Market hits fresh all-time high in early trade; breadth strong

The key equity indices traded with significant gains in early trade. The Nifty traded above the 20,750 mark. Barring IT shares all sectoral indices on the NSE were trading in the green.

At 09:30 AM IST, the barometer index, the S&P BSE Sensex, was up 205.57 points or 0.30% to 66,070.69. The Nifty 50 index added 67.10 points or 0.32% to 20,753.90.

The benchmark, Nifty50 and Sensex hit a fresh all-time high of 20,813.10 and 69,306.97 in early trade respectively.

In the broader market, the S&P BSE Mid-Cap index gained 0.46% while the S&P BSE Small-Cap index advanced 0.61%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,182.26 and 41,316.16.

The market breadth was strong. On the BSE, 2,058 shares rose, and 819 shares fell. A total of 106 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,073.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,797.15 crore in the Indian equity market on 4 December, provisional data showed.

Stocks in Spotlight:

HCL Technologies declined 1.59%. HCL Investments UK Limited, (HCL UK) a step-down wholly owned subsidiary of the company has entered into a Memorandum of Understanding with its Joint Venture (JV) partner, State Street International Holdings, a US corporation (State Street), pursuant to which HCL UK is entering into discussions to finalize modalities for State Street to exercise its right of Call Option in the JV and acquire HCL UK�s entire 49% equity stake in the JV that was formed in the year 2012 to provide business operations services.

JSW Infrastructure jumped 3.36% after the JSW Dharamtar Port (wholly owned subsidiary of company) has entered into share purchase and other relevant transaction documents for acquisition of 50% plus 1 shares of PNP Maritime Services from SP Port Maintenance (A Shapoorji Pallonji Group Company).

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.08% to 7.265 as compared with previous close 7.271.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3750, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.43% to Rs 62,635.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.08% to 103.65.

The United States 10-year bond yield declined 1.03% to 4.245.

In the commodities market, Brent crude for January 2024 settlement rose 2 cent or 0.03% to $78.05 a barrel.

Global Markets

Asian stocks are trading lower on Tuesday as investors assessed a slew of economic data from across the region. The Caixin China services purchasing managers� index for November climbed to its highest in three months. This private survey reading came in at 51.5 in November, rising from 50.4 in October and 50.2 in September.

US stocks ended lower on Monday as investors turned cautious ahead of employment data due this week that could alter expectations that the Federal Reserve will cut interest rates early next year.

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