% to 4.500.

In the commodities market, Brent crude for January 2024 settlement lost 39 cents or 0.48% to $80.79 a barrel.

Global Markets:

Markets in Europe traded mixed while most Asian stocks declined 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.

Stocks in Spotlight:

Tata Consultancy Services (TCS) jumped 2.90% 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.

Bajaj Finance rose 1.96%. 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 2.47% 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 rallied 3.88% 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).

RateGain Travel Technologies declined 1% to Rs 704.60. The company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 676.66 per share.

Pennar Industries soared 10.63% after the company has secured orders worth Rs 669 crore across its various business verticals.

Bondada Engineering hit an upper circuit of 5% after the company announced that it has bagged an order from Bharat Sanchar Nigam (BSNL) worth Rs 34.35 crore.

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