Market opens lower in early trade; breadth strong

The key equity indices edged lower in early trade. The Nifty traded below the 19,800 level. Banking and financial services stocks witnessed selling pressure while auto, media and pharma stocks advanced.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 96.94 points or 0.15% to 65,885.54. The Nifty 50 index lost 9.15 points or 0.05% to 19,756.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.14% while the S&P BSE Small-Cap index rose 0.21%.

The market breadth was strong. On the BSE, 1747 shares rose and 868 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 957.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 705.65 crore in the Indian equity market on 16 November, provisional data showed.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper fell 0.07% to 7.227 as compared with previous close 7.232.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2650, compared with its close of 83.2300 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.13% to Rs 60,800.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 104.34.

The United States 10-year bond yield advanced 0.04% to 4.445.

In the commodities market, Brent crude for January 2024 settlement gained 30 cents or 0.39% to $77.72 a barrel.

Stocks in Spotlight:

JSW Steel rose 0.16%. The company upon considering demand and supply scenario of Iron Ore in India, has withdrawn its application for the Final Mine Closure Plan submitted on 1st September 2023 before the Indian Bureau of Mines for the purpose of surrender of Jajang Iron Ore Block located in the district of Keonjhar, Odisha.

TVS Motor Company advanced 1.17% after the company announced its entry into Europe by signing an agreement for import and distribution with Emil Frey, a 100 year old enterprise and a leading name in automotive distribution.

JSW Infrastructure rallied 6.76% after the company has received Letter of Award from Karnataka Maritime Board, Government of Karnataka for development of All- weather, deep water, greenfield port at Keni in Karnataka on Public Private Partnership basis.

Delhivery declined 2.63% after Softbank is reportedly planning to sell around 4% stake in Delhivery via the block deal route. The deal size is around $150 million.

Global Markets:

Asian stocks were trading mixed on Friday as a batch of softer U.S. economic data took some of the steam out of Wall Street, but also boosted bonds in a big way while slugging oil prices in a boon for the inflation outlook. Both Brent and U.S. crude slid almost 5% on Thursday to four-month lows in a move that was blamed on economic and supply concerns.

In US, the S&P 500 and the Nasdaq managed to eke out tiny gains on Thursday while the Dow Industrial Average ended slightly lower with pressure from tech and retail bellwethers Cisco and Walmart after disappointing forecasts. Shares of Cisco Systems tumbled as the communications and networking technology company cut its full-year revenue and profit forecasts on slowing demand for its networking equipment.

U.S. President Joe Biden and Chinese President Xi Jinping have agreed to resume high-level military communication, according to both countries. The two leaders met in person for the first time in a year Wednesday in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation conference. �We�re back to direct, open, clear communications,� Biden said at a press conference after the talks.

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