Domestic equity barometers were trading with minor gains in early trade. The Nifty traded above the 19,800 level. Barring the Nifty IT index, all the sectoral indices on the NSE were in the green.
The barometer index, the S&P BSE Sensex, was up 57.57 points or 0.09% to 66,075.38. The Nifty 50 index added 26.70 points or 0.13% to 19,828.70.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.63%.
The market breadth was strong. On the BSE, 1,985 shares rose and 690 shares fell. A total of 119 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 255.53 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 457.39 crore in the Indian equity market on 23 November, provisional data showed.
Stocks in Spotlight:
Lupin advanced 2.57% after the pharma major announced that it has received tentative approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Canagliflozin Tablets, 100 mg and 300 mg, to market a generic equivalent of Invokana Tablets, 100 mg and 300 mg, of Janssen Pharmaceuticals, Inc. This product will be manufactured at Lupin?s Pithampur facility in India.
LTIMindtree rose 0.48%. The company has launched a state-of-the-art Quantum-Safe Virtual Private Network (VPN) link at its London premises. LTIMindtree leverages its integration and domain expertise to implement and operate the Quantum-Safe VPN link across its active network.
Union Bank of India gained 1.89%. ICRA has upgraded the ratings as AAA; upgraded from AA+ and revised Outlook to ?Stable? from ?Positive? of the Instruments of the bank.
Prestige Estates Projects shed 0.47%. The company announced the launch of Prestige Glenbrook?a highrise residential project situated in the heart of Whitefield, Bangalore's IT Hub. The development comprises of 285 apartments across two high-rise towers with a developable area of 0.7 Million sft and has a revenue potential of Rs. 550 crore.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose 0.21% to 7.568 as compared with previous close 7.253.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3525, compared with its close of 83.3450 during the previous trading session.
MCX Gold futures for 5 December 2023 settlement added 0.10% to Rs 61,135.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 103.81.
The United States 10-year bond yield advanced 1.08% to 4.464.
In the commodities market, Brent crude for January 2024 settlement declined 55 cents or 0.67% to $81.41 a barrel.
Global Markets:
Asian stocks were trading mixed as investors assess key economic data out from Japan on Friday. The world?s third largest economy saw its core inflation rate rise to 2.9% in October, higher than the 2.8% seen in September. The headline inflation rate for October came in at 3.3%, accelerating from the 3% seen in from the month before.
US stocks were closed for Thanksgiving on Thursday, and will come back for a half day of trading on Friday.
The influential oil group reuniting the Organization of the Petroleum Exporting Countries and its allies will hold a virtual meeting to decide crude production strategy on November 30, the OPEC Secretariat said. The group, collectively known as OPEC+, was supposed to convene in person in Vienna over November 25-26 but has since postponed its meeting amid inter-member disgruntlement.
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