Nifty above 20,050; financial services edge higher

The benchmark indices continued to extend gains and hit a fresh intraday high in mid-afternoon trade. The Nifty traded above the 20,050 mark. Financial services shares advanced for the fourth consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 650.08 points or 0.98% to 66,824.28. The Nifty 50 index added 186.60 points or 0.94% to 20,076.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.75% while the S&P BSE Small-Cap index advanced 0.30%.

The market breadth was positive. On the BSE, 1,961 shares rose, and 1,658 shares fell. A total of 149 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.30% to 7.251 as compared with previous close 7.273.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3075, compared with its close of 83.3425 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.17% to Rs 62,490.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 102.75.

The United States 10-year bond yield slipped 1.12% to 4.287.

In the commodities market, Brent crude for January 2024 settlement rose 31 cents or 0.38% to $81.99 a barrel.

Buzzing Index:

The Nifty Financial Services index advanced 1.20% to 19,938.15. The index gained 1.9% in four trading sessions.

Muthoot Finance (up 4.57%), LIC Housing Finance (up 3.68%), Axis Bank (up 2.43%), Power Finance Corporation (up 1.97%), HDFC Bank (up 1.38%), REC (up 1.19%), ICICI Bank (up 1.04%), HDFC Asset Management Company (up 0.74%), Shriram Finance (up 0.7%) and State Bank of India (up 0.57%) advanced.

On the other hand, ICICI Lombard General Insurance Company (down 0.75%), SBI Life Insurance Company (down 0.18%) and Indian Energy Exchange (down 0.14%) edged lower.

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