Domestic equity barometers traded with minor losses in morning trade. The Nifty traded near the 20,050 level. Bank shares witnessed profit booking after rising in the past four trading sessions. Trading could be volatile due to November F&O series expires today.
The barometer index, the S&P BSE Sensex, was down 182.62 points or 0.27% to 66,719.29. The Nifty 50 index added 41.55 points or 0.21% to 20,055.05.
In the broader market, the S&P BSE Mid-Cap index gained 0.19% while the S&P BSE Small-Cap index advanced 0.02%.
The market breadth was negative. On the BSE, 1,608 shares rose, and 1,767 shares fell. A total of 203 shares were unchanged.
New Listing:
Shares of Tata Technologies were currently trading at Rs 1,304.25 at 10:13 IST on the BSE, representing a premium of 160.85% as compared with the issue price of Rs 500.
The scrip was listed at Rs 1,199.95, exhibiting a premium of 140% to the issue price. So far, the stock has hit a high of 1,400 and a low of 1199.95. On the BSE, over 17.53 lakh shares of the company were traded in the counter so far.
Shares of Gandhar Oil Refinery (India) were currently trading at Rs 305.60 at 10:13 IST on the BSE, representing a premium of 80.83% as compared with the issue price of Rs 169.
The scrip was listed at Rs 295.40, exhibiting a premium of 74.79% to the issue price. So far, the stock has hit a high of 344.60 and a low of 295.40. On the BSE, over 14.67 lakh shares of the company were traded in the counter so far.
Shares of Fedbank Financial Services were currently trading at Rs 136.55 at 10:09 IST on the BSE, representing a discount of 2.46% as compared with the issue price of Rs 140.
The scrip was listed at Rs 137.75, exhibiting a discount of 1.61% to the issue price. So far, the stock has hit a high of 139.55 and a low of 133.15. On the BSE, over 3.27 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Bank index fell 0.43% to 44,375.90. The index added 2.57% in past four trading sessions.
Punjab National Bank (down 1.33%), Federal Bank Ltd (down 1.06%), ICICI Bank Ltd (down 0.89%), IndusInd Bank Ltd (down 0.74%), HDFC Bank Ltd (down 0.64%), State Bank of India (down 0.26%) and Kotak Mahindra Bank Ltd (down 0.16%) slipped.
On the other hand, Bandhan Bank Ltd (up 2.47%) ,Bank of Baroda (up 1.29%) and Axis Bank Ltd (up 0.76%) edged higher.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.01% to 7.253 as compared with previous close 7.252.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3025, compared with its close of 83.3250 during the previous trading session.
MCX Gold futures for 5 December 2023 settlement added 0.03% to Rs 62,621.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 102.81.
The United States 10-year bond yield slipped 0.06% to 4.269.
In the commodities market, Brent crude for January 2024 settlement declined 5 cent or 0.06% to $83.05 a barrel.
Politics:
On the political front, all eyes are set on exit poll results. The exit polls results for all the five states ? Rajasthan Madhya Pradesh, Mizoram, Chhattisgarh and Telangana ? will be declared after the voting ends in Telangana on Thursday. The assembly elections in these five states were held between November 7 and November 30. The counting of votes will be held on December 3. The state polls are being considered as a semi-final before the 2024 assembly elections.
Stocks in spotlight:
UltraTech Cement rose 1.66%after the company has acquired a 0.54 mtpa cement grinding assets of Burnpur Cement, located at Patratu in Jharkhand at a consideration of Rs.169.79 crore. The company?s capacity in India now stands at 133 mtpa.
Metro Brands rallied 5.84% and FSN E-Commerce Ventures advanced 1.80% after the Foot Locker, Inc., the New York-based specialty athletic retailer, announced the signing of a long-term licensing agreement with both the companies. This partnership will offer the most comprehensive selection of global sportswear and footwear to sneaker fans in India.
Global markets:
Asian stocks fell across the board on Thursday ahead of key economic data from the region. China?s factory activity shrank for a second straight month in November. The official manufacturing purchasing managers? index fell slightly to 49.4 in November from 49.5 in October, according to data from the National Bureau of Statistics released Thursday.
Retail sales rose in Japan, but at the slowest pace so far this year, while industrial output during the same month increased more than expected. Official data showed Japan retail sales rose 4.2% last month. Japan?s factory output gained 1.0% in October.
South Korea?s central bank held its benchmark policy rate at 3.5% for the seventh meeting in a row, in line with expectations. In its announcement, the Bank of Korea said that ?although inflation has been elevated than previously expected, it is projected to continue its underlying trend of a slowdown.?
US stocks remained near the flat line on Wednesday, even as the U.S. economy grew more than expected. GDP in the third quarter accelerated at a 5.2% annualized pace, above the initial estimate of 4.9%.
Investors will focus on the Fed's preferred measure of inflation on Thursday and Euro Zone consumer inflation figures for further clarity on the where inflation is headed. Fed Chair Jerome Powell is due to speak on Friday. His words will be scrutinized by traders to gauge where rates may head.
Oil prices settled more than 1% higher on Wednesday as futures contracts gain momentum ahead of key OPEC meeting on Thursday. OPEC and its allies, OPEC+, are set to hold a virtual meeting on production cuts.
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