Market opens at fresh record highs; Nifty climbs above 20,900

The key equity indices traded with minor gains in early trade. The Nifty scaled above the 20,900 level. Oil & gas, media and FMCG shares advanced while realty, banking and financial services stocks declined.

At 09:30 AM IST, the barometer index, the S&P BSE Sensex, was up 180.18 points or 0.26% to 69,476.32. The Nifty 50 index added 51.10 points or 0.25% to 20,906.20.

The Sensex clocked an all-time high of 69,614.04 while the Nifty hit record high of 20,956.55. Further, the Nifty Bank index also registered its fresh record high of 47,259.85.

In the broader market, the S&P BSE Mid-Cap index advanced 0.34% while the S&P BSE Small-Cap index added 0.12%.

The market breadth was strong. On the BSE, 1,759 shares rose, and 1,120 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,223.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,399.18 crore in the Indian equity market on 5 December, provisional data showed.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.15% to 7.251 as compared with previous close 7.262.

In the foreign exchange market, the rupee edged slightly higher against the dollar. The partially convertible rupee was hovering at 83.36, compared with its close of 83.37 during the previous trading session.

MCX Gold futures for 5 February 2023 settlement rose 0.17% to Rs 62,289.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.12% to 103.93.

The United States 10-year bond yield advanced 0.40% to 4.188.

In the commodities market, Brent crude for February 2024 settlement rose 10 cents or 0.10% to $77.30 a barrel.

Stocks in Spotlight:

State Bank of India (SBI) rose 0.35%. The executive committee of the central board (ECCB) of the bank has accorded final approval for acquiring 20% stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds (SBIPFPL) by SBI. The cost of acquisition is Rs 229.52 crore.

Power Grid Corporation of India added 0.97%. The company has been declared as successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System Project for �Transmission system for evacuation of additional 7 GW of RE power from Khavda RE park under Phase III Part B� on Build, Own Operate and Transfer (BOOT) basis.

Oberoi Realty advanced 0.38%. The company has registered conveyance deed of the land located at Pokhran Road 2, Thane, admeasuring approximately 25,700 square meters (approx. 6.4 acres) (as per title deeds) in its favour and also taken possession of the property. The total consideration for acquisition of the said property is about Rs. 196 Crore, which has been paid in its entirety.

Global Markets:

Asian stocks traded higher on Wednesday, bolstered by the uptick in US high-tech shares amidst evaluations of US labour market data indicating a slowdown.

Meanwhile, Moody�s Investors Service downgraded its outlook for Chinese sovereign bonds to �negative,� highlighting global worries over the country�s soaring debt. While maintaining an A1 long-term rating, Moody�s expressed concerns about China�s heavy reliance on fiscal stimulus for local entities and state-owned firms, posing economic risks.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.

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